04:03 GMT+3 / 24.05.2024

TOP 5 news of the week! Exclusive TeleTrade materials


China is lowering its tax on stock trading in an attempt to revive capital markets and boost investor confidence. Meanwhile, 3M's shares are rising premarket on reports that the industrial conglomerate has reached an agreement on personal injury claims. The most interesting news is waiting for you in our weekly top!

Chinese stocks rose

Chinese stocks rose on Monday after regulators halved a 0.1% government levy on stock trading as Beijing tries to restore investor confidence and revive flagging capital markets.

China's Shanghai Shenzhen CSI 300 and Shanghai Composite indexes rose by about 2.4% at one point, while Hong Kong's Hang Seng gained 1.8%.

These three companies performed the best in Asia, recovering from the weakest performance in 2023, although analysts warned that growth could be short-lived as the impact of cuts wanes.

Futures indicate an increase

U.S. stock futures rose on Monday as investors digested comments by Fed Chairman Jerome Powell about the potential path of further monetary policy changes.

The Dow futures contract gained 68 points or 0.20%, S&P 500 futures rose 6 points or 0.14%, and Nasdaq 100 futures rose 33 points or 0.22%. All major indexes closed in positive territory, ending the previous trading week.

Last Friday, at the annual economic symposium in Jackson Hole, Wyoming, Powell advocated keeping interest rates at the same level for now. But he noted that "further tightening" may be justified.

Oil is getting more expensive on the background of China's economic support

Oil prices rose as traders tried to assess the impact of China's reduction in trade duties on the world's largest importer of crude oil.

Investors will have the opportunity to study the state of the economy later this week when the most important index of purchasing managers in China's manufacturing industry for August is published. Economists expect that the indicator will remain in the territory of reduction.

Brent crude rose 0.1% to $84.06 per barrel, while U.S. West Texas Intermediate crude rose 0.3% to $80.09 per barrel. Both declined for the second week in a row on Friday after Powell noted that additional rate hikes may be needed, heightening concerns about demand from the largest oil consumer.

Payment of 3M Co. on the claim of $5.5 billion

It is reported that 3M Co. (MMM) is close to an agreement to pay $5.5 billion. to settle hundreds of thousands of claims brought against a company claiming that earplugs sold to the US military were defective.

According to numerous media reports, negotiations are ongoing and the final amount has not yet been determined. The potential settlement was first reported by Bloomberg.

More than 300,000 military personnel have filed lawsuits accusing Minnesota-based 3M and one of its subsidiaries of knowingly manufacturing earplugs that failed to protect them from hearing loss. 3M has disputed these claims, saying that earplugs work correctly when users are properly trained.

The settlement amount of $5.5 billion is much less than the figure of $10-15 billion estimated by some analysts. However, 3M's legal costs may still rise.

Apple is betting on the iPad Pro update

According to Bloomberg News, Apple (AAPL) is updating its iPad Pro to boost sales of high-end tablets.

The next iPad Pro models will be equipped with new versions of Apple M3 silicon chips, which are designed to work faster and more efficiently than their predecessors, Bloomberg reports. OLED displays – a long-standing attribute of Apple's iPhone, will also be used in new versions of the iPad with sizes of 11 and 13 inches.

Bloomberg reported that the Apple Magic Keyboard accessory will also be redesigned to make the user's work with the tablet more similar to working with a laptop.

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30 August 2023
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