Overseas Headlines – May 9, 2023

May 9, 2023

United States:

Stocks, Oil Slip After Weak China Data; Dollar Up: Markets Wrap

US equities slumped as a debt ceiling impasse dragged on sentiment. The dollar edged higher.

The S&P 500 traded down 0.5% on Tuesday while the tech-heavy Nasdaq 100 slid 0.5%. The gauges have been stuck in narrow trading ranges for over a month as traders weigh the end of the Federal Reserve’s interest rate hiking cycle against the possibility of an economic slowdown. PacWest Bancorp fell 7.9% as concerns about regional lenders linger.




Russia’s Oil Flows Reach New High as Output Cuts Fail to Show

Russian crude oil flows to international markets show little sign of ebbing even as Moscow’s threatened output cut stretches into a third month.

Four-week average seaborne shipments, which smooth out some of the volatility in weekly numbers, rose in the period to May 5 to the highest since Bloomberg began tracking them in detail at the start of 2022. With almost all Russia’s crude going to China and India, volumes to Asia also hit a new high.




China Property Crisis Has New Casualty in Languang Delisting

A distressed Chinese property developer is likely to delist from the country’s stock exchange, sending a fresh reminder the nation’s weaker builders are still struggling to survive.

Sichuan Languang Development Co., a private builder of residential buildings and offices in the southwest city of Chengdu, said in a filing that it has received a notice from the Shanghai Stock Exchange about its plan to delist its shares. The company has triggered a delisting situation after breaching listing rules for closing below one yuan per share for 20 consecutive sessions.




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