U.S. stocks ended sharply higher on Thursday, with indexes extending gains after U.S. President Donald Trump said he canceled planned strikes against Iran, and on the eve of the market debut of Elon Musk's SpaceX. The three major indexes registered their biggest daily percentage gains since April 8, when the U.S. and Iran agreed to … Continue reading Wall Street indexes jump, Trump says strikes against Iran canceled
Category: FINANCE & MARKET
US stocks opened higher on Thursday, as investors sought bargains in beaten-down technology stocks and kept a close watch on developments around the Middle East conflict. The Dow Jones Industrial Average rose 53.3 points, or 0.11 percent, to 49,972.07. The S&P 500 rose 20.7 points, or 0.28 percent, to 7,287.67, while the Nasdaq Composite rose … Continue reading Wall St opens higher on tech rebound, Middle East in focus
The World Bank on Thursday cut its global growth forecast for 2026 to 2.5 percent due to the war in the Middle East, and said growth could slow to just 1.3 percent if energy supply disruptions prove more severe and come with substantial stress in financial markets. Global growth reached 2.9 percent in 2025, the … Continue reading World Bank cuts global growth outlook to 2.5pc, warns of drop to 1.3pc if war fallout spreads to markets
Elon Musk's SpaceX has drawn more than US$70 billion (HK$548.5 billion) in orders from retail investors for its blockbuster initial public offering, Bloomberg News reported on Thursday, citing people familiar with the matter. Retail investors are expected to be allocated at least 20 percent of the shares, Bloomberg News reported, adding that deliberations are ongoing … Continue reading SpaceX IPO draws more than US$70 billion in retail orders, Bloomberg News reports
The European Central Bank raised interest rates for the first time in nearly three years on Thursday in the hope of curbing inflation before a surge in energy costs triggered by the Iran war spreads more broadly across the euro zone economy. The well-telegraphed move comes as inflation in the 21-country currency bloc is already … Continue reading ECB raises rates to nip war-led inflation in the bud
OPEC on Thursday lowered its forecast for world oil demand growth in 2026 to 970,000 barrels per day, the producer group said in its monthly report, marking the second straight downward revision. The group continues to see a smaller impact on consumption since the Iran war started than other forecasters such as the US Energy … Continue reading OPEC again lowers 2026 global oil demand growth forecast
US producer prices increased more than expected in May, leading to the largest annual gain in 3-1/2 years as the Middle East conflict drove up the cost of energy products. The Producer Price Index for final demand advanced 1.1 percent last month after a downwardly revised 1.1 percent surge in April, the Labor Department's Bureau … Continue reading US producer prices increase more than expected in May amid jump in energy costs
The People's Bank of China, Bank Indonesia, and the Hong Kong Monetary Authority signed a memorandum of understanding on Thursday to establish a cooperative framework to facilitate the use of the rupiah and offshore yuan in bilateral transactions between Indonesia and Hong Kong. The framework will establish a bilateral currency transaction mechanism, making it easier … Continue reading PBOC, BI, and HKMA sign MoU to promote direct yuan-rupiah bilateral trade
The failed property developer China Evergrande's liquidation has sparked financial concerns among partners at its former auditor, PwC China, with one even considering divorce to protect assets, Bloomberg reported. Several partners at PwC's Hong Kong and mainland China branches are exploring ways to protect their personal assets, fearing the firm's legal and regulatory troubles could … Continue reading Evergrande Liquidation drives ex-auditor PwC’s partners to ponder divorce to safeguard assets: Bloomberg
Chow Tai Fook Jewellery's (1929) net profit increased by 52.2 percent year on year to HK$9 billion for the year ended March, despite market uncertainties and unprecedented gold price volatility. The company's full-year dividend payout ratio fell by 14.4 percentage points to 73.4 percent, and declared a dividend of 67 HK cents per share. Revenue … Continue reading Chow Tai Fook Jewellery’s net profit rose 52.2 percent for the financial year ended March
The Hang Seng Index once dropped below the 24,000-point level before paring some losses at close amid the high US inflation readings and a fresh escalation in the Middle East conflict. The benchmark HSI fell 158 points, or 0.65 percent, to 24,249, marking the seventh consecutive trading day decline. It once lost more than 400 … Continue reading Hong Kong stocks close lower, Alibaba falls over 5pc
The US government on Wednesday said it was imposing sanctions against 11 people and entities, including several based in China and Hong Kong, for supporting weapons procurement by Iran's Islamic Revolutionary Guard Corps and the Iranian military. Nine of those designated were China- and Hong Kong-based individuals and companies that facilitated the procurement of weapons … Continue reading US hits China- and Hong Kong-based entities with sanctions over Iran weapons
Hong Kong Mortgage Corp (HKMC) said on Thursday it has raised about HK$12 billion via a public sale of digital bonds, saying it is the largest-ever such issuance globally. HKMC is a Hong Kong government-owned company that invests in mortgage and loan assets and raises funds through bond sales. The deal makes HKMC the first … Continue reading Hong Kong Mortgage Corp raises $1.5 billion in debut digital bond sale
Lifestyle changes and rising health risks have driven a growing need for musculoskeletal (MSK) healthcare, with a Blue Cross survey indicating that related claims surged by 43 percent over the past two years. Recognizing this trend, Blue Cross launched an MSK Care Pathway that offers a one-stop plan integrating surgery and rehabilitation support, delivering high-quality, … Continue reading Blue Cross launches MSK Care Pathway for growing MSK healthcare needs
