The decision by the administration of President Joe Biden to hold firm on proposed Medicare Advantage rates for 2025 shows a break with recent practice, taking Wall Street by surprise. Only once in the past 10 years have final rates not improved from regulators’ initial proposals. Beijing has tasked banks with helping pump up the domestic economy as well as supporting debt-laden developers. China’s protracted property sales drought has weighed on many of the nation’s biggest builders. Eroded the balance sheets of the largest state-owned banks as their bad loans swell.
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Aker Carbon Capture shares surge as much as 49% after the company was awarded a contract from Norway’s Statkraft to capture 220,000 tonnes of carbon dioxide each year at the Heimdal waste-to-energy plant. Jungheinrich shares climb as much as 4.9% after Barclays gave the German machinery manufacturer a price target boost, citing constructive 2024 guidance and an attractive valuation. Ionos shares jump as much as 11% to the highest since its 2023 IPO following a DPA report that the cloud provider won a contract with Germany’s Federal Administration worth up to €410 million. Krones shares rise as much as 6% to a record high after Berenberg upgrades, saying the bottling machine manufacturer’s shares now represent an attractive buying opportunity.
The basic resources sector gains as much as 2.3% as the price of aluminium, copper, nickel and iron ore all rise. Henkel shares gain as much as 2.4% to the highest in almost a year as Barclays (equal weight) raises its price target on the German industrial product manufacturer. Rheinmetall gains as much as 2.6% after getting an order to supply components for 22 self-propelled howitzers PzH2000 from KNDS Germany worth around €135 million.
SSAB shares slide as much as 4.9% after the Sweden steelmaker unveiled plans to invest up to €4.5 billion on a new plant in Lulea that will help clean up one of the world’s dirtiest industries. S4 Capital shares fall as much as 8.2% after Citi said the advertising. Earlier in the session, Asian stocks gained rebounding after Monday’s slump, with technology stocks climbing and Hong Kong posting strong gains as the market reopened following holidays.The MSCI Asia Pacific Index climbed as much as 0.6%, with chipmakers TSMC and Samsung among the biggest contributors. Munters shares drop as much as 7.1% after Berenberg downgrades the Swedish industrial climate firm to hold from buy, saying the stock looks “somewhat inflated” following a strong run.
Prospects for delayed Fed cuts were again a key theme yesterday after an upside surprise in the March manufacturing ISM. The headline reading rose to 50.3 (vs. This came in some contrast to the core PCE inflation print out while markets were closed on Friday. 50 print since September 2022, while the employment recovered to 47.4 (vs. 45.9. Most concerning from the inflation perspective, ISM prices paid jumped to 55.8 (vs.