Boeing shares fell after the Federal Aviation Administration (FAA) recommended an inspection of planes. The FAA advised flight carriers using the 737-900ER aircraft to go through an inspection after a door plug had blown out on a 737 Max 9 midflight. The FAA stated that the Boeing 737-900ER is not part of the newer MAX fleet, but it has the same door plug design, raising concerns about issues that could potentially affect other aircraft.
Furthermore, shares of Archer-Daniels-Midland dropped after the food processing company placed Chief Financial Officer Vikram Luthar on administrative leave due to an investigation into the company’s nutrition business. With a drop of more than 13%, the company’s board made the decision after stating that they take these matters very seriously. Ismael Roig was named interim CFO in light of the circumstances.
In Asia, the Hong Kong Stock exchange saw a substantial drop of over 2%, with real estate stocks being the main cause of the decline. The People’s Bank of China holding its loan prime rates at 3.45% and 4.2%, respectively, led to large declines in the stocks of property developer China Resources Land and residential property services investment firm Longfor Group. Hotpot chain Haidilao also saw a decline in its stock value.