German factory orders unexpectedly fall as Europe’s largest economy struggles Business

Thanks for joining me. Tui is considering delisting from the London Stock Exchange and moving its shares to Germany after concerns were raised by shareholders about where they could get the highest returns.

The announcement comes a day after Frankfurt’s Dax market hit a new record high.

5 things to start your day 

1) Record share of first-time buyers take out 35-year mortgages | More borrowers aim to get on the property ladder by signing up for a lifetime of debt

2) UAE invests in UK’s struggling wind farm market | Masdar snaps up 49pc stake in one of Britain’s largest renewables sites

3) China’s great wall of debt sparks credit rating outlook downgrade | Ratings agency warns a third of the country’s debt could be at risk of default

4) German carmakers accused of supplying Putin’s Russia through the back door | Exports of vehicle parts to Kyrgyzstan reportedly surge by 5,500pc despite sanctions

5) Jeremy Warner: The debt curse that is destroying corporate Britain | Taxman’s incentivisation of leveraged borrowing can have disastrous consequences

What happened overnight 

Asian stocks gained as traders increased bets that interest rates have peaked among major central banks globally, pushing down bond yields.

Benchmark 10-year Japanese government bond yields dipped to their lowest since mid-August at 0.62pc, tracking an overnight slide for equivalent US Treasury yields as cooling job vacancy data indicated that the Federal Reserve has finished raising rates.

US 10-year yields touched a three-month trough of 4.16pc on Tuesday before ticking up slightly to nearly 4.2pc in the latest session. Bets on a first Fed cut coming by March now stand at about 64pc, according to the CME Group’s FedWatch tool.

Lower borrowing costs boosted equity markets, with big tech a particular beneficiary.

The benchmark Nikkei 225 index was up 2pc, or 670.08 points, to end at 33,445.90, while the broader Topix index added 1.9pc, or 44.51 points, to 2,387.20.

Australia’s S&P/ASX 200 rose 1.7pc, Hong Kong’s Hang Seng rose 1.3pc and the Shanghai Composite rose 0.2pc.

The S&P 500 was nearly unchanged, dropping 0.1pc on Tuesday to 4,567.18, while the Dow Jones Industrial Average of 30 leading American companies was down 0.2pc to 36,124.56. 

The technology-heavy Nasdaq Composite rose 0.33pc to 14,229.91.

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This notice was published: 2023-12-06 09:11:23

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