Thanks for joining me. British mining giant Anglo American has rejected a blockbuster £31.1bn takeover bid from Australian rival BHP, arguing that it was too low.
“The board has considered the proposal with its advisers and concluded that the proposal significantly undervalues Anglo American and its future prospects,” the London-listed company said in a statement one day after BHP launched its colossal bid, adding that the deal was “highly unattractive”.
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4) McLaren’s losses more than double to £873m as sales fall | Production delays hit British supercar maker’s revenue
5) PwC picks only man on shortlist to be next boss | Big Four auditor continues a 175-year-long male-led streak
What happened overnight
The yen fell amid volatile trade on Friday after the Bank of Japan (BOJ) maintained its accommodative monetary policy stance at the conclusion of its two-day policy meeting, while Asian shares rose in the broader market.
The BOJ kept interest rates around zero on Friday, as expected, while removing a reference to the amount of government bonds it has roughly committed to buying each month.
The central bank also issued fresh estimates projecting inflation to stay near its 2pc target in the next three years, signalling its readiness to raise borrowing costs this year.
Still, the Japanese yen fell to the weaker side of 156 per dollar in a knee-jerk reaction to the decision, and last stood at 156.15 per dollar.
Tokyo stocks closed higher after the Bank of Japan kept its monetary policy unchanged.
The benchmark Nikkei 225 index advanced 0.8pc, or 306.28 points, to 37,934.76 while the broader Topix index added 0.9pc, or 22.95 points, to 2,686.48.
Wall Street stocks retreated Thursday following lacklustre US economic data and and a sharp drop in major Wall Street stocks tumbled after disappointing earnings.
The Dow Jones Industrial Average finished at 38,085.73, down 1.0pc but about 330 points above its session low.
The broad-based S&P 500 declined 0.5pc to 5,048.43, while the tech-rich Nasdaq Composite Index shed 0.6pc to 15,611.76.
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
