Finance

A woman walks past a Westpac bank advertisement in central Sydney, Australia.
Daniel Munoz | Reuters

Check out the companies making headlines in midday trading.
Poshmark — The online marketplace’s shares tumbled nearly 29% Wednesday after reporting quarterly results late Tuesday. Poshmark reported a loss of 9 cents per share, versus analyst estimates of 7 cents per share. Revenue also came in weaker than expected at $79.7 million, versus $82.7 million expected by Wall Street.

DoorDash — The food delivery company’s shares soared more than 11% on Wednesday after the company announced it would acquire Wolt for $8.1 billion. The company also reported a wider than expected third-quarter loss per share but beat on revenue estimates.
FuboTV — Shares of the streaming platform sank 23% after the company reported a loss late Tuesday of 59 cents per share and revenue of $156.7 million for the third quarter. It also increased its guidance for the fourth quarter.
Unity Software — The video game software development company saw 2.8% after beating third-quarter earnings and revenue expectations and raising its full-year guidance. Unity also announced it plans to buy “Lord of the Rings” visual effects maker Weta Digital for more than $1.6 billion in cash and stock.
Wendy’s — Shares of Wendy’s dropped 7% after the fast-food chain posted quarterly financial results. It recorded a slight earnings beat of 19 cents per share on revenue of $470.3 million, versus the expected 18 cents per share on revenue of $470.2 million, according to Refinitiv. However, it reported global same-restaurant sales growth of 3.3% in the quarter, compared to consensus expectations of 4.9%.
Palantir — Palantir shares dropped more than 7% after RBC downgraded the stock to underperform from sector perform and cut its price target on it to $19 per share from $25 per share. RBC in its call cited Palantir’s slowing revenue growth.

Coinbase — Shares of Coinbase fell 8% after the company reported quarterly revenue Tuesday of $1.31 billion, which missed analysts’ expectations. Monthly active transaction users were lower from the previous quarter, at 7.4 million, but up from the prior year. Transaction-based revenue was also lower from the previous quarter.
Tesla — Shares of Tesla rebounded more than 4%, snapping a down spell. The stock is about 13% lower this week after CEO Elon Musk in a Twitter poll over the weekend proposed selling 10% of his Tesla shares.
Mastercard — Mastercard shares rose 3.8% after the payments technology company disclosed new performance objectives for 2022-2024 at its Investor Day Wednesday showing faster earnings and revenue growth. It also announced the expansion of its buy-now-pay-later program.
Energy stocks — Energy stocks were among the top decliners in the S&P 500 as the American Petroleum Institute reported U.S. crude inventories rose by 1 million barrels in the most recent week, Reuters reported. Coterra Energy, Occidental Petroleum, Hess, Diamondback Energy and Halliburton each fell about 5%.
 — CNBC’s Hannah Miao and Maggie Fitzgerald contributed reporting

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Check out the companies making headlines before the bell: 
Coinbase (COIN) — Shares of Coinbase sunk more than 11% premarket after the company reported lower-than-expected quarterly revenue. The cryptocurrency exchange reported revenue of $1.31 billion versus the Refinitiv consensus of $1.57 billion. Monthly transacting users declined from the previous quarter at 7.4 million but grew from the prior year.

Poshmark (POSH) — Poshmark shares plunged more than 31% in early morning trading after the online marketplace reported quarterly financial results. The company posted a loss of 9 cents per share on revenue of $79.7 million. Analysts surveyed by Wall Street expected a loss of 7 cents per share versus $82.7 million. Poshmark also forecasted weaker-than-expected holiday-quarter revenue.
DoorDash (DASH) — Shares of DoorDash surged more than 15% before the bell as the food delivery platform announced it will acquire international delivery platform Wolt in a transaction valued at $8.1 billion, its biggest acquisition to date. The company also reported a wider quarterly loss than analysts expected, but topped revenue estimates.
FuboTV (FUBO) — Shares of FuboTV fell roughly 8% in the premarket after the sports live television streaming platform reported weaker-than-expected financial results. The company posted a loss of 74 cents per share and revenue of $156.7 million for the third quarter. Analysts expected a loss of 63 cents per share on revenue of $143.6 million.
Wendy’s (WEN) — Shares of Wendy’s gained more than 1% in early morning trading after the fast-food chain posted quarterly financial results above expectations. Wendy’s posted earnings of 19 cents per share on revenue of $470.3 million, versus the expected 18 cents per share on revenue of $470.2 million, according to Refinitiv.
Palantir (PLTR) — Palantir share fell more than 2% before the bell after RBC downgraded the stock to underperform from sector perform and cut its price target on the stock to $19 per share from $25 per share. RBC in its call cited Palantir’s slowing revenue growth.
Alphabet (GOOGL) — Google-parent Alphabet shares traded in mildly negative territory in the premarket after the European Union’s General Court upheld the European Commission’s order to fine Google $2.8 billion for an antirust breach

