Tuesday, November 5, 2024
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British Real Estate Website Rightmove Turns Down £6.1bn Bid from Rupert Murdoch’s REA; Chinese Stocks Continue to Surge – Live Business Updates


The US dollar weakened on Tuesday as Chinese monetary stimulus boosted commodity markets and lifted emerging market currencies. The Chinese stimulus caused a rally in metals markets and benefited currencies of commodity exporters in Latin America and South Africa. However, the sustainability of this trend is uncertain as the impact of Chinese monetary stimulus may need to be supported by fiscal stimulus. Meanwhile, evidence of a US economic slowdown continues to accumulate, leading investors to adopt a sell-dollar mindset.

In other news, the British online property portal Rightmove has rejected an improved £6.1bn takeover offer from Rupert Murdoch’s REA Group, citing that the proposal undervalued the company. Chinese stocks extended their rally for a second day, fueled by Beijing’s stimulus measures. However, some analysts caution that the effects of the stimulus may take time to manifest in the economic data and may not address underlying issues such as local government debt and an aging population.

In global markets, the CSI 300 index in mainland China rose by 1.68% following a 4.3% jump the previous day, while Hong Kong’s Hang Seng added nearly 1%. Wall Street’s S&P 500 hit a record high on Tuesday. Despite the positive market reactions, long-term investors remain cautious and prefer to observe the situation from a distance. Key events to watch today include Sweden’s Riskbank interest rate decision and US MBA Mortgage applications and New Home sales for August.

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