Britain’s online property portal Rightmove has rejected an improved £6.1bn takeover proposal from Rupert Murdoch’s REA Group, stating it undervalued the company. REA Group made a third offer for Rightmove, but the company deemed it unattractive and materially undervalued. REA expressed disappointment at the rejection and frustration with the lack of substantive engagement from Rightmove.
Chinese stocks rallied for a second day, driven by Beijing’s stimulus efforts. The mainland China CSI 300 index rose by 1.68%, following a 4.3% jump the previous day. Hong Kong’s Hang Sing added nearly 1%, while Japan’s Nikkei and South Korea’s Kospi experienced losses. The People’s Bank of China implemented various stimulus measures to support the economy, including reducing cash reserve requirements for banks and lowering key interest rates.
The news of China’s stimulus measures also positively impacted global stocks, with the S&P 500 reaching its 41st record high on Wall Street. However, some analysts, like Ipek Ozkardeskaya from Swissquote Bank, cautioned that the effects of the stimulus may take time to reflect in economic data and may not address deeper issues like local government debt, an aging population, and weak demand-led growth. Long-term investors are taking a cautious approach as they observe the situation from a distance.
Overall, the rejection of the takeover offer by Rightmove and the positive stock market reactions to China’s stimulus measures are key events shaping today’s business and financial landscape.
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