Hundreds of Chinese investors affected by the collapse of China Evergrande have initiated a coordinated campaign to seek updates from authorities regarding the failed property developer. This effort reflects growing frustration among those who lost their savings in the crisis.
CrowdStrike reported a strong quarter, raising its full-year outlook for sales, operating income, and earnings. However, the stock experienced a decline as traders took profits, likely due to the current quarter's profit guidance falling slightly short of expectations. This dip presents a buying opportunity for investors.
U.S. markets reached record highs despite President-elect Trump's tariff threats, with the S&P 500 rising 0.57% and the Dow Jones up 0.28%. However, automakers like GM and Stellantis faced declines due to proposed 25% tariffs on imports from Canada and Mexico. A permanent ceasefire between Israel and Hezbollah is set to begin, while the Fed plans to gradually lower interest rates if inflation stabilizes at 2%.
New Zealand's central bank has cut its benchmark interest rate by 50 basis points to 4.25%, marking the third consecutive reduction as the economy struggles. Economic activity remains subdued, with GDP contracting for four consecutive quarters, while inflation has eased to 2.2%. The Reserve Bank anticipates further rate cuts in early 2025 to stimulate growth, although employment growth is expected to remain weak until mid-2025.
Shares of Seven & i Holdings Co. increased by 2.2% following reports that KKR & Co. is considering an investment in York Holdings, which encompasses supermarkets and restaurants that may be separated from Seven & i. Initial bidding for this unit is set to close on November 28, with Sumitomo Corp. also expressing interest, according to reports.
Oil prices remain steady ahead of the OPEC+ meeting, supported by a cease-fire that mitigates risks. The market has been fluctuating within a narrow range since last month, influenced by various factors, including potential policies from a second Trump presidency and geopolitical tensions involving Russian and Iranian supplies for the upcoming year.
New Zealand's central bank has cut interest rates by half a percentage point for the second consecutive meeting, lowering the Official Cash Rate to 4.25%. However, the Reserve Bank of New Zealand indicated a slower pace of easing ahead, with inflation expected to rise, projecting an average OCR of 3.83% by mid-next year. The local dollar experienced a surge following the announcement.
Samsung Electronics has elevated Jun Young-hyun, head of its semiconductor division, to co-CEO just six months after his appointment. This move underscores the company's commitment to competing with SK Hynix in the AI market, as he will now directly oversee the memory division, a role typically assigned to a subordinate.
Sanrio Co., the owner of the Hello Kitty brand, experienced its largest share price drop since May 2014, plummeting up to 17% in early Tokyo trading. This decline followed the announcement that President Tomokuni Tsuji and MUFG Bank Ltd. would sell approximately 25.9 million shares, with pricing set for December 10. Trading volume exceeded 300% of the three-month average, indicating heightened market activity.
Vietnamese prosecutors have ordered property tycoon Truong My Lan to repay approximately $11 billion to avoid execution by lethal injection. The 68-year-old is appealing her death sentence after being convicted of embezzling $12.3 billion from Saigon Commercial Bank, along with bribery and violations of bank lending regulations.
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