European markets started the new year on a negative footing with trading activity remaining largely subdued amid the New Year holiday in London and the New York. The German DAX opened 0.4 percent lower while the French CAC begun the day 0.3 percent lower. The FTSE 100 returns to trading on Tuesday. Markets are also closed in the U.S. As the U.K. prepares to the leave the European Union and as Italian voters are also likely to demand to quit the euro area, the year 2017 could mark massive shifts in the European markets.
Electronics conglomerate Samsung, will announce later this month the results of its investigation over what caused a certain bunch of its Galaxy Note 7s to catch fire. The company initiated investigations into the issue in October and stated that it was examining all aspects of the device, suggesting there may have been a combination of factors that contributed to one of the costliest product safety failures in tech history.
Turkish warplanes reopened fire towards Islamic State targets in Syria, killing 22 of the group’s militants, while Russian aircrafts bombarded hit jihadists near the Islamic State-controlled town of al-Bab. The new surge of attacks seems to have been backed by the recent terrorist attacks in Europe and Turkey. Turkey’s military stated on Monday that the Turkish military operation, dubbed ‘Euphrates Shield’, which was launched more than four months ago to drive Islamic State militants away from the border region has resumed with full blown attacks today as in support of rebels in northern Syria. Russian aircrafts also destroyed Islamic State targets in the area of Dayr Kak, southwest of al-Bab.
Most Asian stock indices wavered on Monday, which marks the first trading day of the New Year amidst very thin holiday trade. It is also worth noting that the market had opened at 10:00 a.m. local time, one hour later than usual trading hours while a great number of other major Asian financial markets, including Australia, Japan, China and Hong Kong, remained closed for the New Year’s holiday. In today’s Asian markets, South Korea’s KOSPI closed flat at 2026.16 while India’s Nifty 50 was last seen trading flat at 8191.65 as of 8:45 GMT. In other related news automakers Hyundai Motor and its affiliate Kia Motors announced a higher combined sales target for 2017 causing their shares to edge considerably higher. Hyundai Motor Co was last seen trading 2.7 percent higher at 38.05EUR as of 8:45 GMT.