Shanghai Composite Jumps After China Interest Rate Cut, Tesco Dumps PwC After Three Decades
May 11, 2015 7:12 am
Asian shares rose on Monday – with the Shanghai Composite in particular up by 3.04% - as investors cheered China’s latest cut to interest rates in an attempt to bolster its flagging economy and after Wall Street rallied on a robust headline reading for U.S. employment. U.S. stock indices ended more than 1% higher on Friday after strong jobs data indicated U.S. economic growth was picking up momentum, but not enough to raise concerns about an earlier-than-expected interest-rate rise by the Federal Reserve. The Dow rose 267 points to close at 18,191, while the S&P500 gained 28 points to close at 2,116.
In FX, the Dollar rose about 0.1% on the day against the Yen to 119.92, whilst the Euro skidded about 0.6% against USD to $1.1143. The Pound fell about 0.3% to $1.5407, after it notched a 10-week high of $1.5523 on Friday against the Greenback, after a surprise election victory by Conservatives.
Oil got off to a lacklustre start, with Brent edging up 0.1% on the day to $65.46 a barrel after it posted its first weekly loss in a month on Friday as the market fretted again about global oversupply. U.S. crude slipped about 0.1% to $59.31 after rising for an eighth straight week following the U.S. jobs report.
Within the equity space, Tesco has dumped its auditors of 32 years, PwC, in the wake of the £263m accounting scandal that hit the supermarket last year, The Independent said. Tesco stock is up 1.89% in early trade at 228p per share.
Asian shares rose on Monday – with the Shanghai Composite in particular up by 3.04% - as investors cheered China’s latest cut to interest rates in an attempt to bolster its flagging economy and after Wall Street rallied on a robust headline reading for U.S. employment. U.S. stock indices ended more than 1% higher on Friday after strong jobs data indicated U.S. economic growth was picking up momentum, but not enough to raise concerns about an earlier-than-expected interest-rate rise by the Federal Reserve. The Dow rose 267 points to close at 18,191, while the S&P500 gained 28 points to close at 2,116.
In FX, the Dollar rose about 0.1% on the day against the Yen to 119.92, whilst the Euro skidded about 0.6% against USD to $1.1143. The Pound fell about 0.3% to $1.5407, after it notched a 10-week high of $1.5523 on Friday against the Greenback, after a surprise election victory by Conservatives.
Oil got off to a lacklustre start, with Brent edging up 0.1% on the day to $65.46 a barrel after it posted its first weekly loss in a month on Friday as the market fretted again about global oversupply. U.S. crude slipped about 0.1% to $59.31 after rising for an eighth straight week following the U.S. jobs report.
Within the equity space, Tesco has dumped its auditors of 32 years, PwC, in the wake of the £263m accounting scandal that hit the supermarket last year, The Independent said. Tesco stock is up 1.89% in early trade at 228p per share.
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