Reported 18 days ago
Nippon Steel has adjusted its full-year net profit forecast down to 310 billion yen as it confronts challenges like inventory losses and weak domestic demand. The company is eager to finalize its $15 billion acquisition of US Steel before Republican Donald Trump potentially retakes the presidency, which could complicate the deal. Despite the forecast revision, Nippon Steel aims to maintain its dividend target and believes that expanding in the US market is critical for its future growth.
Source: YAHOO
Reported 18 days ago
German Chancellor Olaf Scholz has announced the need for a snap election after the collapse of his three-party coalition, sparked by disagreements on managing the economy. This turmoil follows his dismissal of Finance Minister Christian Lindner, prompting the FDP party to withdraw its ministers from the government. Scholz's call for a confidence vote in January aims to advance federal elections to March. Amidst a stagnant economy and rising global tensions, the move could shift Germany's political landscape and affect European unity as it prepares for negotiations with the new U.S. administration.
Source: YAHOO
Reported 18 days ago
MSCI has added five Indian companies to its Global Standard Index, raising India's weightage to 19.8% and narrowing the gap with China. This inclusion is expected to attract approximately $2.5 billion in passive inflows to Indian equity markets. The new additions include Voltas, Oberoi Realty, BSE, Kalyan Jewellers, and Alkem Laboratories, bringing the total number of Indian stocks in the index to 156. Despite the changes, no Indian companies have been removed from the index in November.
Source: YAHOO
Reported 18 days ago
Zurich Insurance Group announced that the financial impact from Hurricanes Helene and Milton will be less than $360 million, despite the expected overall insured losses reaching up to $55 billion. The company highlighted the growing challenge of secondary perils like storms and floods, which are increasingly affecting financial results. Following reported damages, Zurich's shares rose 0.9%, and the firm plans to release new three-year financial targets on Nov. 21.
Source: YAHOO
Reported 18 days ago
Donald Trump's latest election victory is anticipated to affect investment flows into Asian equity markets, particularly benefiting India and Japan while posing risks to Chinese assets due to looming tariff threats. Analysts suggest that as Trump continues his anti-China stance, India is favored as a manufacturing alternative, and Japan is viewed as a beneficiary of his economic policies. Meanwhile, market sentiment is shaken amid concerns over China's economic recovery and stimulus effectiveness.
Source: YAHOO
Reported 18 days ago
Vitol's CEO Russell Hardy forecasts global oil prices to remain between $70 and $80 per barrel in 2025, similar to 2024, due to geopolitical risks impacting supply. While worries about OPEC+ supply cuts and fluctuating demand from China persist, Hardy believes it's premature to assume an oversupply in the market. Increased vulnerabilities regarding Iranian and Venezuelan exports could affect Chinese oil imports, while demand growth in China and India is anticipated to influence pricing.
Source: YAHOO
Reported 18 days ago
Donald Trump’s potential return to the presidency is enhancing optimism among dollar investors, as his economic policies may include tax cuts and tariffs. The dollar recently experienced its largest one-day gain in eight years following Trump's re-election, raising questions about its future value amid inflation and interest rate speculation. While a stronger dollar could mitigate inflation, it may negatively impact U.S. companies and provoke currency wars, especially affecting emerging markets that have borrowed in dollars. Analysts suggest that Trump's administration would face challenges balancing currency strength with economic growth.
Source: YAHOO
Reported 18 days ago
Czech online grocery company Rohlik Group has announced a partnership with Amazon to enhance its e-grocery services in Germany, targeting expansion in major cities such as Berlin, Munich, and Frankfurt. Under the Knuspr.de brand, Rohlik will deliver products to Amazon Prime members, aiming to strengthen its market presence and significantly grow its business within Europe, with revenue projections exceeding 1 billion euros in 2024.
Source: YAHOO
Reported 18 days ago
In an interview with Todd Ruoff, CEO of Autonomys Network, he discusses the evolution of AI and decentralized technologies, highlighting the company's innovative approach to integrating AI with decentralized storage solutions. Ruoff emphasizes the potential of decentralized AI agents to autonomously handle complex tasks, transforming how transactions and data are managed. He remains optimistic about advancements in agent technology within the next few years, while stressing the importance of high-quality data and transparency in building trust for future applications.
Source: YAHOO
Reported 18 days ago
India's equity cash trading value has plummeted to its lowest level in almost a year, driven down by a broader market selloff that pushed the NSE Nifty 50 Index close to correction territory, having fallen around 8% from its peak in September. The 10-day moving average turnover on Indian exchanges reached approximately $12 billion, a figure not seen since early December, amid disappointing earnings and persistent foreign selling. Market participants are now hopeful for government spending to stimulate the economy in the forthcoming quarters.
Source: YAHOO
Reported 18 days ago
A man, Mickey Barreto, accused of living rent-free for years in a Manhattan hotel by exploiting a legal loophole, has been deemed unfit to stand trial due to mental incompetence. Prosecutors revealed that he could not fully understand the criminal proceedings against him. Barreto had forged ownership documents for the New Yorker Hotel and claimed tenant rights based on a prior stay. Despite the charges, which include felony fraud, he perceives his situation as somewhat beneficial, explaining that he is now viewed more as someone needing help rather than a criminal.
Source: YAHOO
Reported 18 days ago
DBS Group Holdings Ltd., Singapore's largest bank, announced a surprise S$3 billion share buyback plan alongside better-than-expected profits, propelling its shares to a record high. The bank has expressed it still possesses significant excess capital to return to shareholders and is committed to ongoing capital returns and strategic acquisitions. Despite a positive quarter, expectations for 2025 are tempered due to a global minimum tax and potential declines in net interest margins.
