1. Facebook’s earnings report sees unprecedented loss on the NYSE
In an earnings report that pointed to Facebook and its parent company Meta Platforms Inc having hit a ceiling with user growth and momentum for the first time since its inception, shares in the company dropped a whopping 27% “in an epic rout that, in its sheer scale, is unlike anything Wall Street or Silicon Valley has ever seen,” Bloomberg reports. As a result, founding CEO of Facebook, Mark Zuckerberg has lost between US$24-31bn in personal net value. The competition is coming primarily from video-sharing social media app, Tik Tok, as well as YouTube (owned by Google).

2. Worker shortage hits growth in Australia
A record 85% of Australian businesses report staff shortages are holding back their ability to operate at full capacity and capitalise on the $245 billion in household savings stashed away during the pandemic, according to the AFR. State government spending on infrastructure fell $10 billion short of expectations in 2020-21 due to capacity constraints, and a further $10 billion a year could go begging in this financial year.

3. Covid zero strategy takes further toll on Hong Kong population
Keeping in lockstep with mainland China’s covid zero policy has urged many local and expats in Hong Kong to flee the city, a population that has already been decimated by the 2019 protests. The effects of the brain drain in sectors such as education, health care, and even finance will likely be felt by residents for years to come,” Bloomberg reports. Data shows that this is only worsening an established trend. Hong Kong’s population decreased at a record pace in the 12 months that ended in June. The city saw an outflow of 89,200 residents, leaving its population at about 7.39 million, according to government data. That maintains the 1.2% rate of population decline set at the end of 2020, the biggest drop in at least six decades.

4. US oil prices reach seven-year high
US oil surpassed $90 on Thursday for the first time since 2014 as demand for petroleum products surges while supply remains constrained. West Texas Intermediate crude futures, the US oil benchmark, gained more than 2% to trade as high as $90.23 per barrel. International benchmark Brent crude rose 1.7% to trade at $91. Brent topped $90 on January 26.

5. ASX to fall owing to historic Meta rout
Australian shares will be hit hard this morning following the news of Meta’s historic 27% drop on the NYSE overnight. Also denting sentiment, both UK and European central bankers pivoted to more hawkish rate outlooks. ASX futures were down 70 points or 1 per cent to 6908 near 7.35am AEDT. On Wall St: Dow -1.4%, S&P 500 -2.4%, Nasdaq -3.7%. Meta -27%, Amazon -7.6%, NYSE Fang -5.3%. 2-year yield: US +0.02%, Australia -0.01%. 10-year yield: US +0.06% Australia -0.05%.