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London-based start-up Zilch has raised $110 million in a round of funding that values it at $2 billion, four times the $500 million it was worth eight months ago.
Zilch plans to use the fresh cash to launch into the United States. It has set up an office in Miami with about 10 employees working on its U.S. expansion.
The firm has experienced massive growth amid surging demand for buy now, pay later services like Klarna, Afterpay and Affirm.

A person using the Zilch app.

LONDON — British start-up Zilch is riding the “buy now, pay later” wave to America.
The London-based company said Wednesday it has raised $110 million in a fresh round of funding which values it at $2 billion — four times the $500 million Zilch was worth in its last private investment round eight months ago.

The investment was led by Ventura Capital, a pre-IPO investor that has previously backed Alibaba and Spotify, and Gauss Ventures, an investor in London fintech firm Curve.
Zilch plans to use the fresh cash to launch into the United States. It has set up an office in Miami with about 10 employees working on its U.S. expansion.
Buy now, pay later, or BNPL, services have attracted swelling demand amid an acceleration of e-commerce during the coronavirus pandemic. Such products let shoppers split the cost of purchases over a period of months, often interest-free.
BNPL accounted for 2.1% of all global e-commerce transactions — about $97 billion — in 2020, according to Worldpay data.
Zilch is hoping its approach to BNPL will help it stand out from the crowd. Rivals like Klarna, Afterpay and Affirm include their checkout option on select retailers’ websites. Zilch, on the other hand, lets users pay at any merchant that accepts Mastercard.

Philip Belamant, Zilch’s CEO and founder, said the start-up chose that path because all BNPL companies “look exactly the same.”
“I’m not saying they’re bad businesses but they’re just copycats,” he said. “Our view was, you can’t come late to the party and just do something exactly the same way.”
“We’re actually using the incumbents’ entrenchedness against them. We’re going direct to consumers and saying you can buy now, pay later anywhere you like.”
The company is similar to rivals in how it makes money, however. Zilch takes a small cut from merchants on each transaction processed through its platform.
The idea is that retailers are willing to pay these fees as it increases their sales in the long run.

Wild growth

Belamant said his firm has experienced massive growth since securing a previous round of funding in March.
“The company is about eight times the size,” he said. “It’s been 30-35% underlying sales growth month-on-month for the entire year.”

Zilch says it now has 1.2 million customers and is onboarding 200,000 new users each month. The firm has over 210 employees — up from just 20 in March — and aims to hire another 100 workers in the next 12 months.
That growth could be tested in the coming years, however, as regulators take a closer look at the space. In the U.K., the government is introducing new legislation to bring BNPL under regulatory oversight.
“It should be regulated,” Belamant said. Zilch obtained a consumer credit license from the U.K.’s Financial Conduct Authority in 2019. It also offers a “pay now” option that lets users pay for items in full. Klarna recently launched a similar feature in the U.K.
“At the end of the day, BNPL is a debt instrument. And that’s why we went and got the consumer credit license,” Zilch’s founder said.
The start-up is also backed by Goldman Sachs and the venture capital arm of Daily Mail and General Trust, which owns the Daily Mail newspaper. It has raised a total of $340 million in both equity and debt financing to date.
That war chest of funds will be key to helping Zilch gain a foothold in the U.S. market, which is dominated by the likes of Affirm, Afterpay and Klarna.
“We do need to thank these other guys for spending millions on educating customers,” Belamant said. “Klarna tried six years ago to go to the U.S. and it didn’t work so well. And I think the timing was probably wrong.”
“A lot of investors or shareholders have asked us if we’re doing a product-market fit test for the U.S. And actually, the answer is Afterpay has been doing it for us.”
The BNPL market is already seeing signs of consolidation, too. American fintech giant Square earlier this year agreed to buy Afterpay for $29 billion, while PayPal is buying Japanese firm Paidy for $2.7 billion.
Zilch isn’t the only start-up benefiting from the surge in demand for BNPL. Elsewhere in Europe, German fintech firm Billie raised $100 million at a $640 million valuation while Italian company Scalapay bagged $155 million in a round valuing it at $700 million.

