1) U.S. inflation soared to 3-decade high in October
The U.S. consumer price index jumped to a three-decade high in October with a 6.2% increase from a year ago as supply chain disruptions and purchasing demand fueled inflation amid volatile food and energy prices. Used vehicle prices were a big contributor for rising CPI, increased 2.5% in October and 26.4% for the year. Meanwhile, new vehicle prices were up 1.4% and 9.8%.
2) China is willing to work with U.S. on condition of mutual respect
Chinese President Xi Jinping said that China is willing to work with the U.S. on condition of mutual respect, seeing the current relations at a critical historical juncture and added that both countries will gain from cooperation and lose from confrontation. The two leaders of the world’s largest economy are expected to hold a virtual meeting next week.
3) “Power of travel is coming back,” says Mastercard
Mastercard stated that travel trends are coming back and the company is benefiting from rising numbers of cross-border tourists upon the major reopening in many countries.
“The power of travel is coming back. It’s coming back to our P&L,” said Mastercard CEO Michael Miebach in CNBC’s Mad Money, hosted by Jim Cramer.
4) EU Court upheld ruling to fine Google EUR2.42 Billion in antitrust
The ruling of the EU’s General Court on Wednesday upheld the European Commission order in 2017 to fine Google 2.42 billion euros for breaching antitrust rules that Google favored its own comparison shopping services.
