August 31, 2022
US Stocks Rise as Fresh Data Reassures Traders: Markets Wrap
US stocks rose and short-dated Treasuries trimmed earlier losses after weaker-than-expected private jobs data reassured traders.
The S&P 500 and the Nasdaq 100 climbed. Revamped ADP data showed US companies increased headcount at a relatively sluggish pace in August, a metric that the hawkish Federal Reserve will consider when contemplating September’s rate hike.
French Businesses Urge EU to Curb Energy Costs as Stoppages
A group of French energy-intensive manufacturers urged the European Commission to urgently overhaul the continent’s electricity market and cap gas prices as surging costs threaten to force a growing number of plants to slow or halt production.
European leaders are under increasing pressure to tame energy prices, which have skyrocketed in the past year as Russia limited gas supplies in retaliation for sanctions over its invasion of Ukraine. France faces the added problem of an unprecedented plunge in the availability of its aging nuclear plants.
Chinese Property Giants See Fortunes Diverge During Crisis
China’s two biggest property developers saw contrasting fortunes in the first half as the nation’s real estate crisis deepened.
Country Garden Holdings Co., the largest builder by sales, posted a record 96% drop in profit on Tuesday, citing a “severe depression” in the property market. Bucking the slowdown, its biggest rival China Vanke Co. reported an 11% increase in net income, propelling its shares higher on Wednesday.
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