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Weekly news summary for November 5 to 11

Friday, Nov. 5: US Non-Farm Payrolls Rise by 531,000 in October

The US’s non-farm payrolls increased more than expected in October, representing a sharp recovery from September, while the jobless rate dropped 4.6%.

The Labor Department reported that non-farm payrolls rose by 531,000 last month, beating Dow Jones’ forecast of 450,000, while private payrolls surged by 604,000 for the period, as the overall government payroll loss of 73,000 jobs partially offset the headline number.

Monday, Nov. 8: Tesla Shares Fall on Musk’s Plan to Sell 10% Stake

Shares of Tesla Inc. ended Monday’s session with a 5% loss after Chief Executive Elon Musk asked his 62.5 million followers on Twitter whether he should sell 10% of his stock in the US electric vehicle (EV) giant.

About 3.5 million people participated in Musk’s poll, with 57.9% voting “Yes” to offloading the 10% stake, which would be worth nearly $21 billion based on Tesla’s closing price on Friday.

Tuesday, Nov. 9: Bitcoin and Ether Post New All-Time Highs

Bitcoin and ether were up to new all-time highs on Tuesday, as the cryptocurrency market picked up speed on interest in cryptocurrency adoption and concerns over inflation.

Bitcoin rose $68,564.40 to mark a new record but it later shed 0.1% to $67,325, while the ether posted an all-time high of over $4,857 before easing 0.7% to $4,774.

Wednesday, Nov. 10: Rivian Prices IPO Above Range at $78 per Share

Rivian Automotive has priced its initial public offering (IPO) at $78 per share, putting the electric-vehicle (EV) maker on track to make the largest debut by a US company since Meta Platforms Inc.’s listing in 2012.

The price, which was above Rivian’s target range, provides the Amazon.com Inc.- and Ford Motors Co.-backed group a valuation of $77 billion and is expected to raise more than $11.93 billion.

Thursday, Nov. 11: US Dollar Hits 2021 Highs on Record CPI Surge

The US dollar posted 2021 highs against the British pound and the euro on Thursday, after the country’s consumer price index (CPI) record surge of 6.2% in October raised the potential for rate hikes.

The euro weakened, as the European Central Bank (ECB) seemed to be staying behind on policy tightening, falling further to $1.1465 to mark its lowest since July 2020, while the pound slightly dropped at a new 11-month low of $1.3393 and dollar index gained 0.01% to $94.84.

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