U.S. Consumer Sentiment Deteriorates Slightly Less Than Initially Estimated In October

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By Thomas L. Friedman

Opinion Columnist

Shaktikanta Das given 3-year extension as RBI governor

Mr. Das will head the RBI till December, 2024

The government has extended the term of Reserve Bank of India Governor Shaktikanta Das by another three years upto December 2024, according to an official order.

Mr. Das was appointed the RBI’s 25th governor on December 11, 2018, initially for a period of three years.

An official order dated October 28 said the government has reappointed Mr. Das as the governor of the central bank for a period of three years beyond December 10, 2021.

The decision was taken by the Appointments Committee of Cabinet headed by Prime Minister Narendra Modi.

With the second term of three years, Mr. Das will head the RBI till December, 2024.

UK landlord Landsec to buy regeneration firm U&I Group

(Reuters) – UK commercial landlord Land Securities Group Plc said on Monday it would buy U and I Group Plc, valuing the property regeneration firm at about 190 million pounds ($259.46 million).

($1 = 0.7323 pounds)

Chicago Business Barometer Unexpectedly Increases In October

Chicago-area business activity unexpectedly grew at a faster rate in the month of October, according to a report released by MNI Indicators on Friday.

MNI Indicators said its Chicago business barometer climbed to 68.4 in October from 64.7 in September, with a reading above 50 indicating growth. The increase surprised economists, who had expected the business barometer to dip to 63.5.

The unexpected advance by the business barometer was partly due to a rebound by the new orders index, which climbed 3.1 points after hitting a six-month low in September.

However, MNI Indicators noted some businesses said raw material shortages and a low supply of critical components like semiconductors at suppliers was impacting opportunities.

The report also showed the employment index increased for the fourth straight month, rising 4.2 points to reach its highest level in just over three years.

The order backlogs index also jumped by 13.5 points, recovering more than half of the steep drop seen in the previous month.

With firms reporting worsening port congestion and ongoing logistical issues with trucking, rail, and even air cargo, the supplier deliveries also increased to 84.7.

Meanwhile, MNI Indicators said the production index was the only component to decrease in October, falling by 2.2 points to its lowest level since August 2020.

Gender pay gap grew wider over past year due to pandemic

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While most workers had an increase in earnings in 2021, the gender pay gap also grew, the Office for National Statistics said.

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Latest figures showed the gap between male and female earners was 7.9 percent for the month of April.

The ONS pointed to the fact this was greater than the seven percent gap seen in April 2020, and stressed it had been driven by the pandemic.

It said the figures were caused by men’s pay rebounding after being hit worst in 2020.

Unions warned that the gender pay gap remained a serious injustice in the UK.

TUC general secretary Frances O’Grady said: “Women are still getting a raw deal at work when it comes to pay.

“At this rate, it will take decades to close the gender pay gap.”

Pre-market Movers: ABVC, BTTX, LAUR, ZSAN, ORPH…

The following are some of the stocks making big moves in Monday’s pre-market trading (as of 05.50 A.M. EDT).

In the Green

ABVC BioPharma, Inc. (ABVC) is up over 353% at $11.52

Mountain Crest Acquisition Corp. II (BTTX) is up over 119% at $20.42

Zosano Pharma Corporation (ZSAN) is up over 42% at $0.86

Orphazyme A/S (ORPH) is up over 23% at $4.80

DBV Technologies S.A. (DBVT) is up over 17% at $3.57

Archer Aviation Inc. (ACHR) is up over 12% at $6.43

ION Geophysical Corporation (IO) is up over 11% at $2.20

Muscle Maker, Inc. (GRIL) is up over 11% at $1.24

GLOBALFOUNDRIES Inc. (GFS) is up over 10% at $53.90

IonQ, Inc. (IONQ) is up over 9% at $16.51

Switchback II Corporation (SWBK) is up over 9% at $10.94

Microvast Holdings, Inc. (MVST) is up over 8% at $9.16

In the Red

Laureate Education, Inc. (LAUR) is down over 42% at $9.99

Bit Digital, Inc. (BTBT) is down over 15% at $12.01

Huadi International Group Co., Ltd. (HUDI) is down over 9% at $15.68

Retail Value Inc. (RVI) is down over 8% at $5.75

AirSculpt Technologies, Inc. (AIRS) is down over 4% at $15.14

U.S. Consumer Sentiment Deteriorates Slightly Less Than Initially Estimated In October

Consumer sentiment in the U.S. deteriorated by slightly less than initially estimated in the month of October, the University of Michigan revealed in a report released on Friday.

The report said the consumer sentiment index for October was upwardly revised to 71.7 from the preliminary reading of 71.4.

While the upward revision surprised economists, who expected the index to be unrevised, the final reading was still below September’s 72.8.

The current economic conditions index slid to 77.7 in October from 80.1 in September, while the index of consumer expectations edged down to 67.9 from 68.1.

“The positive impact of higher income expectations and the receding coronavirus has been offset by higher rates of inflation and falling confidence in government economic policies,” said Surveys of Consumers chief economist, Richard Curtin.

He added, “Consumers not only anticipated the highest year-ahead inflation rate since 2008 in the October survey, consumers also expressed greater uncertainty about the year-ahead inflation rate than anytime in nearly forty years.”

The report showed one-year inflation expectations rose to 4.8 percent in October from 4.6 percent in September, while five-year inflation expectations slipped to 2.9 percent from 3.0 percent.