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Stocks Drop 2% After Treasury Yields Spiked On Higher Rate Worries

Barry Adams
21 Feb, 2023
New York City

Stocks on Wall Street headed lower after worries of consumer spending, rising bond yields and elevated geopolitical tensions dented market sentiment.

The yield on 10-year Treasury notes inched closer to 4.0% after retailers Walmart and Home Depot posted strong results but guided weaker growth.

The growth outlook from two retail giants put investors on defensive as higher interest rates and inflation have started affecting consumer spending.

Home Depot fell 6% after the home improvement retailer missed revenue estimate in the last quarter and the retailer estimated flat sales in the current fiscal year.

Investors were also on the backfoot after tensions continued to rise between the two superpowers of the world, U.S. and China.

U.S. Secretary of State Antony Blinken in an interview on Sunday raised the prospects of "Chinese companies providing non-lethal support to Russia for use in Ukraine."

On the sidelines of the Munich Security Conference, the meeting between Secretary Blinken and Chinese Director of the Office of the Central Foreign Affairs Commission Wang Yi failed to calm down the rising tensions.

U.S. Existing Home Sales Declined 12th Straight Month

Existing home sales declined for the twelfth month in a row in January after home affordability kept buyers away.

Sales of single-family homes, condominiums and co-ops declined 0.7% from the previous month in January to a seasonally adjusted annual rate of 4 million.

Sales plunged 36.9% from the previous year and median price of a home increased 1.3% from a year ago to $359,000.

“Home sales are bottoming out,” said NAR Chief Economist Lawrence Yun.

“Prices vary depending on a market’s affordability, with lower-priced regions witnessing modest growth and more expensive regions experiencing declines.”

Homes available for sale at the end of January increased 2.1% from December and 15.3% from a year ago to 980,000.

U.S. Markets In Review

The S&P 500 index decreased 1.6% to 4,015.44 and the Nasdaq Composite index dropped 1.9% to 11,559.44.

The yield on 2-year Treasury notes increased to 4.70%, 10-year Treasury yields jumped to 3.92% and 30-year Treasury bonds jumped to 3.97%.

Crude oil and natural gas prices declined on the first day of trading this week and natural gas prices dropped below $2 a thermal unit, the first time since September 2020.

Crude oil declined 83 cents to $76.40 a barrel and natural gas futures declined 13 cents to $2.09 a thermal unit.

U.S. Movers

Home Depot fell 6% to $298.77 after the home improvement retailer reported weaker-than-expected quarterly results.

The retailer said revenue in the fiscal fourth quarter ending in January increased 0.3% to $35.8 billion from the previous year.

Comparable sales for the fourth quarter fell 0.3% and comparable sales in the U.S. decreased 0.3%.

Net earnings for the fourth quarter were $3.4 billion or $3.30 per diluted share compared with net earnings of $3.4 billion or $3.21 per diluted share a year ago.

The home improvement retailer said sales and comparable sales growth to be approximately flat compared to fiscal 2022 as consumers shift aways from goods to services.

Walmart Inc increased 0.7% to $147.56 after the discount retailer reported strong quarterly results as high income consumers search for bargains in the face of high inflation.

Total revenues in the fourth quarter rose 7.9% to $164 billion and comparable sales in the U.S. rose 8.3% from the previous year and 13.9% from two-years ago.

Sam’s Club comparable sales increased 12.2% from a year ago and 22.6% in two years and membership income increased 7.1% to and membership count rose to a record high.

Total transactions at Walmart U.S. locations increased 1.8% and average ticket size rose 6.3% from a year ago.

Consolidated net income soared 76% to $6.3 billion from $3.6 billion and diluted earnings per share rose to $2.32 from $1.28 in the previous year.

The company estimated fiscal 2024 comparable sales at Walmart U.S. locations to grow between 2% and 2.5%, slower than the 6.6% increase in the previous year.

Consolidated sales in the fiscal 2024 are estimated to rise between 2.5% and 3.0%, compared to 6.7% in the prior year.

Russia's Economy Avoided Dire Predictions, Euro Area Confidence Improved

Bridgette Randall
20 Feb, 2023
Frankfurt

European markets gyrated and benchmark indexes struggled to find direction after geopolitical tensions rose in North Asia.

Tensions between the U.S. and China rose after diplomats sparred at the Munich Security Conference on Friday ahead of the one-year anniversary of Russia's invasion of Ukraine.

