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An Hour Ago
Evergrande shares rise as court hearing postponed, refutes report that it was never profitable
Shares of Evergrande Group rose over 9% as the beleaguered Chinese property firm’s court hearing over its possible liquidation was postponed to Jan. 29, 2024.
The firm was originally scheduled to face a Hong Kong court hearing on Monday over a petition from a creditor seeking to wind up the company.
Over the weekend, GMT Research issued a report alleging that the company had inflated its revenue for a decade, and that the it was never profitable, which Evergrande refuted.
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— Lim Hui Jie
6 Hours Ago
December’s winning track record
December has a long track record of posting solid gains for equities. The S&P 500 has historically posted gains 72.6% of the time, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.
December has also historically been the best of any month, with an average gain of 2.97% for the up months, a 3.19% average decrease for the down months and an overall average gain of 1.28%, according to the analyst.
— Yun Li
6 Hours Ago
Traders expect rate cuts in 2024
Market pricing indicated a more than 70% chance of a rate cut starting March next year, according to the CME FedWatch Tool. Moreover, futures are pointing to cuts totaling 1.25 percentage points by the end of the year, the equivalent of five quarter percentage point reductions.
The Fed’s next meeting and last of the year is Dec. 12-13. The central bank enacted a series of 11 interest rate hikes, taking its policy rate to the highest in 22 years at a target range between 5.25%-5.5%.
— Yun Li
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