Gold Futures Rise As Dollar Stays Subdued

Lufax Holding Falls On Lower Q3 Profit, Outlook

Lufax Holding Ltd (LU) shares are falling more than 22 percent on Friday morning trade after the company reported a sharp decline in third-quarter earnings.

The company RMB 1.355 billion, down from RMB 4.115 billion in the prior year.

Looking ahead to the full year 2022, the company expects net profit to decline 47-48 percent from the previous year to RMB 8.5 billion to RMB 8.9 billion.

Currently, shares are at $1.38, down 21.14 percent from the previous close of $1.75 on a volume of 33,047,555.

Manchester United Climbs After Glazier Reportedly Explores Sale

Manchester United plc (MANU) shares are trading more than 20 percent on Friday morning on reports that the Glazier family is exploring a sale of the team. Other reports said Amancio Ortego of the fashion chain Zara, Apple as well as Saudi Arabia are interested in the soccer club.

Currently, shares are at $22.20, up 18.09 percent from the previous close of $18.80 on a volume of 17,864,124.

Check-Cap Continues Downtrend

Check-Cap Ltd. (CHEK) shares are sliding more than 16 percent on Friday morning trade. The shares of the Israel-based clinical-stage medical diagnostics company have been on a downtrend for the last several days.

The company is expected to report quarterly by the end of November.

Currently, shares are at $3.90, down 15.95 percent from the previous close of $4.64 on a volume of 317,232.

Elon Musk Offers General Amnesty To Suspended Twitter Accounts

Elon Musk is offering a “general amnesty” to some suspended accounts on Twitter from next week.

Musk started a poll on Wednesday asking Twitter users whether accounts that had “not broken the law or engaged in egregious spam” should be let back on the social media platform.

Musk, the world’s richest man, had bought Twitter in a $44 billion deal last month.

More than 3.1 million Twitter users responded to Musk’s poll, with 72.4% of them voting “Yes”.

“The people have spoken. Amnesty begins next week,” Musk, later tweeted. He also tweeted the Latin phrase “Vox Populi, Vox Dei,” which means “the voice of the people is the voice of God”.

Meanwhile, Musk did not reveal details on how the amnesty process would be carried out.

Musk’s announcement comes just days after he reinstated former President Donald Trump’s account as well as the accounts for Canadian psychologist Jordan Peterson, former professional kickboxer Andrew Tate and rapper Ye, formerly Kanye West.

The Center for Countering Digital Hate, a campaign group, said “superspreaders” of hateful content would benefit from the move and urged advertisers to stop spending on Twitter.

“Superspreaders of hate, abuse and harassment will be the only people to benefit from this latest decision by Twitter,” said Imran Ahmed, chief executive of CCDH. “The choice for advertisers has never been starker: stick around and back Elon Musk, or protect their brands and ensure their marketing dollars aren’t used to enable the spread of hate, abuse and disinformation.”

Tesla To Recall 80000 Cars In China To Fix Software, Seat-belt Issues

Tesla Inc. (TSLA) is recalling over 80,000 cars in China over software and seatbelt issues, the Chinese market regulator said Friday.

The luxury electric car maker is recalling a total of 67,698 imported Model S and Model X vehicles produced between September 25, 2013 and November 21, 2020, China’s State Administration for Market Regulation said.

The recall of these models is to fix a software issue that affects the battery management system of the cars. Tesla will upgrade the software on these vehicles free of charge.

Tesla also recalled 2,736 imported Model 3 cars manufactured between January and November 2019, and 10,127 China-made ones of the same model produced between October 14, 2019 and September 26, 2022. This was due to potentially faulty seat belt installation which Tesla will check and reinstall, it said.

In April, Tesla had recalled about 127,785 units of Model 3 cars in China, citing potential faults in semiconductor components that might lead to collisions.

European Economics Preview: Germany Producer Price Data Due

Producer prices data from Germany is the only major statistical report due on Monday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis releases Germany’s producer prices for October. Producer prices are forecast to surge 41.5 percent on a yearly basis, but slower than the 45.8 percent gain posted in September.

In the meantime, capacity utilization data is due from Sweden.

At 4.00 am ET, Bank of Greece publishes current account figures for September. The current account surplus totaled EUR 0.45 billion in August.

Gold Futures Rise As Dollar Stays Subdued

Gold futures climbed higher on Friday as the dollar stayed subdued amid thin volumes.

Rising hopes about a slowdown in interest rate hikes by the Federal Reserve contributed to increased demand for the yellow metal.

The dollar index, which was down at 105.69 in the Asian session, climbed to 106.42 around mid morning, but pared gains and dropped to around 106.00 subsequently.

Gold futures for February, the most active contract, moved up $8.40 at $1,768.80 an ounce. Gold futures for December ended up $8.40 at $1,754.00 an ounce.

Silver futures for December advanced $0.063 at $21.430 an ounce, while Copper futures for December rose to $3.6275 per pound, gaining $0.0095.

The minutes of the latest Federal Reserve meeting, released on Wednesday, provided further evidence the central bank is considering slowing the pace of its rate hikes as soon as next month.

The minutes said a “substantial majority” of meeting participants judged that a slowing in the pace of rate hikes would likely “soon be appropriate.”

A slower pace of rate hikes would better allow the Fed to assess progress toward its goals of maximum employment and price stability, the minutes said.

However, the Fed also said some participants felt the central bank will need to raise rates higher than previously expected in order to attain a sufficiently restrictive stance to bring inflation down.