Connect with us

Stock Markets

Dow Futures Move Higher as Fed Delivers 0.75% Hike

Published

on


© Reuters.

By Oliver Gray 

Investing.com – U.S. stock futures traded higher during Wednesday’s evening deals after major benchmark indices snapped 5-day losing streaks as risk sentiment returned following the Federal Reserve’s largest interest rate hike since 1994.

By 6:35pm ET (10:35pm GMT) Dow Jones Futures and S&P 500 Futures were up 0.4% while Nasdaq 100 Futures added 0.6%.

Economic data out Thursday includes weekly jobless claims numbers, with a print of 220K expected, while housing starts data will also be released. Meantime, Adobe Systems Incorporated (NASDAQ:ADBE) and Kroger Company (NYSE:KR) are set to report quarterly results.

During Wednesday’s regular trade, the Dow Jones Industrial Average snapped a five-day losing streak, lifting 303.70 points or 1%, to close at 30,668.53. The S&P 500 added 1.46% to 3,789.99 and the NASDAQ Composite gained 2.5% to 11,099.15.

On the data front, retail sales unexpectedly fell 0.3% May, posting the first decline this year amid high inflation, gasoline prices and borrowing costs.

On the bond markets, United States 10-Year rates were at 3.291%.

Stock Markets

Asian Stocks Down as Oil Rises on Tight Supply Concerns

Published

on


© Reuters

By Zhang Mengying

Investing.com – Asia Pacific stocks were mostly down on Tuesday morning after Wall Street fell and oil prices rose on tight supply concerns.

Japan’s Nikkei 225 edged up 0.16% by 10:31 PM ET (2:31 AM GMT).

South Korea’s KOSPI fell 0.30%.

In Australia, the ASX 200 rose 0.23%.

Hong Kong’s Hang Seng was down 1.01%

China’s Shanghai Composite was down 0.49% while the Shenzhen Component was down 0.38%. To boost the recovery from COVID-19 disruption, People’s Bank of China Governor Yi Gang vowed to maintain the supportive monetary policy.

The SS&P 500 fell 0.30%, tech-heavy Nasdaq 100 fell 0.81%. U.S. Treasuries yield hovered around 3.19%.

Crude rose past $110 per barrel as supply remained tight over lost Russian supply amid sanctions on Russian oil exports. Adding to the supply concerns, Libya and Ecuador flagged potential output cuts on political unrest.

The Group of Seven (G7) leaders are set to discuss the means to tackle rising energy prices. They are considering a possible price cap on Russian crude and oil product exports at the same time while reducing the damage to economies.

“A seam of tight supply news bolstered the (oil) market,” Commonwealth Bank of Australia (OTC:CMWAY) analysts said in a research note.

“Political unrest might curtail supply from a couple of second-tier producers, Ecuador and Libya. And then there’s the G7’s proposed price cap on Russian oil.”

Earnings revisions are a risk with the US economy set to slow next year, though China emerging from COVID strictures could act as a buffer for the world economy, according to Bloomberg, quoting Lorraine Tan, Morningstar director of equity research.

“You got a US slowdown in 2023 in terms of growth, but you have China hopefully coming out of its lockdowns,” Tan told Bloomberg.

The European Central Bank (ECB) President Christine Lagarde, U.S. Federal Reserve Chair Jerome Powell, the Bank of England Governor Andrew Bailey, and Cleveland Fed President Loretta Mester due to speak at the ECB event this Wednesday.

In Asia-Pacific, China’s purchasing managers index is due on Thursday.

Continue Reading

Stock Markets

China Evergrande faces winding-up lawsuit for $110 million deal obligation

Published

on


© Reuters. The Evergrande Center of China Evergrande Group is seen amid other buildings in Shanghai, China, September 24, 2021. REUTERS/Aly Song

(Reuters) – China Evergrande Group said on Tuesday a winding-up petition was filed against it by investment holding firm Top Shine Global Ltd in Hong Kong for not fulfilling a financial obligation of HK$862.5 million ($109.91 million).

On Monday, Reuters reported that Top Shine Global, an investor in Evergrande’s unit Fangchebao (FCB), had filed the petition saying the embattled property developer had not obliged to a deal to repurchase shares it bought in FCB.

