Chinese Markets Mixed on Economic Data

Shares in the Asia-Pacific were mostly higher on Monday as investors monitored market reaction to Chinese economic data.

The Nikkei 225 popped 324.8 points, or 1.1%, to 28,871.78, after the country reported an expansion in GDP.

Japan’s gross domestic product for the April-June quarter missed expectations in part because of high prices, according to Sayuri Shirai, a professor at Keio University.

People are going to restaurants and amusement parks, but high prices are discouraging spending, she said.

Capital expenditure, on the other hand, was higher than what markets expected, but Shirai said that is not surprising.

In Hong Kong, the Hang Seng index folded 134.76 points, or 0.7%, to 28,660.60.

The Hong Kong shares of several Chinese firms, including China Life Insurance and China Petroleum and Chemical, fell following news that the companies plan to delist from the U.S.

The companies announced the news on Friday via disclosures on the … Read more

Brits in EU slide into Brexit banking limbo as Barclays, Lloyd’s and Halifax shut their accounts

Thousands of Brits residing in the EU have been informed by UK banks that their EU-based bank accounts will soon be shut.

A range of British banks, including Barclays, Halifax and Lloyd’s, have told UK citizens living in the EU that they will no longer be able to have and use their account in member states, primarily in Spain, France and Germany.

They have been told they can only keep their UK bank accounts if their permanent address is in the UK, so if they are deemed living permanently in Britain, according to the international news site Expat.

Following the end of the transition period, which ended in December 2020, British banks who wish to continue operating legally across the bloc, special legal permissions are required for each EU market individually.

As a result, many British banks have come to the conclusion this exercise is too costly and requires too

Read more

Stocks Cap Off Big Week with Strong Gains

Equities throughout North America concluded a splendidly prosperous week with emphasis on Friday, as Canadian markets were powered largely by resource stocks.

The TSX jumped 187.93 points to conclude Friday at 20,179.81, for an increase on the week of 559 points, or 2.85%.

The Canadian dollar faded four cents to 78.31 cents U.S.

Gold led the way, with New Gold surging five cents, or 4%, to $1.05, while Nova Gold jumped 22 cents, or 3.6%, to $6.38.

In materials, Lithium Americas screamed higher $2.28, or 6%, to $39.75, while Endeavour Silver extended 16 cents, to 3.7%, to $4.52.

In cannabis companies, Aurora Cannabis hiked 19 cents, or 9.3%, to $2.23, while Cronos Group added 19 cents, or 4.9%, to $4.07.

ON BAYSTREET

The TSX Venture Exchange spiked 7.49 points, or 1.1%, to 680.51, picking up 16 points, or 2.46%.

All 12 TSX subgroups were positive by Friday’s close, as gold … Read more