36 minutes ago
Boeing shares fall after FAA recommends inspecting more planes
Boeing shares fell more than 2% in the premarket after the Federal Aviation Administration ordered airlines using the 737-900ER aircraft to undergo inspection.
This comes after a door plug on a 737 Max 9 burst mid-flight earlier this month.
“The Boeing 737-900ER is not part of the newer MAX fleet but features the same door plug design,” the FAA said.
An hour ago
Archer-Daniels-Midland shares are falling
Shares of Archer-Daniels-Midland fell more than 13% after the food processing company said CFO Vikram Luthar was placed on leave amid an investigation into the company's nutrition business.
“The board takes these matters very seriously,” executive director Terry Crews said in a statement. “Pending the outcome of the investigation, the Board concluded that it was prudent to place Mr. Luthar on administrative leave. The Board will continue to work in close coordination with ADM's advisors to determine the best path forward and ensure that ADM's processes are consistent with financial management's recommended course of action.”
Ismael Roig has been appointed interim CFO.
8 hours ago
Real estate stocks make Hang Seng the biggest loser among Asian benchmarks
Hong Kong's Hang Seng Index fell over 2%, led by real estate stocks, after the People's Bank of China kept its one-year and five-year lending rates at 3.45% and 4.2%, respectively.
The biggest loser on the HSI was real estate developer China Resources Land, which fell 9.54%.
Other stocks on the list of biggest losers included residential real estate investment firm Longfor Group, which lost 5.99%, and hotpot chain Haidilao, which lost 6.27%.
10 hours ago
The decision of the Chinese LPR is awaited, the markets do not expect any change
Investors will await an update from China's central bank on key interest rates for one- and five-year loans at around 9:15 a.m. Singapore time.
The one- and five-year LPR are currently at 3.45% and 4.2%, respectively, and markets expect the People's Bank of China to make no changes to interest rates.
The PBOC surprised market participants by leaving the interest rate on one-year medium-term credit facilities (MLF) worth about 995 billion yuan ($138.84 billion) unchanged at 2.50% last week.
“The market expects both the 1-year and 5-year LPRs to remain unchanged at 3.45% and 4.2%, respectively,” Commerzbank analysts wrote in a note to clients, while also noting , China's foreign direct investment in 2023 recorded its largest annual decline since 2009.
Commerzbank said foreign direct investment in China fell 8% in Chinese yuan terms last year. The decline was due to several factors, including the country's economic slowdown, high global interest rates, increasing regulatory and geopolitical risks, and the West's tough stance on China's technology sector.
—Shreyashi Sanyal
13 hours ago
Stock futures open little changed
Stock futures opened little changed on Sunday as Wall Street begins a new trading week looking to build on the S&P 500's new all-time high.
Futures tied to the benchmark S&P gained 0.1%, while Nasdaq 100 futures gained 0.2%. Dow Jones Industrial Average futures rose 53 points, or 0.1%.
—Brian Evans