Connect with us

Government

Asia Surges into The Bull Market FOMO Zone

Asia Surges into The Bull Market FOMO Zone

Published

on

Asian markets have surged this morning, dragged higher by jumps in S&P e-mini futures and a strong rally by WTI this morning. Sentiment has been further buoyed by better than expected earnings from Alphabet Inc. overnight, as well as the MSCI Asia Pacific Index crossing the 20% threshold and entering an official bull market.

 

The latter does make me cringe, especially when the press is awash with similar headlines this morning. But then I have never liked running with the herd, especially ones full of bulls. Financial markets globally, continue to delusionly price in a semi-rapid to normality in the world as economies tentatively return from COVID-19 lockdowns. That is not going to happen in the slightest. A reality check should be the levels of government intervention and support in the global economy so far. That will all have to be paid back, but big Government will be back in a very 70/80’s manner for some time.

 

What is true, though, is that the world’s central banks seem to be prepared to back-stop the poorest of investment decisions to keep the lights on in the global economy. The Federal Reserve’s move to buy “high yield” debt in vast quantities if necessary, effectively signalled that. The ECB has removed its country-specific limits on individual bonds to obtain as well, marking a high yield-lite strategy. The BOJ has been buying everything for quite some time, including ETF’s on the stock exchange for some reason.

 

Little surprise then that equities globally are or have moved into “official” bull markets. Or that the market itself is painting a narrative to explain it. Direct debt monetisation by other central banks, including our own in Indonesia, is also occurring regularly, with even the Reserve Bank of New Zealand suggesting negative rates are not of the table. I am so glad I am long property there.

 

When central banks plug their fingers in holes in the dike in one place, leaks tend to occur in other areas. In this case, those leaks may well manifest themselves in the form of inflation, as gigantic government borrowing requirements crown out the private sector. Peak globalisation and supply chains that have a national, rather than international look about them, thus raising costs, will also assist. Investors should be clear in differentiating central bank largesse back-stopping investment decisions, from economic reality. Reality usually wins in the end, but that economist “return to the mean” can take a long time to manifest. There is a world of difference between a bull market, and bs.

 

Still, that does not mean that momentum will fade anytime soon. Far from it, in fact. The bulls have the upper hand this week for sure, with a dovish outlook from the FOMC and further easing from the ECB sure to please. Big tech continues to report this week, with Microsoft and Facebook next up today. We also have US GDP this evening, with the US expected to have contracted by 4.0% in Q1. Even that staggering number will likely be ignored though, as markets prefer to take hope from the partial reopening of States across the nation. Even ones like Florida, where the COVID-19 death rate is still increasing. Like inflation, the limits of monetary policy, and the competence of governments leadership across the world, a COVID-19 second wave is a story for another day. Bask instead on Asia joining the “20%” FOMO club.

 

Asia stocks rise on easy money and peak virus hopes.

 

As I have stated, Asian stocks have risen this morning as US index futures rallied strong, with the S&P e-mini up over 1.20%, and the NASDAQ futures are rising 1.50%. The street is pricing in a very dovish outlook from the FOMC this evening, which should surprise no-one and more strong news from big-tech Q1 earnings, after the Alphabet Inc. results. With strongly positive momentum, even a poor US GDP print this evening will likely be twisted as backwards looking and ignored.

 

Japan is on holiday today, but the rest of Asia is performing well. Mainland China’s Shanghai composite has risen 0.50% and the CSI 300 by 0.70%. The Korean Kospi is 0.70% higher with the Straits Times 0.50 higher, and the Hang Seng up 0.25%. Regional markets, Jakarta and Kuala Lumpur, have climbed 0.50%.

 

Australia continues to perform strongly on the global recovery story and their exits from COVID-19 lockdowns. The ASX 200 and All Ordinaries have jumped 1.20%.

 

We fully expect Europe to pick up the baton, as they did yesterday, and continue with the rally started in Asia. With the US ignoring the rest of the stock markets results, only slip-ups by Facebook and Microsoft will upset the boat.

 

The US Dollar continues to ease as global sentiment improves.

 

The haven status of the US Dollar meant that it yet again gave ground overnight and this morning against the majors and emerging market currencies. EUR/USD has risen to 1.0850 with GBP/USD climbing 40 points to 1.2470 as oil prices rose today. With the Bank of Japan decision out of the way and a dovish FOMC to come, USD/JPY continues to fall, down 30 points to a one-month low of 106.50 today. Having fallen from 108.00 last week, USD/JPY looks still to have more downside potential.

