Five Things You Need to Know to Start Your Day: Europe
Get up to speed with what the markets are monitoring
Good morning. Hong Kong stocks give back some gains. France’s Macron backs companies tax plan. And LVMH signs Formula One deal. Here’s what people are talking about.
Chinese shares in Hong Kong fell as investors hit pause on their world-beating rally over the past month. Japanese stocks advanced after fresh weakness in the yen. A gauge of Hong Kong-listed Chinese companies dropped as much as 4.9%, halting a 13-day rally that was fueled by optimism over measures to stimulate the economy. The Hang Seng Index sank as much as 4.5%, its biggest intraday drop in almost two years. Markets in mainland China remain shut for Golden Week. Oil gained for a third day amid tensions in the Middle East, while US equity futures fell. Japan’s Topix index rose more than 1% after new prime minister Shigeru Ishiba said the economy isn’t ready for another interest-rate increase. The yen fell to a more than one-month low against the dollar, extending its 2% decline Wednesday.