Europe stocks open mixed
3 Hours Ago
Market Update
European markets started the week with a cautious tone. The benchmark Stoxx 600 index was 0.06% lower at 8:05 a.m. in London.
France’s CAC 40 and the UK’s FTSE 100 remained near the flatline, while Germany’s DAX inched 0.2% higher.
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India markets hit new all-time highs as metals stocks surge
6 Hours Ago
Market Update
India’s Sensex and Nifty 50 indexes achieved fresh all-time highs, driven by the surge in metal stocks such as Tata Steel and JSW Steel.
The Sensex reached 74,614.71, gaining 0.5% and extending its records from last Friday.
The Nifty rose 0.45% to 22,612.5, surpassing its previous high reached on April 4.
Tata Steel, the largest component of the Sensex, gained 1.47% and was the second largest gainer on the index. JSW Steel also rose 1.28%.
China’s central bank announces $70 billion ‘re-loan’ program to support tech SMEs
9 Hours Ago
Market Update
The People’s Bank of China (PBOC) has unveiled a “re-loan” program worth 500 billion yuan ($70 billion) to support technological innovation and transformation within small and medium-sized tech enterprises.
The program will provide loans at a rate of 1.75% through 21 banks. Loans can be extended up to a year, twice.
China’s Shimao becomes latest real estate firm to face liquidation suit
9 Hours Ago
Market Update
Chinese real estate development firm Shimao is the latest company to face a liquidation lawsuit. China Construction Bank (Asia) filed a winding up petition against Shimao.
Previously, Evergrande and Country Garden Holdings also faced similar legal action.
Shimao revealed that the petition is related to a debt of approximately 1.58 billion Hong Kong dollars. The company asserts that the petition does not represent the collective interests of its offshore creditors and other stakeholders. Shimao intends to strongly oppose the petition.
Shimao, in a recently released restructuring plan for its offshore debt, deemed the plan a reasonable and realistic solution for its credit-holders.
Bank of America says this week’s CPI should be ‘a confidence building report’
11 Hours Ago
Economic Outlook
Bank of America economists anticipate that Wednesday’s inflation report will show a moderation in price pressures, instilling confidence in the Federal Reserve for a rate cut in June.
The bank expects the core consumer price index to moderate to 0.2% in March after seeing increases of 0.4% in February and January. However, it predicts a larger rise in energy prices compared to the previous months. A decline in car prices should lead to a drop in core goods.
“The moderation in core CPI should reflect a drop in core goods prices and a more modest price increase in core services,” commented Bank of America economists, who believe that a report in line with their expectations will give the Fed confidence and maintain the possibility of a rate cut in June.
Elon Musk announces Tesla robotaxi unveil date
12 Hours Ago
Company Update
Tesla’s shares jumped 3.8% in after-hours trading on Friday after CEO Elon Musk declared that the company plans to unveil a robotaxi later this year.
Musk’s announcement on the social media platform X revealed that the robotaxi will be unveiled on August 8.
While Musk has been discussing the robotaxi project for some time, Tesla has yet to launch a functioning robotaxi, autonomous vehicle, or the required technology to convert their cars into “level 3” automated vehicles.