Financial News

Lola Brooks Sawyer Greer
February 4, 2022
AP-NC Newswatch
February 4, 2022
Financial News

 

Financial News:

 

Europe, Asia stocks advance…Jan. jobs report

BANGKOK (AP) – Markets in Europe and Asia have advanced after a historic plunge in the stock price of Facebook’s parent company yanked other tech stocks lower on Wall Street. Shares rose in Paris, Frankfurt and Tokyo. Hong Kong jumped 3.2% after reopening from Lunar New Year holidays. Shanghai remains closed. The retreat Thursday in New York ended a four-day winning streak for the market. Meta Platforms, as Facebook’s owner is now known, lost more than $230 billion in market value, the biggest ever one-day loss for a U.S. company.

 

WASHINGTON (AP) – Last month’s huge wave of omicron infections is thought to have weakened hiring in January, though the pullback is considered all but sure to prove a temporary one. Economists have forecast that the Labor Department will report today that employers added just 170,000 jobs last month, according to data provider FactSet. They expect the unemployment rate to remain unchanged at 3.9%. If the forecast is accurate, January would mark the lowest monthly job gain in about a year.

 

WASHINGTON (AP) – House Democrats are poised to approve legislation that they say positions the United States to better compete with China economically by strengthening the domestic semiconductor industry, shoring up strained supply chains and bolstering international alliances. The nearly 3,000-page bill includes massive investments designed to boost semiconductor manufacturing in the U.S., but Democrats have also tucked in other priorities that have raised GOP concerns about its cost and scope. Republicans are panning the measure as “toothless” and short of what is needed to hold China accountable for a range of actions.

 

DETROIT (AP) – Google is joining Ford Motor Co.’s effort to transform a once-dilapidated Detroit train station into a research hub focused on electric and self-driving vehicles. Ford also says Detroit and the state of Michigan have agreed to provide infrastructure and other support for the Michigan Central Innovation District that includes the defunct train depot and other nearby buildings in the historic Corktown neighborhood just outside downtown. Ford announced plans for the Michigan Central Innovation District in 2018, shortly after it bought the train depot. Ford Motor Co. Fund President Mary Culler says renovations at the more than century-old Michigan Central Station could be completed by next year. Ford plans to research, test and launch new mobility solutions there.

 

COPENHAGEN, Denmark (AP) – Norway’s next central bank governor will be NATO Secretary-General Jens Stoltenberg. His tenure at NATO ends later this year. Norway’s government announced his appointment at the central bank in a statement today and said it hopes he can start in his new role around Dec. 1. The 62-year-old Stoltenberg is a former finance minister and prime minister of Norway.