SAB Miller Accepts Latest InBev Takeover Offer, Brent Futures Fall After OPEC Boosts Crude Productio
October 13, 2015 6:38 am
Official figures have shown that China’s September imports have fallen more than expected by 17.7% in Yuan-denominated terms. The figure leaves the world’s second largest economy with its weakest growth in 25 years and a trade surplus of 376.2bn Yuan. With the government’s attempt to shift the economy from export to consumer led, the significant drop in imports shows domestic demand is not as strong as policy makers had hoped for. In response to the data, the Chinese Central Bank expanded a scheme on Monday that increases the bank’s ability to lend, which aims to fuel hopes of more measures to support the economy. The Shanghai Composite Index closed 3.28% higher at 3287.66.
US stocks rose for a fourth day after solid corporate earnings reports from Amazon. The S&P 500 remained at a seven week high and closed up 0.13% at 2017.46, while the Dow Jones Industrial Average closed 0.28% higher at 17131.86 and the tech heavy NASDAQ finished 0.17% higher at 4838.64.
As a member of the Fed’s Board of Governors, Lael Brainard reinforced expectations of a delayed interest rate rise until next year arguing that the Fed should hold off until it is clear that a global slowdown, difficulties in China, and other international risks will not push the US recovery off course. In recent days traders have downgraded their former expectations of an interest rate rise before the New Year. Commodity currencies recovered sharply as the Australian dollar, which is seen as a liquid proxy to Chinese business, rose to a two month high of $0.7382. The Dollar index, which tracks the Dollar against a basket of six major currencies, dropped to a three week low of 94.619 on Monday.
Amid reports that OPEC countries are continuing to boost crude production despite a persistent global glut, Brent crude futures fell 5.3% on Monday, their biggest loss in about six weeks. SAB Miller has agreed to a takeover offer from AB InBev worth £44 a share, an increase on an offer made only yesterday of £43.50 a share. Combined, the two firms will be the world’s biggest brewer. In early trading, SAB stock is up by around 8.5% whilst InBev is currently up by around 1.7%..
Companies reporting earnings today include Johnson & Johnson, Intel and JPMorgan Chase & Co.
Official figures have shown that China’s September imports have fallen more than expected by 17.7% in Yuan-denominated terms. The figure leaves the world’s second largest economy with its weakest growth in 25 years and a trade surplus of 376.2bn Yuan. With the government’s attempt to shift the economy from export to consumer led, the significant drop in imports shows domestic demand is not as strong as policy makers had hoped for. In response to the data, the Chinese Central Bank expanded a scheme on Monday that increases the bank’s ability to lend, which aims to fuel hopes of more measures to support the economy. The Shanghai Composite Index closed 3.28% higher at 3287.66.
US stocks rose for a fourth day after solid corporate earnings reports from Amazon. The S&P 500 remained at a seven week high and closed up 0.13% at 2017.46, while the Dow Jones Industrial Average closed 0.28% higher at 17131.86 and the tech heavy NASDAQ finished 0.17% higher at 4838.64.
As a member of the Fed’s Board of Governors, Lael Brainard reinforced expectations of a delayed interest rate rise until next year arguing that the Fed should hold off until it is clear that a global slowdown, difficulties in China, and other international risks will not push the US recovery off course. In recent days traders have downgraded their former expectations of an interest rate rise before the New Year.
Commodity currencies recovered sharply as the Australian dollar, which is seen as a liquid proxy to Chinese business, rose to a two month high of $0.7382. The Dollar index, which tracks the Dollar against a basket of six major currencies, dropped to a three week low of 94.619 on Monday.
Amid reports that OPEC countries are continuing to boost crude production despite a persistent global glut, Brent crude futures fell 5.3% on Monday, their biggest loss in about six weeks.
SAB Miller has agreed to a takeover offer from AB InBev worth £44 a share, an increase on an offer made only yesterday of £43.50 a share. Combined, the two firms will be the world’s biggest brewer. In early trading, SAB stock is up by around 8.5% whilst InBev is currently up by around 1.7%..
Companies reporting earnings today include Johnson & Johnson, Intel and JPMorgan Chase & Co.
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