Leon Draisaitl had a hard time picturing himself playing in the NHL wearing anything but an Edmonton Oilers jersey, and the result of that is a long-term commitment to the organization's pursuit of the Stanley Cup as the highest-paid player in hockey.
Draisaitl on Tuesday signed an eight-year extension worth $112 million, a deal that gives the German star the top salary cap hit in NHL history at $14 million. The new contract, the second richest in total dollars in league history, begins with the 2025-26 season and runs through 2033.
“For me, it was always the Oilers,” Draisaitl said on a video call with reporters. "Obviously we haven’t gotten the job done yet, which makes it to me even more special. We’re going to do this together. We’re all pulling on the same rope here. I’m excited to be a part of it and excited to keep chipping away at the ultimate goal, and we all know what that is.”
Draisaitl's landmark deal got done a little over two months since he, Connor McDavid and their teammates nearly pulled off a historic comeback in the Stanley Cup final, erasing a 3-0 series deficit before losing to Florida by one goal in Game 7. Draisaitl had 31 points in 25 games on that run.
He could have become a free agent next summer. Avoiding that and getting him signed to a long-term contract was the organization's top offseason priority.
“Players like Leon are special: There’s not many people in the world that can play hockey like he does," said general manager Stan Bowman, who was hired in late July. “There’s no way we could ever replace what Leon brings to the table. He’s a huge part of our team, he has been and he will continue to be.”
Draisaitl surpasses Auston Matthews’ $13.25 million cap hit with this new contract, which nearly doubles his salary. The 28-year-old Draisaitl is making $8.5 million on average on his current contract, which was signed in 2017 and became one of the most team-friendly in the league.
The contract trails only the $124 million over 13 years Alex Ovechkin signed for back in 2008 as the biggest the NHL has seen. It comes with the salary cap expected to increase again in '25-26, likely over $90 million or more, as league revenues keep growing to record levels.
“Certainly there’s going to be challenges in the future, but that’s for us to figure out down the road,” Bowman said. “We’ll figure the other stuff out down the road, but for now we’re just thrilled that he’s with us.”
.The big forward from Cologne has been worth every penny along the way, putting up 850 points in 719 regular-season games since making his NHL debut and being one of the top producers in playoff history with 108 in 74. Draisaitl's 1.46 points a game rank fourth all time among players with 40-plus games in the postseason, behind Hall of Famers Wayne Gretzky and Mario Lemieux and McDavid.
Draisaitl said he talked to McDavid, with whom he has become close friends, throughout the process before signing.
“I did what I thought was best for me personally. Do I hope that Connor follows along? I’d be lying if I said no,” Draisaitl said. “Of course I want him to stay on board.”
McDavid won the Conn Smythe as playoff MVP for leading all scorers with 42 points and three times has taken home the Hart Trophy as regular-season MVP. Edmonton's face of the franchise is eligible to sign a contract extension of his own July 1, which is expected to include McDavid getting a raise from his $12.5 million annual salary now that Draisaitl has gotten his new deal.
“Obviously, it shows that we want to win,” Bowman said when asked how this contract might affect talks with McDavid and his camp. “We want to win and we’re going to do everything in our power and hopefully that’s going to be something that Connor likes to hear. But the negotiation itself, it may be different or it may not be. It may be very similar. I don’t know. But I’m looking forward to having that conversation.”
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FILE - Edmonton Oilers center Leon Draisaitl (29) skates on the ice during the third period of Game 7 of the NHL hockey Stanley Cup Final against the Florida Panthers, June 24, 2024, in Sunrise, Fla. (AP Photo/Wilfredo Lee, File)
TOKYO (AP) — Hong Kong’s share benchmark has fallen more than 9% as traders dumped shares following recent sharp gains.
The Hang Seng index lost 9.4% to close at 20,926.79. Technology and China-related shares led the decline.
Hong Kong shares had logged strong gains over the past week while markets in mainland China were closed for a weeklong holiday. The advances were fueled by recent announcements of plans by Beijing for more support for the economy and for financial markets.
Shares initially soared in Shanghai on Tuesday but then gave up a chunk of those gains as details of economic stimulus plans from officials in Beijing fell short of what investors were hoping for. Shares elsewhere in Asia declined.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
Shares soared Tuesday in Shanghai as Chinese markets reopened after a weeklong holiday but then gave up a chunk of their initial gains as the details of Beijing's plans to revive the world's second-largest economy appeared to fall flat.
