Saudi petrochemical stocks ended yesterday’s trading on the downside after some disappointing earnings, but key banking and property stocks helped the index close slightly higher. Other Gulf markets were mixed.
Iraq failed to attract investment from oil majors in its oil and gas exploration/development contract auction yesterday, with no major companies winning any bids and only Italy’s Eni making one.
General Motors and South Korea have agreed to inject $4.35bn into the carmaker’s loss-making local arm to keep it afloat after it came close to seeking bankruptcy protection.
Australia’s Westpac Banking Corp was forced to defend the quality of its mortgage book yesterday as documents it provided to a judicial inquiry into financial sector wrongdoing raised doubts about its integrity and sparked a share sell-off.
Auto executives from across the globe are plugging their plans for an electric car future in China at the Beijing auto show, but they will find their Chinese counterparts are already motoring ahead.
China is considering proposals to slash import duty on passenger cars by about half, a move that’s set to give a lift to luxury-auto makers such as BMW AG and Toyota Motor Corp’s Lexus unit, according to people with direct knowledge of the matter.
South Korea’s economy bounced back last quarter, buoyed by booming exports of data memory chips and a boost from government spending, although private consumption was sluggish.
The euro sagged and equities pushed higher yesterday as the ECB warned of threats to economic growth and signalled easy money policies could stay if necessary.
Further weakness in the technology sector dragged on Asian equities yesterday while the dollar extended recent gains as US Treasury yields sat at four-year highs.
Chinese smartphone maker Xiaomi Corp is making unusual preparations for what may be the world’s biggest initial public offering this year.
Russia’s neighbours are hopeful their economies prove more resilient than their currencies have been to the fallout from the latest round of US sanctions.
European Central Bank chief Mario Draghi played down concerns over softness in the eurozone economy yesterday as the ECB kept policy on hold, bolstering expectations that it will halt bond purchases by year-end.