10 things you need to know in markets September 10

FILE
PHOTO: File photo of a worker walking past a pump jack on an oil
field owned by Bashneft, Bashkortostan
Thomson Reuters

Good morning! Here’s what you need to know in markets on Monday.

1. Oil prices rose on Monday as the number of US rigs drilling
for new production was cut last week and as the market is
expected to tighten once US sanctions against Iran’s crude
exports kick in from November. US energy companies
cut two oil rigs last week, bringing the total count to 860,
energy services firm Baker Hughes said on Friday.

2. Asian shares started the week in the red again on
Monday, faltering for the eighth straight day and the dollar
climbed against major currencies after U.S. President Donald
Trump raised the stakes in the heated trade dispute with
China. MSCI’s broadest index of Asia-Pacific shares
outside Japan were last down 0.2% after dropping 3.5% last week
for their worst weekly showing since mid-March.

3. President Donald Trump suggested that Apple could face no
taxes if the company moves its manufacturing process to the US
from China. “Apple prices may increase
because of the massive Tariffs we may be imposing on China – but
there is an easy solution where there would be ZERO tax, and
indeed a tax incentive,”Trump
tweeted Saturday. “Make your products in the United States
instead of China. Start building new plants now.
Exciting! #MAGA.”

4. Chinese company Geely is delaying the listing of Volvo Cars
due to valuation concerns amidst a global trade war, the
Financial Times reported. Geely believed it had the
backing for a flotation valuing Volvo Cars at $30 billion, but
was worried that investors, many of whom were expected to be
Swedish pension funds, would see the stock slip after the float,
the FT reported.

5. Chinese inflationary pressures continued to lift last month,
driven by firmer food prices. According to China’s
National Bureau of Statistics, consumer prices rose by 2.3% in
the year to August, the fastest increase since February this
year. It was the third consecutive month that the year-on-year
rate increased, and higher than the 2.2% pace that had been
expected by economists.

6. Chinese online retailing giant Alibaba has announced that
founder Jack Ma will step down as chairman, one year from
today. In accordance with succession plans
previously flagged by the company, current Alibaba CEO Daniel
Zhang will succeed Ma as chairman on September 10, 2019.

7. The U.S. Securities and Exchange Commission said on Sunday it
was immediately suspending trading in two investment products
that track cryptocurrencies, citing “a lack of current,
consistent and accurate information.” The SEC
said in a statement that trading in Bitcoin Tracker One and Ether
Tracker One would be halted in the United States until at least
September 20.

8. China’s steel exports just fell for a second straight month,
and Australia’s largest bank expects that trend to continue in
the second half of the year. The recent
declines mark a turnaround from the first six months of 2018,
when net steel exports were trending higher.

9. Luxury carmaker Aston Martin announced the appointment of a
non-executive chairwoman on Monday alongside a series of other
proposed roles as it confirmed its intention to pursue an initial
public offering. The 105-year old firm, famed
for making the sports car driven by fictional secret agent James
Bond, said last month that it hopes to float on the London Stock
Exchange.

10. Australia’s Investa Office Fund said it has set September 17
as the date for its shareholders to vote on Blackstone Group’s
sweetened A$3.3 billion ($2.4 billion)
bid. Blackstone Group declared its A$5.52
($3.91) per share offer as final. The U.S. private equity giant
increased its offer for the Sydney-focused landlord last week in
response to a rival bid from Canada’s Oxford Properties Group.