Bloomberg Fumio Kishida’s first speech to parliament as Japan’s 100th prime minister was an impassioned performance compared to his staid predecessor, but it did little to relieve investor concerns that his talk of redistribution and higher taxes are bad news for stocks. Kishida’s “new form of Japanese capitalism†made up the bulk of his speech, in which he repeated campaign ...
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Stocks, futures decline with bonds on inflation worry
Bloomberg US futures fall with stocks as surging energy prices stoked inflationary pressures ahead of a key US employment report. Treasury yields extended an advance. S&P 500 and Nasdaq 100 contracts declined, with tech giants such as Apple Inc and Facebook Inc down in premarket trading. European equities slid to a two-month low, with natural gas prices soaring even as ...
Read More »HK studies boosting yuan-denominated stocks on bourse
Bloomberg Hong Kong is studying an expansion of trading in stocks denominated in the yuan as China pushes to gain broader international acceptance of its currency. In her annual policy address, Chief Executive Carrie Lam, said the city was looking at expanding channels for yuan flows from mainland China, including allowing trading of yuan-denominated stocks via an established link to ...
Read More »Global tech stock rout worsens as China index set for record low
Bloomberg The global selloff in technology equities continued in Asia on Tuesday amid fears of higher interest rates, with a benchmark tracking Chinese technology stocks in Hong Kong set to close at a record low. The Hang Seng Tech Index, which officially started in July last year, dropped as much as 2.5% to slip below the previous closing low on ...
Read More »Japan’s stocks extend losing streak as new PM underwhelms
Bloomberg Japanese equities fall, pushing the Nikkei 225 Stock Average to a seventh-daily loss and the brink of a technical correction, amid market disappointment with a new government and a host of threats to global economic growth. The blue-chip measure closed 2.2% lower, capping its worst longest losing streak since May 2019 and extending its loss from a September high ...
Read More »European stocks, futures drop as stagflation worries deepen
Bloomberg European stocks and US index futures declined as concerns about slowing growth and persistently high inflation kept investors on the edge. Contracts on the S&P 500 Index fall 0.5% after the underlying gauge posted the biggest weekly loss since February. Iron ore to aluminum rallied as a global supply crunch turned commodities into a sellers’ market. West Texas Intermediate ...
Read More »Merck’s Covid-19 pill progress sparks Asian vaccine stock selloff
Bloomberg Makers of vaccines and other coronavirus treatments dropped in Asia after Merck & Co. said its experimental pill cuts the risk of hospitalization and death from Covid-19 in half. The declines followed a slump in shares of BioNTech SE and Moderna Inc. in New York after Merck delivered the news on its drug, which is seen by some as ...
Read More »Evergrande shares halted amid report of unit stake sale
Bloomberg China Evergrande Group and its property-services arm were halted in Hong Kong stock trading amid a report that the developer agreed to sell a controlling stake in the unit to raise much-needed cash. Trading of Evergrande was suspended pending an announcement on a “major transaction,†the developer said in a stock exchange filing. Evergrande Property Services Group said it ...
Read More »Vaccine stocks shed $84bn as Merck pill adds to rough week
Bloomberg For the world’s leading Covid-19 vaccine makers, news that Merck & Co’s experimental pill cuts the risk of hospitalisation and death in half was the latest blow in a very bad week. Stocks including Moderna Inc and BioNTech SE have shed about $84 billion in combined value this week in the aftermath of a stock market slump that sent ...
Read More »US IPOs emerging as unlikely haven in brutal month for stocks
Bloomberg Newly listed stocks provided a surprising source of gains during the US market’s worst month since March of 2020. Typically losers in a risk-off environment, New York’s initial public offerings (IPOs) instead delivered a rise of 25% on average during September’s selloff in the broader market. Consumer-facing stocks such as Dutch Bros Inc and On Holding AG that opted ...
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