Chinese equities recover strongly after the government announced several sentiment-boosting measures such as letting pension funds buy shares and postponing big-ticket IPOs. The rest of Asia are also higher as developments in Greece unfolds. Seemingly unaffected by the volatile Asian markets, Sony announced that it is embarking on a massive fund raising via share sales and the issuance of convertible bonds. Read on..
Chinese shares bounce back in edgy, bumpy session. After falling as much as 5.1% in the morning session, the Shanghai Composite Index surged in the afternoon after a number of positive reports. The index closed up 5.5%. Other major Asian markets were also higher with Nikkei ending the day up 0.6% and the Hang Seng Index was last seen with a 1.4% gain. CNBC/Bloomberg
Sony eyes 440 billion yen ($3.6 billion) in funds from offering shares and convertible bonds. The instruments will be offered to Japanese and overseas investors. Its shares dropped after the news. Bloomberg
SMBC set to acquire GE’s European private equity business. The Japanese conglomerate is about to close the transaction valued at more than $2 billion. A deal could be announced as early as Tuesday. The Wall Street Journal (paywall)
Caixin replaces HSBC in China PMI sponsorship. The closely-followed Chinese manufacturing index will be renamed Caixin China PMI starting August. Japan’s Nikkei will also sponsor 10 other PMI surveys in Asia Pacific. HSBC had decided recently to stop sponsoring the PMI index not just in China but in other emerging markets as well. Caixin
Chinese state-owned firm acquires U.S. car-parts supplier. AVIC has agreed to purchase Henniges Automotive Holdings for around $800 million. The Wall Street Journal (paywall)
Photo credit: Dennis Jarvis via Flickr