A fund that tracks Chinese stock exchanges tumbled after it was not immediately included in a prominent global equity index. Shares of Deutsche X-trackers Harvest CSI 300 China A-Shares ETF, commonly known as China A-Shares, fell after MSCI delayed including it in its Emerging Markets Index.
"International institutional investors clearly indicated that they would like to see further improvements in the accessibility of the China A shares market before its inclusion in the MSCI Emerging Markets Index," MSCI managing director Remy Briand said in a statement. "In keeping with its standard practice, MSCI will monitor the implementation of the recently announced policy changes and will seek feedback from market participants."
Insurance company MetLife saw shares bounce after the firm announced that CEO Steven Kandarian would stay on past the usual retirement age requirement. The company waived the age-65 retirement policy because it believed it would be in the best interest of the company, according to a statement.
"In the face of unprecedented regulatory and macroeconomic challenges, he has taken bold action to position the company for profitable growth and strong cash generation," said Cheryl Grisé, the board's independent lead director. "With the company in the midst of dramatic change, we believe Steve's continued leadership will serve MetLife's shareholders, customers and employees exceptionally well."
Office Depot shares inched up after the retailer announced its first shareholders meeting since the end of a planned merger with Staples. CEO Roland Smith plans discuss future strategies and announce the second-quarter earnings, which are likely to be scheduled for early August, the company said in a statement.