Stock Market News for 12th May 2024

an hour ago

European markets opened mixed

European markets started the new trading week in mixed territory, with the pan-European Stoxx 600 gaining a modest 0.03%.

The UK's FTSE 100 index was up 0.07% at 8,439, Germany's DAX was down 0.13% at 18,748, France's CAC was down 0.4% at 8,216 and Italy's FTSE MIB was up 0.4% at 34,808.

6 hours ago

China reportedly moving ahead with plan to sell $138 billion of long-term bonds

China has reportedly launched a plan to sell up to one trillion yuan ($138.24 billion) of ultra-long-term bonds, the Financial Times and Reuters report.

The Financial Times said the People's Bank of China “has asked brokers for advice on pricing the sale of the first batch of sovereign bonds.”

Meanwhile, Reuters, citing sources, said the bonds would be issued from May 17, adding that 300 billion yuan worth of 20-year bonds, 600 billion yuan worth of 30-year bonds and 100 billion yuan worth of There will be 50-year bonds.

These ultra long term bonds were announced in March, and are designed to finance key projects in line with national strategies.

These bonds have been issued only three times before, in 1998 during the Asian financial crisis, in 2007 to capitalize China Investment Corporation and in 2020 during the COVID-19 pandemic.

– Lim Hui Ji

7 hours ago

Sheen reportedly boosts preparations for London IPO amid US hurdles

China's Xin is stepping up preparations to go public in London after an attempt to list in New York was hit by regulatory challenges, Reuters reported, citing sources with knowledge of the matter.

According to the report, the fast-fashion retailer plans to file documents with the London Stock Exchange (LSE) as early as this month and update China's securities regulator of the IPO venue.

Sheen filed to go public in the US in late November, valuing it at $66 billion.

– Shreyashi Sanyal, Reuters

9 hours ago

China's April inflation slightly higher than expected

Data from the National Bureau of Statistics on Saturday showed consumer prices in China rose at a faster pace than expected, with the consumer price index rising 0.3% year-on-year in April.

That was more than the 0.2% forecast in a Reuters survey of economists, and better than the 0.1% growth seen in March.

Separately, China's producer price index fell 2.5% compared with April last year, compared with a 2.8% decline in the previous month.

– Lim Hui Ji

10 hours ago

Stocks face a turning point this week with April inflation data

Wednesday's consumer price index report will provide much-needed insight into where the Federal Reserve will take monetary policy from here.

Inflation has risen in recent months, raising concerns that price pressures could once again become persistent. Central bank Chairman Jerome Powell said last month that the Fed's next move would not be a rate hike and reiterated a data-dependent approach. This sentiment has helped stocks, which have found a stable footing due to strong first-quarter earnings.

Still, the CPI print on Wednesday will give investors a real test of whether a rate hike is actually possible.

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– Brian Evans

11 hours ago

Stock futures are little changed

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