NSWeekend News Round Up - Newsquawk Asia-Pac Market Open
- US stocks finished mixed on Friday with price action choppy following the latest PPI data which printed firmer than expected and spurred a hawkish reaction including a continuation of the bond selling and underpinned the greenback.
- China’s State Council issued guidelines to further optimise the foreign investment environment and will improve the protection of foreign investment rights and interests, while it will crack down on infringement of IP for foreign-invested enterprises. China will also implement relevant preferential tax policies for foreign-invested firms and will explore a convenient and secure management mechanism for cross-border data flows, according to Reuters.
- Looking ahead, highlights include New Zealand Service PMI & Net Migration.
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LOOKING AHEAD
- Highlights include New Zealand Service PMI & Net Migration.
US TRADE
- US stocks finished mixed on Friday with price action choppy following the latest PPI data which printed firmer than expected and spurred a hawkish reaction including a continuation of the bond selling and underpinned the greenback.
- SPX -0.11% at 4,464, NDX -0.67% at 15,028, DJIA +0.3% at 35,281, RUT +0.13% at 1,925.
- Click here for a detailed summary.
NOTABLE HEADLINES
- US Special Counsel David Weiss said shortly after being promoted into the role on Friday that President Biden’s son Hunter Biden may be headed for a criminal trial after talks with prosecutors on a potential plea deal reached a stalemate, according to Reuters and Sky News.
- Goldman Sachs expects the Fed to begin cutting rates by the end of June next year at a gradual pace which it anticipates likely to be once per quarter.
- Cleveland-Cliffs (CLF) proposed to acquire US Steel (X) for USD 17.50/share in cash and 1.023 shares in Cliffs although the offer was rejected as being unreasonable by US Steel’s board, according to Reuters.
GEOPOLITICAL
- Russian Defence Ministry said the Russian military opened warning fire on a dry cargo ship near Ukraine flying a Palau flag and the cargo ship then went on its way to Ukraine after inspection by the Russian military, according to Reuters.
- Russian Defence Ministry said Russia thwarted Ukraine’s attempt to carry out a terrorist attack on objects in Russia and that Russia destroyed a Ukrainian drone over the Belgorod region. It was also reported that the regional Governor said apartments and vehicles were damaged which may have been due to a drone attack, according to Reuters.
- Russia’s Defence Ministry said Ukraine tried to strike Crimea Bridge with S-200 rockets although there were no casualties, while it was also reported that traffic on the Crimean Bridge was temporarily stopped, according to Reuters.
- UK defence intelligence said the Wagner Group is likely moving towards a downsizing and reconfiguration process largely to save on staff salary expenses and there is a realistic possibility that the Kremlin no longer funds the Wagner Group, according to Reuters.
- Taiwan’s Vice President Lai said on social media that he is happy to arrive at the Big Apple which is an icon of liberty, democracy and opportunities, while he is looking forward to seeing friends and attending transit programs in New York. Furthermore, the chair of the US body that handles relations with Taiwan is to meet with Taiwan’s Vice President in San Francisco, while China’s Foreign Ministry said China firmly opposes Taiwan independence separatists’ visiting the US under any name and for any reason, as well as criticised Lai of stubbornly adhering to the separatist position of Taiwan independence and of being a troublemaker, according to Reuters.
ASIA-PAC
NOTABLE HEADLINES
- China’s State Council issued guidelines to further optimise the foreign investment environment and will improve the protection of foreign investment rights and interests, while it will crack down on infringement of IP for foreign-invested enterprises. China will also implement relevant preferential tax policies for foreign-invested firms and will explore a convenient and secure management mechanism for cross-border data flows, according to Reuters.
EU/UK
NOTABLE HEADLINES
- UK government urged universities and unions to return to the negotiating table after industrial action suspended marking for months and left students without degree results, according to FT.
- S&P affirmed Denmark at AAA; Outlook Stable and affirmed Switzerland at AAA; Outlook Stable on Friday.
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