China’s Alibaba Strives To Keep New York Listing Amid Audit Dispute - Doo Prime News
Doo Prime News > Industry Dynamics > China’s Alibaba Strives To Keep New York Listing Amid Audit Dispute

WORLDWIDE: HEADLINES 

China’s Alibaba Strives To Keep New York Listing Amid Audit Dispute 

Alibaba Group Holding Ltd (9988.HK) on Monday said it would work to maintain its New York Stock Exchange listing alongside its Hong Kong listing after the Chinese e-commerce giant was placed on a delisting watchlist by U.S authorities. 

Alibaba stock was down 4.5% in a near-flat Hong Kong market (.HSI) in early trade, following its 11.1% decline in New York on Friday. 

The company on Friday became the latest of more than 270 firms to be added to the U.S. Securities and Exchange Commission’s list of Chinese companies that might be delisted for not meeting auditing requirements. 

The Holding Foreign Companies Accountable Act (HFCAA) is intended to address a long-running dispute over the auditing compliance of U.S.-listed Chinese firms. 

It aims to remove foreign companies from U.S. exchanges if they fail to comply with American auditing standards for three consecutive years. 

Full coverage: REUTERS 

Japan’s July Factory Activity Growth Slows As Output, New Orders Contract 

Japan’s manufacturing activity expanded at the weakest rate in 10 months in July, as pressure from rising prices and supply disruptions hurt output and new orders, suggesting a solid post-pandemic economic recovery is still some way off. 

The final au Jibun Bank Japan Manufacturing Purchasing Managers’ Index (PMI) dipped to a seasonally adjusted 52.1 in July from the previous month’s 52.7 final. 

That marked the slowest pace of growth since September last year, and was slightly lower than a 52.2 flash reading. 

Japan’s economy has struggled to mount a sure-footed recovery from the pandemic’s hit, with recurrent flare-ups of COVID in China, the Ukraine war and surging commodity prices all dragging on overseas demand. 

Manufacturing activity suffered from contractions in output and overall new orders as well as a slower expansion in the backlog of work, the PMI survey showed. 

Full coverage: REUTERS 

WORLDWIDE: HEADLINES 

Asia Shares Off To Sluggish Start, China Data Soft 

Asian share markets got off to a slow start on Monday as disappointing Chinese economic data fed doubts last week’s rally on Wall Street could be sustained in the face of determined policy tightening by global central banks. 

China’s factory activity actually contracted in July as fresh virus flare-ups weighed on demand. The official manufacturing purchasing managers’ Index (PMI) fell to 49.0 in July, missing forecasts for 50.4. 

That did not bode well for the raft of PMIs due this week, including the influential U.S. ISM survey, while the July payrolls report on Friday should also show a further slowdown. 

At the same time U.S. data out Friday showed stubbornly high inflation and wages growth, while central banks in the UK, Australia and India are all expected to hike again this week. 

Full coverage: REUTERS 

Dollar Wallows Near 3-Week Low On Bets For Less Aggressive Fed 

The dollar hung near a three-week low to major peers on Monday as markets continued to wager that the Federal Reserve has less tightening to do with the U.S. economy at risk of recession. 

The dollar index , which measures the currency against six counterparts, edged 0.1% lower to 105.89, slipping back toward Friday’s low of 105.53, a level not seen since July 5. 

Data at the end of last week tossed the greenback in both directions, rising initially after the personal consumption expenditures (PCE) price index showed the fastest inflation since 2005, only to sink after the final University of Michigan report – closely watched by Fed policymakers – showed slipping consumer inflation expectations. 

The big economic focus for this week will be the monthly U.S. jobs report on Friday. 

Traders currently price about 31% probability that the Fed will keep its current 75 basis-point pace of rate hikes at its next meeting on Sept. 21, with 69% odds for a smaller half point increase. 

Full coverage: REUTERS  

Oil Drops As Weak China Factory Data Fan Demand Concerns 

Oil prices dropped on Monday, as weak manufacturing data from China and Japan for July weighed on the outlook for demand, while investors braced for this week’s meeting of officials from OPEC and other top producers on supply adjustments. 

Brent crude futures were down $1.19, or 1.1%, at $102.78 a barrel at 0212 GMT. U.S. West Texas Intermediate crude was at $97.19 a barrel, down $1.43, or 1.5%. 

Fresh COVID-19 lockdowns snuffed out a brief recovery seen in June for factory activity in China, the world’s largest crude oil importer. The Caixin/Markit manufacturing purchasing managers’ index (PMI) eased to 50.4 in July from 51.7 in the previous month, well below analysts’ expectations, data showed on Monday. 

Japanese manufacturing activity expanded at its weakest rate in 10 months in July, data showed on Monday. 

Full coverage: REUTERS 

Share to

One Click Away To Global Investments

Register
Trade glod and Sliver on Doo Prime Doo Prime provides mainstream index futures and commodity futures around the world Doo Prime provide over 300 the most popular US and Hong Kong stock cfd products