Business & Finance News
Asian shares stumbled on Monday, oil skidded and commodities on Chinese exchanges plunged on their first trading day after a long break on fears the coronavirus epidemic will hit demand in the world’s second-largest economy
Chinese stock and commodity markets fell heavily at the open on Monday, in the first trading session after an extended Lunar New Year break, as investors dumped risky assets in response to rising fears about the spread of a new virus across China.
China’s central bank unexpectedly lowered the interest rates on reverse repurchase agreements by 10 basis points on Monday, as authorities stepped up measures to relieve pressure on the economy from a rapidly spreading virus outbreak.
Chinese stock and commodity markets fell heavily at the open on Monday, in the first trading session after an extended Lunar New Year break, as investors dumped risky assets in response to rising fears about the spread of a new virus across China.
Union workers at Exxon Mobil Corp’s Baytown, Texas, refinery rejected a contract extension in voting completed on Friday, said sources familiar with the vote.
China’s factory activity expanded at its slowest pace in five months in January, even as an outbreak of a new virus added to risks facing the world’s second-largest economy, a private survey showed on Monday.
Shares of Malaysia’s AirAsia Group and unit AirAsia X fell on Monday, after allegations by Britain’s Serious Fraud Office that Airbus paid a bribe of $50 million to win plane orders from Asia’s largest budget airline group.
Asian markets are set for another bumpy ride on Monday on fears about the hit to world growth from the rapidly spreading coronavirus, with all eyes on China where trading resumes following the Lunar New Year break.
China’s top electric vehicle battery maker CATL said on Monday it has signed a battery supply agreement with Tesla.
Asian markets are set for another bumpy ride on Monday on fears about the hit to world growth from the rapidly spreading coronavirus, with all eyes on China where trading resumes following the Lunar New Year break.
The U.S. Department of Homeland Security (DHS) issued rules on Sunday to implement new restrictions on Americans who have recently visited China to address the threat of the coronavirus.
Germany’s current account surplus remained the world’s largest last year despite trade tensions, the Ifo economic institute will say on Monday, in an estimate likely to renew criticism of Chancellor Angela Merkel’s fiscal policies.
Investors are bracing for a potential plunge in Chinese markets on Monday when onshore trade in stocks, bonds, yuan and commodities resumes following the Lunar New Year break and a steep global selldown on fears about the spread of a new virus.
Japanese automaker Honda Motor Co plans to resume car production at its China venture with Dongfeng Automobile on Feb. 14, according to current government guidance, a company spokesman told Reuters on Sunday.
China’s central bank said it will inject 1.2 trillion yuan ($174 billion) worth of liquidity into the markets via reverse repo operations on Monday as its stock markets prepare to reopen amid an outbreak of a new coronavirus.
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