U.S. President Joe Biden made an unannounced visit to Kyiv, Ukraine ahead of the one-year anniversary in a show of support to the struggling nation under military invasion.

Tensions are also on the rise in the European Union after energy prices soared five-fold and the cost of living crisis has spread from Germany, France, to the UK.

The war in Ukraine is showing no signs of ending as the first anniversary of the war approaches and consumers in the European Union are struggling with sky high energy prices and the European Union governments are weighed down by a surge in national debts.

In addition, the Russian economy shrank under widening sanctions from the United States and European Union but the resource export dependent economy is showing no signs of cracking as predicted by most western economists and analysts.

Russia's Economy Avoided Dire Predictions

Russia's economy contracted 2.1% in 2022, the Federal State Statistics Service reported Monday.

The GDP declined far less-than-expected in the year after energy prices soared as much as five-fold before cooling off in the last quarter.

Immediately after the Russia's invasion to Ukraine, most economists in the U.S. and western Europe estimated Russia's GDP to collapse at least 12% and and estimates ran as high as 25%.

The statistics office also upwardly revised 2021 economic expansion to 5.6% after the share of exports in the economy was revised higher.

Geopolitical Tensions Rise In Asia

North Korea fired two short-range missiles on Monday, the defense ministry confirmed Monday.

Two missiles traveled between 350 kilometers and 400 kilometers and plunged to the Sea of Japan near the economic zone.

Monday's launch followed the firing of the long-range missile on Saturday that reached waters near Hokkaido.

Tensions were high after balloon spat between China and the U.S. escalated and showed no sign of easing.

Moreover, Japanese diplomats also stepped up activities and notified Chinese counterparts that Japan will knock down aerial objects that violate its airspace.

Prime Minister Fumio Kishida requested an emergency meeting of the United Nations Security Council and the meeting is expected to be held in New York on Tuesday at 8 p.m. Eastern Time.

Consumer Confidence Improved In Euro Area

Consumer confidence index increased 1.7 points to -19.0 in the Euro Are and recovered 1.5 points to -20.6 in the European Union, according to a report released by the European Commission Monday.

Despite the confidence improving for the four months in a row, the index remained well below its long term average.

European Markets

The DAX index declined 4.45 points to 15,477.55, the CAC-40 index dropped 12.11 points to 7,335.61 and the FTSE 100 index increased 9.95 points to 8,014.31.

The yield on 10-year German Bunds inched up to 2.469%, French bonds edged higher to 2.93%, the UK Gilts to 3.47% and Italian bonds to 4.33%.

The euro inched lower to $1.0683, the British pound traded near $1.203 and the Swiss franc held firm at 92.30 U.S. cents.

Brent crude oil increased $1.21 to $84.21 a barrel and the Dutch TTF natural gas spot price inched up 1.5% to Є49.87 per MWh.

Europe Movers

Resource and metals companies traded higher on the hopes of a rebound in China demand.

Glencore plc increased 1.9% to 519.40 pence, Anglo American increased 0.3% to 3,219.0 pence and Antofagasta Plc added 0.2% to 1,733.36 pence.

Valneva SE increased 0.7% to €5.82 after the French biotech company said that the U.S. Food and Drug Administration granted priority status for its Chikungunya vaccine VLA1553 application.

Raiffeisen Bank International AG fell 7.3% to €15.25 after the Austrian bank said that the U.S. Office of Foreign Assets Control has launched an inquiry into the bank's business related to Russia.

China Holds Key Rates, Ocean Freight Rates Plunged to New One-year Low

Arjun Pandit
20 Feb, 2023
Mumbai

Asian stocks closed mixed and investors in Japan were on alert after North Korea tested another ballistic missile.

North Korea fired two short-range missiles on Monday, the defense ministry confirmed Monday.

Two missiles traveled between 350 kilometers and 400 kilometers and plunged to the Sea of Japan near the economic zone.

Monday's launch followed the firing of the long-range missile on Saturday that reached waters near Hokkaido.

Tensions were high after balloon spat between China and the U.S. escalated and showed no sign of easing.

Moreover, Japanese diplomats also stepped up activities and notified Chinese counterparts that Japan will knock down aerial objects that violate its airspace.

Prime Minister Fumio Kishida requested an emergency meeting of the United Nations Security Council and the meeting is expected to be held in New York on Tuesday at 8 p.m. Eastern Time.