Top Shine in March last year bought 0.46% of FCB, a Chinese online real estate and automobile marketplace, for HK$750 million.

Evergrande in an exchange filing said it will oppose the petition, adding, it would not impact its offshore debt restructuring plan in works that is slated to be announced before the end of next month.

Filed by Top Shine Global of Intershore Consult (Samoa) Ltd on Friday, it is the first known winding-up petition to have been lodged against the Chinese property developer, which has more than $300 billion in liabilities.

($1 = 7.8472 Hong Kong dollars)

Continue Reading

Stock Markets

Heineken to expand Mexico operations with $90 million plant

Published

on


© Reuters. FILE PHOTO: Heineken beer bottles are seen at a bar in Monterrey, Mexico June 20, 2017. REUTERS/Daniel Becerril/File Photo

MEXICO CITY (Reuters) – Heineken (OTC:HEINY) will build a 1.8 billion peso, or $90 million, can manufacturing plant in the northern Mexican state of Chihuahua near its brewery in the town of Mequoi, the company said on Monday.

The plant, Heineken’s seventh in the country, will bring around 120 direct jobs after opening and around 150 during the construction phase, it said in a press release.

The beermaker said it had seen increased demand for cans in the country, as other national alcoholic drink producers like Becle, Jose Cuervo’s parent company, say they are struggling to obtain glass to bottle their spirits.

Around 40% of beer in Mexico is currently made in cans, while the rest is made in glass bottles, according to the National Chamber of Beer and Malted Drinks.

Continue Reading

News

Economy22 mins ago

Asia stocks edge down after Wall Street falls; oil rises

© Reuters. FILE PHOTO: A man wearing a protective mask, amid the coronavirus disease (COVID-19) outbreak, walks past an electronic...

World22 mins ago

Rescuers dig for survivors of Russian missile strike on Ukrainian shopping mall

5/5 © Reuters. Rescuers work at a site of a shopping mall hit by a Russian missile strike, as Russia’s...

Sports & General22 mins ago

Dozens of migrants found dead in truck in San Antonio

2/2 © Reuters. Law enforcement officers work at the scene where people were found dead inside a trailer truck in...

Economy22 mins ago

Japan says hard to confirm impact from Russia’s debt default

© Reuters. FILE PHOTO: Japan’s new Finance Minister Shunichi Suzuki wearing a protective mask, amid the coronavirus disease (COVID-19) outbreak,...

World23 mins ago

Russian missile strike kills 16 in shopping mall, Ukraine says

2/2 © Reuters. Ukraine’s President Volodymyr Zelenskiy attends a working session of G7 leaders via video link, as Russia’s attack...

Stock Markets23 mins ago

Asian Stocks Down as Oil Rises on Tight Supply Concerns

© Reuters By Zhang Mengying Investing.com – Asia Pacific stocks were mostly down on Tuesday morning after Wall Street fell...

Commodities52 mins ago

U.S. hostage envoy visits Venezuela for talks about jailed Americans-official

© Reuters. FILE PHOTO: Venezuelan President Nicolas Maduro speaks during a meeting with Iranian President Ebrahim Raisi (not pictured) after...

Sports & General53 mins ago

Mexican consul en route to Texas site where migrants found dead in trailer

© Reuters. Law enforcement officers work at the scene where people were found dead inside a trailer truck in San...

Economy53 mins ago

Euro gains traction ahead of inflation data, dollar steadies

© Reuters. A shopper pays with a ten Euro bank note at a local market in Nice, France, June 7,...

Sports & General1 hour ago

At least 40 people found dead in truck in San Antonio – source

2/2 © Reuters. Law enforcement officers work at the scene where people were found dead inside a trailer truck in...

Commodities2 hours ago

Venezuelan officials meet US delegation, Maduro says

© Reuters. FILE PHOTO: Venezuelan President Nicolas Maduro speaks during a meeting with Iranian President Ebrahim Raisi (not pictured) after...

Sports & General2 hours ago

Twenty people found dead in truck in San Antonio, local media report

© Reuters (Reuters) – At least 20 people were found dead inside a trailer truck in San Antonio, Texas, local...

