Hong Kong Financial News

City is set to face Fulham in their last Premier League match before the upcoming international break. Thus far, Manchester City has maintained an impeccable Premier League record this season, securing victories against Burnley, Newcastle United, and Sheffield United in their previous matches. Fulham, on the other hand, has also demonstrated a strong start to the season, remaining undefeated in league competition. Despite playing with 10 men, they managed to secure a 2-2 draw against Arsenal in their last outing. Additionally, Fulham had a noteworthy performance in the Carabao Cup this week, eliminating Tottenham in a penalty shootout. In the previous encounter against City last November, Fulham narrowly lost due to a 90th-minute penalty from Erling Haaland. Therefore, they aim to pose a formidable challenge to Pep Guardiola's team once again.

China's economic slowdown has alarmed international leaders and investors, as per CNN. For the first time in decades, the world's second economy is itself in trouble. Hong Kong's Hang Seng (HSI) Index slid into a bear market on Friday, having fallen more than 20 per cent from its recent peak in January. The Chinese yuan, last week, fell to its lowest level in 16 years, prompting the central bank to make its biggest defence of the currency on record by setting a much higher rate to the dollar than the estimated market value. The issue is that, after a rapid spurt of activity earlier this year following the lifting of COVID lockdowns, growth is stalling.

By Xie Yu, Kevin Huang and Li Gu

Typhoon Saola made landfall in southern China before dawn Saturday after nearly 900,000 people were moved to safety and most of Hong Kong and other parts of coastal southern China suspended business, transport and classes. Guangdong province's meteorological bureau said the powerful storm churned into an outlying district of the city of Zhuhai, just south of Hong Kong at 3:30 a.m.

By Farah Master, Joyce Zhou and David Kirton

By Xie Yu

By Liangping Gao and Clare Jim

HashKey Capital, the investment arm of Hong Kong-based crypto giant HashKey Group, has allocated a significant portion of its newly launched to major altcoins. 

Seychelles-based crypto exchange OKX is looking to expand into India despite the uncertain regulatory environment. 

Canadian uranium developer NexGen Energy has secured $US155 million ($240 million) in financing from investment house Washington H. Soul Pattinson and recourse sector investor Queens Road Capital.

Indian stock market is expected to open on a tepid note Friday on the back of mixed global cues. Asian markets traded mostly higher, while the US stock market ended mixed overnight amid the release of key economic data that raised hopes that the US Federal Reserve may not hike interest rates further. Investors await the US employment data due on Friday for clues on the Fed’s monetary policy outlook.

Super Typhoon Saola is poised to strike Hong Kong with its formidable force, as authorities have elevated the strong wind signal to No.8, prompting the closure of schools, businesses, and even the stock exchange. This impending natural juggernaut, boasting wind speeds exceeding 200 kmph, is predicted to chart a course towards eastern Guangdong, the adjacent Chinese mainland province. The impending typhoon has triggered the issuance of the highest typhoon alert by Chinese authorities, marking the potential for one of the most potent typhoons to hit Guangdong since 1949.

jobless claims for the week ended August 26 fell at 228,000. Shares of Salesforce climbed 3% after its upbeat revenue forecasts. Broadcom rose 3.4% and Intel gained 1.8%.

By Engen Tham, Julie Zhu and Clare Jim

By Xie Yu, Clare Jim and Li Gu

CME Group, a leading global derivatives marketplace, in collaboration with CF Benchmarks, a prominent provider of cryptocurrency benchmark indices, has announced the launch of two new APAC-specific reference rates for Bitcoin and Ether. These rates, named the CME CF Bitcoin Reference Rate APAC (BRRAP) and CME CF Ether-Dollar Reference Rate APAC (ETHUSD_AP), are set to be introduced on September 11. They will offer a daily reference rate for the U.S. dollar value of these two digital assets, with the publication time slated for 4 p.m. Hong Kong/Singapore time.

HUAWEI CLOUD, the cloud service division of global technology titan Huawei, has officially entered into a «Memorandum of Understanding (MoU)» with COBO, a frontrunner in digital asset custody solutions. This landmark announcement was made during an exclusive, closed-door event.

Nifty settled lower on the last day of August on Thursday, tracking weak global cues, while investors awaited India's gross domestic product (GDP) data for the April-June quarter of current fiscal (2023-2024) which is expected later today. India's GDP likely moved up to 7.7 per cent in the first quarter, recording the fastest annual pace in a year, supported by robust government capital expenditure and a strong services sector. However, some economists and rating agencies expect India's Q1 GDP print to beat the 8 per cent forecast of the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC).

Portfolio Advisors, LLC is partnering with Vontobel to help the Swiss-based global investment firm offer private markets investments to selected clients.

Hashkey Capital will invest a significant part of its assets in second-tier cryptocurrencies, with a goal of outperforming market leader Bitcoin, its portfolio manager said. The fund, run by the investment arm of Hong Kong crypto giant Hashkey Group, launches on Friday. It has already secured potential clients, mainly high-net-worth individuals and investment firms serving rich Asian families, Jupiter Zheng told Reuters. Less than 50% of its investments will be in Bitcoin and Ethereum, the two biggest crypto currencies.

Crypto exchange Binance has encouraged users to start converting their Binance USD (BUSD) stablecoin holdings into a newly listed stablecoin amid plans to wind down support for BUSD.