- ASX SPI 200 futures little changed at 6,737.00
- Dow Average down 0.5% to 30,822.42
- Aussie up 0.2% to 0.6718 per US$
- U.S. 10-year yield little changed at 3.4494%
- Australia 3-year bond yield rose 7.9 bps to 3.41%
- Australia 10-year bond yield rose 4.1 bps to 3.72%
- Gold spot up 0.6% to $1,675.06
- Brent futures up 0.6% to $91.35/bbl
- 11:00: (AU) Australia to Sell A$700 Million 0.5% 2026 Bonds
- Reserve Bank of Australia Head of Domestic Markets Jonathan Kearns speaks in Sydney
Stocks were mixed from the open of Asian trading on Monday after global equities notched their worst week since the market hit its low for the year in June.
Australia’s benchmark gauge edged higher while futures contracts for Hong Kong pointed lower. Trading may be muted by a holiday in Japan and the UK observing a day of mourning for Queen Elizabeth II, with no trading in cash Treasuries during the Asian and European sessions. US stock futures fluctuated and contracts for European shares rose.
The S&P 500 index fell almost 5% last week in its worst performance since June 17 while the rate sensitive 2-year Treasury yield ended at 3.87%. The weakness in markets reflects expectations for an outsized interest rate hike from the Federal Reserve on Wednesday and worries that its aggressive tightening to quell inflation will trigger a recession.
Thu, September 15, 2022 at 6:30 AM·2 min read
After a woman in China refused to buy her younger brother an apartment, her estranged parents filed a lawsuit for 500,000 yuan (approximately $71,818) in parental maintenance.
The woman, 29-year-old Zhang from Guangzhou of southern China, was abandoned by her biological parents when she was 2 years old and has no relationship with them. She was reportedly abandoned as her biological parents could not financially support her, and they rarely contacted her throughout her life.
Zhang was raised by her father’s sister and considers her aunt’s family to be her biological family.
When Zhang recently used her savings to buy her cousin an apartment, her biological parents reappeared in her life and reportedly demanded that she buy her biological brother an apartment as well.
After Zhang refused, her estranged parents filed a lawsuit against her for 500,000 yuan in parental maintenance.
The court ruled that although Zhang is not obligated to buy her brother an apartment, she must negotiate the amount with her parents and pay the parental maintenance fee.
Under the Civil Code of China, adult children have a legal obligation to support their parents regardless of estrangement or abandonment.