Good morning! Here’s what you need to know.
Another Good Sign For China. The country’s official manufacturing PMI hit 51.2, up by 0.1 from August. Anything above 50 indicates growth.
Another Japanese Firm Is Rolling Back Operations. Electronics maker Sharp is looking to cut 300 jobs in Europe after major financial losses in the last year.
Asian Markets Closed Down. The Nikkei took the biggest hit, falling 0.88%, while the Hang Seng dropped 0.38%. France’s CAC 40 is leading big European stock indices this morning, up 0.67%. The FTSE is down 0.04%, and Germany’s DAX is up 0.15%.
US GDP Growth Will Be Confirmed Later. The latest estimate of GDP for the US will be released at 8:30 a.m. ET. Economists are expecting a 4.6% annualized expansion for the quarter.
Japanese Inflation Might Be Cooling Off. Though Japanese CPI rose by 3.1%, the country is still feeling the effect of a sales tax hike. Core inflation dropped to 1.1% excluding the effects of the tax rise, well below the Bank of Japan’s new 2% target.
Russia Could Worsen Ukraine’s Energy Crisis. German business newspaper Handelsblatt says that Russia could cut gas supplies to Europe if countries try to re-export it to Ukraine.
Six Banks Are In Talks Over Forex Rigging Fines. Barclays, Citi, HSBC, JP Morgan, RBS, and UBS have entered discussions with the UK’s Financial Conduct Authority, according to the Financial Times.
Asia’s Biggest Property Deal In Years Is Going Ahead. Hyundai and two affiliates are buying a chunk of land in Seoul for $US10.12 billion to house new headquarters.
Chiquita And Fyffes Are Renegotiating Their Huge Banana Merger. The two fruit producers have agreed to boost Chiquita’s ownership of Fyffes, rising to 59.6%.
India’s Prime Minister Is Pushing Manufacturing. Narendra Modi wants to raise India’s manufacturing as a proportion of GDP from 15% to 25%, a major challenge for the economy.