China Resources New Energy, the renewable energy unit of China Resources Power, targets to raise about 24.5 billion yuan (HK$28.3 billion) in proceeds from a Shenzhen initial public offering, according to a filing with the exchange on Thursday. If completed at that size, the deal would rank among the largest China listings in recent years … Continue reading China Resources New Energy seeks US$3.6 billion Shenzhen IPO to fund wind, solar projects
A total of 10 specialist technology companies have been listed in Hong Kong under Chapter 18C for the first five months this year, raising over HK$25 billion, said Bonnie Chan Yi-ting, chief executive of Hong Kong Exchanges and Clearing (0388). Speaking at the HKEX Future Tech Summit on Thursday, Chan noted that Hong Kong is … Continue reading HK sees 10 specialist technology firms listed in first five months, raising $25b: Bonnie Chan
Digital wealth platform Endowus is actively monitoring opportunities in Hong Kong's Mandatory Provident Fund market, with plans to bring improved, advice-driven solutions to the city's retirement system. Steffanie Yuen, managing director, head of Hong Kong at Endowus, highlighted the evolving MPF landscape — particularly the push towards more self-directed options — and the critical need … Continue reading Endowus plans advice-focused solutions for Hong Kong MPF
Hong Kong stocks fell to the lowest level since the end of March by midday close on Thursday amid the US inflation concerns and intensified Iran war. The benchmark Hang Seng Index dropped 271 points, or 1.1 percent, to 24,136 points at noon. The Hang Seng Tech Index slipped 2.01 percent to 4,630 points. In … Continue reading HSI hits end-March low by midday break amid US inflation, Mideast escalation
China’s northeastern city of Changchun, home to the country’s oldest automaker FAW Group, has released a draft plan through 2030 to revamp its decades-old auto sector, aiming to attract electric-vehicle makers such as BYD (1211) and Xiaomi (1810). Here are key points from the draft plan: China’s domestic auto industry is expected to consolidate significantly, … Continue reading China’s Changchun unveils auto revamp plan, seeks BYD and Xiaomi to boost EV push
DBS Group, Singapore’s biggest bank by assets, said on Thursday it will offer tokenised physical gold to retail customers as demand for the precious metal grows and the city-state pushes to become a gold trading hub. The rollout comes as gold remains in demand as a store of value despite recent price swings. Gold prices … Continue reading Singapore bank DBS to offer tokenised physical gold to retail customers
Shenzhen HQVT Technology kicked off bookbuilding of its initial public offering in Hong Kong, aiming to rasie HK$613 million. The multispectral artificial intelligence technology enterprise plans to offer 85.16 million H shares priced at HK$7.2 per share. Each board lot includes 500 shares, requiring a minimum investment of HK$3,636.3. The company is expected to debut … Continue reading China’s multispectral AI firm HQVT Technology kicks off $613mln HK IPO
Microsoft’s Xbox division is planning major layoffs next month and significant cuts to marketing and other budgets, Bloomberg News reported on Wednesday. The job cuts would mark the first major restructuring under Asha Sharma, who took charge as CEO of the gaming unit in February. Microsoft did not immediately respond to a Reuters request for … Continue reading Microsoft’s Xbox plans for major layoffs next month, Bloomberg News reports
Gold hit a more than six-month low on Thursday, as fresh US strikes on Iran drove oil prices higher, deepening concerns around inflation and higher-for-longer interest rates. Spot gold was down 0.2 percent at US$4,063.87 (HK$31,848.51) per ounce, as of 0043 GMT, after hitting its lowest level since November 21 earlier in the day. US … Continue reading Gold hits over 6-month low on rate-hike concerns amid Mideast conflict
Hong Kong stocks opened lower on Thursday due to the escalation of the Iran war. The benchmark Hang Seng index went down 27 points, or 0.1 percent, to 24,380. The tech gauge inched down 0.2 percent to 4,715. Tech heavyweights showed mixed performances. Alibaba (9988) and Baidu (9888) decreased 1.1 percent and 0.58 percent, while … Continue reading Hong Kong shares fall at open over geopolitical tensions
Oracle on Wednesday forecast capital spending plans for fiscal 2027 above Wall Street estimates, as the cloud computing company said it will also raise more debt in 2027, reflecting the staggering scale of cash burn needed to build out its AI infrastructure. Its shares fell 8.9 percent in extended trading, after Oracle said it expects … Continue reading Oracle’s AI spending blows past estimates, raising worries over growing debt
The major U.S. stock indexes ended more than 1% lower on Wednesday, with chipmaker shares extending recent declines and with renewed tensions between the U.S. and Iran adding to investor uncertainty. President Donald Trump said the U.S. would attack Iran again if no peace deal is secured. The threat followed one of the most significant … Continue reading Wall Street indexes fall more than 1%, hit by tech, Iran war worries
US crude stocks and distillate inventories fell while gasoline stockpiles rose last week, the Energy Information Administration said on Wednesday. Crude inventories fell by 7.2 million barrels to 426.5 million barrels in the week ended June 5, the EIA said, compared with analysts’ expectations in a Reuters poll for a 4 million-barrel draw. Crude stocks … Continue reading US crude stocks and distillate inventories fall, gasoline stocks rise, EIA says
US access to critical minerals from China remains difficult due to export controls and licensing delays, a US business lobby said on Wednesday, with Beijing’s restrictions driving three-quarters of impacted companies to search for new supplies. Introduced in April 2025 in retaliation for US President Donald Trump’s tariffs, Beijing’s controls tightly restrict exports of certain … Continue reading US business group says some critical minerals are ‘nearly unobtainable’ from China
