- The Dow Jones Industrial Average rose 0.63% to end at 29,823.92 points, while the S&P 500 gained 1.13% to 3,662.44. The Nasdaq Composite climbed 1.28% to 12,355.11. Tesla Inc rose 3%, Micron Technology Inc advanced 4.7%, Xiaomi Group fell more than 7%, and Zoom Video Communications Inc slumped 15% after warning its gross margins would remain under pressure going into 2021.
- On December 1, the Debenhams department store chain collapsed, possibly spelling the end of a business that has been running for nearly two and a half centuries. The implosion was the indirect result of the collapse, one day previously, of Topshop owner Arcadia Group. In total, around 25,000 jobs are now at risk.
- Xiaomi Corp issued a notice of the suspension before the market on Dec. 2 morning. After trading resumed in the afternoon, Xiaomi stated that it has raised $3.91 billion as part of a deal that includes Hong Kong’s largest top-up placement and a convertible bond deal. Xiaomi lost 6.5% to HK$24.40.
- On December 1, the Shanghai Securities Regulatory Bureau (SSRB) announced its decision to suspend the fund sales business of Shanghai Jiufu Wealth Fund Sales Co., Ltd (hereinafter referred to as the “Jiufu Wealth”) for 12 months. Investigations show Jiufu Wealth’s financial situation continues to deteriorate and it’s office is unoccupied, which casts a significant doubt on their ability of maintaining the business.
- On December 1, the “Notice on Further Strengthening the Regulation of the Real Estate Market” was issued to refine Xi’an’s down payment ratio for the second home. Clearly adjusted the down payment ratio of commercial loans for the purchase of the second set of housing and provident fund loans. Commercial loan down payment is adjusted to 70%. In the second half of 2020, Hangzhou, Ningbo, Dongguan, Chengdu and other cities have successively introduced regulatory policies, which roughly include strict implementation of purchase restrictions and strengthened qualification review for house purchases, with the goal of “real estate speculation”.
By 【G-Translators – Financial and Law Team-Tracy】