Stock Markets
Oil climbs, rouble falls as markets take mutiny in stride
Oil was slightly higher on Monday and the rouble lower as an abortive weekend mutiny by Russian mercenaries raised questions about Russian stability and crude supply, but left investors hesitant to draw any further conclusions.
Brent crude futures were last up 0.2% at $74.02 a barrel having earlier fetched as much as $74.80. The rouble dropped to a 15-month low early in Moscow.
MSCI’s index of Asia-Pacific shares outside Japan slipped to a three-week low, as small falls in China, Taiwan and Australia offset minor gains in South Korea.
Japan’s Nikkei eased 0.1%. The battered yen rose marginally on hints at looming government intervention to support it and after a summary showing a central bank board called for an early revision of yield curve control.
European futures gained 0.3%, S&P 500 futures rose 0.2% and FTSE futures added 0.1%.
Russian mercenaries made a short-lived rebellion on Saturday, seizing the southern city of Rostov and advancing on Moscow demanding the removal of Russian military commanders in charge of the war in Ukraine.
The private Wagner army then withdrew after striking a deal guaranteeing their safety and the passage of their leader, Yevgeny Prigozhin, to Belarus.
The consequences for the Ukraine war were not clear, though the challenge to Russian President Vladimir Putin’s authority was the starkest in decades of his leadership.
“I don’t think the market can get its head around working out if there are implications,” said Ray Attrill, head of foreign exchange strategy at National Australia Bank in Sydney.
Analysts at RBC Capital Markets said one concern was the possibility of martial law in Russia and its effect on the workforce at ports and oil production facilities.
Gold, which had hit a three-month low on Friday, rose 0.2% to $1,925 an ounce. U.S. Treasuries were firm with yields, which fall when prices rise, marginally lower.
Two-year yields fell 2 basis points to 4.731%. Ten-year yields fell 1.8 bps to 3.721%.
“This putsch… has revealed cracks and fragilities that now cannot be unseen,” said Mizuho economist Vishnu Varathan.
“It undeniably amplifies global geopolitical risks.”
CHINA FOCUS
With the mutiny being on the watchlist rather than driving action in Asia, investors were left to pore over the latest signs of China’s recovery stalling, which on Monday was softer-than-hoped-for travel figures for last week’s holiday.
S&P Global also followed most Wall Street banks and cut its 2023 GDP growth forecast for China on Sunday.
Blue chip stocks fell 0.7% in Shanghai.
The yuan slid to catch up offshore falls during the break on Thursday and Friday, but the People’s Bank of China fixed the midpoint of the its trading band surprisingly strong, suggesting it might not be so tolerant of further weakness.
The yuan was last at a seven-month low of 7.2199 per dollar.
The risk-sensitive Australian dollar was steady at $0.6683. The euro nursed last week’s modest drop at $1.0903 and sterling held at $1.2730.
The yen, down nearly 9% this year as global interest rate expectations rise and Japan’s central bank stays dovish, bounced as much as 0.3% to 143.27 per dollar, partly thanks to speculation around intervention or a policy shift.
Japan’s top currency diplomat Masato Kanda toughened his tone on Monday, describing recent moves as “rapid and one-sided” in a possible prelude to intervening to buy yen.
A Bank of Japan policymaker also called for revision to its yield curve control policy, a summary of opinions at the June meeting showed on Monday, suggesting the central bank’s ultra-loose monetary settings may be at a crossroads.
Stock Markets
Binah Capital Recognized Among Industry Leaders in the Financial Planning’s Top Deal Makers List Top IBD Moves and M&A Deals of 2024
Recognition Underscores Binah’s Transformative Impact on the Financial Services Industry
NEW YORK, Jan. 02, 2025 (GLOBE NEWSWIRE) — Binah Capital Group, (NASDAQ: BCG) (“Binah” or the “Company”), a financial services enterprise that owns and operates a network of industry-leading firms empowering independent financial advisors, is honored to be recognized for its significant role in four of the most impactful financial transactions of the year, as featured in the Financial Planning’s premier “Top IBD Moves and M&A Deals of 2024” list. Through its affiliate, Binah Capital has solidified its position as a leader in driving transformative growth within the financial advisory sector. The highlighted transactions, in which a Binah subsidiary was involved, include Americana Partners, Merit Financial Advisors, Wentworth Management Services, and Perigon Wealth Management. These transactions exemplify Binah’s expertise in facilitating partnerships, scaling operations, and expanding market presence for its affiliates.
Craig Gould, CEO of Binah Capital, commented: These landmark transactions demonstrate Binah Capital’s dedication to empowering independent advisory firms with the strategies and tools needed to thrive in an evolving marketplace. Being recognized in the Financial Planning’s list, particularly in a year with significant industry consolidation, is a testament to the strength of our team and consistent execution of our vision.
