Shares fell more than 3% in Hong Kong on Monday in holiday-thinned trading in Asia, with other big markets in Tokyo and Shanghai closed.
Investors are watching to see whether the Federal Reserve will take any action to address the impact of rising prices on businesses and consumers.
The company was expected to miss interest payments, as ratings companies forecast it may default on its debt. The Fed is due to deliver its latest economic and interest rate policy update on Wednesday. The central bank has said higher costs for raw materials and consumer goods are still likely to be temporary as the economy recovers, but analysts worry that higher prices could stick around and dent companies’ bottom lines while also crimping spending.Stocks closed lower on Wall Street Friday, marking a feeble ending to an up-and-down week of trading. The S&P 500 index SPX, -0.91% lost 0.9% to 4,432.
“Quadruple witching,” the simultaneous expiration of four kinds of options and futures contracts, contributed to market volatility. The phenomenon happens four times a year and forces traders to tie up loose ends in contracts they hold. More than 750 billion single stock options were due to mature Friday, said McKnight.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Voters choose new Hong Kong electors under pro-Beijing lawsHONG KONG (AP) — Select Hong Kong residents voted for members of the Election Committee that choose the city's leader in polls Sunday that Chief Executive Carrie Lam called “very meaningful” as the first under reforms meant to ensure candidates with Beijing loyalty.
Read more »
Goldman Sachs picks 6 Chinese chip stocks — some with over 50% upsideNew for subscribers: Goldman Sachs picks 6 Chinese chip stocks — some with over 50% upside. Check out CNBCPro today.
Read more »
Morningstar slashes its price targets for Macao casino stocks, flags areas of concernHong Kong-listed stocks of Macao casino operators have been slammed on Wednesday as concerns rise over greater regulatory scrutiny on the sector.
Read more »
Australian stocks set for lower start; major Asia markets closed for holidaysMarkets in mainland China, Japan and South Korea are closed on Monday for a holiday.
Read more »
Investors love to boast about their great stock picks, but beware of those who use fancy math to calculate their gainsIt's not impossible to beat the market, but it’s very difficult and rare. Buying and holding an index fund can seem boring, but it can bring financial independence and stability.
Read more »
Voters choose new Hong Kong electors under pro-Beijing lawsHONG KONG (AP) — Select Hong Kong residents voted for members of the Election Committee that choose the city's leader in polls Sunday that Chief Executive Carrie Lam called “very meaningful” as the first under reforms meant to ensure candidates with Beijing loyalty.
Read more »