 

The Australian Dollar has risen by over 1.0% in the last two sessions, up 30 points to 0.6536 today. With a high beta to commodities and world growth, its outperformance is no surprise. The AUD/USD faces a stern test of resistance at its 100-day moving average, just above at 0.6570. New Zealand is catching much the same tailwinds, the NZD/USD climbing nearly 1.0% to 0.6100 by this morning, having risen from 0.5900 last week. Having broken the 50-day moving average at 0.6670, Kiwi now eyes resistance at 0.6150 as its next target.

 

The jump in oil today has seen USD/CAD fall 40 points to 1.3937. We would expect other Petro-currencies such as NOK and RUB to outperform once Europe arrives, assuming oil holds its gains.

 

Across Asia, the CNY, KRW, SGD are all stronger versus the US Dollar today. We expect regional currencies to remain gently bid for the remainder of the session and into tomorrow, ahead of the May Day holiday on Friday.

 

WTI rallies impressively in Asia.

 

Even with WTI’s low, low price exaggerating the percentage moves in prices each day now, WTI’s rally in Asia this morning has been impressive. WTI has surged by 14.0% to $14.00 a barrel today. That has dragged Brent crude higher by 3.25% to $ 23.50 a barrel.

 

The generally positive mood sweeping financial markets can only partly account for this morning’s WTI rally. Liquidity in Asia, or lack of it, has undoubtedly exaggerated the move higher, with Japan away today. The June WTI contract is also where angels fear to tread now as the USO oil ETF and anyone else with a long position in it, desperately tries to roll their positions into forward months to avoid the mid-May contract expiry. It may well be that much of the speculative long positions have been rolled forward now that have to be.

 

I have my doubts with regards to that thesis, though. Bear in mind that the WTI June contract will not necessarily move around on fundamentals, rather than on liquidity at a given time. The supply/demand situation in the world continues to have a massive overhang of oil of 20 million barrels per day. That does not favour a sustained increase in oil prices.

 

One ray of hope for WTI though could occur next week. The regulators in Texas, Oklahoma and North Dakota are all set to decide whether producing oil at these prices in those states is ‘wasting resources.” Clearly, it is, and that has given the state authorities the power to force state-wide production cuts on producers or let them shutter wells without losing their concessions. What OPEC+ and the US President could not achieve, arcane regulatory bodies at a state level, might.

 

Gold continues its unexciting price action.

 

It may well be that with so much action going on in equity and energy markets, gold has just fallen off investors’ radars for now. Overnight, gold eased to the bottom of its recent range, at $1710.00 an ounce, remaining their unchanged today.

 

Gold’s time will come again, possibly driven by a sudden reversal and realisation of reality by financial markets. That though is unlikely to be this week. With much of the world on holiday on Friday, gold may find weekend event risk buyers in tomorrow’s session. But for today, gold looks set to probe the downside of its recent range, possibly edging below $1700.00 an ounce later today.

 

In the bigger picture, gold continues to mark time in a longer-term $1640.00 to $1740.00 an ounce range, with the shorter-term range probably confined between $1700.00 and $1720.00 an ounce. Given my track record on gold in general, I understand the murmurs of “famous last words” entirely.

 

Read More

Continue Reading

International

Shakira’s net worth

After 12 albums, a tax evasion case, and now a towering bronze idol sculpted in her image, how much is Shakira worth more than 4 decades into her care…

Published

on

Shakira’s considerable net worth is no surprise, given her massive popularity in Latin America, the U.S., and elsewhere. 

In fact, the belly-dancing contralto queen is the second-wealthiest Latin-America-born pop singer of all time after Gloria Estefan. (Interestingly, Estefan actually helped a young Shakira translate her breakout album “Laundry Service” into English, hugely propelling her stateside success.)

Since releasing her first record at age 13, Shakira has spent decades recording albums in both Spanish and English and performing all over the world. Over the course of her 40+ year career, she helped thrust Latin pop music into the American mainstream, paving the way for the subsequent success of massively popular modern acts like Karol G and Bad Bunny.

In late 2023, a 21-foot-tall bronze sculpture of Shakira, the barefoot belly dancer of Barranquilla, was unveiled at the city's waterfront. The statue was commissioned by the city's former mayor and other leadership.

