Dow futures fall more than 100 points to start the shortened trading week: Live updates

20 Mins Ago

ECB officials reiterate data-driven approach to policy

Officials at the European Central Bank reiterated that any changes to monetary policy will be dependent on how much — and how quickly — inflation in the region is improving.

 “It’s too early to declare victory … the job is not yet done. That said, interest rate tightening has been quite successful so far, more successful than we thought even at Davos one year ago,” ECB member Francois Villeroy de Galhau said at the World Economic Forum in Davos, Switzerland.

Fellow ECB member Mario Centeno, meanwhile, noted: “We remain data dependent, that’s how we frame our decisions … One of the greatest successes of the ECB lately is being able to anchor expectations for inflation in the medium term at 2%, and this is because we are credible, we have to remain so.”

— Fred Imbert

An Hour Ago

Tesla dips in pre-market trade after Musk vote takeover comments

Elon Musk, chief executive officer of Tesla Inc., raises a glass at the Atreju convention in Rome, Italy, on Saturday, Dec. 16, 2023. The annual event, organized by Giorgia Meloni’s Brothers of Italy party, began in 1998 as a convention for right-wing youths and has evolved into a political kermesse, including ministers and members of the opposition. Photographer: Alessia Pierdomenico/Bloomberg via Getty Images

Bloomberg | Bloomberg | Getty Images

Shares of Tesla shed 2.3% in pre-market trade, after company CEO Elon Musk on Monday said he wants to assume roughly 25% of voting control over his electric vehicle business.

He already owns 13% of the Tesla, amounting to 411 million shares.

The billionaire sold tens of thousands of billions worth of his shares in the company in 2022, largely in a bid to finance his $44 billion leveraged takeover of social media platform Twitter.

Concerns have mounted over Musk’s divisive public comments and splintered leadership focus, as he simultaneously heads SpaceX.

Ruxandra Iordache

6 Hours Ago

China consumers more likely to save than spend in first half of 2024, StanChart says

China has been battling weak domestic demand, and the country has pledged to boost consumption at home.

“Domestic consumer confidence is soft because of the softer labor market and softer incomes,” Eric Robertsen, global head of research at Standard Chartered Bank, told CNBC’s Street Signs Asia.

Due to the softer income levels, Robertsen argued that even with China’s interest rates below 3% and more liquidity in the market, “the Chinese consumer will be inclined more to save than to spend, which will be watched in the first half of the year.”

He said more fiscal and monetary stimulus is expected.

Mainland China’s CSI 300 index shed 11.4% last year, clocking their third straight year in the red. The index was down 0.4% in afternoon trading on Tuesday.

— Shreyashi Sanyal

9 Hours Ago

Commodity miners weigh down Australian markets as ASX200 hits four week low

Australia’s S&P/ASX 200 hit four-week lows Tuesday, dragged by commodity stocks as underlying prices slipped. The index also led losses in the region, falling 1.2%, and hitting its lowest level since Dec. 14.

Iron ore prices fell after China’s central back held its medium-term lending facility rate at 2.5% on Monday. China is the world’s top consumer of iron ore.

The benchmark February iron ore contract on the Singapore Exchange traded at $127.9 a ton, hitting its lowest level since Dec. 5.

Fortescue lead losses among heavyweight miners on the ASX, losing 2.31%. Counterparts Rio Tinto and BHP Group dipped 1.83% and 1.46%, respectively.

— Lim Hui Jie

11 Hours Ago

Japan producer prices climb 0.3% in December

Japan’s corporate goods price index rose 0.3% month-on-month in December, beating expectations of economists polled by Reuters.

The Reuters poll estimated December CGPI to remain unchanged from November.

The CGPI remained flat in December compared with the same period a year earlier, compared with Reuters expectations of a 0.3% fall.

— Lim Hui Jie

11 Hours Ago

Uber decides to shutter alcohol delivery service Drizly

Uber has decided to shut down alcohol delivery service Drizly, which it bought three years ago for $1.1 billion, Axios reported on Monday.

“After three years of Drizly operating independently within the Uber family, we’ve decided to close the business and focus on our core Uber Eats strategy of helping consumers get almost anything—from food to groceries to alcohol—all on a single app,” Uber’s SVP of delivery Pierre-Dimitri Gore-Coty told Axios.

Drizly, which grew to become the nation’s largest online marketplace for alcohol during the pandemic-fueled home delivery sales boom, will officially shut down at the end of March 2024, Uber said.

Shares of Uber, which soared last year, are up more than 2.5% this year. The ride-hailing company joined the S&P 500 on Dec. 18.

— Pia Singh

11 Hours Ago

NYSE chairman sees ‘robust’ pipeline of potential IPOs this year

Initial public offering activity should bounce back in 2024, according to New York Stock Exchange vice chairman John Tuttle.

“We have a robust pipeline from across sectors and geographies,” Tuttle said at the Reuters Global Markets Forum ahead of the World Economic Forum’s annual meeting in Davos. “It’s just finding that time when investors have the appetite for these companies, and companies are ready to go.”

Tuttle said the pickup in IPO activity can be attributed to greater stability in U.S. interest rates, record-high equity indexes and fairly low market volatility. IPO activity reached its lowest level in 2023, after 2016, due to interest rate hikes and broader economic uncertainty.

Read the full story here from Reuters.

— Pia Singh

12 Hours Ago

Stock futures open in the red

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