Meta Platforms Inc shareholders are paying dearly for its spending on the metaverse: The Facebook parent’s market value has collapsed by a whopping $520 billion in the past year, and now it’s on the brink of getting booted from the ranks of the 20 largest US companies. The punishment shows no signs of easing anytime soon. Meta’s stock is down …

Chinese stocks in Hong Kong extended their recovery from a rout earlier this week, as investors focused on a slew of earnings and awaited further policy guidance following the Party congress. The Hang Seng China Enterprises Index, a gauge of Chinese equities trading in Hong Kong, climbed 0.5%. The third day of advance helped pare losses from a historic 7.3% …

L’Oreal SA said there are signs that shoppers are trading down to cheaper skincare products in fresh evidence that soaring inflation is eroding household budgets. The change in consumer behaviour is most pronounced in the UK “where the inflation is the highest,” with trading down affecting the skincare category there but not haircare nor fragrance, said Chief Executive Officer Nicolas …