What to see in Asia today
capital market: Dubai Financial Market, the United Arab Emirates Stock Exchange, hosted its third international investor roadshow of the year in Singapore. Hamed Ali, CEO of DFM and Nasdaq Dubai, said: “We are increasingly seeing strong interest from global investors looking to tap into Dubai’s growing capital markets. This is why we have decided to host our third event in Singapore this year. roadshows.” DFM presented to investors in New York in January and London in June.
Activity: Howard Lee, Deputy Chief Executive of the Hong Kong Monetary Authority, was the keynote speaker at the structured products finance conference ABS Asia, which returned to the JW Marriott Hotel in Hong Kong after the COVID-19 pandemic. The two-day Fintech Festival kicked off at Siam Paragon in Bangkok. The Bank of Japan released the minutes of its July monetary policy meeting.
Economic data: Australia released inflation data for August, while China’s industrial profits and Japanese machine tool orders were also released in the same month.
U.S. Senate reaches funding deal to avert government shutdown
U.S. Senate leaders have reached a deal to keep funding the federal government and avoid a shutdown before a looming deadline this weekend, but the compromise faces an uncertain future in the Republican-controlled House of Representatives.
Senate Democratic Leader Chuck Schumer announced the deal late Tuesday. The “interim solution” would keep government funding running until mid-November and provide billions of dollars to support the war in Ukraine and relief efforts in parts of the U.S. ravaged by wildfires and floods.
Democrats, who narrowly control the Senate, are expected to ratify the deal in the coming days.
Costco says retail theft not ‘major issue’ as results beat expectations
Retail theft is not a “major problem” for Costco, the company said Tuesday after earnings beat Wall Street expectations.
The company’s chief financial officer, Richard Galanti, told analysts that “shrinkage” – an industry term that covers shoplifting, employee theft, organized retail crime and process errors – increased by several percent year-on-year. percentage points, likely due to greater use of self-checkout technology. He said theft rates are already low.
Target announced Tuesday that it will close nine stores due to high levels of “theft and organized retail crime.”
Costco earned $4.86 per share in the fourth quarter, with revenue of $78.9 billion, an annual increase of 8.6%.
New York judge rules Donald Trump committed fraud by inflating property values
A New York judge ruled on Tuesday that Donald Trump, his eldest son and his business organization are responsible for huge increases in property values in Manhattan and Mar-a-Lago, as well as golf courses in the United States and Scotland.
Judge Arthur Ngoren said on Tuesday that the former president and his associates engaged in activities that “can only be considered fraud” and imposed sanctions on Trump’s lawyers. He said a jury will decide the penalty.
The order comes just days before a case filed by New York’s attorney general is set to go to trial.
Learn more about Trump Real Estate here.
U.S. stocks fall on prospect of longer-term interest rate hikes
Global stocks sold off on Tuesday as investors braced for a prolonged period of higher interest rates, while the dollar jumped to a 10-month high and U.S. Treasuries sold off.
Wall Street’s benchmark S&P 500 closed down 1.5%, and the tech-heavy Nasdaq fell 1.6%, both hitting their lowest levels since early June.
The latest decline in stocks came as investors raised expectations that the Federal Reserve will keep interest rates higher for longer. While traders are divided on whether the Fed will raise interest rates by another 25 basis points in this tightening cycle, bets on rate cuts over the next year have declined.
Learn more about market movements here.
Svlook