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The Wall Street giant had held a longstanding cautious call on U.K. equities since the EU referendum in 2016.
JPMorgan’s aggregated data showed that the U.K. has opened up a “record discount” versus other regions, both on a price-to-earnings and on price-to-book basis.

A woman walks past JPMorgan Chase & Co’s international headquarters on Park Avenue in New York.
Andrew Burton | Reuters

LONDON — JPMorgan has upgraded U.K. stocks to “overweight,” ending years of caution on British equity markets which the bank said are now trading at a “record discount.”
The Wall Street giant had held a longstanding cautious call on U.K. equities since the Brexit referendum in 2016, before moving to “neutral” in July 2020 after a particularly dire spell for U.K. stocks and after the worst of the coronavirus pandemic.

With U.K. equities having delivered a more range-bound performance against their transatlantic and European peers over the past 12 months, however, JPMorgan on Monday upped them to overweight in both a European and global context.
Since the Brexit referendum, U.K. equities have lagged the U.S. by a cumulative 50% and the euro zone by 24%, JPMorgan Head of Global and European Equity Strategy Mislav Matejka highlighted in a research note.
JPMorgan’s aggregated data showed that the U.K. has opened up a “record discount” versus other regions, both on a price-to-earnings and a price-to-book basis. The former helps determine the market value of a company’s stock relative to its financial results, while the latter is relative to the book value of the company’s equity.
The discount holds even when value sectors — those which generally trade at a discount relative to their financial fundamentals — are taken out.
“Within the U.K., we held a longstanding preference for FTSE 250 vs FTSE 100, and fordomestic vs exporters. We now think FTSE 100 could perform better,” Matejka said.

Matejka’s team is funding the upgrade by cutting its exposure to Japan, and picked 25 U.K. stocks to best capitalize on the catch-up trade. These include such high-profile names as BP, Barclays, Jupiter Fund Management and Vodafone.
Diverging fortunes
JPMorgan’s new overweight position in the U.K. follows a long-held view for European equity analysts at British rival Barclays, who are also overweight the large cap FTSE 100 for its export-heavy composition, but underweight the more domestically-weighted FTSE 250.
This diminishing faith in domestic small-cap stocks was echoed on Tuesday by Credit Suisse, which reduced U.K. small caps to underweight while boosting their U.S. peers to overweight.
“U.K. small caps are much more cyclical and more domestic than large caps, yet U.K. small caps have barely reacted to the decline in U.K. PMIs (purchasing managers’ index), which could well have further to go,” Credit Suisse strategists said in a research note, adding that British small caps are pricing in a PMI of 62, versus 57 currently.
“The UK faces a range of idiosyncratic supply-side challenges with a more hawkish central bank, which could lead to GDP forecasts for next year coming under more downward pressure than in other regions.”
Credit Suisse highlighted that British small caps often perform badly when sterling falls, and currently seem to be discounting a decline in credit spreads, which strategists see as “unlikely.”
“Despite these risks, small caps continue to trade at a very large valuation premium to large caps vs their history,” they added.

Steve Brice, chief investment officer at Standard Chartered, told CNBC last week that the bank’s chief concern about the U.K. equity market was whether the Bank of England would “overreact” to persistently high inflation, which it now expects to top out at 5%.
The central bank last week held off on an expected hike to interest rates, opting to wait and assess labor market data after the end of the U.K.’s furlough scheme. However, markets broadly expect an imminent hike.
“Obviously there is supply bottlenecks globally, but they are being extenuated in the U.K. from Brexit as well, so it is not a preferred market of ours from an equity market perspective,” Brice said.
“If anything, it is our least favorite market when we look around the world today, because of those policy risks.”