Photo by STR/AFP via Getty Images

In December 2023, a 21-foot-tall beachside bronze statue of the “Hips Don’t Lie” singer was unveiled in her Colombian hometown of Barranquilla, making her a permanent fixture in the city’s skyline and cementing her legacy as one of Latin America’s most influential entertainers.

After 12 albums, a plethora of film and television appearances, a highly publicized tax evasion case, and now a towering bronze idol sculpted in her image, how much is Shakira worth? What does her income look like? And how does she spend her money?

Related: Dwayne 'The Rock' Johnson's net worth: How the new TKO Board Member built his wealth from $7

How much is Shakira worth?

In late 2023, Spanish sports and lifestyle publication Marca reported Shakira’s net worth at $400 million, citing Forbes as the figure’s source (although Forbes’ profile page for Shakira does not list a net worth — and didn’t when that article was published).

Most other sources list the singer’s wealth at an estimated $300 million, and almost all of these point to Celebrity Net Worth — a popular but dubious celebrity wealth estimation site — as the source for the figure.

A $300 million net worth would make Shakira the third-richest Latina pop star after Gloria Estefan ($500 million) and Jennifer Lopez ($400 million), and the second-richest Latin-America-born pop singer after Estefan (JLo is Puerto Rican but was born in New York).

Shakira’s income: How much does she make annually?

Entertainers like Shakira don’t have predictable paychecks like ordinary salaried professionals. Instead, annual take-home earnings vary quite a bit depending on each year’s album sales, royalties, film and television appearances, streaming revenue, and other sources of income. As one might expect, Shakira’s earnings have fluctuated quite a bit over the years.

From June 2018 to June 2019, for instance, Shakira was the 10th highest-earning female musician, grossing $35 million, according to Forbes. This wasn’t her first time gracing the top 10, though — back in 2012, she also landed the #10 spot, bringing in $20 million, according to Billboard.

In 2023, Billboard listed Shakira as the 16th-highest-grossing Latin artist of all time.

Shakira performed alongside producer Bizarrap during the 2023 Latin Grammy Awards Gala in Seville.

Photo By Maria Jose Lopez/Europa Press via Getty Images

How much does Shakira make from her concerts and tours?

A large part of Shakira’s wealth comes from her world tours, during which she sometimes sells out massive stadiums and arenas full of passionate fans eager to see her dance and sing live.

According to a 2020 report by Pollstar, she sold over 2.7 million tickets across 190 shows that grossed over $189 million between 2000 and 2020. This landed her the 19th spot on a list of female musicians ranked by touring revenue during that period. In 2023, Billboard reported a more modest touring revenue figure of $108.1 million across 120 shows.

In 2003, Shakira reportedly generated over $4 million from a single show on Valentine’s Day at Foro Sol in Mexico City. 15 years later, in 2018, Shakira grossed around $76.5 million from her El Dorado World Tour, according to Touring Data.

Related: RuPaul's net worth: Everything to know about the cultural icon and force behind 'Drag Race'

How much has Shakira made from her album sales?

According to a 2023 profile in Variety, Shakira has sold over 100 million records throughout her career. “Laundry Service,” the pop icon’s fifth studio album, was her most successful, selling over 13 million copies worldwide, according to TheRichest.

Exactly how much money Shakira has taken home from her album sales is unclear, but in 2008, it was widely reported that she signed a 10-year contract with LiveNation to the tune of between $70 and $100 million to release her subsequent albums and manage her tours.

Shakira and JLo co-headlined the 2020 Super Bowl Halftime Show in Florida.

Photo by Kevin Winter/Getty Images)

How much did Shakira make from her Super Bowl and World Cup performances?

Shakira co-wrote one of her biggest hits, “Waka Waka (This Time for Africa),” after FIFA selected her to create the official anthem for the 2010 World Cup in South Africa. She performed the song, along with several of her existing fan-favorite tracks, during the event’s opening ceremonies. TheThings reported in 2023 that the song generated $1.4 million in revenue, citing Popnable for the figure.

A decade later, 2020’s Superbowl halftime show featured Shakira and Jennifer Lopez as co-headliners with guest performances by Bad Bunny and J Balvin. The 14-minute performance was widely praised as a high-energy celebration of Latin music and dance, but as is typical for Super Bowl shows, neither Shakira nor JLo was compensated beyond expenses and production costs.

