Thank you for your participation. BMW’s boss has warned that European automakers risk entering an unwinnable battle with China as the EU pushes ahead with a ban on gasoline cars.
In February, the European Parliament approved a new law banning the sale of gasoline and diesel cars from 2035.
5 things to start your day
1) Races to secure more power for Rishi Sunak’s supercomputer lab | Overloaded power grid risks stalling Prime Minister’s efforts to establish the UK as an international AI hub
2) “Crisis cost of ownership” leaves 50,000 people in negative equity | As housing prices decline, affected homeowners face difficulty selling or refinancing their mortgages
3) UK loses £750m from Chinese holidaymakers due to tourist tax | Report finds shoppers are traveling to France, Italy and Spain instead
Four) Gatwick Airport’s second runway will not conflict with net zero, airport chief says | Stewart Wingate argues business expansion will boost economy as Rishi Sunak prepares to reject climate change recommendations
Five) Tycoons building empires on Britain’s failed beer brands | After first rescuing Black Sheep, financiers raided more struggling craft breweries
what happened overnight
Stocks in Asia rose as Wall Street rose on reports that the U.S. job market remains healthy but is showing some signs of cooling.
This confirmed investors’ expectations that the Federal Reserve would soon ease efforts to slow the U.S. economy by raising interest rates.
“Global markets seem obsessed with the idea of a ‘nirvana’ Fed tightening outcome with ‘perfect disinflation’ that causes no job pain,” said Mizuho Bank’s Tan Boon Heng. I mentioned it in the commentary.
Buying was also supported by new stimulus measures from China’s financial regulator for the struggling real estate sector. IG’s Yep Jun Long pointed out that they have lowered down payment requirements for first-time and second-time home buyers and lowered interest rates on existing home loans.
Hong Kong’s Hang Seng Index rose 2.4% to 18,828.91, while the Shanghai Composite Index rose 1% to 3,166.62.
Tokyo stock markets ended higher, with the benchmark Nikkei 225 index up 0.7% to close at 32,939.18 and the broader Topix index up 1% to close at 2,373.73, a 33-year high. Ta.
In the Seoul market, the Kospi rose 0.2% to 2,569.52. Sydney’s S&P/ASX 200 rose 0.5% to 7,312.60.
Stock prices also rose in Taiwan and Southeast Asia.
US markets will be closed today due to the Labor Day holiday.