· Foxconn says it will continue to work with Wisconsin to create jobs, woo investors
Taiwan-based Foxconn Technology Group 2354.TW said its commitment to Wisconsin has not wavered and it will continue to work with U.S. President Donald Trump and the local government to create new jobs and attract investment to the state.
· Swiss wealth manager UBS reports 99% hike in net income to $2.1 billion for the third quarter
· Asian Stock Market: Trades mixed amid central banks’ updates, stimulus talks
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was 0.18% lower after U.S. stocks fell over 1% in the previous session, while Australian .AXJO and Japanese .N225 markets dipped.
Asian stocks remain directionless during the pre-European session on Tuesday. The risk barometers struggle to justify the bearish bias of the RBA and the RBNZ, in contrast to the PBOC’s inaction, amid a lack of clear direction for the US coronavirus (COVID-19) stimulus.
Having heard RBA Governor Philip Lowe’s bearish bias in the last week, Aussie traders witnessed downbeat remarks from Assistant Governor (Financial Markets) Christopher Kent> The mood was also backed by RBA minutes suggesting that the Aussie policymakers prefer easy money policy while citing threats to unemployment and inflation. Also joining the bears’ line was the Governor of the Reserve Bank of New Zealand (RBNZ) who highlighted medium-term focus.
On the contrary, the People’s Bank of China (PBOC) defied Bloomberg’s forecast of a 0.25% cut in the reverse repo by keeping the monetary policy unchanged for the sixth time in the row. This weighs on the stocks from Beijing as well as Hong Kong.
Elsewhere, Germany’s Angela Merkel pushed companies to look towards Asia, ex-China, while searching for diversification.
Meanwhile, US Senate leader Mitch McConnell indicates voting on the bill during this week, the Minority leader Chuck Schumer said that the Republican stimulus proposal remains unacceptable.
· Japan stocks drop on caution over U.S. stimulus package
Japanese shares ended lower on Tuesday, tracking overnight Wall Street losses, as investors cautiously looked to whether U.S. lawmakers could reach an agreement on a stimulus package as a deadline to reach the deal came closer.
The benchmark Nikkei share average dropped 0.44% to close at 23,567.04, while the broader Topix lost 0.75% to 1,625.74.
At the close, the Shanghai Composite index reclaimed lost ground to end 0.47% higher at 3,328.10. The blue-chip CSI300 index was up 0.8%.
Didi considers 2021 IPO in Hong Kong, targets more than $60 billion valuation, sources say
China’s top ride-hailing firm Didi Chuxing is considering Hong Kong for a multibillion-dollar initial public offering (IPO) next year, people with knowledge of the matter said, rethinking previous aims to list in New York amid rising Sino-U.S. tension.
· European markets open lower as coronavirus, U.S. stimulus deadline stay in focus
European stocks opened lower on Tuesday morning, as concerns about the coronavirus in Europe, and a deadline for U.S. fiscal stimulus to be agreed, weigh on market sentiment.
The pan-European Stoxx 600 was down around 0.15% shortly after the opening bell, with most sectors and major bourses in negative territory.
Investors are also keeping an eye on U.S. politics. U.S. stock futures rose in early Tuesday morning trade ahead of a deadline for a new fiscal stimulus deal from Washington.
Futures contracts for the Dow Jones Industrial Average gained 79 points, while those for the S&P 500 and Nasdaq 100 also traded in mildly positive territory.
Reference: Reuters, CNBC, FXStreet
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