Trending News

Get Your Daily Dose of Trending News


Stock Markets Rise After Getting a Push in Asia: Live Updates


Wall Street is set for an upbeat start to the week.

U.S. stock futures rallied and global markets were higher on Monday, bolstered by a call in China for investors to start buying shares.

European markets were 1 to 2 percent higher, after a strong session in Asia in which the Shanghai Composite index soared 5.7 percent. On Wall Street, futures pointed to a strong start to Monday’s trading session later in the day.

In other markets, the price of 10-year U.S. Treasuries fell, a sign that investors are more willing to take on risk, and oil futures rose nearly 2 percent. Gold was 0.2 percent higher.

The rise in China’s stocks was fueled by a call in state media for more retail investing. A front-page editorial in the state-run China Securities Journal urged investors to take advantage of “bullish market expectations” coming out of the pandemic.

Other Asian markets followed the rise in China’s stocks. Japan’s Nikkei rose 1.8 percent, and the Kospi in South Korea gained 1.7 percent.

In Britain, shares in house builders rose after a report suggested that Rishi Sunak, the chancellor of the Exchequer, was considering a stimulus measure that would reduce property tax payments for homeowners. Mr. Sunak is expected to give an overview of the British economy and new stimulus measures on Wednesday.

Factory owners get cheap land, courtesy of the Chinese government. Loans and subsidies are plentiful. Chinese hospitals are often told to buy locally, giving China’s suppliers a vast and captive market.

Once vaccines emerge, demand will plummet. Factories will close. But Chinese companies are likely to have the lowest costs by far and be best positioned for the next global outbreak.

For years, China’s leaders have worried that the country depended too much on foreign sources for everything from medical supplies to microchips to airliners. It has used subsidies, economic targets and other government inducements to emerge as a powerhouse in important industries.

The policies have often proved effective in building industries that can withstand losses and tough foreign competition. Medical supplies may be similar. — Keith Bradsher

In late February, Uber executives were set to gather in San Francisco to form business plans for the year as the coronavirus steadily spread beyond China. While some executives who were initially invited had been told to stay home, the remaining few huddled at Uber’s headquarters to make plans for the inevitable pandemic.

One of them, Susan Anderson, who managed Uber’s business in Australia, New Zealand and North Asia, delivered bad news: In Hong Kong, Uber trips had declined rapidly as the coronavirus took hold.

Months later, Uber is facing its greatest crisis: keeping the ride-hailing business afloat when many people are still staying home. Coronavirus totals in the United States, Uber’s highest-revenue market, continue to grow, challenging cities and local businesses that are trying to reopen. And rides, not surprisingly, are only haltingly returning to a semblance of what they were.

Hong Kong, on the other hand, has recovered from the pandemic faster than most other cities where Uber operates. The outbreak has been less severe there than in the United States, and many commuters have gone back to work. Although Uber’s business in Hong Kong is small and doesn’t generate much revenue, the foothold gave the company a preview of how quickly its business would slip away during the pandemic — but also a best-case example of what its recovery elsewhere could look like.

“If the world looked like Hong Kong, we would be in great shape,” Uber’s chief executive, Dara Khosrowshahi, said during a March call with financial analysts. At the peak of the outbreak in Hong Kong, rides declined 45 percent, Uber said. — Kate Conger and Tiffany May

Reporting was contributed by Keith Bradsher, Mohammed Hadi, Nellie Bowles, Kate Conger, Tiffany May, Sapna Maheshwari, Michael Corkery, Niraj Chokshi, Jason Karaian, Mike Isaac, Erin Griffith and Kevin Granville.


Sahred From Source link Business

Leave a Reply

Your email address will not be published. Required fields are marked *