An Hour Ago
A muted open in Europe
European shares made a tepid start to the week’s trade on Monday.
The pan-European Stoxx 600 index hovered around the flatline in early trade, with financial services adding 0.4% to lead gains while miners continued to suffer, shedding 1.5%.
4 Hours Ago
Nagacorp shares plunge to 11-year low as founder passes away
The company’s shares tumbled 12.88% to 2.84 Hong Kong dollars on Monday, hitting their lowest level since June 5, 2012.
In a filing on the Hong Kong Exchange, Nagacorp explained that Chen died on Dec. 8, due to illness.
The company said that Chen Yiy Fon, who is the late Chen’s son, will take over as the new CEO of the company, and that the elder Chen’s death is not expected to have a material impact on the finances of the company.
7 Hours Ago
Japan stocks rise amid hopes the central bank may not hike rates at next meeting
Japan’s main stock gauges rose in early Asia trading hours Monday, amid growing hopes the country’s central bank may not raise interest rates at its monetary policy meeting next week.
The Nikkei 225 rose 1.68% , while the Topix added 1.28% in the first hour of trading.
“We do not expect the BoJ to tighten policy this month because Japan’s economy‑wide wages growth remains subdued at just 1.5%/yr in October,” analysts at CBA wrote in a client note.
The Japanese yen weakened after rallying last week, but traded around 145 to a dollar.
Investors will also be keenly watching the U.S. Federal Reserve’s monetary policy decision this week and its impact on the dollar/yen pair.
9 Hours Ago
China’s November consumer prices slide at fastest pace in three years
China’s consumer prices for November declined at their fastest pace in three years, while producer prices remained in negative territory, according to data released over the weekend.
CPI in November dropped 0.5% year-on-year to its lowest level since November 2020 and below the 0.2% fall seen in October.
A Reuters poll of economists was expecting a 0.1% decline in China’s CPI. The reading highlighted weak domestic demand in China.
November PPI fell 3.0% year-on-year, more than the 2.6% drop in October and remained in deflationary territory for the 13th straight month. A Reuters poll had estimated it to drop 2.8% in November.
“The decline was mainly driven by falling food prices. Hog production rose even at a time when demand was weaker than usual,” analysts at Commerzbank said in a client note.
State-run news outlet Xinhua reported on Friday that the top decision-making body of the ruling Communist Party said the country’s fiscal policy “must be moderately strengthened” to stimulate economic recovery.
10 Hours Ago
Stock futures open little changed
Here’s how U.S. stock futures opened on Sunday night:
— Pia Singh