Financial News

Roger Dale Lewis
January 5, 2022
AP-NC Newswatch
January 5, 2022
Financial News

 

Financial News:

 

World shares mixed…HK bans flights from US for 2 weeks

 

TOKYO (AP) – World shares are mixed after heavy selling of technology shares cast a chill over the cheerful start to 2022 on Wall Street. In early trading, France’s CAC 40 was up less than 0.1%, while Germany’s DAX added 0.2%. Britain’s FTSE 100 rose 0.2%. In Asia trading, Japan’s benchmark Nikkei 225 inched finished 0.1% higher. South Korea’s Kospi dropped 1.2%, Hong Kong’s Hang Seng shed 1.6% and the Shanghai Composite index lost 1.0%. On Wall Street the future contract for the Dow is up 0.1% while for the S&P 500, it slipped 2 points.

 

HONG KONG (AP) – Hong Kong authorities say there will be a two-week ban on flights from the United States and seven other countries. Authorities also are holding 2,500 passengers on a cruise ship for coronavirus testing as the city attempts to stem an emerging omicron outbreak. The two-week ban on passenger flights from Australia, Britain, Canada, France, India, Pakistan, the Philippines and the United States will take effect Sunday. Hong Kong leader Carrie Lam also announced that restaurant dining will be forbidden after 6 p.m. for two weeks starting Friday.

 

UNDATED (AP) – A mix of economic data and corporate quarterly earnings reports this week should give investors some insight into the impact that the pandemic and persistently rising inflation are having on companies and consumers. The U.S. job market will be a major focus for investors, starting with the Labor Department’s jobs report for December on Friday. Some sectors of the economy are still struggling, especially with supply chain problems. Growth in manufacturing slowed in December to an 11-month low, according to The Institute for Supply Management. The trade group releases its report on Thursday.

 

BEIJING (AP) – A troubled Chinese real estate developer with $310 billion of debt is asking investors in one of its bonds to postpone when they will be repaid. Evergrande Group says it will conduct a three-day online vote starting Friday for holders of the 4.5 billion yuan ($700 million) bond. Evergrande is the global real estate industry’s most indebted company. Evergrande’s struggle to avoid defaults while it tries to comply with tighter official limits on borrowing by China’s real estate industry has prompted fears of a financial crisis.

 

SACRAMENTO, Calif. (AP) – State fire officials say Pacific Gas & Electric power lines sparked last summer’s Dixie Fire in Northern California that swept through five counties and burned more than 1,300 homes and other buildings. Cal Fire said Tuesday that the blaze began last July after a tree hit electrical distribution lines in the Sierra Nevada. The fire burned nearly 1 million acres. PG&E already had said its equipment may have been involved and it’s facing legal action for other fires. In 2019 it pleaded guilty to 84 counts of involuntary manslaughter for a 2018 blaze that nearly destroyed the town of Paradise.