HSBC Holdings PLC expects the debt problems involving embattled property developer China Evergrande Group to have an impact on capital markets but does not see any direct impact on the bank, its group CEO said. “I’d be naive to think that the turmoil in the market doesn’t have the potential to have second-order and third-order…
HSBC CEO Sees Market Impact From Evergrande Debt Woes
September 23, 2021
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Oil Prices Rise on Tight Supply, Renewed Risk Appetite
September 23, 2021
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LONDON—Oil prices extended gains on Thursday, riding higher on growing fuel demand and a bigger-than-expected draw in U.S. crude inventories as production remains hampered in the Gulf of Mexico after two hurricanes. Brent crude rose 9 cents, or 0.1 percent, to $76.28 a barrel at 0856 GMT. U.S. West Texas Intermediate (WTI) crude was up…
Chip Shortage to Cost Automakers $210 Billion in Sales: Analysis
The global semiconductor shortage will lead to 7.7 million fewer vehicles produced in 2021, costing automakers billions in lost sales, according to consulting firm AlixPartners. The forecast, released Sept. 23, estimates that the shortage will cost the auto industry globally $210 billion in lost revenues in 2021, up sharply from the May projections of $110…
Asian Shares Perk up but Evergrande Jitters Keep Investors on Edge
September 23, 2021
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HONG KONG—Asian shares made cautious gains on Thursday, supported by some positive news from cash-strapped developer China Evergrande Group, while the dollar held near a one-month top after the U.S. Federal Reserve took a hawkish tilt overnight. However, nerves were still frayed about Evergrande’s future and the country’s property sector as a whole, with a…
Wall Street Ends Higher as Fed Signals Bond-Buying Taper Soon
September 23, 2021
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NEW YORK—The three major U.S. stock indexes rose 1 percent on Wednesday as investors mostly took in stride the latest signals from the Federal Reserve, including clearing the way for the central bank to reduce its monthly bond purchases soon. The S&P 500 registered its biggest daily percentage gain since July 23. While trading was…
Restaurant-Software Maker Toast Valued at Nearly $33 Billion as Shares Surge in Debut
Toast Inc fetched a valuation of nearly $33 billion in its New York Stock Exchange debut on Wednesday, as shares of the restaurant software provider jumped 63 percent, underscoring a deep investor appetite for fast-growing software firms. The stock opened at $65.26, compared with its initial public offering price of $40 per share. The valuation…
Arizona Fully Recovers Pandemic Job Losses
More than 100 percent of private sector jobs in Arizona have been recovered since the beginning of the COVID-19 pandemic, according to the August employment report. The Arizona Office of Economic Opportunity report showed that Arizona has recovered 325,500 private-sector jobs since April 2020, representing 101 percent of private-sector jobs lost. Between July and August,…
Asian Shares, Wall Street Hold Gains After Fed Signals It May Taper Soon
Asian shares were mostly higher on Thursday after the Federal Reserve signaled it may begin easing its extraordinary support measures for the economy later this year. Shares rose in Hong Kong, Shanghai, Australia, and Taiwan but fell in South Korea and Malaysia. U.S. futures were higher. Markets were closed in Tokyo. The U.S. central bank…
Growth Forecast for Developing Asia Downgraded as COVID-19 Persists
September 22, 2021
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The Asian Development Bank (ADB) has lowered its 2021 economic growth outlook for developing economies in Asia, a region weakened by the rapid spread of new COVID-19 variants. The region’s economy will expand by 7.1 percent this year, down from the 7.3 percent forecast in April, the ADB said in its Asian Development Outlook Update…
Robinhood to Begin Testing Crypto Wallets, With Broader Launch in Early 2022
NEW YORK—Robinhood Markets Inc. said on Wednesday it plans to begin testing cryptocurrency wallets next month, with a broader rollout in early 2022, allowing its users to move supported digital currencies in and out of their brokerage accounts. The Menlo Park-based retail brokerage currently allows buying, selling, and holding of certain cryptocurrencies, like bitcoin and…
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