Today’s Announcements & News
Asia-Pacific markets fell broadly on Monday after UBS agreed to buy its banking rival Credit Suisse for $3.25 billion over the weekend.
The Hang Seng led the decline in the region, down 2.74 percent, dragged down by healthcare stocks. The Hang Seng Technology Index fell 2.66%.
In mainland China, the Shanghai Composite Index fell 0.48% to close at 3,234.91, while the Shenzhen Composite Index rose 0.27% to close at 11,247.13. Earlier, China kept its one-year and five-year lending rates unchanged at 3.65% and 4.3%, respectively.
In Australia, the S&P/ASX 200
It fell 1.38% to close at 6,898.5. Japan’s Nikkei 225 Index
It fell 1.42% to close at 26,945.67 points, and the Topix index fell 1.54% to 1,929.3 points.
South Korea’s Kospi fell 0.69% to close at 2,379.2, but the Kosdaq bucked the trend by gaining 0.6% to close at 802.2.
Stock futures edged higher in overnight trade on Monday after markets staged a recovery rally on hopes that the banking turmoil would be contained.
Dow Jones Industrial Average futures were up 30 points. S&P 500 futures and Nasdaq 100 futures both rose 0.1%.
The blue-chip Dow rose more than 380 points on Monday, while the S&P 500 gained 0.9%. The action comes a day after UBS’s forced takeover of Credit Suisse was orchestrated by the Swiss government. Investors also welcomed news that JPMorgan could advise struggling First Republic on strategic options.
Gold prices retreated from their highest level in a year in volatile trading on Monday, as share markets and Treasury yields bounced back on central banks’ efforts to shore up confidence in the financial sector.
last dipped 0.47% to $1,978.66 per ounce, after sliding over 1%.
Earlier in the session, prices of the yellow metal had climbed 1% to their highest since March 2022 at $2,009.59, just shy of a record set during the onset of the COVID-19 pandemic.
The above analysis is only for the views of market researchers and is for reference only and is not regarded as a specific investment suggestion.