Wion Business Wrap | Meta’s meteoric rise, China’s property market challenges & more 

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WION’s Business Desk brings you this daily round up of global stories from the world of business and economy. 

Meta’s Meteoric Rise: Wall Street enthusiasts rally behind Facebook’s metaverse push as shares surge 

Facebook’s parent firm, Meta Platforms Inc., has seen an extraordinary upswing, with its shares roughly quadrupling since November of last year. 

Russia’s rouble rises as cash inflow surges amidst oil export recovery 

Despite difficult global conditions and historic sanctions linked to the conflict in Ukraine, Russia’s financial situation is improving as the nation’s current account surplus increases and supports the rouble.

Nvidia’s Spectacular Surge: $200 bln added in 10-day winning streak matching 2016 record

Nearing the end of a 10-day winning streak, Nvidia Corp., the most valuable chipmaker in the world, is poised to post its longest winning streak since breaking the record in December 2016. 

China unveils $137 bln plan to revitalise property market amid economic challenges 

In an attempt to boost its weakening real estate market, China is considering investing at least 1 trillion yuan ($137 billion) in cheap housing and urban village restoration projects.

Slowing US inflation fuels optimism as Fed rate hike concerns subside: Report

The Federal Reserve may decide to stop raising interest rates in the future if U.S. consumer prices stay stable in October, which might ease concerns about inflation.

Huawei surge propels China’s smartphone market to 11pc growth in October

According to data from research firm Counterpoint, the Chinese smartphone market had a noteworthy comeback in October, with an 11 per cent increase in total shipments, mostly due to an 83 per cent spike in sales for Huawei.

US House passes crucial spending bill to avert government shutdown

A temporary spending bill agreed by the US House of Representatives has prevented a possible government shutdown. Cross-party support for the proposal, which extends government funding into mid-January, was strong among legislators.

PwC Cyprus helped Russian oligarch move $1.2 billion after Ukraine invasion despite sanctions: Report

According to an investigative report, PwC, one of the largest accounting firms globally, assisted Russia’s “richest” oligarch in transferring millions of dollars’ worth of assets as European Union (EU) sanctions threatened to materialise following the Russian invasion of Ukraine.

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