2 Hours Ago
European markets open mixed
European markets kicked off the new trading week in mixed territory, with pan-European Stoxx 600 gaining slightly to trade up 0.03%.
The U.K.’s FTSE 100 index was 0.07% higher at 8,439, Germany’s DAX was down 0.13% at 18,748, France’s CAC was 0.4% lower at 8,216 and Italy’s FTSE MIB was up 0.4% at 34,808.
6 Hours Ago
China reportedly moves ahead with plans to sell long-term bonds worth $138 billion
China has reportedly begun plans to sell one trillion yuan ($138.24 billion) of ultra-long-term bonds, according to reports by the Financial Times and Reuters.
The Financial Times said that the People’s Bank of China “has asked brokers for advice on pricing the sale of the first batch of the sovereign bonds.”
Meanwhile, Reuters said the bonds will be issued from May 17, citing sources that said there would be 300 billion yuan worth of 20-year bonds, 600 billion yuan worth of 30-year bonds and 100 billion worth of 50-year bonds.
These ultra long term bonds were announced in March, and are designed to fund major projects aligned with national strategies.
These bonds have only been issued thrice before, during the Asian Financial Crisis in 1998, for the capitalization of China Investment Corporation in 2007 and during the Covid-19 pandemic in 2020.
— Lim Hui Jie
7 Hours Ago
Shein reportedly boosts London IPO preparations amid U.S. hurdles
China’s Shein is boosting its preparations to go public in London following an attempt to list in New York that was hit by regulatory challenges, Reuters reported, citing sources with knowledge of the matter.
The fast-fashion retailer is planning to file documents with the London Stock Exchange (LSE) as early as this month and will update China’s securities regulator of the IPO venue, according to the report.
Shein filed to go public in the U.S. in late November, valued at $66 billion.
— Shreyashi Sanyal, Reuters
10 Hours Ago
China’s April inflation comes in slightly higher than expected
Consumer prices in China rose at a faster pace than expected, with the consumer price index in April recording a 0.3% increase year-on-year, data from the National Bureau of Statistics on Saturday showed.
This was higher than the 0.2% forecast by a Reuters poll of economists, and more than the 0.1% rise seen in March.
Separately, China’s producer price index fell 2.5% compared to April last year, compared to a 2.8% decline in the previous month.
— Lim Hui Jie
11 Hours Ago
Stocks face a key inflection point this week with April inflation data
Wednesday’s consumer price index report will give much needed insight to where the Federal Reserve will take monetary policy from here.
Inflation has ticked higher in recent months and has spurred worry that price pressures could consistently tick higher once again. Central Bank Chair Jerome Powell said last month the the Fed’s next move would not likely be a rate hike and reiterated a data dependent approach. The sentiment has helped stocks that have found stable footing thanks to a robust first-quarter earnings season.
Still, the CPI print on Wednesday’s will give investors a real test of whether or not rate hikes are really off the table.
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— Brian Evans
12 Hours Ago
Stock futures are little changed
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2024-05-13 10:09:00
