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Google’s Lawsuit Case Involves 21 million Consumers

A U.S. judge in California permitted litigation against Alphabet's Google to move forward as a consumer class action on Monday. The case involves 21 million people who claim that the company broke American anti-competition laws by operating its Google Play app store.

A class action lawsuit alleging anticompetitive business practices has been formed, according to U.S. District Judge James Donato, who stated this in a 27-page order. The plaintiffs have proven the legal requirements of "commonality" and other elements.

MACROECONOMIC DATA ANALYSIS

Japanese retail sales increased for the eighth consecutive month in October, according to data released on Tuesday, after the full reopening of borders added to the boost from this year's dismantling of internal pandemic control measures. However, there was little growth since September, as Japanese households were squeezed by inflation, which was running at its fastest rate in 40 years.

Yang Chin-long, the governor of Taiwan's central bank, stated on Tuesday that the institution's "flexible" monetary policy framework during a time of high uncertainty can support maintaining both price and financial stability and economic growth. The central bank will hold its next quarterly rate-setting meeting on December 15th after previously increasing its benchmark interest rate three times this year. The bank increased it by 12.5 basis points to 1.625% at their most recent meeting in September.

CURRENCIES

The yuan jumped against the U.S. dollar in anticipation of a COVID-19 press conference in China, which is fostering expectations of a potential easing in the nation's stringent pandemic restrictions in the wake of an unprecedented episode of unrest. The Dollar Index, which measures the value of the U.S. dollar against a basket of six other currencies, fell 0.37% to 106.240.

GOLD

Tuesday morning witnessed a rise in gold prices, supported by a weaker dollar greenback as investors awaited further clarification on the U.S. Federal Reserve's policy regarding rate hikes. Gold futures increased by 0.66% to $1,752 per ounce.

OIL

Oil soared on Tuesday’s early trading session after reaching over 11-month lows the previous session as investors assessed the possibility of an output adjustment from the major oil producers, who will meet this week for a crucial conference. Brent crude futures climbed by 1.66% to $85.28 a barrel, while West Texas Intermediate crude rose by 1.44% to $78.33 a barrel.

INDICES

USA: S&P500 -1.54%, Dow Jones Industrial Average -1.45%, Nasdaq Composite -1.43%

Europe: FTSE 100 -0.17%, DAX -1.09%, CAC 40 -0.70%

Asia: Nikkei 225 -0.48%, Hang Seng +4.06%, CSI 300 +2.49%, Nifty 50 +0.51%

Newest

Morgan Stanley Fines Employees For Messaging Breaches

Morgan Stanley has fined employees who use messaging apps like WhatsApp and others for work-related communications, the Financial Times reported on Thursday. The fines, which ranged from a few thousand dollars to over $1 million per employee, were established by taking into account various elements, including the quantity of messages sent, seniority, and whether or not they had previously been warned.

Twitter Ad Spending Falls 70% in December

Top advertisers cut their spending on Twitter by 71% in December as a result of Elon Musk’s recent takeover, according to data from an advertising research firm.

The latest Standard Media Index (SMI) data comes as Twitter works to reverse the advertiser exodus. It has launched a slew of initiatives to win back advertisers, including offering some free ads, lifting a ban on political advertising, and giving businesses more control over the placement of their ads.

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