European shares rose on Thursday as financials received a lift from Swiss lender UBS’s decision to absorb Credit Suisse’s domestic bank, while investors braced for a barrage of key economic data due later in the day. The pan-European STOXX 600 advanced 0.3% to 460.6 points, shrugging off the initial uncertainty. Recent gains have helped the […]
UBS Group AG posted the biggest-ever quarterly profit for a bank in the second quarter as a result of its emergency takeover of Credit Suisse, and confirmed that it would fully integrate the local business of its former rival by next year. The $29 billion gain is a result of the accounting difference between the $3.8 […]
Think Nvidia’s monster year-to-date rally of 234% has gone too far? Think again, according to a recent note from Rosenblatt Securities. Rosenblatt set a Wall Street-high price target of $1,100 for Nvidia after its strong second-quarter earnings report, representing potential upside of 125% from Tuesday’s close. Such a surge would send Nvidia market valuation to […]
China’s manufacturing activity contracted for a fifth straight month in August, but at a slower-than-expected pace, an official factory survey showed on Thursday, maintaining pressure on Beijing to step up policy support for the stuttering economy. The official purchasing managers’ index (PMI) rose to 49.7 from 49.3 in July, according to the National Bureau of […]
Commerce Secretary Gina Raimondo on Wednesday said she warned Chinese leaders that U.S. businesses might stop investing in their country without prompt action to address complaints about worsening conditions due to raids on firms, unexplained fines and unpredictable official behavior. Raimondo’s comments add to pressure on Chinese leader Xi Jinping’s government, which is trying to […]
European stock markets are expected to open higher on Wednesday, with sentiment boosted by the strong close on Wall Street overnight ahead of the release of inflation reports from Germany and Spain. At 02:00 ET (06:00 GMT), the DAX futures contract in Germany traded 0.1% higher, CAC 40 futures in France climbed 0.2% and the […]
$400m deal signed between China Development Bank and African Export-Import Bank to help African SMEs
A multimillion-dollar development-focused agreement has been signed in Cairo, Egypt, between the China Development Bank and the African Export-Import Bank (Afreximbank) to provide Afreximbank with a $400-million term loan facility to support the financing of small and medium-sized enterprises (SMEs) across Africa. The agreement, signed by Tan Jiong, president of the CDB, and Professor Benedict […]
South Korea’s LG Energy Solution (373220.KS) is aiming to raise about $1 billion from the sale of two, dollar-denominated green bonds, according to two sources with direct knowledge of the matter. The sources could not be identified as the information was not yet made public. “No specifics have been decided regarding the scale,” an LG Energy Solution […]
Shares of 3M Company (MMM) rose nearly 5% on Monday after the Wall Street Journal reported the company was close to a settlement on claims from hundreds of thousands of veterans over faulty earplugs. 3M would pay $5.5 billion in the settlement, according the Journal. Citi managing director Andrew Kaplowitz believes the $5.5 billion number is lower […]
(Bloomberg) — China’s economy was meant to drive a third of global economic growth this year, so its dramatic slowdown in recent months is sounding alarm bells across the world. Policymakers are bracing for a hit to their economies as China’s imports of everything from construction materials to electronics slide. Caterpillar Inc. says Chinese demand […]