World Street | US inflation report eyed, Bitcoin touches $90,000, Ramaswamy & Musk to lead DOGE, and more

World Street offers a sneak peak into top global news developments

In this November 13 edition of the World Street, we take you through developments across the world, including Wall Street taking a breather post its US election rise, followed by Bitcoin briefly touching $90,000-mark, Asia-Pacific markets turning weaker, and more. Take a deep dive!

Wall Street takes a breather; CPI report eyed

All major US averages took a step back overnight as the market paused after its postelection rally. The Dow dropped about 382 points, or 0.9 percent. The S&P 500 slipped by 0.3 percent, while the Nasdaq Composite edged down 0.1 percent. Investors are now eyeing October’s Consumer Price Index (CPI) numbers, set to be released on November 13, to gauge the rise in prices for goods and services. Economists expect the CPI to climb 0.2 percent for the month, bringing the annual rate to 2.6 percent.

Asian markets weak

Asia-Pacific stock markets opened lower this morning, tracking Wall Street’s losses as the US postelection rally paused. Japanese data showed October’s year-on-year producer price growth reached 3.4 percent, the highest since last July. Japan's Nikkei 225 fell 0.5 percent, with the Topix down 0.3 percent. South Korea’s Kospi dropped 1.1 percent, and the Kosdaq declined 1.4 percent. Australia’s S&P/ASX 200 also fell by 1.4 percent.

Spotify dances to strong guidance

Spotify shares climbed overnight as the Swedish music streaming giant released a stronger-than-expected profit forecast for the fourth quarter. Spotify projected operating income at 481 million euros, above analysts' estimate of 432.7 million euros. Monthly active users (MAUs) are anticipated to reach 665 million, exceeding the forecasted 659.3 million.

Strong Q3 fuels Rocket Lab stock

Rocket Lab shares surged overnight after the company posted strong third-quarter results and revealed its first customer for the upcoming Neutron rocket. The space infrastructure company's third-quarter revenue rose 55 percent year-over-year to $104.8 million, surpassing analysts' forecast of $102 million. Rocket Lab also announced its first launch contract for the Neutron vehicle.

Bitcoin touches $90,000

Bitcoin resumed its ascent overnight after a brief pause in its postelection rally, briefly reaching $90,036.17 just before the stock market closed. This followed a swift surge past $80,000 over the previous two days. Many investors anticipate it will continue setting new records on its way to the $100,000 mark later this year. Since election day on November 5, Bitcoin has jumped more than 33 percent, achieving a new record for the first time since March.

Musk, Ramaswamy set to lead govt efficiency group

President-elect Donald Trump announced that Elon Musk and former Republican candidate Vivek Ramaswamy will head an efficiency task force when he begins his second term in January. Trump shared that this new Department of Government Efficiency, or DOGE, will aim to be “The Manhattan Project of our time.” According to Trump, the group’s mission will be to "pave the way" for his administration to “dismantle government bureaucracy, reduce excessive regulations, eliminate wasteful spending, and overhaul federal agencies.”

Meta cuts EU ad-free subscription prices

Meta has reduced the price of its ad-free subscription options for Facebook and Instagram by 40 percent for users in the European Union, aligning with regulatory requirements in the region. Additionally, the company will continue offering free access to Facebook and Instagram for EU users who consent to seeing ads based on a limited amount of user data.

(with inputs from Reuters and other agencies)