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Meituan (MPNGY)
- Reuters
EMERGING MARKETS-FX index scales 19-month high on Fed rate cut bets
A major emerging market currencies index hit a 19-month high on Wednesday, lifted by optimism U.S. rate cuts are on the horizon, while delivery giant Meituan's cautious outlook sparked concerns over China's consumer spending recovery. The index is on track for its best month in a year. Expectations of U.S. policy easing that have been driving the greenback lower got a boost after Federal Reserve Governor Christopher Waller, considered a hawk, said rate cuts could begin if inflation continues on a downward trend for several more months.
- Investing.com
Chinese food delivery giant Meituan slumps on weak demand outlook
Investing.com-- Hong Kong-listed shares of Chinese food delivery giant Meituan (HK:3690) slumped on Wednesday after the firm warned of softer fourth-quarter revenue due to weak consumer spending in its biggest market.
- Reuters
China's Meituan launches $1 billion share buyback program
Meituan CEO Wang Xing had said on Tuesday that the board had authorised a share buyback of up to $1 billion but it would depend on the company's cash position due to plans to invest in new initiatives and explore overseas investments. "The Board believes that the current financial resources of the company would enable it to implement the share repurchase while maintaining a solid financial position," Meituan said in an exchange filing on Wednesday. The share repurchase will start from Dec. 1.