The top US derivatives regulator on Wednesday released new draft regulations governing the burgeoning prediction markets industry, seeking to cement federal oversight over companies that have shot to the forefront of politics and sports betting while presenting new possible avenues for fraud. In proposing new regulations, the US Commodity Futures Trading Commission aimed to address … Continue reading US agency proposes new rules to govern prediction markets
Wall Street’s main indexes opened lower on Wednesday, as a selloff in technology stocks continued and renewed tensions between the US and Iran overshadowed a tame May inflation reading. The Dow Jones Industrial Average fell 112.0 points, or 0.22 percent, to 50,760.12. The S&P 500 fell 36.1 points, or 0.49 percent, to 7,350.54, while the … Continue reading Wall St opens lower on tech losses, Middle East tensions
Foreign investors pulled nearly US$27 billion (HK$211.6 billion) net from emerging market portfolios in May, partially reversing a rebound in April as equity selling in Asia overwhelmed debt inflows, data from a banking trade group showed on Wednesday. Non-resident investors withdrew a net US$26.6 billion from emerging bonds and stocks in May, according to the … Continue reading Stocks weigh as foreign investors pull US$27 bln out of emerging market portfolios in May
Luk Fook (0590) expects its profit for the year ended March 31 to surge by 80 to 90 percent year-on-year, primarily driven by rising gold prices and improved profit margins. It also attributed the substantial earnings growth to operating leverage and effective product differentiation. These targeted sales strategies successfully boosted the sales mix of its … Continue reading Luk Fook forecasts up to 90pc annual profit surge
US consumer inflation increased at its fastest pace in three years in May as the Middle East conflict raised the price of gasoline and other energy products, giving more ammunition for the Federal Reserve to keep interest rates unchanged into 2027. The Consumer Price Index increased 4.2 percent in the 12 months through May, the … Continue reading US consumer prices increase as expected in May
Bank of Japan Governor Kazuo Ueda has been hospitalised for medical treatment and will miss the June 15 to 16 policy meeting, the central bank said on Wednesday. The central bank is widely expected to raise interest rates next week to levels unseen in three decades to counter mounting inflationary pressures from the Iran war. … Continue reading Bank of Japan governor Ueda hospitalised, will miss June meeting
The Hong Kong Monetary Authority showcased tokenisation's potential to enhance efficiency and reduce transaction costs at its first seminar earlier this week, targeting corporate treasurers and relevant stakeholders, drawing over 150 participants from about 50 corporates and 30 financial institutions. Panellists at the event said the technology's potential is immense and welcomed efforts to promote … Continue reading HKMA demonstrates potential of tokenisation to corporate treasury community
Ant International, a subsidiary of Ant Group backed by Alibaba (9988), is considering a funding round to raise approximately US$1 billion (HK$7.8 billion), which could facilitate Ant Group's future public listing in Hong Kong, Bloomberg reported. Prospective investors include existing shareholders General Atlantic and Silver Lake, the report said, adding that the funding round could … Continue reading Ant International raises US$1 billion to revive Ant Group’s Hong Kong IPO
China’s domestic car demand has declined more sharply than expected at the start of the year and will likely remain under heavy pressure throughout 2026, an auto association executive said on Wednesday. “Stabilizing domestic demand this year should be regarded as a very important task for the automotive industry,” said Chen Shihua, deputy secretary-general of … Continue reading China’s domestic car demand under pressure, association exec says
Morgan Stanley forecasts AI-related global debt issuance to more than double to nearly US$570 billion (HK$4.46 trillion) in 2026, pointing to rising bond supply and credit market activity as hyperscalers turn to alternative funding sources to meet massive AI-driven capex needs. Here are some details: Tech companies that have long relied on strong cash flows … Continue reading Global AI debt issuance to top $500 billion in 2026, Morgan Stanley says
Hong Kong Exchanges and Clearing (0388) has taken measures against illegal cross-border securities operations, while trading through Stock Connect remains unrestricted, said its chief executive Bonnie Chan Yi-ting. Chan's remarks follow the China Securities Regulatory Commission's crackdown on illegal cross-border securities on May 22. Speaking at the Bloomberg Hong Kong event on Wednesday, she noted … Continue reading Stock Connect trades robust amid CSRC’s cross-border crackdown, HKEX chief executive says
Japan’s Asics on Wednesday said it will spin off its high-end Onitsuka Tiger business to speed up decision-making at a brand that has been a key profit driver thanks to a tourism boom and a surge in demand for its retro-inspired sports shoes. Under the plan, the nearly 80-year-old Onitsuka Tiger business will be transferred … Continue reading Japan’s Asics to spin off popular Onitsuka Tiger sneaker business
Pop Mart (9992) chief operating officer Si De has dismissed concerns over the company's reliance on its hit Labubu character, revealing that non-Labubu products accounted for about half of its US revenue last year. Si told Bloomberg that non-Labubu intellectual property sales already make up the majority of sales in Japan, South Korea and Southeast … Continue reading Pop Mart dismisses Labubu reliance fears as US diverse sale hit 50pc
Hong Kong shares closed lower on Wednesday, dragged down by tech heavyweights. The benchmark Hang Seng Index retreated 157 points or 0.64 percent, to 24,407 points, with a full-day turnover of HK$320.5 billion. The Hang Seng Tech Index dipped 0.94 percent to 4,724 points. Lenovo (0992) dived the most by 9.3 percent among blue chips … Continue reading Hang Seng Index loses 150 points, Lenovo slumps over 9pc
Groups including Tencent-backed (0700) AI start-up StepFun and fast-food chain Home Original Chicken have rushed to dismantle their “red-chip” structures ahead of planned overseas listings following Beijing’s tighter scrutiny of foreign capital, the Financial Times reported on Wednesday. Reuters could not immediately verify the report. Red-chip firms are registered abroad, mainly in tax havens, but … Continue reading Chinese companies rush to dismantle red-chip structures, FT reports