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“Right now, China-U.S. relations are at a critical historical juncture,” Xi said, according to a letter addressed to the National Committee on U.S.-China Relations, a New York-based non-profit.
Qin Gang, China’s ambassador to the U.S., read the letter in English to attendees of the committee’s annual gala, which was livestreamed Wednesday morning Beijing time.
Overall, Xi’s comments maintained the firm, calm tone of most language from Beijing on relations with the U.S., rather than some of the harsher remarks Chinese officials have made in the last several months.

China’s President Xi Jinping speaks during a bilateral meeting with U.S. President Donald Trump at Trump’s Mar-a-Lago estate in Palm Beach, Florida, April 7, 2017.
Carlos Barria | Reuters

BEIJING — Ahead of an expected virtual meeting with U.S. President Joe Biden, Chinese President Xi Jinping said the country is willing to work with the U.S. — on condition of mutual respect.
Beijing typically uses the term “mutual respect” in calling for more favorable communication with the U.S.

“Right now, China-U.S. relations are at a critical historical juncture,” Xi said, according to a letter addressed to the National Committee on U.S.-China Relations, a New York-based non-profit.
“Both countries will gain from cooperation and lose from confrontation,” Xi said in the letter. “Cooperation is the only right choice.”
Biden and Xi are set to hold a virtual meeting as soon as next week, Reuters reported a few hours ahead of the letter’s readout, citing a source familiar with the matter. In early October, CNBC reported the two leaders planned to hold such a meeting before the end of the year.
“Following the principles of mutual respect, peaceful coexistence and win-win cooperation, China stands ready to work with the United States to enhance exchanges and cooperation across the board,” according to the letter.
It was read in English by China’s ambassador to the U.S., Qin Gang, during the annual gala of the National Committee on U.S.-China Relations. The event was livestreamed Wednesday morning Beijing time.

Xi also said China would like to work with the U.S. to “address regional and international issues as well as global challenges.”
He added the two countries need to “properly manage differences” in the meantime, “so as to bring China-U.S. relations back to the right track of sound and steady development.”
Overall, Xi’s comments maintained the firm, calm tone of most language from Beijing on relations with the U.S., rather than some of the harsher remarks Chinese officials have made in the last few months.
The letter comes as Xi is expected to consolidate his power further at a high-level political meeting in Beijing this week. The Chinese leader has abolished presidential term limits, allowing him to stay on beyond two terms.
Tensions between the U.S. and China have escalated in the last several years.

Biden’s predecessor, former President Donald Trump, began to take a tough stance on China, beginning with trade. Trump levied tariffs on billions of dollars’ worth of imports from China, and put several Chinese tech companies on a blacklist that effectively prevents them from buying critical supplies from U.S. businesses.
The Biden administration has maintained Trump’s tough position, and worked more with traditional U.S. allies to collectively put pressure on Beijing.
Xi had joined Trump in sending congratulatory messages to the National Committee on U.S.-China Relations’ gala dinner in 2017, according to the Chinese embassy in the U.S. Back then, Xi used similar language as he did this week in noting the two leaders agreed to “properly handle differences on the basis of mutual respect.”

