CNBC Daily Open: Everyone gave Reddit an upvote

This report is from today's CNBC Daily Open, our international market newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. What do you want to see? You can subscribe here.

Alphabet and Reddit beat expectations
Google-Parent of the alphabet Third quarter earnings beat expectations. The company's top line was boosted by a 35% revenue jump from its cloud division from a year ago. Meanwhile, Reddit The third quarter was profitable with net income of $29.9 million, compared to a net loss of $7.4 million in the same quarter a year ago. Reddit shares rose nearly 25% in extended trading on Tuesday.

European banks bask in profits
UBS It beat expectations for the third quarter, bringing in $1.43 billion in net profit attributable to shareholders, compared with forecasts of $667.5 million in an LSEG poll. Separately, British Bank Standard Chartered Its third-quarter net interest income and pre-tax profit beat expectations, jumping 37% from a year earlier.

Shattered market
Tuesday, the Nasdaq Composite 0.78% up to a new high and closed S&P 500 Added 0.16%, but Dow Jones Industrial Average 0.36% lost. Asia-Pacific markets were mostly trading lower on Wednesday. of Hong Kong Hang Seng Index fell about 1.4% and China's CSI fell about 1.2%. Indexes were weighed down by Chinese EV stocks, which fell on news that the European Union had raised tariffs on Chinese EVs.

Xiaomi's EVs are at cruising speed
XiaomiThe Chinese smartphone and electrical appliance giant delivered more than 20,000 SU7 EVs in October, the company said on Tuesday. The SU7 costs about $4,000 less than Tesla's Model 3. Xiaomi's manufacturing and delivery speed is phenomenal – expeng And take It took about six years to build 100,000 EVs, compared to 12 years for Tesla.

[PRO] The impact of the UK budget on the market
UK Finance Minister Rachel Reeves will announce the country's national budget today. Analysts expect changes to the tax system and government borrowing — and highlight stocks and bonds that could be affected by those developments.

A day in the life of an average office worker:

• commute to work Send a snap of a packed train to a friend
• Browse Reddit. Laugh at the cats on r/pictures
• Search Google for information on why orange cats are so bad
• Watch a video compilation on YouTube of cats knocking on vases
• Arrive at work. Continue browsing social media secretly

These behaviors are so ingrained in most of us that they are almost automatic and essential.

Not surprisingly, the companies behind these services – Snap, Reddit And the alphabet – Reported third quarter results that beat Wall Street's expectations.

Their income, in particular, is the bright spot. In the third quarter, Alphabet's ad revenue grew 10.4% year over year. While Snap and Reddit didn't report their advertising top lines specifically, there were indications that both companies were doing well in that area.

Snap's total active advertisers more than doubled from the year-ago quarter, according to CEO Evan Spiegel. This combined with two million more global daily active users than expected. More advertisers and more eyeballs mean more revenue per ad

Meanwhile, Reddit turned a profit from losses a year ago. This remarkable transformation was helped in part by a 47% year-over-year increase in daily active users and expected average revenue per user.

All companies report earnings after hours. In extended trading, Reddit's shares added about 25%, Snap about 10.6% and Alphabet 5.8%.

it is Meta's And Microsoft's Launch the earnings report later today. Microsoft is not really involved in the advertising market as it is more focused on enterprise products. But investors will have to see if Meta maintains the positive trend so far.

Judging by how much time I spend on meta-owned Instagram and the ads that seem to know exactly what I want, the company's ad revenue could also see a healthy boost.

— CNBC's Julia Boorstin, Jonathan Vanian and Jennifer Elias contributed to this report.

Note: CNBC Daily Open will be on hiatus on Thursday, October 31, for a public holiday in Singapore. Regular programming will resume Friday.