Australian shares rise in first trading session of the new year
Australian stocks rose and futures in Asia diverged on Tuesday after stocks in the US started the year with slight gains.
The S&P/ASX 200 index rose as much as 0.9% on the morning of its first trading day in 2022, while futures rose in Hong Kong but fell in Japan.
In the US on Monday, the S&P 500 gained 0.6% to close at a record high. The US benchmark was lifted by a jump in Tesla shares, after the automaker reported low production numbers.
The rally in Apple shares, which pushed the iPhone maker’s market capitalization to $3 billion, also boosted the index.
US Treasury prices also plummeted on Monday in a bearish start to 2022, after the worst year for the global bond market in more than two decades.
Yields on the benchmark 10-year Treasury note rose nearly 0.13 percentage points, surpassing 1.6 percent for the first time since the emergence in late November of the Omicron coronavirus strain, sending yields plunging.
That marked one of the biggest Treasury sell-offs of the past year.
NY attorney general expands investigation into Trump’s business practices
The New York Attorney General has expanded the investigation into Donald Trump’s business empire, issuing subpoenas against the former president’s two eldest children.
Letitia James issued subpoenas to Trump, Ivanka Trump and Donald Trump Jr last month, according to documents filed with the New York Supreme Court on Monday. Her office said investigators were “looking for interviews under oath” of all three family members.
Court documents say the subpoena was issued “in connection with an investigation into the valuation of properties owned or controlled by Donald J Trump or the Trump Organization”.
James’ investigation is said to focus on whether the former president inflated the value of his assets for some purpose – such as securing a bank loan or insurance – while minimizing them when they have to pay taxes.
New filings, dated December 30, indicate that attorneys for the former president and his adult children are seeking to block James’ staff from interviewing them as part of an investigation.
The attorney general’s office said: “Despite numerous attempts to delay our investigation by the Trump Organization, we are confident that our questions will be answered and the truth will be revealed because No one is above the law”.
Read more about investigation.
Apple becomes first $3 billion company after surge from pandemic demand
Apple has become the first company to hit a market cap of $3 billion, after its value surged $1 billion in less than 16 months as the coronavirus pandemic ramped up Big Tech.
The iPhone maker became a $1 billion company in August 2018 and two years later became the first company to be valued at $2 billion. On Monday, the company’s shares rose 3% to $182.86, passing the latest milestone, before falling back to close at $182.01.
Apple briefly lost the title of the world’s most valuable company to Microsoft in late October. However, a strong rally in November restored its crown. It then edged higher towards the end of 2021 and has added half a trillion dollars in market value since Nov.
Only a handful of companies are worth more than $1 billion, including Tesla and Amazon. The parent Alphabet of Google and Saudi Aramco is valued at around $2 billion, while Microsoft’s market value is around $2.5 billion.
Shares of Apple are up more than 30% in 2021 as it deftly navigates the supply chain crisis and benefits from extra demand during the pandemic for iPhones, Macs and iPads as customers upgrade their offices. room in their home.
Read more about Apple.