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IF AN AVERAGE American decided that last month was high time to buy a new sofa and then spent his evenings drinking beer on it, he would have been lucky. Both the furniture and the brew cost a little less than a few weeks earlier. Unfortunately, that same American may have been painfully aware that just about everything else—his rent, the petrol for his car, his food and even that new leafy plant next to the sofa—cost a fair bit more. The best level for inflation, economists joke, is when people do not notice it. In America it is becoming very noticeable. In October the consumer price index rose by 6.2% compared with a year earlier, the highest rate in more than three decades (see chart 1).As inflation has accelerated economists and officials have debated whether it is a transitory phenomenon—reflecting overstretched supply chains—or a more persistent problem. It is far more than an academic debate. If inflation is short-lived, the right move for the Federal Reserve would be to look through it, aware that jacking up interest rates may do more harm than good. If, however, inflation is stubbornly high, the central bank has a role to play in taming it. The big jump in prices in October tilts the debate in favour of “Team Persistent”, as some have taken to calling it, and puts pressure on the Fed.To be sure, a big chunk of America’s headline inflation is still attributable to the lumpy post-pandemic recovery (see chart 2). Gasoline costs, for instance, are 50% higher than a year ago, tracking the surge in oil prices. Used cars are 26% dearer than a year ago, with a semiconductor shortage leading to slower production of new cars and more demand for second-hand vehicles. And prices are rising globally, from Australia to Britain.Nevertheless, optimism that supply kinks would be ironed out by now has vanished. Inflation is even hotter in America than in other countries because of the strength of its rebound, with stimulus payments fuelling demand. And price pressures are getting broader. A gauge of core inflation, stripping out volatile food and energy prices, rose 4.6% year-on-year in October, more than twice its trend rate of the previous quarter-century. Increasing rents suggest that elevated inflation will continue well into 2022. With wages also rising at their fastest in years, concerns are mounting about a feedback loop, in which higher salaries beget higher inflation.In truth there ought to be little chance of a wage-price spiral in America. A sharp narrowing in the fiscal deficit will drag on growth in the coming quarters. And crucially, investors still expect the Fed to take decisive tightening action if necessary, which is why longer-term bond yields have not moved much. Last week the Fed announced that it would start reducing its monthly asset purchases, the first step to unwinding its ultra-loose policies implemented at the height of the pandemic. Several prominent banks have moved forward their forecasts for rate hikes. Goldman Sachs, for example, had previously expected the Fed to wait until 2023; now it expects two increases next year, starting in July. But the uncertainty around all these expectations is much greater than in normal times. The Fed itself has consistently underestimated inflationary trends over the past year, so its shift to tightening may end up being uncomfortably abrupt.Politically, this is treacherous territory for President Joe Biden. His week had got off to a great start with the passage of America’s biggest infrastructure-investment bill in decades, giving him something to crow about. On November 10th, shortly after the inflation data were published, he instead chose to adopt a defensive posture. “Inflation hurts Americans’ pocketbooks, and reversing this trend is a top priority for me,” he said. His administration is trying to clear some of the backlogs at ports, which would help retailers stock their shelves more quickly, perhaps easing some of the pressures. Mr Biden also noted that the price of natural gas, a big contributor to inflation in October, has dipped in recent days.Yet inflation is, ultimately, out of Mr Biden’s hands. The government can only do so much to paper over global shortages. Knowledge that the Fed may feel compelled to raise rates before too long will offer Mr Biden little consolation. Historically, growth cycles tend to come to an end when the central bank tightens policy, so today’s price pressures may augur economic disappointment a little further down the road. Mr Biden, a teetotaller, cannot even soothe his sorrows with a modestly cheaper bottle of lager. More

Ripple is set to launch a product called Liquidity Hub that allows financial services firms to offer their customers access to cryptocurrencies.
Clients will be able to offer trading in a selection of cryptocurrencies including bitcoin, ethereum, litecoin, ethereum classic, bitcoin cash and XRP.
Ripple is in hot water with the U.S. Securities and Exchange Commission over XRP, a cryptocurrency with which it is closely associated.

Ripple CEO Brad Garlinghouse speaks onstage during Day 1 of TechCrunch Disrupt SF 2018.
Steve Jennings | Getty Images for TechCrunch

Fintech start-up Ripple on Tuesday said it’s launching a new product that lets financial services firms offer their customers the ability to buy and sell cryptocurrencies.
The San Francisco-based company said the feature, called Liquidity Hub, will give its enterprise clients access to digital assets from a range of sources including market makers, exchanges and over-the-counter trading desks.

Clients will be able to offer trading in a selection of cryptocurrencies including bitcoin, ethereum, litecoin, ethereum classic, bitcoin cash and XRP, Ripple said. The company also hopes to offer other digital assets like NFTs, or non-fungible tokens, in future. The feature is currently in a preview stage but is set to launch in 2022, Ripple said.
Founded in 2012, Ripple is closely associated with the cryptocurrency XRP. The company markets XRP to financial firms as a kind of “bridge” for speeding up international payments with its On-Demand Liquidity product.
With nearly $60 billion worth of tokens in circulation, XRP is the seventh-biggest digital currency globally, according to CoinMarketCap data.
Ripple also sells a platform called RippleNet, a financial messaging service which is used by banks and other financial institutions to send money across borders. Ripple touts its offering as a competitor to SWIFT, the global interbank payment network.
Ripple is in hot water with the U.S. Securities and Exchange Commission over XRP. The regulator is suing the company and executives Brad Garlinghouse and Chris Larsen for allegedly raising more than $1.3 billion through an unregistered securities offering. Ripple is fighting the suit, contending that XRP should not be considered a security.

