Nikkei rises above 26,000 for 1st time since 1991
Tokyo's benchmark stock index rose above the 26,000 mark on Tuesday for the first time in over 29 years. That followed record closing highs in New York on hopes for a coronavirus vaccine. On the Tokyo Stock Exchange, the Nikkei Average opened more than 100 points higher from Monday, putting it above 26,000. It's the first time since June 1991 for the index to hit the 26,000 level. In New York, two of the main stock indexes closed at record highs on Monday. Investors welcomed an announcement by US pharmaceutical firm Moderna that its coronavirus vaccine candidate was found to be 94.5 percent effective in an interim analysis.
The Dow Jones Industrial Average ended the day at 29,950, up 1.6 percent from Friday's close. It was the first time for the benchmark to post a record high since February, before pandemic panic sent stocks plunging. The S&P 500 also ended at an all-time high, up 1.2 percent to finish at 3,626.
https://www3.nhk.or.jp/nhkworld/en/news/20201117_10/
China lifts yuan midpoint to highest level in 29 months
China’s central bank on Tuesday lifted its official yuan midpoint to the highest in nearly 29 months, underpinned by solid gains in spot prices a day earlier. The People’s Bank of China (PBOC) set the midpoint rate at 6.5762 per dollar prior to the market open, 286 pips, or 0.43%, firmer than the previous fix of 6.6048. It was the strongest guidance rate since June 27, 2018.
https://www.reuters.com/article/china-yuan/china-lifts-yuan-midpoint-to-highest-level-in-29-months-idUSAZN0FTV00
Mexico completes $6.6 bln debt refinancing deal
Mexico has completed a debt refinancing operation worth $6.6 billion in international markets, including a heavily over-subscribed bond offer, the Finance Ministry said on Monday. The operation, which had three components, included the issuance of two new bonds: one at 10 years, maturing in 2031, for $1.825 billion and a coupon of 2.659%; one for 40 years, maturing in 2061, for $1.8 billion with a coupon of 3.771%. With demand hitting $16 billion, the offer was more than four times over-subscribed and drew 300 institutional investors, the Finance Ministry said in a statement.
Deputy Finance Minister Gabriel Yorio said the government secured one of the lowest interest rates in the market.
https://www.reuters.com/article/mexico-debt/update-3-mexico-completes-6-6-bln-debt-refinancing-deal-idUSL4N2I2465
Huawei ditches budget phone brand after U.S. cuts chip supply
Huawei Technologies Co. sold its Honor smartphone business to a Chinese government-backed consortium for an undisclosed amount, hiving off the entry-level devices arm after the Trump administration cut off its access to American technology.
The consortium was jointly founded by Shenzhen Smart City Technology Development Group Co. Ltd. and more than 30 of Honor’s agents and dealers, according to a statement in local newspapers. Huawei will no longer hold any shares in Honor. Honor was an integral part of Huawei’s smartphone business, once larger than Samsung Electronics Co.’s but now struggling to secure enough crucial components and software for production. The sale illustrates the uneven impact of White House sanctions on China’s largest technology company, whose consumer business is ailing even as its networking unit soldiers on. Shenzhen-based Huawei is said to have safeguarded its core telecom equipment business by stockpiling critical components to continue supplying its home country’s 5G rollout through at least 2021.
https://www.bnnbloomberg.ca/huawei-ditches-budget-phone-brand-after-u-s-cuts-chip-supply-1.1523342
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