The yen traded in a tight range and stocks were on hold after geopolitical tensions were on the rise in the region.

The Nikkei 225 Stock Average increased 18.18 points and the yen edged down to 134.04 against the U.S. dollar.

China Left Key Lending Rates Unchanged

The central bank left its lending rate unchanged for the sixth month in a row.

One-year loan prime lending rate, used for consumer and corporate lending, was left at 3.65% and five-year lending rate, reference rate for mortgages, was held at 4.3%.

China lowered two key lending rates last August 2020 to revive the flagging economy before the ending of "zero-Covid" lockdowns.

Container Shipping Rates Accelerate Decline

Shifting trade picture and falling global demand was visible as port activities at main exporting hubs in South China remained subdued.

Yantian International Container Terminal has only 15% of the 15,000 truck drivers working and empty containers are stacked seven-level high, the highest since the launching of the port in 1993.

The Freightos Baltic Index showed that the freight cost to ship a 40-foot container from Asia to the west coast of the United States weakened last week and dropped to $1,295, 92% lower than the level last year.

The freight cost for shipping a 40-foot container from Asia to the east coast of the United States declined 86% last week from the level a year ago.

China Stocks Soar After Rate Decision

Stocks in China surged after the People's Bank of China left its key lending rate unchanged.

The Shanghai Composite Index soared 2.1% to 3,290.34 and the Hang Seng index added 0.8% to 20,886.96.

India Stocks On Hold On Rising Geopolitical Tensions

Stocks in Mumbai advanced in the early trading but gave up gains in the afternoon after investors turned cautious on the rising tensions between China, Japan, North Korea and the U.S.

Investors are also worried that the return of aggressive U.S. interest rate hikes may negatively impact the battered rupee and also weaken the goods exports from India.

Cipla Ltd plunged 6.1% after the U.S. health regulator issued 8 observations following inspections between February 6 and 17.

The company said it will work closely with the U.S. Food and Drug Administration and the drug maker said it is committed to addressing the recommendations in the stipulated time.

The Sensex index declined 0.5% or 311.03 points to 60,691.54 and the Nifty index dropped 0.6% or 99.60 points to 17,844.60.

The Indian rupee edged lower to 82.62 against the U.S. dollar.

Housing Starts and Permits Declined, Completions Rose In January

Brian Turner
16 Feb, 2023
New York City

Seasonally adjusted housing starts fell 4.5% from a month earlier to an annualized rate of 1.309 million, the lowest since June 2020.

Housing starts fell 21.4% from a year ago level of 1.66 million, the monthly report from the U.S. Census Bureau said Thursday in the residential construction monthly report.

Single-family housing starts declined 4.3% to an annual rate of 841,000 from the revised December rate of 879,000.

Building permits in January were at a seasonally adjusted annual rate of 1,339,000, 0.1% above the revised December rate of 1.33 million, but 27.3% below the January 2022 rate of 1.8 million.

Housing completions in January were at a seasonally adjusted annual rate of 1.4 million. 1.0% above the revised December estimate of 1.39 million and 12.8% up from a year ago.

Single-family home completions increased 4.4% from December at a rate of 1.04 million.

Wholesale Price Inflation Jumped to 7-month High

Brian Turner
16 Feb, 2023
New York City

The producer price index, a measure of wholesale prices, in the U.S. rose more than expected in January, the U.S. Bureau of Labor Statistics said Thursday.

The Producer Price Index for final demand increased 0.7% in January from the previous month and advanced 6.0% in a year, the most in seven months.

Prices for final demand goods advanced 1.2%, and index for final demand services rose 0.4%.

Nearly one-third of the January advance in the index for final demand goods can be traced to prices for gasoline, which increased 6.2%.

U.S. and European Markets Diverge On Different Outlooks for Rates and Earnings

Barry Adams
17 Feb, 2023
New York City

Falling energy prices and worries of rising rates drove market sentiment on the final day this week.

On the light day but busy week of corporate earnings releases, market sentiment swung between resilient consumer spending and weakening corporate earnings outlook.

Tight labor market conditions are supporting consumer spending despite the eight interest rate increases over the last twelve months.

But, higher rates have a lagging impact on the broader economy and so far the rate hikes of more than 400 basis points have failed to dampen consumer demand.

Moreover, the supply chain issues that drove consumer price inflation to a 4-decade high in 2020 and 2021 are not the drivers of inflation as price increases have seeped into the services sector which dominates the economy.

