China Tech Companies To Remain ‘Very Much A Growth Play’ Even Post-COVID-19, Says Credit Suisse



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Credit Suisse Group AG (NYSE: CS) expressed an optimistic view of Chinese tech stocks’ growth potential over the next year. The forecast also factors in the recently imposed stringent anti-monopoly laws by the Chinese regulatory authorities, CNBC reports.

The Swiss bank predicts that China will grow by 2.2% in 2020, followed by 7.1% in 2021.

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What Happened: People’s Republic of China is one of the select few countries poised to record a positive GDP in 2020 – an outcome of its efforts to keep the pandemic in check.

CNBC quoted a comment from Credit Suisse’s 2021 outlook, which said that Chinese markets offer “high rates of growth at still attractive valuations.”

While lockdowns have beaten down offline players and brick and mortar stores, tech companies gain more market share. 

Last week, there were reports that Chinese e-tailer Pinduoduo Inc (NASDAQ: PDD) announced it

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Uber Drivers Will Remain Contractors

California Voters on Nov 3 approved a ballot measure to undo portions of California AB5, which would have required them to treat their drivers as employees, with health benefits, payment for time, minimum wage, payment for use of their car and payroll taxes. (Yes, there are other stories this election!) Uber
UBER
, Lyft
LYFT
, Postmates, DoorDash and Instacart sponsored a ballot proposition to save themselves from this change. They spent hundreds of millions of dollars on it, and claimed they would have to leave California if it didn’t pass, and that most of their drivers didn’t want to be employees.

There’s been lots of political hash over all these questions — what did the drivers really want, would they really have left, would prices have just gone up, and do we

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Uber and Lyft Drivers in California Will Remain Independent

OAKLAND, Calif. — Drivers and other workers for so-called gig economy companies in California will not become their employees.

California voters carried Uber and Lyft to victory, overwhelmingly approving Proposition 22, a ballot measure that allows gig economy companies to continue treating drivers as independent contractors.

Uber, Lyft and the delivery service DoorDash designed the measure to exempt the companies from a state labor law that would have forced them to employ drivers and pay for health care, unemployment insurance and other benefits. As a concession to labor advocates, the initiative offers a wage floor and limited benefits to drivers.

The Associated Press projected early Wednesday that Prop. 22 had carried 58 percent of the vote. Prop. 22 faced the strongest opposition in San Francisco, where Uber and Lyft are headquartered, with more than a 19 point deficit.

The vote resolves the fiercest regulatory battle Uber and Lyft have faced

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NY Post Twitter will remain locked until tweet is deleted, Dorsey says

  • Texas Sen. Ted Cruz accused Twitter CEO Jack Dorsey of “censorship” for locking the New York Post out of its account for two weeks.
  • The New York Post on October 14 published an article on Hunter Biden that has several red flags pertaining to the sourcing. Dorsey said the story violated Twitter’s terms of service for distributing hacked materials.
  • Cruz questioned Dorsey on Twitter’s handling of the story during a Senate committee hearing on Section 230, the law that states tech companies cannot be held liable for content published on their platforms.
  • Twitter has previously locked prominent figures out of their accounts until they have deleted tweets that violate Twitter’s terms of service.
  • Visit Business Insider’s homepage for more stories.

Twitter CEO Jack Dorsey came under scrutiny from Sen. Ted Cruz for locking the New York Post out of its account for two weeks.

Cruz criticized Twitter, saying it made

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Most Index Charts Remain in This Trend

The bulk of the major equity indices closed higher Friday except for the DJIA posting a loss.

No violations of support/resistance/trend were registered, leaving all but the Dow Jones Transports and Value Line Arithmetic Index, which remain positive, in short-term neutral trends.

The Nasdaq 100 (see below) tested support while the MidCap 400 and Value Line index tested resistance.

Source: Worden

Breadth was positive on the day but left the cumulative advance/decline lines for the All Exchange, NYSE and Nasdaq neutral and above their 50-day moving averages.

Data

The one-day McClellan Overbought/Oversold Oscillators remain neutral (All Exchange: +15.0 NYSE: +18.01 Nasdaq: +13.21).

Psychology continues to be of some concern, though, as the Open Insider Buy/Sell Ratio dipped to a neutral 34.3 while the Rydex Ratio (contrarian indicator) remains bearish with the leveraged ETF traders extended in their leveraged long exposure lifting to a bearish 1.17.

Meanwhile, last week’s Investors Intelligence

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As Digital Commerce Adoption Accelerates, Cybersecurity Concerns Remain a Constant for Consumers

79% of consumers say cybersecurity is equally or more concerning than it was for them a year ago

Consumers identified their pet’s name as the most popular choice for a security password; 22% of consumers rely on furry friends to secure their accounts

According to the 2020 Fraud and Security Survey released today by Fiserv, 79% of consumers say that cybersecurity is equally or more concerning that it was for them a year ago.

Cybersecurity concerns remain as consumers increasingly adopt digital payment methods that facilitate touchless interactions, yet often require consumers to input personally identifiable information (PII) within a digital profile, loyalty account, or for shipping information. Since the onset of the COVID-19 pandemic, 33% of consumers surveyed have increased their use of digital, touchless payments, and 69% plan to use more touchless payments in the future. However, only 23% of consumers believe that their PII is very or

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Hundreds of parents who were separated from their kids at the U.S.-Mexico border remain “unreachable”

Advocates have been unable to reach the parents of 545 children who were separated by U.S. immigration authorities at the southern border and who could be eligible for court-mandated reunifications, according to a joint legal filing by the American Civil Liberties Union and the Justice Department.

These parents, designated as “unreachable” in Tuesday’s court filing, are part of more than 1,000 migrant families who were separated by U.S. border officials before the Trump administration fully implemented its “zero tolerance” crackdown in the spring of 2018.

The “zero tolerance” policy led to the separation of more than 2,800 migrant families before Judge Dana Sabraw of the U.S. District Court in San Diego brought an end to the practice in June 2018.

Most of the families who remained in the U.S. when the ruling was issued were eventually reunited, but Sabraw authorized a steering committee of advocacy groups to track down the

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