The company is jumping into a new product category at a time when interest in cryptocurrencies has surged dramatically. Bitcoin and ether — the first and second-biggest cryptocurrencies, respectively — both hit record highs this week amid a wider rally in the crypto market.
Crypto is seeing increased adoption among mainstream companies too, with the likes of Mastercard, PayPal and Goldman Sachs now providing support for digital assets.
Asheesh Birla, general manager of RippleNet, said the company’s new tool can be thought of as an “aggregator for various liquidity venues and individual assets, the way that Google Flights is for airlines and flights.”
The product is nearly two years in the making, Birla said. Ripple said its first customer using the service is Coinme, a bitcoin exchange and ATM operator based in the U.S.

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“We have a long history of working with financial institutions, crypto exchanges, brokerages and market makers, which our enterprise customers can now directly benefit from,” Birla told CNBC. “We’re planning to support a variety of assets and have plans to expand to more tokenized assets like NFTs in the future.”
Ripple said it will also offer its financial partners lines of credit through XRP to avoid them having to pre-fund accounts for Liquidity Hub.
“Companies doing this today have to park working capital at an exchange while waiting for funds from weekend activity to be deposited in a bank account,” Birla said. “We started offering this as part of ODL and it’s one of our most sought after features.” 
Last privately valued at $10 billion, Ripple is one of the world’s biggest crypto start-ups. It counts the likes of venture capital firm Andreessen Horowitz, Japanese financial services company SBI Holdings and Spanish bank Santander as investors.
However, U.S. regulatory uncertainty has been a major headwind for the company. Still, Ripple says it’s seeing increased traction in other markets like Japan and the U.K., with international volume at its ODL crypto product growing 25-fold since the third quarter of 2020.
“Despite headwinds in the U.S. with the SEC, our traction with customers globally hasn’t slowed down,” Birla said.

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U.S. equity futures were little changed on Tuesday night as investors await key data on Wednesday that’ll be the next big indicator of how much rising price pressures are accelerating.
Dow Jones Industrial Average futures fell 41 points, or 0.1%. S&P 500 and Nasdaq 100 futures dipped 0.1%.

In regular trading, the Dow lost about 0.3% to close at 36,319.98. The S&P 500 fell 0.4%, snapping an eight-day win streak, and the Nasdaq Composite fell 0.6%.
Tesla shares ended nearly 12% lower in Tuesday trading, extending Monday losses.
“The weakness in Tesla (which is largely technical, not fundamental) is also weighing on the consumer discretionary sector within the S&P 500 today, and the October PPI may also be doing so as business input prices continue to rise,” Goldman Sachs’ Jeff Currie said in a note Tuesday. “The prospect of Covid transforming from pandemic to endemic, and the potential for supply chain congestion to moderate are all likely to continue to drive growth, albeit more slowly,” Currie added.
On Tuesday morning, the Labor Department reported a 0.6% increase in the October producer price index, which is in line with the Dow Jones consensus estimate. Wholesale prices jumped 8.6% in October from a year ago, however, the hottest annual pace on record in almost 11 years.
“Investor worries came to the fore again today,” Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management Company, told CNBC. “The inflation narrative is still out there and needs to be resolved. We think investors will see inflation abate in the coming months as the Fed remains accommodative, people come back into the workforce and consumers shift from buying goods to services… and we expect that will pull the market higher as we move toward the end of the year.”

Investors are holding their breath for the latest consumer price index reading, which the Labor Department will report Wednesday before the bell. Economists expect a 0.6% increase, or a year-over-year gain of nearly 6%, which would be the most in 30 years. They expect core CPI, which excludes food and energy and is the Federal Reserve’s preferred measure of inflation, to have risen 0.4%, or 4.3% year-over-year.
Weekly jobless claims and mortgage applications to purchase a home are also due out Wednesday.
Earnings season continues to be strong, with most of the S&P 500 companies who have already reported beating estimates, according to FactSet. Disney, Affirm, Bumble and The Honest Company are all scheduled to report Wednesday after the bell.

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