LBLV Didi leaves the U.S. listing and returns to China 2021/03/12
Published at : December 05, 2021
LBLV provides an overview of economic news.
Website LBLV is available at - https://lblv.com/
The main economic news for Friday, December 3:
0:00 Didi leaves the U.S. listing and returns to China
1:07 Stocks fall as investors wait for U.S. jobs data
2:11 Softbank’s shares fall after a series of failures
3:09 Oil prices rise amid OPEC+ policy adjustment plans
1. Didi leaves the U.S. listing and returns to China
Didi Global said Friday that it is ceasing to list on the New York Stock Exchange and will seek a listing in Hong Kong, the latest development after it ran afoul of Chinese regulators with a $4.4 billion IPO in the United States in July. The company's decision to drop its U.S. listing came amid a mounting regulatory crackdown that has wiped billions of dollars from the valuation of the ride-hailing giant. An investigation by Hong Kong's market regulator, the latest in a sweeping crackdown on the country's so-called "platform" companies, is examining whether Didi used any competitive practices that unfairly displaced smaller rivals and whether the pricing mechanism used in the company's core passenger delivery business is transparent enough. Last month, Chinese regulators demanded that Didi management develop a plan to delist from the NYSE because of concerns about data security.
2. Stocks fall as investors wait for U.S. jobs data
Asian stocks fluctuated Friday as investors bet that inflation will prompt a U.S. rate hike next year, even as a new Omicron variant of the coronavirus casts a cloud over the outlook. U.S. labor data, due out today and the focus of bond traders, is expected to show that 550,000 jobs were created last month, The broadest index of Asia-Pacific stocks outside Japan, the MSCI, fell 0.4%. Japan's Nikkei index hit a two-month low and is down 3% for the week. European stock futures rose about 0.4%. S&P 500 futures traded just below flat in Hong Kong in the afternoon, rebounding from a bigger drop earlier when news that Chinese delivery giant Didi will delist in New York revived worries about geopolitics and technology regulation. The major U.S. indices rallied strongly overnight, recovering from losses in previous sessions caused by fears surrounding a new strain. The Dow led the rebound, posting its strongest daily gain since March.
3. Softbank’s shares fall after a series of failures
Shares of Japanese conglomerate SoftBank Group Corp. fell more than 3% Friday after the giant technology investor experienced three misfortunes within 24 hours. The company's stock fell to $47.89, thanks to news of the decision by Didi Global, a company that is 21.5% owned by its Vision Fund. Earlier, the U.S. Federal Trade Commission sued to block Nvidia Corp.'s planned $80 billion acquisition of U.K. chip supplier Arm, owned by SoftBank, adding to the already significant global regulatory problems with the deal. Previously, shares of Grab, Southeast Asia's largest shipping and delivery company, fell more than 20% during its Nasdaq debut the day before after the company's record $40 billion merger with a shell company. The Vision Fund is Grab's largest shareholder, owning about 18.6% of the company.
4. Oil prices rise amid OPEC+ policy adjustment plans
Oil prices are rising Friday after OPEC+ said it would revise its plan to increase production before the next meeting if the coronavirus Omicron strain leads to a drop in demand. However, prices could still fall for a sixth straight week. Brent crude futures rose 1.41% to $70.65 a barrel, while WTI crude rose 1.58% to $67.55 a barrel. OPEC and partners yesterday agreed to stick to the current plan to increase oil production each month, despite concerns that the U.S. unsealing of strategic reserves and the emergence of a new strain of coronavirus would cause new turmoil in the oil market. However, producers left the door open for a quick policy change if restrictions due to the new coronavirus strain hit demand.
Website LBLV is available at - https://lblv.com/
The main economic news for Friday, December 3:
0:00 Didi leaves the U.S. listing and returns to China
1:07 Stocks fall as investors wait for U.S. jobs data
2:11 Softbank’s shares fall after a series of failures
3:09 Oil prices rise amid OPEC+ policy adjustment plans
1. Didi leaves the U.S. listing and returns to China
Didi Global said Friday that it is ceasing to list on the New York Stock Exchange and will seek a listing in Hong Kong, the latest development after it ran afoul of Chinese regulators with a $4.4 billion IPO in the United States in July. The company's decision to drop its U.S. listing came amid a mounting regulatory crackdown that has wiped billions of dollars from the valuation of the ride-hailing giant. An investigation by Hong Kong's market regulator, the latest in a sweeping crackdown on the country's so-called "platform" companies, is examining whether Didi used any competitive practices that unfairly displaced smaller rivals and whether the pricing mechanism used in the company's core passenger delivery business is transparent enough. Last month, Chinese regulators demanded that Didi management develop a plan to delist from the NYSE because of concerns about data security.
2. Stocks fall as investors wait for U.S. jobs data
Asian stocks fluctuated Friday as investors bet that inflation will prompt a U.S. rate hike next year, even as a new Omicron variant of the coronavirus casts a cloud over the outlook. U.S. labor data, due out today and the focus of bond traders, is expected to show that 550,000 jobs were created last month, The broadest index of Asia-Pacific stocks outside Japan, the MSCI, fell 0.4%. Japan's Nikkei index hit a two-month low and is down 3% for the week. European stock futures rose about 0.4%. S&P 500 futures traded just below flat in Hong Kong in the afternoon, rebounding from a bigger drop earlier when news that Chinese delivery giant Didi will delist in New York revived worries about geopolitics and technology regulation. The major U.S. indices rallied strongly overnight, recovering from losses in previous sessions caused by fears surrounding a new strain. The Dow led the rebound, posting its strongest daily gain since March.
3. Softbank’s shares fall after a series of failures
Shares of Japanese conglomerate SoftBank Group Corp. fell more than 3% Friday after the giant technology investor experienced three misfortunes within 24 hours. The company's stock fell to $47.89, thanks to news of the decision by Didi Global, a company that is 21.5% owned by its Vision Fund. Earlier, the U.S. Federal Trade Commission sued to block Nvidia Corp.'s planned $80 billion acquisition of U.K. chip supplier Arm, owned by SoftBank, adding to the already significant global regulatory problems with the deal. Previously, shares of Grab, Southeast Asia's largest shipping and delivery company, fell more than 20% during its Nasdaq debut the day before after the company's record $40 billion merger with a shell company. The Vision Fund is Grab's largest shareholder, owning about 18.6% of the company.
4. Oil prices rise amid OPEC+ policy adjustment plans
Oil prices are rising Friday after OPEC+ said it would revise its plan to increase production before the next meeting if the coronavirus Omicron strain leads to a drop in demand. However, prices could still fall for a sixth straight week. Brent crude futures rose 1.41% to $70.65 a barrel, while WTI crude rose 1.58% to $67.55 a barrel. OPEC and partners yesterday agreed to stick to the current plan to increase oil production each month, despite concerns that the U.S. unsealing of strategic reserves and the emergence of a new strain of coronavirus would cause new turmoil in the oil market. However, producers left the door open for a quick policy change if restrictions due to the new coronavirus strain hit demand.
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