Financial Secretary Paul Chan Mo-po said on Wednesday that the recent Beijing crackdown on securities only targets illegal cross-border investment, while China still encourages compliant capital to flow into Hong Kong. In the Bloomberg Invest Hong Kong event, Chan noted that Hong Kong continues to cooperate with the mainland within various sectors, including refining the … Continue reading Mainland still encourages compliant capital inflows to HK: Paul Chan
SK Hynix plans to list its shares in the U.S. as soon as August, said two sources familiar with the matter, as the South Korean memory chipmaker seeks to capitalise on strong appetite for AI-linked stocks and broaden its investor base. The U.S. Securities and Exchange Commission is likely to approve SK Hynix’s American depositary … Continue reading South Korea’s SK Hynix eyes US listing as soon as August, sources say
Tencent (0700) said on Wednesday that it plans to issue US$2.45 billion (HK$19.2 billion) and 15 billion yuan (HK$17.3 billion) notes on June 16, respectively, and the net proceeds will be used for general corporate purposes, including refinancing. The tech giant will offer 10-year and 20-year US dollar bonds amounting to US$1.75 billion and US$700 … Continue reading Tencent to issue US$2.45b and 15b yuan notes
Starbucks is weighing options for its Japanese business, including a stake sale, Bloomberg News reported on Tuesday. A stake sale might be valued at 400 billion yen (HK$19.5 billion) to 500 billion yen, possibly attracting interest from other industry players and private equity firms, the report added, citing people familiar with the matter. Starbucks did … Continue reading Starbucks mulls options for Japan business, including stake sale, Bloomberg reports
China’s producer prices rose for a third straight month in May to the highest since July 2022, while consumer prices stayed elevated as global energy prices pile cost pressures on manufacturers and drive up costs of living for households. Rising cost pressures from the Middle East conflict could squeeze corporate profits and further subdue domestic … Continue reading China’s May producer inflation highest in nearly 4 years, consumer prices also rise
Elon Musk’s SpaceX has drawn more than US$250 billion (HK$1.96 trillion) of investor demand for what stands to be the largest-ever IPO, said people familiar with the matter on Tuesday, dwarfing the US$75 billion the firm is seeking to raise. The deal’s oversubscription rate is running at three and a half to four times the … Continue reading SpaceX IPO demand is approaching four times oversubscribed, source says
Hong Kong shares fell at the open on Wednesday amid the escalating conflict in the Middle East. The benchmark Hang Seng Index dropped 123 points, or 0.5 percent, to 24,442. The tech gauge inched down 0.4 percent to 4,751. Chipmakers retreated at the opening bell, with SMIC (0981) and Hua Hong Semiconductor (1247) slipping 1.3 … Continue reading Hong Kong stocks open lower on heightening Mideast conflict
Swire Pacific announced the issuance of HK$4.7 billion one-year convertible bonds, which will be exchanged for shares in its subsidiary Cathay Pacific Airways. If fully exercised, Swire would reduce its stake in Cathay by 5.9 percent, from 45.1 percent to 39.2 percent, while remaining the largest single shareholder. The zero-coupon bonds have an initial exchange … Continue reading Swire Pacific to raise HK$4.7bn via convertible bonds, could cut Cathay stake by 5.9%
The S&P 500 and Nasdaq indexes fell on Tuesday as a rebound in technology shares faded and as President Donald Trump said the U.S. must react to Iran's shooting down of a U.S. helicopter. Trump wrote in a social media post that Iran had shot down the U.S. Apache helicopter that was patrolling the Strait … Continue reading S&P 500, Nasdaq fall as tech selling resumes, Trump vows to react to downed US helicopter
The US trade deficit narrowed in April as exports jumped to a record high, a trend that if sustained, puts trade on course to contribute to economic growth this quarter. The smaller trade gap, which was reported by the Commerce Department on Tuesday, partly reflected higher energy prices because of the US-backed war with Iran, … Continue reading Record exports help narrow US trade deficit in April
Wall Street’s main indexes rose at the open on Tuesday, as chipmakers extended gains for a second day, while easing hostilities in the Middle East also aided sentiment. The Dow Jones Industrial Average rose 28.4 points, or 0.06 percent, to 50,814.42. The S&P 500 rose 32.9 points, or 0.44 percent, to 7,438.66, while the Nasdaq … Continue reading Wall St edges higher at open as chips extend gains, Middle East tensions ease
China Unicom’s (0762) US unit warned that a Trump administration proposal to prohibit American telecommunications carriers from interconnecting with Chinese telecom firms deemed national security risks could cause severe disruption to the global communications network. China Unicom said in a filing on Tuesday with the FCC that the proposal would “harm US companies with significant … Continue reading China Unicom warns planned US crackdown could disrupt global communications
The US Federal Reserve will hold its key interest rate for the rest of 2026, according to a strong majority of economists in a Reuters poll, the first clear consensus on that view this year as war-driven inflation proves more persistent than expected. Interest rate futures have gone a step further, pricing in at least … Continue reading Fed to hold rates this year, cut calls fade as war inflation persists, economists say
Hong Kong banks have continued to open accounts for mainland clients seamlessly, following the China Securities Regulatory Commission's crackdown on illegal cross-border securities on May 22, said Eddie Yue Wai-man, the Hong Kong Monetary Authority's chief executive. The HKMA and the Securities and Futures Commission jointly issued a circular that same day, imposing additional requirements … Continue reading Hong Kong banks support China’s crackdown on illegal cross-border securities, HKMA chief executive says