The Shanghai Composite index was up 3.1% at 3,438.16, though in Shenzhen, Japan's smaller market, the main index gained 6.2%.
Hong Kong’s Hang Seng sank 7.6% to 21,336.70 as traders, apparently underwhelmed by the update from Beijing, sold to lock in profits from recent gains.
The Shanghai benchmark initially gained 10% but fell back as officials of China's main economic planning agency briefed reporters about a slew of policies announced earlier that were meant to address various problems such as a protracted slump in the property market.
“China’s markets rally has hit a wall, leaving investors deflated. The reopening surge from the week-long holiday barely had time to gather steam before fizzling out, and now the once-thrilled bulls are licking their wounds,” Stephen Innes of SPI Asset Management said in a commentary.
Elsewhere in Asia, markets were mostly lower.
Tokyo's Nikkei 225 index lost 1.3% to 38,842.75. as the dollar fell to 147.89 Japanese yen from 148.18 yen. A weaker yen tends to push share prices higher.
The Kospi in Seoul declined 0.4% to 2,599.96. Australia's S&P/ASX 200 dropped 0.4% to 8,176.90.
On Monday, U.S. stocks slid after Treasury yields hit their highest levels since the summer and oil prices continued to climb.
The S&P 500 dropped 1% to 5,695.94 and is still close to its all-time high set a week earlier. The Dow Jones Industrial Average fell 0.9% to 41,954.24, coming off its own record. The Nasdaq composite sank 1.2% to 17,923.90.
It’s a stall for U.S. stocks after they rallied to records on relief that interest rates are finally heading back down, now that the Federal Reserve has widened its focus to include keeping the economy humming instead of just fighting high inflation. A blowout report on U.S. jobs growth released Friday raised optimism about the economy and hopes that the Fed can pull off a perfect landing for it.
When Treasury bonds, which are seen as the safest possible investments, are paying more in interest, investors become less inclined to pay very high prices for stocks and other things that carry bigger risk of losing money.
It’s more difficult to look attractive to investors seeking income when a 10-year Treasury is paying a 4.02% yield, up from 3.97% late Friday and from 3.62% three weeks ago.
The yield on the two-year Treasury, which more closely tracks expectations for the Fed, jumped more on Monday. It rose to 3.99% from 3.92% late Friday.
Treasury yields may also be feeling upward push from the recent jump in oil prices. Crude prices have been spurting higher on worries that worsening tensions in the Middle East could ultimately lead to disruptions in the flow of oil.
Brent crude, the international standard, shed $1.23 to $79.70 per barrel. It had jumped 3.7% Monday. Benchmark U.S. crude, meanwhile, slipped $1.21 to $75.93. It also gained 3.7% on Monday.
Stocks that are seen as the most expensive can feel the most downward pressure from higher Treasury yields, and the spotlight has been on Big Tech stocks. They drove the majority of the S&P 500’s returns in recent years and soared to heights that critics called overdone.
Apple fell 2.3%, Amazon dropped 3% and Alphabet sank 2.4% to act as some of Monday's heaviest weights on the S&P 500.
An exception was Nvidia, which rose another 2.3%. It rode another upswell in excitement about artificial-intelligence technology after Super Micro Computer soared 15.8% after saying it recently shipped more than 100,000 graphics processing units with liquid cooling.
If Treasury yields keep rising, companies will likely need to deliver bigger profits to drive their stock prices much higher, and this week marks the start of the latest corporate earnings reporting season.
Analysts say earnings per share grew 4.2% during the summer for S&P 500 companies from a year earlier, led by technology and health care companies, according to FactSet. If those analysts are correct, it would be a fifth straight quarter of growth.
In other dealings early Tuesday, the euro rose to $1.0982 from $1.0977.
AP Business Writer Stan Choe in New York contributed.
FILE - The New York Stock Exchange is shown on Sept. 24, 2024., 2024, in New York. (AP Photo/Peter Morgan, File)
Currency traders pass by a screen showing the Korea Composite Stock Price Index (KOSPI), center left, and the foreign exchange rate between U.S. dollar and South Korean won, center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Oct. 8, 2024. (AP Photo/Ahn Young-joon)
Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Oct. 8, 2024. (AP Photo/Ahn Young-joon)
A currency trader passes by a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, Oct. 8, 2024. (AP Photo/Ahn Young-joon)