Energy sector stocks led the decliners in Friday's trading after crude oil prices neared the pre-Ukraine war levels and natural gas prices dropped near a 30-month low.

U.S. Markets

Benchmark indexes opened lower and dropped to the low by midday but indexes managed to trim losses as the market weakness failed to broaden beyond tech and energy sectors.

The S&P 500 index decreased 0.3% to 4,079.22 and the Nasdaq Composite index declined 0.6% to 11,787.27.

For the week, the S&P 500 index declined 0.8% and the Nasdaq Composite index eased 0.2%.

Year-to-date, the S&P 500 index has gained 6.6% and the Nasdaq Composite index has advanced 13.5%.

The yield on 2-year Treasury notes increased to 4.62%, 10-year Treasury notes edged lower to 3.81% and 30-year Treasury bonds closed down at 3.87%.

Natural gas prices closed down below $2.30 a unit and fell to the low last seen in September 2020 amid weak demand on warmer-than-usual weather and elevated supplies.

Natural gas prices in Europe also traded near 18-month low on falling demand after warmer weather conditions eased energy crisis in the region.

Crude oil declined $2.11 to $76.37 a barrel and natural gas futures for immediate month delivery fell 11 cents or 4.7% to 11,787.272.27 a thermal unit.

U.S. Movers

AutoNation Inc increased 9.5% to $154.90 after the automobile dealer reported better-than-expected sales of new vehicles.

AutoNation said fourth quarter revenue decreased 2% to $6.7 billion and net income declined 26% to $286.4 million from $ 387.1 million and diluted earnings per share declined to $5.72 from $5.87 a year ago.

In the quarter, new vehicle unit sales increased 4% to 60,074 and used vehicle sales declined 9% to 67,608.

Deere & Company increased 5.9% to $426.89 after quarterly income more than doubled.

Deere & Company said revenue in the fiscal first quarter ending in January increased 32% to $12.6 billion and net income jumped 117% to $1.95 billion from $903 million and diluted earnings per share rose to $6.55 from $2.92 a year ago.

DoorDash Inc declined 5.9% to $62.94 after the delivery service provider said quarterly loss expanded.

DoorDash said revenue in the fourth quarter increased 38% to $1.8 billion and net loss expanded to $659 million from $157 million and diluted loss per share increased to $1.65 from 45 cents a year ago.

In 2022, revenue increased 34.6% $6.6 billion from $4.9 billion and net loss increased to $1.4 billion from $468 million or $3.68 from $1.39 a share.

Hyatt Hotels Corporation declined 2.4% to $114.10 after the hotel and resorts operator reported weaker-than-expected quarterly earnings.

Hyatt Hotels said revenue in the fourth quarter increased 49% to $1.59 billion and the hotel operator swung to a profit of $294 million from a loss of $29 million and diluted EPS was $2.74 from ($0.26) a year ago.

In 2022, revenue increased 97% to $5.9 billion from $3.0 billion and swung to a profit of $455 million from a loss of $222 million or $4.09 from ($2.13) a share a year ago.

By the end of 2022, the company had a pipeline of approximately 580 hotels with 117,000 rooms.

European Markets Extend Weekly Advances

European markets faced headwinds but managed to trim losses after stronger corporate results provided support for riskier assets.

Benchmark indexes were under pressure after two Federal Reserve officials called for strong rate hikes at the next policy meetings in March after wholesale inflation and retail sales were ahead of expectations.

Loretta Mester and James Bullard supported the case for a larger rate increase of 50 basis points.

Investors stepped up stock exposure after banks, insurance and industrial companies and logistics and transportation companies generally reported better-than-expected results.

Investors also reviewed the latest earnings from Allianz SE, Daimler Benz AG, NatWest, SEGRO and Air France KLM.

For the week the DAX index gained 1%, the CAC-40 index advanced 2.6% and the FTSE 100 index rose 1.5%.

Weaker Energy Prices Drag German PPI Down to 17-month Low

Germany's producer price index decreased for the fourth month in a row and declined to the level last seen 17 months after natural gas prices steadily declined.

The producer price index eased to 17.8% in January from 21.2% in December, data from Destatis or Federal Statistics Office showed Friday.

The latest inflation rate was the weakest since August 2021, when prices had rose 14.2% from a year ago.

French Consumer Inflation In January Reaffirmed

Consumer price inflation in January rose slightly as previously estimated, the final data from the statistics office INSEE showed Friday.