Hong Kong shares closed lower on Tuesday, despite Asian stock markets' rally. The benchmark Hang Seng Index dropped by 91 points or 0.37 percent, to 24,565 points, with a full-day turnover of HK$308.9 billion. The Hang Seng Tech Index advanced 0.29 percent to 4,769 points. Chipmakers gained, with SMIC (0981) and Hua Hong Semiconductor (1347) … Continue reading Hong Kong stocks close lower on Tuesday
The Bank of Japan will consider maintaining the current pace of bond purchases beyond next fiscal year, sources said, pausing a taper process that would mark a turning point in its quantitative tightening (QT) plan. But the decision could be a close call as the nine-member board is seen as split between those who want … Continue reading BOJ to consider pausing bond taper next fiscal year, sources say
Well-known movie producer and actor Raymond Wong Pak-ming has been sentenced to five months in prison and fined about HK$99,720 after being convicted of sharing insider information with his sister to trade shares of Pegasus Entertainment. The 80-year-old veteran filmmaker appeared before the West Kowloon Magistrates’ Courts on Tuesday. He is also ordered to pay … Continue reading HK movie producer Raymond Wong sentenced to five months in prison over insider dealing
paceX's US$75 billion (HK$587.7 billion) IPO is fuelling a frenzy among investors in Asia for ETFs and supply chain partners linked to Elon Musk's rocket company that are likely to benefit from the blockbuster deal. Shares of satellite and rocketry-related companies worldwide have surged as everything from Starlink component manufacturers to ETFs that own private … Continue reading SpaceX IPO fever sparks hunt for proxy plays in Asia
China’s soybean imports fell 15.3 percent in May from a year earlier, but the level was still the second-highest on record for the month, exceeding analysts’ expectations as peak South American supplies and smoother port logistics supported arrivals. Total imports stood at 11.79 million metric tons, down from 13.92 million a year earlier, data from … Continue reading China’s May soybean imports exceed expectations on strong Brazil supply, faster clearance
China’s exports picked up pace in May, as earlier front-loading by overseas buyers to pre-empt Gulf war energy costs fed through to shipments, while steady appetite for semiconductors and AI hardware lent additional support. Exports expanded 19.4 percent from a year earlier in US dollar value terms, customs data showed on Tuesday, outpacing the 14.1 … Continue reading China’s May trade data beat forecasts as exporters rush orders, ride AI wave
SENASIC Electronics Technology kicked off bookbuilding on Tuesday, aiming to raise HK$980 million. The Chinese wireless sensor System on Chip (SoCs) provider plans to sell 53.4 million H shares, priced at HK$18.36 per share. Each board lot includes 200 shares, with a minimum investment of HK$3,709. The company is expected to debut on June 17.
China’s Tencent (0700) has drawn more than US$6 billion (HK$47 billion) in orders for its planned dual-currency bond, according to updated orderbook messages reviewed by Reuters on Tuesday. Combined order books for the Chinese technology company’s 10-year and 30-year offshore yuan bonds exceeded 20.5 billion yuan (HK$23.7 billion), the messages showed. Orders for Tencent’s 10-year … Continue reading China’s Tencent draws more than US$6 billion in orders for dual-currency bond
ChatGPT maker OpenAI confidentially filed for a US initial public offering recently, the company said on Monday, joining rival Anthropic in a push toward the stock market as investors seek exposure to the artificial intelligence boom. OpenAI did not disclose the size or terms of the offering, and said a timeline has not yet been … Continue reading OpenAI files for US IPO after Anthropic as AI giants head to public markets
The US on Monday added Chinese e-commerce giant Alibaba (9988), internet search provider Baidu (9888) and automaker BYD (1211) to a list of companies it believes are aiding Beijing’s military, in a move that could inflame tensions between the countries. The long-awaited update supersedes a list from early 2025, and comes less than a month … Continue reading US says BYD, Baidu, Alibaba and other tech giants are aiding China’s military
Hong Kong stocks opened lower on Tuesday, following four consecutive trading days of declines. The benchmark Hang Seng Index dipped 105 points, or 0.4 percent, to 24,551. The tech gauge inched down 0.3 percent to 4,743. BYD (1211) outperformed the market, up 1 percent, despite the US saying it aids the Chinese military. However, Alibaba … Continue reading Hong Kong shares open lower on Tuesday
A bipartisan pair of US senators on Monday urged President Donald Trump’s administration to tighten rules on chip contract manufacturers such as Taiwan Semiconductor Manufacturing Co to prevent them from making advanced AI chips for overseas subsidiaries of Chinese companies. This comes after the Trump administration last week moved to halt a potential loophole that … Continue reading US lawmakers urge tighter rules on contract chipmakers supplying Chinese firms’ overseas units
Egg prices in China have surged since May, with retail prices exceeding 5.23 yuan per 500 grams in wholesale markets, up 40 percent year-on-year and hitting a 10-year high for the period, according to the Ministry of Agriculture and Rural Affairs. Five consecutive weeks of price increases have prompted some supermarkets to impose purchase limits, … Continue reading Egg prices soar 40% in China, hitting 10-year high as supply tightens
U.S. stocks ended mostly higher on Monday, led by gains in the Nasdaq and chipmakers as investors sought bargains after Friday's sharp selloff. Investors were also relieved after Iran and Israel said they had halted attacks on each other. The halt followed an appeal from U.S. President Donald Trump that they immediately "stop shooting." The … Continue reading S&P 500, Nasdaq rise as tech, chipmakers rebound
