By Saqib Iqbal Ahmed NEW YORK (Reuters) – U.S. stocks’ tendency to move in sync has plunged to near-record lows, but what might seem like a stock picker’s dream may actually be a mirage, and investors may be in for a rude awakening. S&P 500 correlation – a gauge of herd behavior, which measures how…
By Qiaoyi Li and Brenda Goh BEIJING/SHANGHAI (Reuters) -U.S. automaker Tesla and its chief Chinese rival BYD achieved record deliveries of their China-made vehicles in the second-quarter, China Passenger Car Association (CPCA) data showed, as a fight for market share heats up. Tesla sold 93,680 China-made electric vehicles (EVs) in June, up 18.72% from a…
A look at the day ahead in European and global markets from Sonali Desai China’s faltering economic recovery has once again dominated activity in financial markets, dampening risk sentiment and giving the dollar a broad boost in relatively muted moves after the U.S. July 4 holiday. The private-sector Caixin/S&P Global services purchasing managers index hit…
By Melanie Burton MELBOURNE (Reuters) – Wyloo Metals, the privately held battery resources unit of Australia iron ore baron Andrew Forrest, sees room to grow in nickel as it closes out its A$750.3 million ($501.4 million) buyout of miner Mincor Resources, its CEO said. Wyloo has breached the 90% holding in Mincor for compulsory acquisition,…
By Wayne Cole SYDNEY (Reuters) – The Australian government will announce this month whether it would reappoint Reserve Bank of Australia (RBA) Governor Philip Lowe or replace him. Here’s a list of people being touted as possible replacements. * Michele Bullock, 60, became the first female Deputy Governor of the RBA when she was appointed…
By Wayne Cole SYDNEY (Reuters) – With a July policy meeting done and dusted, the head of Australia’s central bank is waiting to hear if he will remain at the helm or take an early exit as past policy missteps come back to haunt him. Markets are still in the dark whether Treasurer Jim Chalmers…
BEIJING (Reuters) – China’s services activity expanded at the slowest pace in five months in June, a private-sector survey showed on Wednesday, as weakening demand weighed on post-pandemic recovery momentum. The Caixin/S&P Global services purchasing managers’ index (PMI) eased to 53.9 in June from 57.1 in May, the lowest reading since January when COVID-19 swept…
SEOUL (Reuters) – Shares in K-Pop management agencies fell on Wednesday, after South Korea’s antitrust watchdog began investigations into any potential infractions of subcontracting rules when outsourcing production of albums and merchandise, Yonhap reported. The Korea Fair Trade Commission (KFTC) sent investigators to the offices of HYBE, SM Entertainment and YG Entertainment on Tuesday, Yonhap…
(Reuters) -The Bank of England is looking at plans to force more international banks to set up subsidiaries in the UK, The Financial Times reported on Tuesday. The BOE is considering the plan as a part of a review of the collapse earlier this year of U.S. bank Silicon Valley Bank, the newspaper reported, citing…
By Amy Lv and Brenda Goh BEIJING/SHANGHAI (Reuters) -Companies caught out by China’s decision to restrict exports of two metals widely used in semiconductors and electric vehicles were racing to secure supplies on Tuesday as some industry suppliers worried that curbs on rare earth exports could follow. Monday’s abrupt announcement of controls from Aug. 1…