This recognition highlights Binah Capital’s role as a transformative force in the financial services industry. The company remains committed to driving innovation and delivering strategic success for its affiliates and partners nationwide.
About Binah Capital
Binah Capital Group (NASDAQ: BCG) is a financial services enterprise that owns and operates a network of industry-leading firms that empower independent financial advisors. As a national broker-dealer aggregator, Binah specializes in delivering value through its innovative model, making it an optimal platform for RIAs navigating today’s complex financial landscape. Binah’s portfolio companies are built to help advisors run, manage, and execute their business seamlessly while providing best-in-class resources to support their practice. Binah Capital Group stands alongside RIAs as a trusted ally, delivering the structure, flexibility, and cutting-edge solutions they need to succeed in an increasingly competitive marketplace.
Contacts
ir@binahcap.com
media@binahcap.com
Stock Markets
Nikkiso Clean Energy & Industrial Gases Group promotes Jeff Mumford to Executive Vice President of Operations and Manufacturing
TEMECULA, Calif., Jan. 02, 2025 (GLOBE NEWSWIRE) — Nikkiso Clean Energy & Industrial Gases Group, part of Nikkiso Co. Ltd.’s Industrial Business segment, has appointed Jeff Mumford be its new Executive Vice President of Operations and Manufacturing, effective January 2, 2025. In this role, his responsibilities will include the oversight of global operations and manufacturing as well as management of corporate departments including IT, Facilities, Safety Health Environmental and Quality (SHEQ), and Project Management.
Mumford joined Nikkiso in 2016 as a project manager and has since been promoted several times into leadership roles including Procurement Director, Project Management Director and General Manager at the Group’s Las Vegas operations. During his tenure at Nikkiso Jeff has created efficiencies while continuing to grow the business.
Mumford has a bachelor’s degree in Literature and Linguistics from the University of Nevada, Las Vegas, and is certified Project Management Professional (PMP).
Jeff is a proven leader with an admirable dedication to continuous improvement. He is recognized for his ability to drive transformational change while maintaining focus on growing the business.
Adrian Ridge
President and CEO, Nikkiso Clean Energy & Industrial Gases Group
About Nikkiso Clean Energy & Industrial Gases Group
Nikkiso’s Clean Energy & Industrial Gases Group is a leading provider of cryogenic equipment and solutions around the world. It facilitates the cryogenic and liquid side value chains of hydrogen, ammonia, CO2, LNG, and other industrial gases for the energy, transportation, marine, aerospace, and industrial gas markets while remaining independent of the molecule. The Group is headed by Cryogenic Industries, Inc. in Southern California, U.S. ” a wholly owned subsidiary of Nikkiso Co., Ltd. (TSE: 6376).
Media contact
pr@nikkisoceig.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9ce420b1-d6ab-4dc1-af1f-4858d989f1d6
Jeff Mumford promotion announcement EVP Operations and Manufacturing
Effective Jan. 2, 2025, Jeff Mumford is Executive Vice President of Operations and Manufacturing for Nikkiso Clean Energy & Industrial Gases
Source: Cryogenic Industries
Daniel C. Smith, a director at Simon Property Group Inc. (NYSE:), a $64.8 billion market cap retail REIT with a GREAT financial health score according to InvestingPro, recently acquired additional shares of the company’s common stock. According to a Form 4 filing with the Securities and Exchange Commission, Smith purchased 334 shares on December 30, 2024, at a price of $168.59 per share. This acquisition, valued at approximately $56,309, was made through the reinvestment of dividends received on restricted stock, as part of the Simon Property Group, L.P. 2019 Stock Incentive Plan. The company currently offers a 4.88% dividend yield and has maintained dividend payments for 31 consecutive years. Following this transaction, Smith holds a total of 30,113 shares in the real estate investment trust. InvestingPro subscribers can access 8 additional key insights and a comprehensive analysis of Simon Property Group’s financial metrics.
In other recent news, Simon Property Group has seen noteworthy developments. The company’s third quarter performance showcased a solid financial and operational stance, with a real estate funds from operations (FFO) increase of 4.8% year-over-year to $3.05 per share, and a dividend hike to $2.10 per share, marking a 10.5% rise from the previous year. Despite a non-cash loss related to Klépierre exchangeable bonds, the company maintained strong occupancy rates and leasing momentum.
Analysts at Jefferies upgraded Simon Property Group’s stock from Hold to Buy, citing factors like the resilience of the consumer market and the company’s ability to convert temporary leases to permanent ones. Jefferies also projected a growth in the company’s occupancy rate to 96.7% by the fourth quarter of 2025, surpassing pre-pandemic levels.
However, Deutsche Bank (ETR:) initiated coverage on the company with a Hold rating, expressing concern over the impact of tariffs on trading multiples across the mall sector. This could potentially overshadow the company’s strong underlying business performance. These recent developments provide investors with a snapshot of Simon Property Group’s current position within the real estate market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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