Asia stocks fall after Wall Street slump; China PMI beats estimates

Japan movers: Softbank, Nintendo, Toyota fall Apple suppliers in Asia fall after analyst downgrade China reports better-than-expected factory activity for September China’s official manufacturing Purchasing Managers’ Index surprisingly grew in September to 50.1, much higher than the 49.6 predicted by analysts in a Reuters poll. The 50-point mark separates growth from contraction. PMI prints compare activity … Read more

China’s central bank PBOC warns against yuan speculation

The Chinese yuan weakened past the closely-watched 7.2 level against the greenback this week. Getty Images BEIJING — The People’s Bank of China has warned against betting on the yuan, after its rapid decline against the U.S. dollar this week. “Do not bet on a one-sided appreciation or deprecation of the renminbi exchange rate,” the … Read more

Asia markets rise, Hang Seng index up 2% after Wall Street rebound

EV maker Leapmotor’s shares plunge in Hong Kong debut Chinese electric vehicle maker Leapmotor’s shares tumbled more than 32% from its offer price of 48 Hong Kong dollars ($6.29) per share on its first day of trade in the city. Onewo, a subsidiary of property developer China Vanke, also started trading in Hong Kong. It … Read more

Stocks fall, Chinese yuan crosses 7.2 against the dollar

U.S. 10-year Treasury yield breaches 4% for the first time since 2010 CNBC Pro: Credit Suisse says now’s the time to buy two green hydrogen stocks — and gives one over 200% upside Credit Suisse says it’s time to enter the green hydrogen sector, with a number of catalysts set to drive the clean energy … Read more

The S&P 500 falls to a fresh low for the year. Here’s where stocks may go next

The S & P 500 broke below its June low, and Wall Street is debating whether the sell-off is nearing an end or is more pain in store for investors. The S & P 500 briefly fell to 3,623 Tuesday, a new bear market low, below its June intraday low of 3,636. The market continued … Read more

Larry Summers blasts UK’s ‘utterly irresponsible’ fiscal policy

Larry Summers Cameron Costa | CNBC LONDON — Former U.S. Treasury Secretary Larry Summers on Tuesday warned that the U.K. has lost sovereign credibility after the new government’s fiscal policy sent markets into a tailspin. The British pound hit an all-time low against the dollar in the early hours of Monday morning, before recovering slightly on Tuesday, while the U.K. … Read more

Stocks trade higher after negative start to the week

Visitors stands in front of an electronic ticker at the Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Monday, Nov. 30, 2020. Toru Hanai | Bloomberg via Getty Images Shares in the Asia-Pacific were mixed on Tuesday after sharp falls on Monday. The Nikkei 225 in Japan rose … Read more

Brent crude slides below $85 a barrel as dollar surges

An aerial view of Phillips 66 oil refinery is seen in Linden, New Jersey, United States. Tayfun Cosku | Anadolu Agency | Getty Images Brent crude fell below $85 a barrel Monday, as recession fears weighed and the U.S. dollar surged. Brent futures for November settlement fell to around $84.53 early in the day, before … Read more

Britain’s lurch to Reaganomics gets thumbs down from markets

Truss has now put the country on an economic road completely at odds with most, if not all, major global economies. Hannah Mckay | Reuters LONDON — New U.K. Prime Minister Liz Truss may have talked big on “trickle-down economics” during her campaign trail this summer, but no-one could have predicted the swathe of tax … Read more

Citi says sterling-dollar parity is possible as UK risks currency crisis

A trader, center, wears a Citigroup jacket while working on the floor of the New York Stock Exchange. Michael Nagle | Bloomberg | Getty Images LONDON — The U.K. risks a currency crisis that could see sterling reach parity with the dollar, according to analysts at Citi. The U.K. government announced the most significant program … Read more