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Chinese shares slump, another automaker gets hit by scandal, and Trump and Clinton take New York. Here are some of the things that people in markets are talking about today.
Equities drop, Chinese shares tumble
China's Shanghai Composite Index fell the most in almost two months, closing 2.3 percent lower, having fallen as much as 4.5 percent during the trading session, with no obvious news driving the decline. The MSCI Asia Pacific Index was little changed, with small gains in Japan where the Topix index closed 0.2 percent higher. In Europe, the Stoxx 600 Index was 0.3 percent lower at 10:25 a.m. London time, while the the FTSE 100 was down 0.5 percent as falling retailers outweigh a rally in mining stocks. S&P 500 were 0.2 percent lower.
Kuwait strike ends, oil drops
Kuwait's oil workers have said they'll end a three-day strike that has seriously curtailed crude output from OPEC's fourth-largest producing member. Oil futures fell as much as 3 percent in New York following the announcement and were 2.3 percent lower at $40.12 a barrel at 10:39 a.m. London time. Also adding to the pressure on oil prices are reports that Russia may boost production and exports in the wake of the failed Doha talks.
Mitsubishi admits manipulating test data
Mitsubishi Motors Corp. has become the latest automaker forced to admit that it manipulated vehicle tests, in this case to improve fuel-economy claims. The company said in a statement the 625,000 vehicles are involved, including models supplied to Nissan Motor Co., which discovered the manipulation. Shares in Mitsubishi plunged 15 percent in Tokyo trading. In other corporate news today, the European Commission has sent Google a formal antitrust complaint over the way the company deals with smartphone manufacturers.
Argentina opens EM floodgates
Argentina boosted the size of its bond sale to $16.5 billion yesterday as demand far out-stripped supply, with the securities rallying in early gray-market trading. Argentina's success is opening the floodgates for junk-rated issuers in developing countries, in what Goldman Sachs Group Inc. is calling the best financing conditions for emerging markets since 2012. In developed markets, with yields so low, things are different as debt management chiefs are having to get creative to attract banks to their offerings.
Trump, Clinton take New York
Hillary Clinton and Donald Trump won their New York primaries. The results put both Clinton and Trump in control of their respective parties' presidential races. Donald Trump's main opponent for the Republican nomination, Senator Ted Cruz, suffered a crushing defeat that means he can no longer reach the required delegate count needed to avoid a contested convention.
What we've been reading
This is what's caught our eye over the last 24 hours.
- China default chain reaction looms as companies wait 192 days to get paid.
- Saudi Arabia's $10 billion financial district is missing one thing: Banks.
- Dreams of Draghi cash drop fade in Europe's political abyss.
- Currency managers look for next winning trend as dollar falters.
- Putin's propaganda machine is meddling with European elections.
- Blankfein's decade ending with a thud on a humbled Wall Street.
- Bailouts are big in the Middle East this season.