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Stock market today: live updates

47 minutes ago

3M shares rise on news of earplug lawsuit settlement

Shares of 3M rose nearly 6% premarket after Bloomberg News reported that the company reached an interim settlement to settle more than 300,000 lawsuits related to the sale of combat earbuds to the US military. According to the report, 3M would pay more than $5.5 billion to settle the lawsuits.

— Fred Imbert

An hour ago

Chinese stocks rebound after government action

Chinese stocks rallied overnight after the country’s government took steps to bolster the stock market, including halving a tax on stock trading. The Shanghai Composite rose 1.1% — the biggest one-day gain since July 28, when it rose 1.8%.

— Fred Imbert

2 hours ago

European stocks open higher; UBS up 1.7%

European stocks rose on Monday morning and started the last week of trading in August on a positive note.

Traders weighed the prospect of higher Federal Reserve interest rates and eyed the upcoming US jobs data later in the week.

Germany’s DAX 30 rose 98 points, or 0.6%, France’s CAC 40 climbed 59 points, or 0.8%, and Italy’s FTSE MIB gained 217 points, or 0.8%.

In the UK, markets are closed for a public holiday.

Investors remain fully focused on the direction of monetary policy in the US

Last week, at the Kansas City Fed’s annual Jackson Hole symposium, Fed Chair Jerome Powell said inflation “remains too high,” adding that the central bank is “ready to hike rates further if necessary.”

On a stock basis, UBS shares in Europe were up 1.7%.

Credit Suisse, which is now a subsidiary of UBS after a state-sponsored takeover, reportedly posted a loss of 3.5 billion Swiss francs ($4 billion), Swiss Sunday newspaper SonntagsZeitung reports.

Ryan Browne

7 hours ago

Xpeng shares surge after announcement of $744 million deal with Didi

Shares in Chinese electric car maker Xpeng rose more than 13% in Hong Kong late morning trade after it announced it had landed a $744 million deal with ride-hailing giant Didi.

As the two companies announced on Monday, Xpeng will acquire Didi’s smart electric car assets through a share swap, giving Didi the role of strategic shareholder.

With the new assets, Xpeng plans to launch its first electric car model under a new mass-market brand, currently project code-named “MONA”.

Read the whole story here.

7 hours ago

The Foxconn founder is reportedly announcing his bid for the presidency of Taiwan

According to media reports, billionaire Foxconn founder Terry Gou said he would join the race for Taiwan’s presidency.

This is the billionaire’s second bid for the presidency. He was unable to win the nomination for the opposition Kuomintang Party in 2019.

The current lead candidate for the presidency is Vice President William Lai of the Democratic Progressive Party, who was passing through the US last week en route to Paraguay, one of Taiwan’s few remaining allies.

Taiwan will go to the polls in January to choose its next president.

7 hours ago

Evergrande shares plunge as much as 87% as trading resumes after 17 months

Shares in the world’s most indebted property developer, China Evergrande Group, plunged as much as 87% at Monday’s open, trading for the first time since March 21, 2022.

Shares fell as low as 22 HK cents on Monday, compared to their last close of HK$1.65 per share on March 18, 2022.

The resumption of trading comes as the company posted a loss of 39.25 billion yuan ($5.38 billion) in the six months ended June, a smaller loss compared to the loss of 86.17 billion yuan in the same year period of the previous year.

Read the whole story here.

— Lim Hui Jie

12 hours ago

Where are the most important average values

Here are all the important averages at the beginning of the last trading week in August:

Dow Jones Industrial Average:

  • Finished the week about 0.5% lower
  • Down 3.4% over the month
  • Up 3.6% over the year

S&P 500:

  • The week ended up 0.8%
  • Down 4% for the month
  • Up 14.8% over the year

Nasdaq Composite:

  • It ended the week up 2.3%
  • Down 5.3% over the month
  • Year-to-date up 29.9%

— Samantha Subin

12 hours ago

Stock futures open higher to start the week

Source: www.cnbc.com

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Robert Wilson

Business & economics analyst. Breaking down intricate financial trends for informed decision-making.

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