Wall Street’s main indexes opened higher on Monday, bouncing back from a sharp selloff in the prior session, aided by a recovery in chip stocks and signs of easing tensions in the Middle East. The Dow Jones Industrial Average rose 130.5 points, or 0.26 percent, to 50,997.23. The S&P 500 rose 56.8 points, or 0.77 … Continue reading Wall St opens higher as chip stocks rebound, Middle East tensions ease
Gold prices hit a more than two-month low on Monday after last week's strong US jobs data boosted expectations of a Federal Reserve rate hike, and as Israel and Iran traded strikes, pushing oil prices higher and fuelling inflation concerns. Spot gold was down 0.4 percent at US$4,313.99 per ounce by 1115 GMT, after hitting … Continue reading Gold hits more than two-month low as strong US jobs data boosts rate-hike bets
South Korea’s state-run pension fund carried out foreign exchange hedging on Monday that helped to lift the won from 17-year lows, two sources with knowledge of the matter said, as policymakers vowed to curb volatility in the currency market. The move boosted dollar supply in the onshore market and signals that the National Pension Service … Continue reading South Korea pension fund’s FX hedging helps support won, sources say
Citigroup became the latest Wall Street brokerage to raise its 2026-end target for the S&P 500 index beyond the 8,000 mark, citing resilience in corporate earnings and AI-driven growth. The widely tracked benchmark index is up nearly 8 percent so far this year, but fell sharply on Friday following stronger-than-expected nonfarm payrolls data. The brokerage … Continue reading Citigroup lifts S&P 500 year-end target to 8,100 on earnings strength, AI ‘supercycle’
China’s car sales extended a downturn in May that has become a stress test for foreign automakers led by Volkswagen, which is trying to revive its China business through locally developed electric vehicles. Sales dropped 22.3 percent from a year earlier to 1.53 million vehicles last month, marking an eighth consecutive month of decline, data … Continue reading China car sales downturn extends into May
Global markets sank on Monday amid the widening tech selloff and concerns over the US Federal Reserve rate hike. The benchmark Hang Seng Index once lost over 500 points before closing 304 points lower, or 1.22 percent, to 24,657 points. The full-day turnover was HK$363.9 billion. The Hang Seng Tech Index decreased by 2.71 percent … Continue reading Global stocks dive on tumbling tech and rate hike fears
Sun Hung Kai Properties (0016) said it has signed a HK$20 billion five-year syndicated term and revolving credit facility with 16 lenders. The facility received overwhelming support, expanding from an initial amount of HK$5 billion to more than HK$26 billion at the arrangers’ coordinating stage, the developer said in a statement. A portion of the … Continue reading Sun Hung Kai Properties signs $20 billion five-year syndicated credit facility
Cathay Pacific Airways (0293) is considering additional orders for widebody, narrowbody and freighter aircraft as it looks to expand rapidly over the next decade, taking advantage of a third runway at its Hong Kong hub, chief executive Ronald Lam Siu-por said on Sunday. Lam said this could include fresh orders and exercising options to expand … Continue reading Cathay Pacific plans more aircraft orders across fleet, CEO says
Tencent (0700) has hired banks for a benchmark US dollar and offshore yuan bond sale, term sheets showed on Monday, in what would be the Chinese technology company’s first dollar bond offering since 2021. A deal could follow as early as Tuesday, subject to market conditions, the term sheets showed. The term sheets did not … Continue reading Tencent hires banks for dollar, offshore yuan bond sale, term sheets show
Oversea-Chinese Banking Corp on Monday said it will let institutional and private banking clients buy, sell and store physical gold in Singapore from June 10, expanding its business as demand for bullion rises. The Singapore bank said the service will be offered to OCBC institutional clients and high-net-worth and ultra-high-net-worth clients of Bank of Singapore, its … Continue reading OCBC to offer physical gold trading, storage in Singapore
Goldman Sachs expects the US Federal Reserve to keep rates unchanged through 2026 and delay rate cuts until 2027, it said on Friday, citing stronger economic activity and job growth after a robust payrolls report. The brokerage now expects rate cuts in June and December 2027, instead of the 25-basis-point reductions it had forecast for … Continue reading Goldman Sachs pushes Fed rate-cut call to 2027 on strong US jobs data
Some savers from mainland China are travelling to Hong Kong and scrambling to explore options to retain their investments in the financial hub, after Beijing’s unexpected crackdown last month on “illegal” cross-border securities trading. Chinese regulators in late May announced a major crackdown on cross-border investments and punished three online brokers for “illegally” helping Chinese … Continue reading Mainland Chinese savers flock to Hong Kong as regulators tighten capital controls
China’s crackdown on “illegal” cross-border investment won’t lead to mainlanders’ offshore accounts being closed and assets liquidated forcibly, the securities regulator said, amid investor concerns over the fate of US$54 billion (HK$423.2 billion) worth of assets. Some savers from mainland China are travelling to Hong Kong and scrambling to explore options to retain their investments … Continue reading China says ‘illegal’ outbound investment crackdown won’t lead to forced liquidation
South Korea’s stock benchmark dived almost 9 percent on Monday, tripping circuit breakers, after robust US jobs data fanned bets on a Federal Reserve rate hike this year and sparked a rout in the tech-heavy market that had led the broader AI-rally. The KOSPI fell as much as 8.8 percent in early trade, as chip … Continue reading South Korea KOSPI dives almost 9pc as tech stocks selloff on Fed anxiety
Hong Kong stocks opened lower on Monday over concerns of the US Federal Reserve interest rate hike. The benchmark Hang Seng Index dropped 379 points, or 1.52 percent, to 24,582. The tech gauge slipped 2.43 percent to 4,769. Resource-related stocks underperformed the market, with CMOC (3993) slumping the most among blue chips, down 5.4 percent. … Continue reading Hang Seng Index falls over 300 points at Monday open