Consumer price index increased 6.0% from a year ago in January after rising 5.9% in December, matching the previous estimate released on January 31.

Energy price inflation accelerated to 16.3% in January from 15.1% in December and food prices rose 13.3% from 12.1%.

Promotions Drove UK Retail Sales Rebound In January

UK retail sales unexpectedly increased 0.5% in January from the previous month driven by sales promotion, the Office for National Statistics reported Friday.

January sales rose following a 1.2% decline in December and 0.6% fall in November after promotions brought back consumers to stores.

Excluding auto fuel, retail sales rose 0.4%, reversing 1.4% decline in December.

Swiss Industrial Production Expands In Q4

Swiss industrial production expanded in the fourth quarter at a slightly faster pace than in the third quarter, Federal Statistics Office data showed Friday.

Industrial production increased 6.0% in the final quarter of 2022 from 5.9% in the third quarter.

Manufacturing sector expanded 7.9%, while the mining and quarrying segment shrank 3.0% and electricity supply declined 10.3%.

Europe Markets Review

The DAX index fell 0.3% to 15,482.00, the CAC-index declined 0.3% to 7,347.72 and the FTSE 100 index eased 0.1% 8,004.36.

The euro inched higher to $1.068, the British pound edged up to $1.202 and the Swiss franc traded near 92.56 U.S. cents.

The yield on 10-year German Bunds increased to 2.43%, French bonds closed down at 2.89%, the UK Gilts at 3.50% and Italian bonds at 4.27%.

Brent crude oil declined $2.90 to $82.21 a barrel and the Dutch TTF natural gas futures dropped to Є49.40 per MWh.

Europe Movers

Allianz SE declined 1.9% to €216.95 after the insurance and asset management group reported a decline in its assets under management and in non-life operations.

Daimler Benz Group AG increased 2.4% to €74.64 after the vehicle maker reported better-than-expected financial results and said it plans to repurchase Є4 billion of its stocks over the next two years.

Sika AG increased 4.9% to Sfr276.90 after the Swiss chemical company reported fiscal year 2022 net income increased 11%.

Swiss Re AG was nearly unchanged at 96.14 after the Swiss reinsurance group reported a decline in fiscal 2022 earnings.

Air France KLM SA increased 5.3% to €1.76 after the French-Dutch airline forecasted higher margin and strong bookings in 2023.

NatWest Group Plc declined 6.5% to 285.62 pence despite the British bank reporting stronger operating results in 2022.

SEGRO PLC increased 0.9% to 843.57 pence after the UK-based warehouse company reported a rebound in operating results in 2022.

Smith & Nephew Plc declined 0.2% to 1,154.93 pence after the UK-based prosthetic devices maker nominated a new chairman.

Asian markets fell across the region on the worries of higher U.S. interest rates inflicting another round of currency devaluation in the region.

Benchmark indexes fell after two U.S. Federal Reserve officials called for strong rate hikes at the next policy meetings in March after wholesale inflation and retail sales were ahead of expectations.

Loretta Mester and James Bullard supported the case for a larger rate increase of 50 basis points.

Stocks in Japan closed lower on the uncertainties about the future direction of the Bank of Japan's yield curve control policy.

Softbank led the decliners after tech stocks faced renewed selling following the prospect of larger increases in interest rates in the U.S.

Mainland China and Hong Kong stocks declined on the weakness in tech stocks and home builders.

For the week, the Nikkei edged down 0.6%, the Shanghai Composite declined 1.1%, the Hang Seng index dropped 2.2% and the Nifty and the Sensex indexes rose 0.6%.

China's New Home Prices Extend Losses to 9th Month

New home prices in China declined for the ninth month in a row after buyers stayed away from new purchases, the National Bureau of Statistics reported Friday.

The average price of a new home in 70 large and medium sized cities declined 1.5% from a year ago in January, matching the rate in December.

Home prices in January increased 0.1% from the previous month, the first rise in a year.

Singapore's International Trade Shrank On Weak Global Demands

Singapore's non-oil exports declined for the fourth month in a row in January, Enterprise Singapore said in a report Friday.

Non-oil exports declined 25% in January, larger than the 20.6% fall in November, the government data showed.

Exports declined 9.3% and imports fell 11.7% in January, resulting in a 10.4% decline in total international trade. volume.

