Asian shares skidded on Monday as investors awaited data this week that could provide more evidence of a slowdown in China, while the dollar gave back a little of its recent gains. China's flash manufacturing PMI reading on Tuesday could come in below the 50 level, indicating that manufacturing activity is contracting. "The psychological effect of a below-50 reading will be significant and consistent with the slew of softer Chinese data over recent weeks." Mitul Kotecha, head of FX strategy Asia-Pacific for Barclays in Singapore, said in a note to clients. China will not dramatically alter its economic policy because of any one economic indicator, Finance Minister Lou Jiwei said on Sunday, in remarks at a meeting of finance ministers and central bank chiefs from the Group of 20 nations who met in the Australian city of Cairns.
Industrial conglomerate Siemens AG (SIEGn.DE) said on Monday it would buy U.S. Germany's Siemens said its $83 per-share bid was unanimously supported by Dresser-Rand's board of directors. Within minutes of that statement, it also announced the sale of its 50 percent stake in BSH Bosch und Siemens Hausgeraete GmbH to joint venture partner Robert Bosch GmbH for 3 billion euros ($3.85 billion), ending their more than 45 year alliance in household appliances. "As the premium brand in the global energy infrastructure markets, Dresser-Rand is a perfect fit for the Siemens portfolio.
Alibaba Group Holding Ltd (BABA.N) and some of its shareholders have sold an additional 48 million shares, a source with direct knowledge of the deal said on Monday, making its IPO the biggest-ever globally at a value of $25.03 billion. Alibaba and several shareholders initially sold 320.1 million American Depositary Shares in its offering, which priced at $68 each last week. Underwriters had the option to sell additional shares from Alibaba, Yahoo Inc (YHOO.O) and Alibaba co-founders Jack Ma and Joe Tsai, according to the IPO prospectus. Representatives for Alibaba in Hong Kong did not immediately respond to a request for comment on the sale of the additional shares.