The exposure value that comes with performing in the Super Bowl Halftime Show, though, is significant. It is typically the most-watched television event in the U.S. each year, and in 2020, a 30-second Super Bowl ad spot cost between $5 and $6 million.

How much did Shakira make as a coach on “The Voice?”

Shakira served as a team coach on the popular singing competition program “The Voice” during the show’s fourth and sixth seasons. On the show, celebrity musicians coach up-and-coming amateurs in a team-based competition that eventually results in a single winner. In 2012, The Hollywood Reporter wrote that Shakira’s salary as a coach on “The Voice” was $12 million.

Related: John Cena's net worth: The wrestler-turned-actor's investments, businesses, and more

How does Shakira spend her money?

Shakira doesn’t just make a lot of money — she spends it, too. Like many wealthy entertainers, she’s purchased her share of luxuries, but Barranquilla’s barefoot belly dancer is also a prolific philanthropist, having donated tens of millions to charitable causes throughout her career.

Private island

Back in 2006, she teamed up with Roger Waters of Pink Floyd fame and Spanish singer Alejandro Sanz to purchase Bonds Cay, a 550-acre island in the Bahamas, which was listed for $16 million at the time.

Along with her two partners in the purchase, Shakira planned to develop the island to feature housing, hotels, and an artists’ retreat designed to host a revolving cast of artists-in-residence. This plan didn’t come to fruition, though, and as of this article’s last update, the island was once again for sale on Vladi Private Islands.

Real estate and vehicles

Like most wealthy celebs, Shakira’s portfolio of high-end playthings also features an array of luxury properties and vehicles, including a home in Barcelona, a villa in Cyprus, a Miami mansion, and a rotating cast of Mercedes-Benz vehicles.

Philanthropy and charity

Shakira doesn’t just spend her massive wealth on herself; the “Queen of Latin Music” is also a dedicated philanthropist and regularly donates portions of her earnings to the Fundación Pies Descalzos, or “Barefoot Foundation,” a charity she founded in 1997 to “improve the education and social development of children in Colombia, which has suffered decades of conflict.” The foundation focuses on providing meals for children and building and improving educational infrastructure in Shakira’s hometown of Barranquilla as well as four other Colombian communities.

In addition to her efforts with the Fundación Pies Descalzos, Shakira has made a number of other notable donations over the years. In 2007, she diverted a whopping $40 million of her wealth to help rebuild community infrastructure in Peru and Nicaragua in the wake of a devastating 8.0 magnitude earthquake. Later, during the COVID-19 pandemic in 2020, Shakira donated a large supply of N95 masks for healthcare workers and ventilators for hospital patients to her hometown of Barranquilla.

Back in 2010, the UN honored Shakira with a medal to recognize her dedication to social justice, at which time the Director General of the International Labour Organization described her as a “true ambassador for children and young people.”

On November 20, 2023 (which was supposed to be her first day of trial), Shakira reached a deal with the prosecution that resulted in a three-year suspended sentence and around $8 million in fines.

Photo by Adria Puig/Anadolu via Getty Images

Shakira’s tax fraud scandal: How much did she pay?

In 2018, prosecutors in Spain initiated a tax evasion case against Shakira, alleging she lived primarily in Spain from 2012 to 2014 and therefore failed to pay around $14.4 million in taxes to the Spanish government. Spanish law requires anyone who is “domiciled” (i.e., living primarily) in Spain for more than half of the year to pay income taxes.

During the period in question, Shakira listed the Bahamas as her primary residence but did spend some time in Spain, as she was dating Gerard Piqué, a professional footballer and Spanish citizen. The couple’s first son, Milan, was also born in Barcelona during this period. 

Shakira maintained that she spent far fewer than 183 days per year in Spain during each of the years in question. In an interview with Elle Magazine, the pop star opined that “Spanish tax authorities saw that I was dating a Spanish citizen and started to salivate. It's clear they wanted to go after that money no matter what."

Prosecutors in the case sought a fine of almost $26 million and a possible eight-year prison stint, but in November of 2023, Shakira took a deal to close the case, accepting a fine of around $8 million and a three-year suspended sentence to avoid going to trial. In reference to her decision to take the deal, Shakira stated, "While I was determined to defend my innocence in a trial that my lawyers were confident would have ruled in my favour [had the trial proceeded], I have made the decision to finally resolve this matter with the best interest of my kids at heart who do not want to see their mom sacrifice her personal well-being in this fight."

