6 Hours Ago
China benchmark index breaks below one-year low, hits lowest level since February 2019
Mainland Chinese markets fell to start the week, with the benchmark CSI 300 index diving below its one-year low on Monday and hitting its lowest level since February 2019.
The index, which tracks the top 300 stocks traded on the Shanghai Stock Exchange and the Shenzhen Stock Exchange, fell 0.81% to 3,482.28 after three straight days of losses, below the 3,508.7 recorded on Oct. 31, 2022.
The next level to watch would be 3,442.7, which it last hit on Feb. 21, 2019, according to data from LSEG.
— Lim Hui Jie
6 Hours Ago
Shares of Foxconn slip 3% after Chinese media announces probe
Shares of chipmaker and major Apple supplier Foxconn — also known as Hon Hai — fell about 3% after Chinese state media announced authorities conducted inspections on subsidiaries in various provinces on the mainland.
The Global Times, citing unnamed sources, said multiple offices of Hon Hai’s subsidiaries across China had been subjected to tax audits and on-site investigations into land use. The report did not elaborate on the investigations.
Foxconn, which trades as Hon Hai Precision Industry in Taiwan, said in a statement that “We will actively cooperate with the relevant units on the related work and operations.”
— Lim Hui Jie, Sheila Chiang
11 Hours Ago
30% of S&P 500 companies are due to report earnings this week
Investors are gearing up for the busiest week of earnings season, with 30% of companies in the S&P 500 slated to report.
Tech titans Alphabet and Microsoft are slated to release earnings after the bell on Tuesday. Meta is due to report on Wednesday, and Amazon on Thursday.
Three key industrial companies are also reporting, starting with 3M and General Electric on Tuesday. Boeing is set to follow on Wednesday before the bell.
With General Motors reporting on Tuesday and Ford on Thursday, investors will also gauge the economic impact of the United Auto Worker strikes.
— Lisa Kailai Han, Robert Hum
11 Hours Ago
Stock futures open higher
17 Hours Ago
Gulf markets fall amid concerns of persistent conflict in region, U.S. rate hikes
Stock markets in the Gulf declined on Sunday amid concerns about an escalation in the Israel-Hamas war and additional interest rate hikes from the U.S. Federal Reserve.
- Saudi Arabia’s benchmark index was down for a third consecutive session, ending 1.5% lower, as of October 22. Al Rajhi Bank, a Saudi Arabian bank which is the world’s largest Islamic bank by capital, lost 2.1%.
- The Qatari index continued its five-day streak of losses, ending 0.9% lower, with Industries Qatar dropping 2.2% and Qatar Navigation sliding 3%. The Qatar National Bank declined by 2.1%.
- The Dubai Financial Market General Index, Dubai’s main share index, retreated 1.5%.
- Outside the Gulf, Egypt’s blue-chip index gained 2.4%.
Monetary policy in the Gulf Cooperation Council is usually guided by the Federal Reserve’s policies as most regional currencies are pegged to the U.S. dollar. The Gulf Cooperation Council, or GCC, has six members: Qatar, Bahrain, Oman, Kuwait, Saudi Arabia and the United Arab Emirates.
— Pia Singh
Read More: Stock futures edge higher on Monday morning as Wall Street awaits big tech