Midday European briefing: China reopens hopes -2-
KYIV, Ukraine – Nearly half a million homes in Ukraine’s capital were without power Friday morning as Russian attacks on the country’s energy systems strained basic services across Ukraine.
The number of Kyiv residents without power on Friday was up 1.5 times from the previous day, according to Vitali Klitschko, the city’s mayor, who said the cuts were the result of “overloading the central node of the country’s electricity system”.
Jobs report will give latest insight into labor market as Fed hikes rates
Friday’s jobs report will offer a new reading of the state of the labor market at a time of aggressive Federal Reserve interest rate hikes.
The figures come amid signs that the labor market has cooled somewhat from the first half of the year, but remains solid. The overall economy, which grew at an annual rate of 2.6% in the third quarter, is showing signs of slowing.
Chinese stocks rise as Covid reopening hopes emerge and US audit inspections end
Shares of Chinese companies listed in Hong Kong surged on Friday, after US officials completed a crucial audit inspection in the city and a transcript circulated on social media suggesting China was considering reversing its policies strict on coronavirus.
The Hang Seng Index closed the day up more than 5% after Chinese stocks across various sectors were heavily bought. Tech giant Alibaba Group Holding Ltd., automaker Geely Automobile Holdings Ltd. and the restaurant chain Haidilao International Holding Ltd. all recorded double-digit increases in percentage terms. China’s CSI 300 index ended the day up 3.3% and the Shanghai Composite index rose 2.4%.
Analysis: Tech layoffs reflect deteriorating outlook
Layoffs at ride-sharing company Lyft Inc. and payment company Stripe Inc., as well as a pause in hiring at Amazon.com Inc., reflect a bleaker outlook for tech.
So far, enterprise technology has been a relative bright spot in the sector. This may continue, but with an increasing focus on businesses and services that are considered essential to running a business and can be monetized immediately.
Ransomware incidents reported, costs skyrocket in 2021, Treasury says
US banks reported ransomware-related transactions totaling more than $1 billion in 2021, the Treasury Department said, though risk experts said that barely scratches the surface of the true economic scale of the threat. cybercriminality.
Data released by the Financial Crimes Enforcement Network, or FinCEN, this week showed that the number and value of transactions banks reported as ransomware-related in 2021 reached $1.2 billion, spread across 1,489 reports to regulators. In 2020, these transactions totaled $416 million across 487 reports.
Midterm campaign continues through final weekend as Senate polls remain tight
Republicans expressed optimism as they headed into the final weekend of the midterm campaign, targeting House seats deeper in Democratic territory than expected, as both parties watched the polls during of some critical Senate races showing signs of tightening.
The frantic final weekend will play out on the field as well as on airwaves, cable channels and online screens nationwide, with ad tracker AdImpact estimating that more than a quarter of a billion dollars will be spent from Saturday to day. polling on local, state and federal races.
US and South Korea extend military drills after North Korean missile tests
The United States and South Korea responded defiantly after North Korea tested an intercontinental ballistic missile and two short-range ballistic missiles on Thursday, saying they would extend their military drills this week and return next year large-scale field exercises.
In Washington, Defense Secretary Lloyd Austin condemned the tests during a press briefing at the Pentagon alongside his South Korean counterpart, Lee Jong-sup.
Midterms to test Democratic voters’ enthusiasm for student loan forgiveness
WASHINGTON — The public is divided over President Biden’s student loan forgiveness plan, according to a new Wall Street Journal poll, but the groups that are critical to Democrats’ chances in the midterm elections — black voters, Latinos and younger – strongly support the program.
Forty-eight percent of the public supports Mr. Biden’s proposal to forgive up to $10,000 in student debt for borrowers with federal student loans who earn less than $125,000 a year. Forty-seven percent of respondents said they oppose the program, which is temporarily suspended while a court considers a legal challenge. The one percentage point difference is within the poll’s margin of error of plus or minus 2.5 percentage points. Other respondents either had no opinion or declined to answer the question.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswire