Europe stocks open lower
European stocks were slightly lower early Tuesday, with the pan-European Stoxx 600 index down by 0.15% at 8:20 a.m. in London.
Major bourses were in the red, with Germany’s DAX down 0.4% and France’s CAC 40 lower by 0.25%. The U.K.’s FTSE 100 nudged 0.08% lower.
Stoxx 600 index.
Hong Kong’s monetary authority considering to deepen some connect schemes with China
Hong Kong’s monetary authority is reportedly considering deepening some of the investment connection schemes between the city and mainland China.
Speaking at the HSBC Global Investment Summit in Hong Kong, HKMA Chief Executive Eddie Yue said that there was capacity for greater “south bound” activity into Hong Kong, according to a Reuters report.
Yue told the HSBC Global Investment Summit in Hong Kong there was capacity for greater “southbound” activity from Chinese investors into Hong Kong’s financial markets.
The so-called northbound trading in the connect schemes allows offshore investors to buy China-listed products via Hong Kong, while southbound trading is designed for China-based investors to buy into Hong Kong products.
— Reuters
CEO of Shilla Hotels reportedly sells $326 million worth of Samsung shares to cover inheritance tax
Lee Boo Jin, the CEO of South Korean hotel group Shilla Hotels, has sold regarding 5.2 million shares of electronics giant Samsung Electronics in a $326 million block sale, with the shares priced at 84,100 won apiece, according to Reuters.
A block sale is a large securities transaction at a negotiated price that tends to shield or lessen the impact of the sale on the price of the publicly traded stock.
South Korean media reported that the sale was to cover inheritance tax liabilities following the death of former Samsung chairman Lee Kun-hee.
The younger Lee is the late Lee Kun-hee’s eldest daughter, and also the younger sister of Samsung Electronics Executive Chairman Lee Jae-yong.
— Lim Hui Jie, Reuters
Hyundai, Kia team up with India’s Exide Energy to produce EV batteries in India
South Korean automakers Hyundai and Kia have signed a memorandum of understanding with Indian battery company Exide Energy for strategic co-operation in India’s EV market.
Exide said that both the parties will work together for the development, production and supply of battery cells for Hyundai Motor’s electric vehicles in the Indian market.
Hyundai said the move will position the company and Kia as “pioneers in applying domestically produced batteries” in their upcoming EV models in the Indian market.
Hyundai stock was down 0.55% on Tuesday, while Kia shares rose 0.65%.
— Lim Hui Jie
U.S. to award Samsung up to $6.6 billion for Texas expansions: Reuters
The U.S. government plans to offer $6.6 billion in subsidies to South Korea’s Samsung Electronics for expanding its chip output in Texas, according to a report by Reuters.
The report said the subsidy will go toward the construction of four facilities in Taylor, including one $17 billion chipmaking plant that Samsung announced in 2021.
The subsidy will also be for investment in an undisclosed location and Samsung will more than double its investment in the U.S. to over $44 billion as part of the deal, according to the report.
Samsung shares were mostly flat on Tuesday.
— Lim Hui Jie, Reuters
Real estate sector outperforms on an otherwise tepid day
The S&P 500 ended Monday with a slight decline of 0.04%, but the real estate sector outperformed.
Apartment real estate investment trusts were the strongest names in the sector, with Camden Property Trust up 5.7%. The stock registered its best session since November 2022.
Gold futures extend 2024 rally to 13.5%, touch intraday record of $2372.50/ounce
June gold futures touched an intraday record $2372.50/ounce before closing at