Friday, 22 Jan 2021

European Economics Preview: Eurozone Flash PMI Data Due

Malaysia's Top Glove shares tumble after govt says factories to be shut

KUALA LUMPUR, Nov 24 (Reuters) – Shares in Malaysia’s Top Glove fell as much as 7.5% in early trade on Tuesday, after the government said some of its factories would be closed in stages for COVID-19 screening and quarantine after more than 2,000 of its workers tested positive.

The Health Ministry reported a sharp rise in cases in the area where Top Glove factories and dormitories are located, with 2,453 workers testing positive for the virus, out of 5,767 screened.

The government said 28 factory buildings will be shut in phases but did not specify when the shutdowns would begin.

Princess Cruise Lines Unable to Dodge Passengers’ Covid Suit

Princess Cruise Lines Ltd. failed to persuade a judge to dismiss negligence claims by 17 passengers who allege they developed Covid-19 symptoms after being exposed to the coronavirus on a February cruise.

The company won dismissal of one passenger’s claims in a ruling issued Monday, but U.S. District Judge Gary Klausner in Los Angeles concluded the other plaintiffs made legally sufficient allegations to proceed.

Live Updates: Trump's legal team criticized by Rush Limbaugh

Republicans urge Trump to drop legal challenges to election results

Former Wisconsin congressman Sean Duffy, former Obama economic adviser Robert Wolf discuss election lawsuits on ‘America’s Newsroom.’

Rush Limbaugh knocked President Trump's legal team for underdelivering at last week's widely-hyped press conference alleging widespread voter fraud that stole a "landslide" victory from their client. 

During his radio show on Monday, Limbaugh began by knocking the legal team's efforts to distance itself from Attorney Sidney Powell, telling his listeners "It's a tough thing to deny that she was ever a part of it because they introduced her as part of it. I mean, she was at that press conference last week."

"The problem with that press conference last week, folks, it goes way beyond Sidney Powell," Limbaugh said. "You call a gigantic press conference like that, one that lasts an hour, and you announce massive bombshells, then you better have some bombshells," said the syndicated host who is heard on nearly 600 stations.

Follow below for more updates on the election legal fight. Mobile users click here.

Live Updates: Biden gets green light to begin formal transition process

Trump legal challenges flounder as GSA grants Biden transition funds

The ‘Special Report’ All-Star panel of Mara Liasson, Ben Domenech and Byron York discuss

U.S. General Services Administration chief Emily Murphy informed President-elect Joe Biden on Monday that her agency has formally ascertained him as the apparent winner of the 2020 presidential election and would move ahead with transition proceedings.

The letter effectively ends a weeks-long standoff in which the Biden transition team accused Murphy and her agency of withholding critical transition resources needed for a smooth transfer of power. President Trump has yet to concede the 2020 election.

Murphy said her decision was based on “recent developments involving legal challenges and certifications of election results.” Earlier Monday, Michigan voted to certify its election results and the Pennsylvania Supreme Court threw out a Trump campaign challenge that sought to invalidate thousands of absentee ballots in Allegheny County.

Follow below for more updates on the 2020 election. Mobile users click here. 

Symrise To Buy Sensient’s Fragrances Business Unit

Sensient Technologies Corp (SXT) announced that it has agreed to sell its fragrance and aroma chemicals business to Symrise AG (SYIEY.PK,SYIEF.PK). The company expects the transaction to be finalized in the first half of 2021.

With the acquisition, Symrise said it will strengthen its backward integration and broaden its leadership position as a supplier of fragrance ingredients which are increasingly demanded for use, especially in personal and home care products.

Symrise also plans further expansion of customer base and presence, particularly in EAME and Latin America.

Going forward, Symrise plans to strengthen its manufacturing footprint in Spain with targeted investments in the manufacturing site in Granada that will be acquired.

Upon completion of the sale of the fragrances business, Sensient will operate with a more focused portfolio of food and pharmaceutical colors, personal care, flavors, extracts and flavor ingredients, and natural ingredients for the food, pharmaceutical, and personal care markets.

European Economics Preview: Eurozone Flash PMI Data Due

Flash Purchasing Managers’ survey results from euro area and the UK are due on Monday, headlining a light day for the European economic news.

At 3.15 am ET, IHS Markit is scheduled to issue France flash composite PMI data. Economists forecast the index to fall sharply to 34.0 in November from 47.5 in October.

At 3.30 am ET, Germany’s flash PMI data is due. The composite indicator is seen at 50.4 in November versus 55.0 a month ago.

At 4.00 am ET, IHS Markit is set to release euro area preliminary PMI data. The composite output index is expected to fall to 45.8 in November from 50.0 in the previous month.

Also, Poland’s retail sales data is due at 4.00 AM ET. Economists expect sales to fall 0.3 percent on year in October, in contrast to a 2.7 percent rise in September.

Half an hour later, UK CIPS/Markit composite PMI data is due. Economists expect the composite index to decline to 42.5 in November from 52.1 a month ago.

In the meantime, UK household finance index data is also due from IHS Markit.

Related Posts