China Two Sessions, gold price, Hong Kong stocks
An Hour Ago
Japan seeing ‘early signs’ of rising inflation and wages: cabinet official
Japan is seeing early signs of achieving a positive cycle of rising inflation and wages, Deputy Chief Cabinet Secretary Hideki Murai said, according to a Reuters report.
Murai explained the government was ramping up efforts to curb the bargaining power of big companies, which pressure smaller suppliers into accepting price cuts.
In guidance released in November, the government mandated that company executives take more ownership in the price-setting procedures, warning of possible sanctions on firms that put undue pressure on suppliers to cut prices.
While large companies have announced pay hikes, the Kishida administration has focused on boosting profits of smaller firms, which they can then use to hike wages.
The Bank of Japan has also made sustainable wage increases a prerequisite for exiting its ultra-loose monetary policy, but Reuters reported that Murai declined to comment on whether conditions have been met for the BOJ to exit negative interest rates.
— Reuters, Lim Hui Jie
5 Hours Ago
Shares of Tata Motors climb over 7% after news it will split commercial and passenger vehicle arms
Shares of Indian automaker Tata Motors climbed more than 7% on Tuesday, a day after the company announced it will separate its commercial vehicle and passenger vehicle units in a demerger.
Tata Motors said the split will be implemented through a scheme of arrangement, and all shareholders will continue to have identical shareholding in both the listed entities.
The move will “further empower the respective businesses to pursue their respective strategies to deliver higher growths with greater agility while reinforcing accountability,” the company said.
The demerger is expected to be completed in 12 to 15 months, subject to shareholder, creditor and regulatory approvals. It should not have an adverse impact on employees, customers, and our business partners, the company said.
7 Hours Ago
China defense stocks jump as country announces 7.2% rise in defense spending
The 46th fleet of the Chinese People’s Liberation Army Navy sets sail from a military port in Zhanjiang, south China’s Guangdong Province, Feb. 21, 2024.
Xinhua News Agency | Xinhua News Agency | Getty Images
China is set to increase its defense spending by 7.2% in 2024, Reuters reported Tuesday, citing the official government release as the country’s annual parliamentary meetings started in Beijing.
This follows a 7.2% increase last year, a 7.1% spike in 2022, 6.8% increase in 2021, 6.6% growth in 2020 and 7.5% rise in 2019.
The CSI Defense index jumped 2.2% to its highest level since Jan.15. Shenzhen-listed Fujian Torch Electron rose 1.1%, Aerospace CH UAV added 3.7%, Avic Shenyang Aircraft Co gained 2% and Avic Aviation High Technology gained 1.3%.
— Shreyashi Sanyal
7 Hours Ago
China services activity expands at a slower pace in February: Caixin survey
China’s services sector expanded at a slower pace in February compared with January, with the Caixin services purchasing managers’ index slipping to 52.5 in February from 52.7 in the prior month.
The report noted that employment rose slightly for a second straight month, and companies were generally upbeat about the 12-month outlook for activity.
A PMI reading above 50 indicates expansion in the sector, while one below 50 indicates contraction.
— Lim Hui Jie
7 Hours Ago
Gold futures cross $2,100 to hit record levels, spot rates inch closer to all-time highs
Gold prices inched higher on Friday and were on track for their first weekly rise in three, as a broadly weaker U.S. dollar and growing tensions in the Middle East lifted bullion’s appeal.
Bloomberg Creative | Bloomberg Creative Photos | Getty Images
Spot gold prices hovered near record levels, while futures settled at an all-time high on Monday.
Traders bet the U.S. Federal Reserve will start cutting interest rates in the second half of the year, lifting prices of the precious metal.
The gold contract for April gained $30.60, or 1.46%, to settle at $2,126.30 per ounce, the highest level dating back to the contract’s creation in 1974.
Spot gold prices inched 0.16% lower on the day, trading at $2,111.69, just shy of a record high at 2,135.40 which it hit in December 2023.
— Shreyashi Sanyal, Spencer Kimball
8 Hours Ago
Australia’s current account surplus jumps in the fourth quarter
MELBOURNE, AUSTRALIA – JANUARY 31: People sit at an outdoor table near a cafe in the CBD on January 31, 2023 in Melbourne, Australia. On July 6, 2022 the Australian government lifted all COVID-19 requirements for locals and travelers ending a two-year long restriction period. (Photo by Alexi Rosenfeld/Getty Images)
Alexi Rosenfeld | Getty Images Entertainment | Getty Images
Australia’s current account surplus jumped in the fourth quarter to its widest since the first quarter, according to official data on Tuesday.
The current account surplus jumped to $11.8 billion Australian dollars ($7.68 billion) in the…