39 minutes ago
ECB officials reiterate data-driven approach to policy
European Central Bank officials reiterated that any monetary policy changes would depend on how much and how quickly regional inflation improves.
“It's too early to declare victory…the job is not done yet,” said ECB board member François Villeroy de Galaud. Even the Davos meeting was more successful than we expected,” said ECB board member François Villeroy de Galhau. World Economic Forum held in Davos, Switzerland.
Meanwhile, fellow ECB member Mario Centeno said: “We continue to rely on data and that's how we frame our decisions…One of the ECB's biggest successes in recent times has been the ability to reduce inflation in the medium term. “We were able to fix our expectations at 2%.” It is because we can trust, and we must continue to do so. ”
— Fred Imbert
2 hours ago
Tesla plummets in pre-market trading after Musk's vote takeover comments
Tesla Inc. CEO Elon Musk toasts at the Atrej convention held in Rome, Italy, Saturday, December 16, 2023. The annual event, organized by Giorgia Meloni's Italian Brothers Party, began in 1998 as “Italian Brothers''. A convention for right-wing youth, it evolved into a political gathering that included ministers and opposition members.Photographer: Alessia Pierdomenico/Bloomberg via Getty Images
Bloomberg | Bloomberg | Getty Images
Tesla shares fell 2.3% in premarket trading after Tesla CEO Elon Musk said Monday that he wants to take over about 25% of the voting control over the company's electric vehicle business.
He already owns 13% of Tesla stock, or 411 million shares.
The billionaire sold tens of thousands of dollars worth of company stock in 2022, primarily to finance a $44 billion acquisition of social media platform Twitter.
Musk is also the head of SpaceX, leading to divisive public comments and concerns about a divided leadership focus.
— Luxandra Iordake
6 hours ago
Chinese consumers are likely to save more than they spend in the first half of 2024, says StanChart
China is battling weak domestic demand and has pledged to boost domestic consumption.
“Domestic consumer confidence is soft due to a soft labor market and weak incomes,” Eric Robertsen, head of global research at Standard Chartered Bank, told CNBC's Street Signs Asia.
Robertsen said that even though falling income levels have pushed China's interest rates below 3% and market liquidity has increased, “Chinese consumers tend to save more than they spend, and the first half of this year saw a decline in The trend will be closely watched.” . ”
He said further fiscal and monetary stimulus is expected.
Mainland China's CSI300 index fell 11.4% last year, marking the third consecutive year in the red. The index was down 0.4% in afternoon trading on Tuesday.
— Shreyashi Sanyal
9 hours ago
Commodity miners weigh on Australian market as ASX200 hits four-week low
Australia's S&P/ASX 200 index hit a four-week low on Tuesday, dragged down by commodity stocks as costs fell. The index also led the region's losses, falling 1.2%, its lowest level since Dec. 14.
Iron ore prices fell after the Chinese government kept the medium-term lending facility interest rate unchanged at 2.5% on Monday. China is the world's largest iron ore consumer.
The benchmark February contract for iron ore on the Singapore Exchange traded at $127.9 per tonne, the lowest since Dec. 5.
Fortescue lost its lead among the ASX's leading miners, losing 2.31%. Rivals Rio Tinto and BHP Group fell 1.83% and 1.46% respectively.
— Lim Huijie
11 hours ago
Japan's producer prices rose 0.3% in December
Japan's corporate goods price index rose 0.3% in December from the previous month, exceeding economists' forecasts compiled by Reuters.
According to a Reuters poll, December's CGPI is expected to be unchanged from November.
December's CGPI was flat compared to the same month last year, but Reuters had predicted a decline of 0.3%.
— Lim Huijie
11 hours ago
Uber decides to shut down alcohol delivery service “Drizly”
Uber has decided to shut down Drizly, the alcohol delivery service it acquired three years ago for $1.1 billion, Axios reported on Monday.
“After three years of operating independently within the Uber family, Drizly is closing its doors and giving consumers access to almost everything from food to groceries to alcohol in one app. “We decided to focus on our core Uber Eats strategy,” Pierre-Dimitri Gore-Coty, Uber's SVP of delivery, told Axios.
Drizly, which grew to become the country's largest online alcohol marketplace during the pandemic-induced home delivery sales boom, will officially shut down at the end of March 2024, Uber announced.
Uber's stock price, which soared last year, is up more than 2.5% this year. The ride-hailing company joined the S&P 500 on December 18th.
— Peer Singh
12 hours ago
NYSE chairman sees 'robust' pipeline of IPO candidates this year
New York Stock Exchange Vice Chairman John Tuttle said initial public offering activity should pick up in 2024.
“We have a strong pipeline from different sectors and regions,” Tuttle told the Reuters Global Markets Forum ahead of the World Economic Forum's annual meeting in Davos. “We are finding when investors are interested in these companies and when they are ready to take off.”
Tuttle said the increased IPO activity could be due to greater stability in U.S. interest rates, record high stock index levels and significantly lower market volatility. Rising interest rates and widespread economic uncertainty pushed IPO activity to its lowest level in 2023 after 2016.
Read the full story from Reuters here.
— Peer Singh
12 hours ago