MARKETS - Page 18

Japan Nippon Steel clinched a deal on Monday to buy U.S. Steel for $14.9 billion in cash, prevailing in an auction for the 122-year-old iconic steelmaker over rivals including Cleveland-Cliffs, ArcelorMittal and Nucor. The deal price of $55 per share represents a whopping 142% premium to Aug. 11, the last trading day before Cleveland-Cliffs unveiled a $35-per-share, cash-and-stock bid for U.S. Steel, which had been valued at just $4.3 billion. The acquisition of the world’s fourth-largest steelmaker will help Nippon

According to four sources aware of the deal, Abu Dhabi is close to sealing a deal to buy a stake in a critical Turkish port. The potential agreement marks another sign of a rapprochement between the once-bitter geopolitical rivals. It would underscore Abu Dhabi’s ambition to boost its role as a regional trade and logistics powerhouse. The sources said the UAE’s state-controlled group AD Ports Group would invest in an entity established by the Turkey Wealth Fund to run the

Market participants said that dealers squaring their books ahead of an options expiration set to be the largest on record for S&P 500-linked derivatives may be helping to tamp down swings in U.S. stocks. Some $5 trillion in U.S. stock options are due to expire on Friday, with 80% in S&P 500-linked contracts – the most significant such expiration in at least 20 years – according to Asym500 MRA Institutional, a unit of derivatives strategy and execution firm Macro Risk

U.S. stocks registered modest gains on Monday but managed to close at new highs for the year, ahead of significant market catalysts this week that include inflation readings and the Federal Reserve’s policy announcement, which will strongly influence investor expectations on the path of interest rates. Investors remain wary of inflation, especially after the Fed raised interest rates three times this year to tamp down on the threat. That has led to higher home mortgage rates, a sluggish housing sector,

After ending 2023 on a high, crypto investors will watch interest rates and an expected bitcoin ETF as they decide how to place their bets next year. The market will also look to the Federal Reserve’s next move and regulatory decisions in the United States. 2024 is set to be a significant year for the cryptocurrency industry, as it will see the arrival of several new digital assets and new regulatory developments. It could also be the year that finally

Japan’s central bank is a major wildcard in global markets, where it has been an outlier, while other major central banks have aggressively hiked rates to combat inflation. That may change when the BOJ holds its policy meeting on Friday. The Nikkei is heading for its most significant weekly drop in a year, while bonds have been battered, and the yen is eyeing its most significant weekly gain in five months. Investors have been rushing out of bets that the

Binance has withdrawn an application for an Abu Dhabi license, the latest sign that the giant crypto exchange is reassessing its global structure as regulatory pressures mount. The Binance unit, called BV Investment Management, pulled the application with Abu Dhabi’s financial regulator on November 7, a spokesperson for Binance said on Thursday. The spokesperson added that the withdrawal was unrelated to the company’s settlement with US authorities last month, which included a $4.3 billion fine. Earlier this year, Binance was

Oil prices jumped by nearly 1% on Tuesday, lifted by uncertainty over voluntary output cuts by the OPEC+ group of producers and tensions in the Middle East. The Organization of the Petroleum Exporting Countries and its allies, including Russia, cut production by more than expected last week to support oil prices amid concerns that global economic weakness could curb demand growth. But the move is being complicated by the growing conflict between Israel and Hamas, which has led to Israeli

Australia’s largest power retailer, Origin Energy (ORG.AX), has rejected a revised takeover bid by a consortium led by asset manager Brookfield and EIG Partners. The Company’s top investor, pension fund AustralianSuper, said it would vote against the latest takeover proposal aimed at acquiring its 17.5% stake. The deal is “unpalatable” for the target and its investors, the fund said in a statement. It also said it would review any implications of the government’s plan to speed up the rollout of

When Bitcoin broke above $40,000 for the first time since May 2022, it shattered a long-running spell of slumps. Investors were smitten with the cryptocurrency. However, the rally is an outlier in that it is riding a wave of momentum on broad enthusiasm about U.S. interest rate cuts and as traders bet on the imminent approval of U.S. stock market-traded bitcoin funds. In the past year, Bitcoin has seen an epic rise and fall. Its price climbed from less than