services News & Analysis
2 articles
Market Mood
Airbnb (ABNB) Expands Services with Hotels, Car Rentals Added
Airbnb (ABNB) has added independent hotels, car rentals, and grocery delivery services to enhance its platform's offerings. CEO Brian Chesky stated the aim is to create an all-encompassing app for travelers, similar to Amazon, with potential for dozens of service categories. Users can enjoy up to 15% back in platform credits for these new services. However, Airbnb reported higher cancellation rates in certain regions and anticipates a 100-basis-point headwind to booked nights and seats this quarter, impacted by global conflicts and rising fuel prices.
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China Services Gauge Declines After Holiday Boost in 2023
In February 2023, China's services sector showed a slowdown in growth according to official services gauge data post-New Year holiday. The services PMI fell to 51.4, down from 54.0 in January, indicating a deceleration in activity levels. This change is significant as it suggests a potential weakening in economic momentum, which could impact market sentiment. Investors will be watching for further developments as the data reflects broader economic health in China.
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