OPEC+ is set to agree on Sunday a fourth increase in oil output targets in as many months, three OPEC+ sources said, even though the US war with Iran is still preventing several of the group's members from pumping more. The war has cut oil flows via the Strait of Hormuz, creating the world's biggest … Continue reading OPEC+ set for fourth oil quota hike since Hormuz closure, sources say
South Korean's financial authorities agreed to investigate and take stern action against speculative trading that has fueled sharp swings in the won against the US dollar, the ministry said in a statement. During an emergency meeting chaired by finance minister Koo Yun-cheol, authorities also agreed to probe any illegal trades by importers and exporters, marking … Continue reading South Korea vows tough measures against speculative won trading
China's central bank increased up its gold reserves for a 19th month in May, data from the People's Bank of China showed on Sunday. The country's gold reserves rose to 74.96 million fine troy ounces by the end of May, versus the previous month's 74.64 million ounces China's gold reserves were valued at US$340.75 billion … Continue reading China’s central bank extends gold buying spree for 19th month in May
China's foreign exchange reserves rose more than expected in May, central bank data showed on Sunday, as the greenback regained broader momentum. The country's foreign exchange reserves, the world's largest, amounted to US$3.442 trillion last month, beating the US$3.411 trillion expected by analysts in a Reuters poll. The reserves totalled US$3.411 trillion in April. The … Continue reading China’s forex reserves rise more than expected in May
SpaceX's underwriters have barred investors in China and Hong Kong from participating in the company's planned initial public offering, Bloomberg News reported on Friday, citing people familiar with the matter. Lead banks managing the offering instructed members of the underwriting syndicate not to accept orders from customers in China and Hong Kong, including private banking … Continue reading SpaceX IPO bars investors from China and Hong Kong, Bloomberg News reports
China on Friday tightened oversight of the country's 23 trillion yuan (US$3.40 trillion) private fund industry, in a bid to reduce financial risks and channel money into technology innovation and emerging industries. China's securities regulator said it would raise the bar for private fund registration, crack down on illegal fund activities and encourage long-term "patient" … Continue reading China to tighten oversight of private investment funds
Several Chinese banks have raised dollar deposit rates in recent weeks, sources said, in a move some traders say is likely aimed at slowing the pace of yuan appreciation. At least five commercial banks, ranging from state-owned lenders to smaller joint-stock banks, have lifted the dollar deposit rates they offered to their clients, according to … Continue reading China banks raise dollar deposit rates amid yuan strength, sources say
The S&P 500 and the Nasdaq dropped at market open on Thursday as chip stocks eased after a sharp rally, while a strong jobs report reinforced expectations of tighter monetary policy. The Dow Jones Industrial Average rose 48.1 points, or 0.09 percent, at the open to 51610.02. The S&P 500 fell 47.0 points, or 0.62 … Continue reading S&P 500, Nasdaq slip at open after solid jobs data fuels hawkish Fed fears; chip stocks fall
The US economy posted another month of strong employment gains in May,confirming that the labor market was gaining traction after stumbling last year, and potentially giving the Federal Reserve more room to keep interest rates unchanged amid rising inflation stemming from the war with Iran. Nonfarm payrolls increased by 172,000 jobs last month after rising … Continue reading US posts another month of strong job gains in May; unemployment rate steady at 4.3 percent
Hong Kong’s foreign currency reserves rose by US$4.4 billion to US$446.5 billion last month. It represents over five times the currency in circulation or about 38 percent of Hong Kong dollar M3, the Hong Kong Monetary Authority said. Including unsettled foreign exchange contracts, the foreign currency reserve assets of Hong Kong at the end of … Continue reading Hong Kong’s FX reserves rise to US$446.5 billion in May
China has appointed Ding Xiangqun as minister of the National Financial Regulatory Administration, an official statement showed on Friday. She was appointed as the regulator's Communist Party committee chief late last month. Ding, a banking and insurance sector veteran, most recently served as the chairperson of state-owned insurance giant the People's Insurance Company (Group) of … Continue reading China appoints Ding Xiangqun as head of financial regulator
ong Kong can help Swedish and European enterprises expand into the Chinese market that is expanding and increasingly sophisticated, said Financial Secretary Paul Chan Mo-po. Speaking at the National Day of Sweden reception 2026, Chan said there is a far-reaching opportunity in Hong Kong's good and growing ties with Sweden. The bilateral merchandise trade last … Continue reading Hong Kong can help Swedish, European firms expand into China: Chan
Hong Kong’s de facto central bank has convened a tokenized bond expert group, bringing together industry representatives with relevant experience and interest in the city’s tokenized bond market development, to drive further adoption and scalability of tokenized bonds. Member institutions of the group are representatives from industry associations, financial institutions, legal advisory firms, as well … Continue reading HK’s de facto c bank establishes tokenized bond expert group to drive adoption
Hong Kong stocks plunged below 25,000 points on Friday on renewed Middle East tensions. The benchmark Hang Seng Index declined by 291 points, or 1.2 percent to 24,961 points at the close. The market turnover rose to HK$342.8 billion. The Hang Seng Tech Index also lost by 1.8 percent to 4,888 points. In the mainland, … Continue reading Hang Seng Index loses the 25,000 point mark on Friday