How much did the Shakira statue in Barranquilla cost?

In late 2023, a 21-foot-tall bronze likeness of Shakira was unveiled on a waterfront promenade in Barranquilla. The city’s then-mayor, Jaime Pumarejo, commissioned Colombian sculptor Yino Márquez to create the statue of the city’s treasured pop icon, along with a sculpture of the city’s coat of arms.

According to the New York Times, the two sculptures cost the city the equivalent of around $180,000. A plaque at the statue’s base reads, “A heart that composes, hips that don’t lie, an unmatched talent, a voice that moves the masses and bare feet that march for the good of children and humanity.” 

Related: Taylor Swift net worth: The most successful entertainer joins the billionaire's club

Read More

Continue Reading

International

Delta Air Lines adds a new route travelers have been asking for

The new Delta seasonal flight to the popular destination will run daily on a Boeing 767-300.

Published

on

Those who have tried to book a flight from North America to Europe in the summer of 2023 know just how high travel demand to the continent has spiked.

At 2.93 billion, visitors to the countries making up the European Union had finally reached pre-pandemic levels last year while North Americans in particular were booking trips to both large metropolises such as Paris and Milan as well as smaller cities growing increasingly popular among tourists.

Related: A popular European city is introducing the highest 'tourist tax' yet

As a result, U.S.-based airlines have been re-evaluating their networks to add more direct routes to smaller European destinations that most travelers would have previously needed to reach by train or transfer flight with a local airline.

The new flight will take place on a Boeing 767-300.

Shutterstock

Delta Air Lines: ‘Glad to offer customers increased choice…’

By the end of March, Delta Air Lines  (DAL)  will be restarting its route between New York’s JFK and Marco Polo International Airport in Venice as well as launching two new flights to Venice from Atlanta. One will start running this month while the other will be added during peak demand in the summer.

More Travel:

“As one of the most beautiful cities in the world, Venice is hugely popular with U.S. travelers, and our flights bring valuable tourism and trade opportunities to the city and the region as well as unrivalled opportunities for Venetians looking to explore destinations across the Americas,” Delta’s SVP for Europe Matteo Curcio said in a statement. “We’re glad to offer customers increased choice this summer with flights from New York and additional service from Atlanta.”

The JFK-Venice flight will run on a Boeing 767-300  (BA)  and have 216 seats including higher classes such as Delta One, Delta Premium Select and Delta Comfort Plus.

Delta offers these features on the new flight

Both the New York and Atlanta flights are seasonal routes that will be pulled out of service in October. Both will run daily while the first route will depart New York at 8:55 p.m. and arrive in Venice at 10:15 a.m. local time on the way there, while leaving Venice at 12:15 p.m. to arrive at JFK at 5:05 p.m. on the way back.

According to Delta, this will bring its service to 17 flights from different U.S. cities to Venice during the peak summer period. As with most Delta flights at this point, passengers in all fare classes will have access to free Wi-Fi during the flight.

Those flying in Delta’s highest class or with access through airline status or a credit card will also be able to use the new Delta lounge that is part of the airline’s $12 billion terminal renovation and is slated to open to travelers in the coming months. The space will take up more than 40,000 square feet and have an outdoor terrace.

“Delta One customers can stretch out in a lie-flat seat and enjoy premium amenities like plush bedding made from recycled plastic bottles, more beverage options, and a seasonal chef-curated four-course meal,” Delta said of the new route. “[…] All customers can enjoy a wide selection of in-flight entertainment options and stay connected with Wi-Fi and enjoy free mobile messaging.”

Read More

Continue Reading

Government

Stock Market Today: Stocks turn lower as factory inflation spikes, retail sales miss target

Stocks will navigate the last major data releases prior to next week’s Fed rate meeting in Washington.

Published

on

Check back for updates throughout the trading day

U.S. stocks edged lower Thursday following a trio of key economic releases that have added to the current inflation puzzle as investors shift focus to the Federal Reserve's March policy meeting next week in Washington.

Updated at 9:59 AM EDT

Red start

Stocks are now falling sharply following the PPI inflation data and retail sales miss, with the S&P 500 marked 18 points lower, or 0.36%, in the opening half hour of trading.

The Dow, meanwhile, was marked 92 points lower while the Nasdaq slipped 67 points.

