By Leika Kihara TOKYO (Reuters) – Asia’s factory activity weakened in March as soft overseas demand hurt output, surveys showed on Monday, suggesting that a deteriorating global outlook will remain a drag on the region’s recovery and keep policymakers on their toes. Export-reliant Japan and South Korea both saw manufacturing activity contract in March while…
BEIJING (Reuters) – China’s sprawling manufacturing sector, accounting for a third of the world’s second-largest economy by value, lost momentum in March as weak export orders outweighed a jump in activity driven by a recent exit from restrictive COVID-19 policies. The Caixin/S&P Global manufacturing purchasing managers’ index (PMI) fell to 50.0 in March. That followed…
TOKYO (Reuters) – Mitsubishi UFJ Financial Group Inc will postpone the issuance of Additional Tier-1 (AT1) bonds to mid-May or later from late April, a spokesperson said on Monday, after the Swiss decision to wipe out Credit Suisse bonds rattled the market. Mitsubishi UFJ decided on the postponement taking into account investor appetite and market…
HONG KONG (Reuters) – Japanese investment bank Nomura Holdings Inc on Monday said it has appointed Dr. Rudolf Hitsch as head of North Asia for its international wealth management business. Hitsch, former head of North Asia at Citi Private Bank, will be based in Hong Kong and run client relationship management teams covering North Asia…
By Florence Tan SINGAPORE (Reuters) – Oil prices jumped about $5 a barrel on Monday’s open, jolted by a surprise announcement by OPEC+ to cut production further in an effort to support market stability. Brent crude hit the highest in nearly a month at the open, trading at $84.95 a barrel by 0039 GMT, up…
By Akash Sriram and Hyunjoo Jin (Reuters) – Tesla Inc on Sunday posted record quarterly vehicle deliveries, but quarter-on-quarter sales growth was modest despite price cuts as rising competition and a bleak economic outlook weighed. Tesla delivered 422,875 vehicles for the first three months of this year, up 4% from the previous quarter. This was…
By Wayne Cole SYDNEY (Reuters) – Oil prices surged on Monday after Saudi Arabia and other OPEC+ oil producers announced a surprise round of output cuts, a potentially ominous sign for global inflation just days after a slowdown in U.S. price data had boosted market optimism. Brent oil futures jumped almost $6 to $85.54 a…
(Reuters) – Burger chain McDonald’s Corp is temporarily closing its U.S. offices this week as it prepares to inform corporate employees about its layoffs as part of a broader company restructuring, the Wall Street Journal reported on Sunday. In an internal email last week to U.S. employees and some international staff, McDonald’s asked them to…
By Alden Bentley (Reuters) – A look at the day ahead in Asian markets from Alden Bentley. A 13.6% year-over-year drop in South Korea’s March exports, reported on Saturday, was not as steep as feared, given the slowdown in global growth and a prolonged semiconductor slump. Asia will awake to another important breaking news story:…
By Maha El Dahan and Ahmed Rasheed DUBAI (Reuters) – Saudi Arabia and other OPEC+ oil producers on Sunday announced further oil output cuts of around 1.16 million barrels per day, in a surprise move that analysts said would cause an immediate rise in prices and the United States called inadvisable. The pledges bring the…