SpaceX's website and IPO marketing documents were not accessible on Friday in Hong Kong and mainland China, a Reuters review showed, a step that threatens to curb participation by investors there in a listing expected to be the world's largest. Elon Musk's SpaceX aims to raise US$75 billion, the most globally in an IPO, in … Continue reading China and Hong Kong users unable to access SpaceX website, IPO documents
The Japanese yen tested the 160 barrier on Friday, drawing sharp pushback from officials, while the US dollar was on track for a weekly gain as tensions in the Middle East fuelled safe-haven flows. The yen JPY= weakened to the critical 160-per-dollar mark briefly in early trading, hitting the level for the third straight session … Continue reading Yen teeters near 160 level after fresh warning; dollar buoyed by Gulf tension
Hong Kong stocks fell to near 25,000 points by noon on Friday. The benchmark Hang Seng Index dipped by 205 points or 0.8 percent, to 25,047 points at noon. The half-day market turnover was HK$149.8 billion. The Hang Seng Tech Index was down by 1.2 percent to 4,913 points at noon. In the mainland, the … Continue reading Hang Seng Index nears 25,000 points at noon on Friday
S&P Global said on Thursday it was not changing the requirements for entry into its major indices, dealing a setback to Elon Musk's SpaceX by effectively ruling out a swift entry for the world's biggest-ever IPO into the benchmark S&P 500 index .SPX. Musk has rewritten the IPO playbook for SpaceX in many ways from … Continue reading SpaceX blocked from early US benchmark index entry as S&P reaffirms existing rules
The International Monetary Fund on Thursday urged the Federal Reserve in its first policy meeting led by new Fed Chair Kevin Warsh to stay cautious on rates due to persistent upside inflation risks from energy price shocks and increasing pass-through of higher tariff costs. IMF spokesperson Julie Kozack told a regular press briefing that the Fund … Continue reading IMF urges Fed caution on inflation as Warsh prepares to chair first policy meeting
South Korea's labour minister called on the country's major tech firms to share the spoils of their massive windfall profits, warning that unprecedented chip-sector gains stemming from the AI boom risked widening a gap in inequality. In an interview, Kim Young-hoon told Reuters that companies like Samsung Electronics that outperform profit targets should consider sharing … Continue reading South Korea labour minister calls on tech firms to share excess AI profits with suppliers, staff
Japan's foreign reserves fell by US$77 billion in May, government data showed on Friday, as Tokyo resumed massive interventions to stem the yen's slide, fuelling market speculation over how far it's willing to draw on its US$1.3 trillion war chest. The reserves stood at US$1.306 trillion at the end of May, down from US$1.383 trillion … Continue reading Japan May foreign reserves fall by US$77 billion after large interventions
The China Council for the Promotion of International Trade (CCPIT) has said it opposes the United States' latest proposed tariffs that followed an unfair trade practices probe, Chinese state broadcaster CCTV said. The Chinese business community is strongly dissatisfied with and firmly opposed to the US' proposed additional 12.5 percent tariffs on Chinese goods, CCTV … Continue reading China’s international trade council criticizes proposed US tariffs
Chinese wind power equipment maker Dajin Heavy Industry (1081) slipped 11.1 percent in its Hong Kong debut on Friday after an up to HK$6.64 billion (US$847.57 million) share sale. The stock opened flat to the offer price at HK$66.4 before slipping to HK$59.05. It last traded at HK$61.4, down 7.5 percent. The benchmark Hang Seng … Continue reading China wind equipment maker Dajin Heavy slips in Hong Kong debut
The Hang Seng Index fell in the early morning trading session on Friday. The benchmark Hang Seng Index dropped by 133 points, or 0.5 percent to 25,119 points. The Hang Seng Tech Index fell by 0.8 percent to around 4,937 points.
Wall Street advanced on Thursday as progress toward ending the Iran war buoyed investor sentiment, while disappointing results from Broadcom led a chip selloff that pulled the Nasdaq lower. The blue-chip Dow surged, hitting a record closing high with a boost from healthcare .SPXHC and financial stocks .SPSY. The S&P 500 posted more muted gains, … Continue reading Dow claims record closing high, S&P 500 advances; chip selloff weighs on Nasdaq
The European Commission will delay the introduction of a new market risk capital framework for banks for three years to see how the U.S. and Britain implement the same international standards, it said on Thursday. The framework is part of the Fundamental Review of the Trading Book (FRTB) and the global Basel III banking standards … Continue reading EU delays bank risk capital framework by three years, awaiting US, standards
Geoffrey Kendrick, one of the most vocal crypto advocates, is sticking with his call for bitcoin to hit US$100,000 by the end of the year despite a "painful" week, with the global head of digital assets research at Standard Chartered (2888) pointing to resilient long-term demand. The biggest crypto token has tumbled more than 15 … Continue reading Standard Chartered’s crypto bull sticks to US$100,000 bitcoin call despite ‘painful’ week
China supports discussions on fair competition, including restricting industrial subsidies that distort market competition and enhancing policy transparency, Li Chenggang, China's vice commerce minister and international trade representative, said. Li made the remarks on Wednesday at a World Trade Organization meeting in Paris attended by representatives from over 20 economies including the U.S. and EU, … Continue reading China backs talks on fair competition, subsidies, vice commerce minister says
The S&P 500 and the Nasdaq dropped at the open on Thursday, as Broadcom's revenue miss pressured chip stocks, while equity investors took a breather after a strong rally to record highs. The Dow Jones Industrial Average rose 299.0 points, or 0.59 percent, at the open to 50,986.1. The S&P 500 fell 37.1 points, or … Continue reading S&P 500, Nasdaq slide at open as Broadcom revenue miss dents chip stocks