Treasury yields are also on the move, with 2-year notes rising 5 basis points on the session to 4.679% and 10-year notes pegged 7 basis points higher at 4.271%.

Updated at 9:44 AM EDT

Under Water

Under Armour  (UAA)  shares slumped firmly lower in early trading following the sportswear group's decision to bring back founder Kevin Plank as CEO, replacing the outgoing Stephanie Linnartz.

Plank, who founded Under Armour in 1996, left the group in May of 2021 just weeks before the group revealed that it was co-operating with investigations from both the Securities and Exchange Commission and the U.S. Department of Justice into the company's revenue recognition accounting.

Under Armour shares were marked 10.6% lower in early trading to change hands at $7.21 each.

Source: Under Armour Investor Relations

Updated at 9:22 AM EDT

Steely resolve

U.S. Steel  (X)  shares extended their two-day decline Thursday, falling 5.75% in pre-market trading following multiple reports that suggest President Joe Biden will push to prevent Japan's Nippon Steel from buying the Pittsburgh-based group.

Both Reuters and the Associated Press have said Biden will express his views to Prime Minister Kishida Yuko ahead of a planned State Visit next month at the White House. 

Related: US Steel soars on $15 billion Nippon Steel takeover; United Steelworkers slams deal

Updated at 8:52 AM EDT

Clear as mud

Retail sales rebounded last month, but the overall tally of $700.7 billion missed Street forecasts and suggests the recent uptick in inflation could be holding back discretionary spending.

A separate reading of factory inflation, meanwhile, showed prices spiking by 1.6%, on the year, and 0.6% on the month, amid a jump in goods prices.

U.S. stocks held earlier gains following the data release, with futures tied to the S&P 500 indicating an opening bell gain of 10 points, while the Dow was called 140 points higher. The Nasdaq, meanwhile, is looking at a more modest 40 point gain.

Benchmark 10-year Treasury note yields edged 3 basis points lower to 4.213% while two-year notes were little-changed at 4.626%.

Stock Market Today

Stocks finished lower last night, with the S&P 500 ending modestly in the red and the Nasdaq falling around 0.5%. The declines came amid an uptick in Treasury yields tied to concern that inflation pressures have failed to ease over the opening months of the year.

A better-than-expected auction of $22 billion in 30-year bonds, drawing the strongest overall demand since last June, steadied the overall market, but stocks still slipped into the close with an eye towards today's dataset.

The Commerce Department will publish its February reading of factory-gate inflation at 8:30 am Eastern Time. Analysts are expecting a slowdown in the key core reading, which feeds into the Fed's favored PCE price index.

Retail sales figures for the month are also set for an 8:30 am release as investors search for clues on consumer strength, tied to a resilient job market. Those factors could give the Fed more justification to wait until the summer months to begin the first of its three projected rate cuts.

"The case for a gradual but sustained slowdown in growth in consumers’ spending from 2023’s robust pace is persuasive," said Ian Shepherdson of Pantheon Macroeconomics. 

"Most households have run down the excess savings accumulated during the pandemic, while the cost of credit has jumped and last year’s plunge in home sales has depressed demand housing-related retail items like furniture and appliances," he added.

Benchmark 10-year Treasury yields are holding steady at 4.196% heading into the start of the New York trading session, while 2-year notes were pegged at 4.628%.

With Fed officials in a quiet period, requiring no public comments ahead of next week's meeting in Washington, the U.S. dollar index is trading in a narrow range against its global peers and was last marked 0.06% higher at 102.852.

On Wall Street, futures tied to the S&P 500 are indicating an opening bell gain of around 19 points, with the Dow Jones Industrial Average indicating a 140-point advance.

The tech-focused Nasdaq, which is up 7.77% for the year, is priced for a gain of around 95 points, with Tesla  (TSLA)  once again sliding into the red after ending the Wednesday session at a 10-month low.

In Europe, the regionwide Stoxx 600 was marked 0.35% higher in early Frankfurt trading, while Britain's FTSE 100 slipped 0.09% in London.

Overnight in Asia, the Nikkei 225 gained 0.29% as investors looked to a key series of wage negotiation figures from key unions that are likely to see the biggest year-on-year pay increases in three decades.

The broader MSCI ex-Japan benchmark, meanwhile, rose 0.18% into the close of trading. 

Related: Veteran fund manager picks favorite stocks for 2024

Read More

Continue Reading

Trending