Asian Markets Review

The Nikkei 225 index fell 0.7% to 27,513.13 and the yen declined to 134.18 against the U.S. dollar.

The Shanghai Composite index fell 0.7% to 3,224.02 and the Hang Seng index declined 1.3% to 20,719.81.

The Sensex index decreased 0.5% or 316.94 points to 20,719.81 and the Nifty index declined 0.5% or 91.65 to 17,944.20.

The Indian rupee weakened to 82.72 against the U.S. dollar and the yield on 10-year Indian government bonds traded near 7.34%.

Asia Movers

Tech stocks led the decliners in Tokyo trading.

Advantest Corp fell 1.7% to ¥10,050.0, Tokyo Electron Ltd declined 1.7% to ¥46,190.0 and Screen Holdings dropped 1.7% to ¥10,290.0.

China Renaissance Holdings Ltd plunged 28% after the company said it is not able to contact its chief executive office and the controlling shareholder Bao Fan.

Samsung Electronics, LG Energy Solution and Samsung SDI fell between 2% and 4%. after the Kospi index in Seoul decreased 1% to 2,451.21.

Adani Enterprises Ltd declined 4.5% to ₹1,719.0 and extended year-to-date losses by 55% following a negative report from the U.S.-based short seller Hindenburg Research.

Aggressive Rate Hike Worries Dragged Asian Markets Lower

Arjun Pandit
17 Feb, 2023
Mumbai

Asian markets fell across the region on the worries of higher U.S. interest rates inflicting another round of currency devaluation in the region.

Benchmark indexes fell after two U.S. Federal Reserve officials called for strong rate hikes at the next policy meetings in March after wholesale inflation and retail sales were ahead of expectations.

Loretta Mester and James Bullard supported the case for a larger rate increase of 50 basis points.

Stocks in Japan closed lower on the uncertainties about the future direction of the Bank of Japan's yield curve control policy.

Softbank led the decliners after tech stocks faced renewed selling following the prospect of larger increases in interest rates in the U.S.

Mainland China and Hong Kong stocks declined on the weakness in tech stocks and home builders.

For the week, the Nikkei edged down 0.6%, the Shanghai Composite declined 1.1%, the Hang Seng index dropped 2.2% and the Nifty and the Sensex indexes rose 0.6%.

China's New Home Prices Extend Losses to 9th Month

New home prices in China declined for the ninth month in a row after buyers stayed away from new purchases, the National Bureau of Statistics reported Friday.

The average price of a new home in 70 large and medium sized cities declined 1.5% from a year ago in January, matching the rate in December.

Home prices in January increased 0.1% from the previous month, the first rise in a year.

Singapore's International Trade Shrank On Weak Global Demands

Singapore's non-oil exports declined for the fourth month in a row in January, Enterprise Singapore said in a report Friday.

Non-oil exports declined 25% in January, larger than the 20.6% fall in November, the government data showed.

Exports declined 9.3% and imports fell 11.7% in January, resulting in a 10.4% decline in total international trade. volume.

Asian Markets Review

The Nikkei 225 index fell 0.7% to 27,513.13 and the yen declined to 134.18 against the U.S. dollar.

The Shanghai Composite index fell 0.7% to 3,224.02 and the Hang Seng index declined 1.3% to 20,719.81.

The Sensex index decreased 0.5% or 316.94 points to 20,719.81 and the Nifty index declined 0.5% or 91.65 to 17,944.20.

The Indian rupee weakened to 82.72 against the U.S. dollar and the yield on 10-year Indian government bonds traded near 7.34%.

Asia Movers

Tech stocks led the decliners in Tokyo trading.

Advantest Corp fell 1.7% to ¥10,050.0, Tokyo Electron Ltd declined 1.7% to ¥46,190.0 and Screen Holdings dropped 1.7% to ¥10,290.0.

China Renaissance Holdings Ltd plunged 28% after the company said it is not able to contact its chief executive office and the controlling shareholder Bao Fan.

Samsung Electronics, LG Energy Solution and Samsung SDI fell between 2% and 4%. after the Kospi index in Seoul decreased 1% to 2,451.21.

Adani Enterprises Ltd declined 4.5% to ₹1,719.0 and extended year-to-date losses by 55% following a negative report from the U.S.-based short seller Hindenburg Research.

Stronger Earnings Pared European Indexes Fall, German PPI Dropped to 17-month Low

Bridgette Randall
17 Feb, 2023
Frankfurt