Global Stock Markets Plunge Amid US Economic Concerns
Stock markets across Europe and Asia experienced significant declines on Monday, driven by fears of a potential slowdown in the US economy. The turmoil followed a troubling set of economic indicators from the US, including weak jobs data and disappointing earnings reports from major American companies.
In London, the FTSE 100 index opened 2.3% lower, while the Euronext 100 fell by 3.5%. This follows a dramatic sell-off in Asia, where Japan’s Nikkei 225 plummeted 12.4%, marking the largest point drop in its history. The plunge was exacerbated by a strengthening yen, which has risen more than 10% against the US dollar over the past month due to the Bank of Japan’s recent interest rate hike.
The Japanese currency’s appreciation has made Japanese stocks more expensive for foreign investors, contributing to the market’s sharp decline. Taiwan’s main share index and South Korea’s Kospi both dropped more than 8%, while India’s NSE Nifty 50 was down 2.8%. The S&P/ASX 200 in Australia fell 3.6%, the Hang Seng in Hong Kong lost 2.5%, and the Shanghai Stock Exchange decreased by 1.4%. Cryptocurrencies also suffered, with Bitcoin sliding to around $50,000, its lowest level since February.
The market turmoil was sparked by weak US employment data released on Friday, which showed that US employers added only 114,000 jobs in July, significantly below expectations. The unemployment rate also edged up. This disappointing data, combined with downbeat earnings reports from companies like Amazon and Intel, raised concerns about a potential slowdown in the world’s largest economy.
Shanti Kelemen, Chief Investment Officer at M&G Wealth, commented on the situation, noting that there are signs the market may be slowing. She added that the reaction in the Japanese market, which was closed when the US data was released, highlights the broader impact of these economic concerns.
Kei Okamura, a Tokyo-based portfolio manager at Neuberger Berman, attributed the Asian sell-off partly to the yen’s sharp appreciation, which has raised concerns about Japanese corporate earnings, especially for exporters like automakers. The Bank of Japan’s recent interest rate increase, its highest since the 2008 global financial crisis, has further unsettled investors.
In the US, Friday’s sharp declines on Wall Street followed a series of weaker-than-expected economic data. The Nasdaq fell about 10% from its peak, marking a “correction,” while the Dow Jones Industrial Average dropped 1.5%, and the S&P 500 ended 1.8% lower. Over the weekend, Berkshire Hathaway, led by veteran investor Warren Buffett, disclosed that it had sold about half of its stake in Apple, adding to the market’s anxiety.
The current economic landscape is casting a shadow over global markets, with investors grappling with high borrowing costs and the potential end of a long-running rally fueled by optimism over artificial intelligence. As the situation evolves, market participants remain on edge, awaiting clearer signals about the future direction of the global economy.
Business
Apple Agrees to $95 Million Settlement Over Allegations of Eavesdropping Through Siri
Apple has agreed to pay $95 million to settle a lawsuit accusing the tech giant of secretly listening to users through its virtual assistant, Siri. The settlement, which was reached in a preliminary agreement, comes after claims that Apple eavesdropped on users’ conversations and shared voice recordings with advertisers.
The lawsuit alleges that Siri was activated without users’ consent, even when the wake phrase “Hey, Siri” was not used. The claimants also argue that Apple’s failure to delete these recordings led to them being shared with advertisers, who used the data to target users with personalized ads.
Although Apple has not admitted to any wrongdoing, the company has stated in court filings that it denies the allegations that it recorded or disclosed conversations without consent. Additionally, Apple claims it permanently deleted individual Siri audio recordings collected prior to October 2019.
The lead plaintiff in the case, Fumiko Lopez, alleges that both she and her daughter were recorded without their permission. They claim that after discussing products like Air Jordans, they began seeing targeted ads for those products.
The lawsuit is classified as a class action, meaning it is brought forward by a small group of individuals on behalf of a larger group of affected users. In this case, eligible US-based claimants could receive up to $20 per Siri-enabled device they owned between 2014 and 2019. Lawyers representing the claimants are expected to receive 30% of the settlement fee, amounting to nearly $30 million.
Apple’s decision to settle, despite denying any liability, allows the company to avoid the risks of a lengthy trial that could result in a higher payout. The settlement amount, while substantial, is less than the potential cost of a trial verdict, especially as Apple has continued to see strong financial performance. The company reported $94.9 billion in revenue for the three months ending September 2024.
This settlement adds to a growing list of class action lawsuits Apple has faced in recent years. In January 2024, Apple began paying out in a $500 million lawsuit over allegations of deliberately slowing down older iPhones. Earlier in March, it agreed to pay $490 million in a class action over its App Store practices in the UK. The company is also facing a class action from the consumer group Which?, accusing Apple of overcharging customers for its iCloud service.
The same law firm representing the claimants in the Siri case is also suing Google for similar allegations of eavesdropping through Google devices, with that case ongoing in the same California court.
Business
Euro Hits Two-Year Low Against US Dollar Amid Economic Concerns
Business
ICT Specialists Lead EU Job Market as Most Advertised Profession
Information and Communication Technology (ICT) specialists are the most sought-after professionals in the European Union, making up 9% of all online job advertisements in 2023, according to new data from Eurostat. The findings shed light on the EU’s labor market trends, highlighting the most in-demand skills and occupations.
ICT Specialists Dominate Job Ads
In 2023, ICT specialists were featured in 871,000 online job advertisements, underscoring the high demand for professionals in this field. Software and applications developers and analysts ranked second with 515,000 ads (5.3%), followed by engineering professionals at 412,000 ads (4.3%).
Other notable professions included manufacturing workers (385,000 ads), physical and engineering science technicians (351,000 ads), and shop salespersons (312,000 ads). Transport and storage laborers, sales and marketing managers, clerical support workers, and financial professionals also featured prominently.
Healthcare and Service Occupations in Demand
The healthcare sector had a strong presence in online job postings, with 96,000 ads for doctors and 115,000 for personal care workers in health services. Combined with other health-related roles, these accounted for 3.5% of total job ads. Service roles, such as cooks and food preparation assistants, also saw significant demand, with nearly 100,000 ads posted.
Heavy truck and bus drivers were another key occupation, appearing in 136,000 ads, while car, van, and motorcycle drivers were sought after in 61,000 postings.
Key Skills Employers Seek
Across all fields, “willingness to learn” emerged as the most frequently requested skill, appearing in 26.2% of job ads. Teamwork skills were also highly valued, with 21.4% of postings highlighting the need for collaboration. Proactivity ranked third at 12.4%, while creative and innovative thinking was less commonly sought, appearing in only 4% of ads.
Understanding Recruitment Challenges with OJAR
Eurostat’s Online Job Advertisement Rate (OJAR) provides insights into recruitment challenges, taking into account both job ads and the number of employees in each sector. Sales, marketing, and development managers had the highest OJAR at 26.6%, followed by manufacturing workers (22.4%) and other sales workers (17.6%).
Public sector roles like healthcare workers and teachers were less represented online, likely due to traditional recruitment methods outside digital platforms.
Caution on Job Ad Data
Eurostat cautions that job advertisements are not direct indicators of vacancies. Some ads may represent multiple positions or exploratory postings by employers. Moreover, certain roles, particularly in the public sector, may not be widely advertised online.
The data offers valuable insights for job seekers and policymakers, pointing to the growing demand for ICT specialists and the evolving skillsets required in the EU’s labor market.
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