Stock Markets2 hours ago

China Evergrande faces winding-up lawsuit for $110 million deal obligation

© Reuters. The Evergrande Center of China Evergrande Group is seen amid other buildings in Shanghai, China, September 24, 2021....

Stock Markets2 hours ago

Heineken to expand Mexico operations with $90 million plant

© Reuters. FILE PHOTO: Heineken beer bottles are seen at a bar in Monterrey, Mexico June 20, 2017. REUTERS/Daniel Becerril/File...

Cryptocurrency3 hours ago

‘Crypto is just like the end of the 90s with the internet bubble,’ says Hodl CEO Maurice Mureau

‘Crypto is just like the end of the 90s with the internet bubble,’ says Hodl CEO Maurice Mureau For Maurice...

Stock Markets3 hours ago

U.S. commerce secretary presses lawmakers to greenlight $52 billion for chipmaking

© Reuters. FILE PHOTO: Commerce Secretary Gina Raimondo testifies on Capitol Hill in Washington, D.C., U.S., February 1, 2022. Andrew...

Stock Markets3 hours ago

JetBlue refuses to give up its quest for Spirit Airlines

© Reuters. Airplane model is placed on displayed Spirit Airlines and jetBlue Airways logos in this illustration taken, June 21,...

World3 hours ago

Biden pick for immigration enforcement withdraws after long delay

© Reuters. FILE PHOTO: Ed Gonzalez testifies on his nomination as director of the U.S. Immigration and Customs Enforcement (ICE)...

Stock Markets3 hours ago

Four big U.S. banks raise dividends after stress tests

2/2 © Reuters. A person walks past a Bank of America sign in the Manhattan borough of New York City,...

Stock Markets4 hours ago

Blackstone, Carlyle, Apollo to cover U.S. abortion-related travel costs

2/2 © Reuters. Signage is seen outside The Blackstone Group headquarters in Manhattan, New York, U.S., November 12, 2021. REUTERS/Andrew...

Stock Markets4 hours ago

Nike forecasts downbeat quarterly revenue on lingering China worries

© Reuters. FILE PHOTO: People walk past a store of the sporting goods retailer Nike Inc at a shopping complex...

World4 hours ago

Trump’s election attorney John Eastman says FBI seized his phone

© Reuters. FILE PHOTO: John Eastman, former attorney for former U.S. President Donald Trump, is seen speaking in a video...

Sports & General4 hours ago

Three dead in Amtrak train crash and derailment in Missouri

(Reuters) -An Amtrak train carrying hundreds of passengers derailed in northern Missouri on Monday after hitting a dump truck at...

Stock Markets4 hours ago

Dow Futures Move Higher Following Negative Session

© Reuters. By Oliver Gray  Investing.com – U.S. stock futures were trading slightly higher in Monday’s evening deals after major...

Sports & General4 hours ago

New Mexico shields abortion clinics ahead of expected patient surge

© Reuters. FILE PHOTO: Democratic candidate for governor Michelle Lujan Grisham sits down for a meal at Barelas Coffee House...

Stock Markets4 hours ago

Bankman-Fried’s FTX says no talks to acquire Robinhood

© Reuters. The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company’s...

World4 hours ago

Missiles strike Ukraine shopping mall; G7 vows to keep pressure on Russia

6/6 © Reuters. FILE PHOTO: A smoke rises over remains of a building destroyed by a military strike, as Russia’s...

Stock Markets4 hours ago

JetBlue sweetens Spirit takeover offer with ‘ticking fee’

© Reuters. Airplane model is placed on displayed Spirit Airlines and jetBlue Airways logos in this illustration taken, June 21,...

World4 hours ago

Biden to announce extension of U.S. troop presence in Poland -NBC News

© Reuters. FILE PHOTO: A U.S. Army soldier takes an oath as he reenlists next to the site where U.S....

Cryptocurrency4 hours ago

Final Capitulation — 5 reasons why Bitcoin could bottom at $10,000

Final Capitulation — 5 reasons why Bitcoin could bottom at $10,000 Bear markets have historically been challenging to navigate for...

Trending