Source: YAHOO
Reported 18 days ago
Taiwan's GlobalWafers expressed confidence that the CHIPS and Science Act, designed to boost semiconductor investments in the U.S., will remain in place under the new administration. They noted that similar programs are typically sustained across different administrations.
Source: YAHOO
Reported 18 days ago
The U.S. government has sided with Argentina in its legal battle against a $16.1 billion judgment related to the YPF oil and gas company. In a recent filing, the Department of Justice urged a federal judge not to compel Argentina to relinquish its majority stake in YPF, emphasizing that U.S. courts should not seize foreign sovereign property. Argentina is appealing a court ruling that awarded the judgment to Petersen Energia and Eton Park Capital Management, and the decision may impact Argentina's ongoing economic challenges, including soaring inflation.
Source: YAHOO
Reported 18 days ago
Oil prices rose nearly 1% as investors reacted to the implications of President-elect Donald Trump's policies on supply, following a previous downturn after his election. Concurrently, the U.S. Federal Reserve cut interest rates by 25 basis points, signaling potential boosts in economic activity and energy demand. However, gains were capped by a strong dollar and declining crude imports from China amid ongoing production cuts due to Hurricane Rafael.
Source: YAHOO
Reported 18 days ago
China's central bank has set the yuan's daily reference rate at its weakest level since 2023, reflecting concerns over potential trade tariffs under a Trump presidency. With the fixing established at 7.1659 per dollar, analysts suggest the move aims to prepare for further yuan depreciation, which could enhance the competitiveness of Chinese exports. As the dollar shows strength, the People's Bank of China is likely to allow some depreciation while intervening to keep the yuan stronger than other emerging-market currencies.
Source: YAHOO
Reported 18 days ago
Asian shares fell after Donald Trump's presidential win and as the Federal Reserve announced another interest rate cut to stimulate the economy. The S&P 500 saw a rise of 0.7% while the Dow remained unchanged, and the Nasdaq composite improved by 1.5%. Concerns about potential inflation due to Trump's proposed tariffs stirred uncertainty among investors, leading to varied reactions in the markets, particularly affecting smaller U.S. stocks and stocks in Asia amidst fears of renewed trade tensions.
Source: YAHOO
Reported 18 days ago
Canada has decided not to block the TikTok app but will dissolve its Canadian business due to national security concerns regarding its Chinese parent company, ByteDance. Industry Minister François-Philippe Champagne emphasized that while Canadians can continue using the app, good cybersecurity practices are essential. TikTok plans to challenge this decision legally, highlighting potential job losses from the closure of its Canadian offices. This move reflects broader scrutiny of TikTok amidst ongoing tensions between China and the West over technology and data security.
Source: YAHOO
Reported 18 days ago
Chinese President Xi Jinping congratulated Donald Trump on his election victory, emphasizing the importance of maintaining stable ties between the US and China. Xi expressed a desire for 'healthy and sustainable' relations in a new era that benefits both nations. This approach contrasts Trump's previous tense relationship with China during his first term, marked by a trade war and contentious rhetoric.
Source: YAHOO
Reported 18 days ago
Japanese workers experienced the highest rise in base salaries in over three decades, indicating a continuing economic recovery and supporting arguments for a potential interest rate hike by the Bank of Japan. In September, base pay rose by 2.6% year-on-year, while nominal cash earnings increased by 2.8%, albeit slightly below expectations. Despite real wages declining for two months, the data suggests a steady wage growth trend, which is encouraging for economic authorities. Upcoming wage negotiations may influence future growth, with labor unions aiming for substantial increases.
Source: YAHOO
Reported 18 days ago
Following Donald Trump's second presidential victory, analysts forecast a potential surge in stocks, particularly favoring Tesla. While some view Trump's policies as unfavorable for clean energy, his tariffs could bolster U.S.-based companies against foreign competition. Analysts suggest Tesla may benefit from reduced federal scrutiny and a competitive edge, alongside companies like Caterpillar and Republic Services, as economic shifts unfold.
Source: YAHOO
Reported 18 days ago
Asian stock markets rallied, with Japan's stocks leading the gains after Trump’s electoral win. U.S. markets reached record highs, fueled by strong economic signals from the Federal Reserve, which announced another interest rate cut. The S&P 500 rose nearly 0.7%, reflecting optimism in various sectors, while Treasury yields fell, indicating investor confidence amid fiscal policy uncertainty.
Source: YAHOO
Reported 18 days ago
Virgin Galactic Holdings reported disappointing third-quarter revenue of $0.4 million, significantly below expectations and down 77% from the previous year. The company announced a share issuance of up to $300 million to fund its new space tourism vehicle development amid ongoing cash burn issues. Despite plans to resume ticket sales before the expected commercial launch of the upgraded Delta spaceship in 2026, Virgin's stock plummeted 12%, reflecting investor concerns over its financial outlook.
Source: YAHOO
Reported 18 days ago
The dollar weakened ahead of the Federal Reserve's expected interest rate cut, while traders adjusted their positions following Donald Trump's election victory. As focus shifts to Fed Chair Jerome Powell's remarks on the elections' influence on future monetary policy, analysts speculate on potential impacts on inflation and growth. Meanwhile, the Bank of England's recent rate cut saw the pound rise, despite political turmoil in Germany. Other currencies also saw fluctuations, with the dollar dipping against the yen and the euro, while Bitcoin experienced a minor decline.
Source: YAHOO
Reported 18 days ago
Oil prices increased as traders assessed how Donald Trump's presidency might influence the crude market, with West Texas Intermediate rising to over $72 a barrel. Key factors include potential higher production, renewed sanctions against Iran, and mixed sentiments on U.S. economic growth. Despite bearish signals from some analysts, a strong demand remains evident in the market.
Source: YAHOO