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2 Hours Ago
China inflation rate returns to positive territory in August
China’s consumer price index grew 0.1% in August from a year ago, marking the first time that the inflation rate was in positive territory since May.
The August figure was a reversal from the 0.3% fall in July, but still lower than the 0.2% growth expected by economists polled by Reuters.
Separately, the producer price index still fell 3% year on year, in line with expectations but a softer fall than the 4.4% recorded in July.
— Lim Hui Jie
6 Hours Ago
Bank of Japan seeks ‘quiet exit’ from monetary easing: Yomiuri
Japan’s central bank has now entered “a phase of reducing monetary easing,” according to the country’s Yomiuri newspaper.
In an interview with the newspaper, Bank of Japan Governor Kazuo Ueda said the bank will seek a “quiet exit” from its ultra-dovish monetary policy.
Ueda also said the end of the year could be a possible time to assess the trend of wage increases, a key factor in setting price increases. Average summer bonuses at major companies recovered to over 900,000 yen (about $6,140) for the first time in three years, Yomiuri said.
Should individuals and firms in Japan come to anticipate a sustained rise in prices, growth expectations would also spur consumption and investment, which could lead to higher interest rates, the newspaper wrote.
— Lim Hui Jie
6 Hours Ago
Alibaba shares tumble after Daniel Zhang unexpectedly quits cloud business
Shares of Chinese tech giant Alibaba fell 3.5% on Monday, after the company said in a surprise move that outgoing CEO Daniel Zhang will step down as chairman and CEO of its cloud business.
The move comes months after Alibaba said in June that Zhang was departing as chairman and CEO of Alibaba Group to focus on the cloud intelligence unit.
Eddie Wu, who was set to take over from Zhang as CEO and director of Alibaba Group from September, will now also be chairman and CEO of the cloud business on an interim basis
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11 Hours Ago
Stock futures open flat on Sunday night
Stock futures were little changed to begin trading Sunday evening.
Futures tied to the Dow Jones Industrial Average added 16 points, or 0.05%. S&P 500 futures were higher by 0.04% and Nasdaq 100 futures rose 0.07%.
On Friday stocks finished a down week on a high note. The Dow gained 75.86 points, or 0.22%, to close at 34,576.59. The S&P rose 0.14% to 4,457.49. The Nasdaq Composite eked out a 0.09% gain and settled at 13,761.53. All three indexes posted a losing week, however.
— Tanaya Macheel
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