3M shares jump on report of settlement of earplugs lawsuits
After Bloomberg News disclosed that 3M has achieved a preliminary settlement to resolve over 300,000 lawsuits linked to combat earplugs sold to the US military, the company’s shares surged by almost 6% in premarket trading. As per the report, 3M is anticipated to pay a sum exceeding $5.5 billion to settle the plethora of lawsuits.
– Fred Imbert
Chinese shares rise after government’s steps
Chinese stocks experienced a surge in value overnight as the government implemented measures to strengthen the stock market, such as reducing taxes on stock trading by 50%. The Shanghai Composite index recorded a significant increase of 1.1%, marking its largest single-day gain since July 28, when it rose by 1.8%.
– Fred Imbert
an hour ago
European shares opened with gains; UBS rose 1.7%
On Monday morning, European stocks experienced a slight increase, beginning the last trading week of August with a positive start.
Traders evaluated the possibility of increased interest rates by the Federal Reserve and anticipated the release of US jobs data later in the week.
The DAX 30 in Germany experienced a 0.6% increase, equivalent to a rise of 98 points. The CAC 40 in France also saw a rise of 0.8%, amounting to a gain of 59 points. Italy’s FTSE MIB gained 0.8% as well, with an increase of 217 points.
The UK markets are not open today due to a public holiday.
Investors are solely fixated on the trajectory of monetary policy beyond the borders of the United States.
During the Kansas City Fed’s annual Jackson Hole symposium last week, Fed Chairman Jerome Powell expressed concerns about inflation, stating that it continues to be at a significant level. He also emphasized that the central bank is prepared to increase interest rates if deemed necessary.
UBS witnessed a 1.7% increase in its shares in Europe when considering individual stocks.
According to the Swiss Sunday newspaper Sonntagszeitung, Credit Suisse, currently under the ownership of UBS after a takeover supported by the government, has allegedly incurred a loss of 3.5 billion Swiss francs ($4 billion).
, ryan brown
6 hours ago
Xpeng shares soar after announcing $744 million deal with Didi
After news of a $744 million deal with ride-hailing giant Didi, shares of Xpeng, the Chinese electric car company, experienced a surge of over 13% during late-morning Hong Kong trade.
On Monday, it was announced that Xpeng and Didi have agreed on a share exchange, with Xpeng acquiring Didi’s smart electric car assets. This deal will make Didi a strategic shareholder in Xpeng.
Xpeng intends to introduce its inaugural electric vehicle model, codenamed “Mona,” under a fresh mass market brand using the newly acquired assets.
Read the whole story here.
7 hours ago
Foxconn founder reportedly announces bid for Taiwan presidency
It has been reported by the media that Terry Gou, the billionaire and founder of Foxconn, has expressed his intention to contend for the presidency of Taiwan.
The billionaire is making his second attempt at becoming the president, having previously been unsuccessful in securing the nomination for the opposition Kuomintang party in 2019.
Vice President William Lai from the Democratic Progressive Party, who recently entered the United States through Paraguay, one of Taiwan’s limited allies, is currently one of the presidential contenders.
In January, Taiwan is set to hold an election to determine its upcoming president.
7 hours ago
Evergrande shares plunged up to 87% when trading resumed after 17 months
China Evergrande Group, the most heavily indebted property developer globally, witnessed a significant decline in its shares, plummeting by up to 87% in Monday’s trading session. This marked the first time the company’s shares were traded since March 21, 2022.
On Monday, the shares dropped to 22 Hong Kong cents from their previous closing price of HK$1.65 per share on March 18, 2022.
The company’s business resumed as it announced a narrower loss of 39.25 billion yuan ($5.38 billion) for the six months ending in June, compared to a loss of 86.17 billion yuan during the same period last year.
Read the whole story here.
– Lim Hui Ji
11 hours ago
where the major averages stand
As the last trading week of August commences, let’s take a look at the current positions of all the major averages.
Dow Jones Industrial Average:
The week concluded with a decrease of approximately 0.5%. For the month, there was a decline of 3.4%, but the year showed a positive growth of 3.6%.
S&P 500:
The week concluded with a 0.8% increase.
The month recorded a decrease of 4%.
The year has seen a 14.8% increase.
Nasdaq Composite:
The week concluded with a 2.3% increase in closing.
The month saw a decrease of 5.3%.
YTD growth stands at 29.9%.
-Samantha Subin
12 hours ago
