International Market Overview 31 May 2022

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International Market Update

  • European stocks closed higher Monday as traders took comfort in China’s easing of covid restrictions while keeping a wary eye on new inflation figures in the region. The pan-European Stoxx 600 closed up around 0.6%, with technology stocks leading the gains with a 2.1% gain, while most sectors and major bourses closed in positive territory. German inflation also exceeded expectations in May: Harmonised consumer prices rose 8.7% on an annualised basis, up from 7.8% in April and more than the 8.0% forecast by Reuters in a poll of analysts.
  • Markets in the U.S. were closed Monday for the Memorial Day holiday.
  • Stocks in the Asia-Pacific region were mixed this morning as investors awaited the market’s reaction to the release of China’s official manufacturing activity data for May. China’s official purchasing managers’ index for manufacturing China’s official manufacturing purchasing managers’ index came in at 49.6 in May, an improvement from April’s reading of 47.4. The May reading was above the 48.6 expected in a Reuters poll, but still below the 50-point mark that separates growth from contraction. PMI readings are sequential and represent month-over-month expansion or contraction.

 

In International News

 

Chelsea FC confirms sale to group led by Todd Boehly and Clearlake Capital

Roman Abramovich has completed the sale of Chelsea Football Club to a group led by American businessman Todd Boehly and investment firm Clearlake Capital. The 48-year-old Boehly beat out 11 serious rivals to win the deal for £4.25 billion. In a statement, the club said that the sanctions imposed on Mr. Abramovich, following Russia’s invasion of Ukraine, had presented “unique and unforeseen challenges” to the sale process. Nonetheless, the sales process was completed “in an accelerated timeframe,” the southwest London club added. The association said it had received 250 inquiries from prospective buyers and had “discussions with more than 100 individuals and companies.” There had been 12 “credible offers, from which four and then three final bidders emerged,” it added.

 

Canada proposes total freeze on ownership

Canada should introduce a total ban on the purchase and sale of all handguns, Prime Minister Justin Trudeau said. His government is proposing a new law that would freeze private ownership of all short-barreled firearms. The law would not completely ban handgun ownership, but would make handgun purchases illegal. Trudeau’s proposal comes days after a deadly shooting at a Texas elementary school in the neighbouring U.S. killed 21 people. The bill, presented to the Canadian Parliament on Monday, makes it impossible to buy, sell, transfer or import handguns across the country.