Hong Kong Financial News

₹35,000 crore in May so far. This move is attributed to multiple factors, including high valuations in the Indian market, a shift in investment focus towards China and Hong Kong due to their comparatively lower valuations, delays in anticipated interest rate cuts by the US Federal Reserve, rising US bond yields, heightened tensions in the Middle East, and the strength of the US dollar.Despite these significant outflows, the Indian stock market has displayed remarkable strength and resilience.

economic policy trajectory whether Prime Minister Narendra Modi wins a third term in office or not, former central bank Governor Raghuram Rajan said. “There is a lot of continuity built into Indian policy," Rajan said in an interview Tuesday with Bloomberg TV’s David Ingles.

Shares are mixed in Asia after U.S. markets were closed for the Memorial Day holiday

Shares have advanced in Europe and Asia ahead of Monday's Memorial Day holiday in the United States

Inflation in the US saw a slower-than-expected rise in April, with the consumer price index (CPI) increasing by 3.4% year-over-year, according to the latest data. The core CPI, which strips out the volatile food and energy sectors, softened for the first time in six months.

A major Chinese bank, Industrial Bank, will reward digital yuan-using customers with carbon points as it targets further CBDC adoption.

Hong Kong: During President Vladimir Putin's visit to China in mid-May, he said Russia and China are «jointly committed to promoting the establishment of a more democratic multipolar world order». To countries that do consider themselves democratic, Putin's notion was laughable, for both China and Russia are ruled tightly by autocratic rulers who have no intention of losing their grip on power. In fact, Professor Steve Tsang, Director of the SOAS China Institute at SOAS University of London, told ANI, «The biggest challenge China faces in governance terms is the concentration of power in Xi's hands.»

Sensex eased 19.89 points, or 0.03%, to close at 75,390.50, while the Nifty 50 settled 24.65 points, or 0.11%, lower at 22,932.45.“Amidst the celebration, there looms a question regarding the sustainability of this bullish trend. The previous day unfolded with cautious trading, anticipating heightened volatility in the near term.

Gold prices were steady on Tuesday, as investors maintained a cautious stance ahead of key U.S. inflation data, which could provide more insight into the Federal Reserve's policy trajectory. FUNDAMENTALS

China has set up the country's largest-ever semiconductor investment fund to propel development of the domestic chip industry, the latest effort from Beijing to achieve self-sufficiency as the US seeks to restrict its growth. The third phase of National Integrated Circuit Industry Investment Fund has amassed 344 billion yuan ($47.5 billion) from the central government and various state-owned banks and enterprises, including Industrial & Commercial Bank of China Ltd, according to Tianyancha, an online platform that aggregates official company registration information. The fund was incorporated on May 24.

Shares of China Evergrande New Energy Vehicle Group more than doubled on Monday as trade resumed after the company said liquidators had agreed on behalf of key shareholders to sell a stake in the electric vehicle (EV) maker. Shares of embattled developer China Evergrande's EV unit soared as much as 113% to HK$0.81, their highest since September 22, becoming the top gainer on the Hong Kong bourse, and last stood up 79%, following the May 17 trade halt.

India has recorded a trade deficit, the difference between imports and exports, with nine of its top 10 trading partners, including China, Russia, Singapore, and Korea, in 2023-24, according to official data. The data also showed that the deficit with China, Russia, Korea, and Hong Kong increased in the last fiscal compared to 2022-23, while the trade gap with the UAE, Saudi Arabia, Russia, Indonesia, and Iraq narrowed. The trade deficit with China rose to USD 85 billion, Russia to USD 57.2 billion, Korea to USD 14.71 billion and Hong Kong to USD 12.2 billion in 2023-24 against USD 83.2 billion, USD 43 billion, USD 14.57 billion and USD 8.38 billion, respectively, in 2022-23. China has emerged as India's largest trading partner with USD 118.4 billion of two-way commerce in 2023-24, edging past the US.

Hong Kong is considering allowing staking for exchange-traded funds investing directly in Ether, potentially unlocking a source of passive income that has been removed from prospective US issuers' plans. The Securities and Futures Commission has held discussions with the city's crypto ETF issuers about providing staking services via licensed platforms, after fielding proposals in recent weeks, according to people familiar with the matter.

Manishi Raychaudhuri, Veteran Investor In Asian Equities, says for global investors’ focus to come back sustainably in emerging markets, the rate narrative and the US dollar narrative has to change. Till then, we would possibly see this three steps forward and two steps back as far as the FII flows into India and other Asian markets are concerned. There are enough opportunities in India in sectors like capital goods, industrials and power which hitherto had not performed and some FIIsfund managers have moved into midcaps and even smallcap spaces. There was a weakish patch barely a week or 10 days ago when the market corrected from 23,000 to 21,800 odd. At that time, a narrative got built that China and Hong Kong markets have started to look very attractive versus India, so some money went there. But right now, we are back at life highs. Can India afford to do well despite some flows going to China? Manishi Raychaudhuri: I would think so.

FSSAI has also advised that all activities related to the commercialisation of human milk and its products should be stopped.In an advisory dated May 24, titled ‘Advisory on Unauthorized commercialization of human milk and its products’, the FSSAI said that it is in “receipt of representations from various registered societies regarding commercialization of human milk and its products".It added that the FSSAI “has not permitted the processing and / or selling of human milk under FSS Act, 2006 and rules/regulations made there under."“Therefore, it is advised that all such activities related to the commercialization of human milk and its products should be immediately stopped.

Mark Mobius, Chairman, Mobius Emerging Opportunities Fund, says that there are lots of steam left in the global market, and we are seeing a lot more interest in equities globally, particularly in the US, and that helps India as well because if people are making a lot of money in the US, they want to diversify globally. They want to put their eggs in more baskets. And one of the most important baskets now is India. Mobius further says that India is a huge market and there are lots of opportunities for global investors.They are going to take advantage of that opportunity. I wanted to glean out a bit because overall we have seen that there has been a shift towards China as well because the valuations there were fairly comfortable. For you, I see that it is still one of the least preferred countries in terms of your geographical portfolio breakdown. What is the thesis there? Are you looking at perhaps increasing the weights in China and even the US for that matter is fairly underweight at just 9%? Mark Mobius: Yes, we are looking at China again now and you have seen that the Hong Kong market has had a pretty good recovery.

foreign portfolio investors (FIIs) have remained unenthusiastic in May so far, off-loading Indian equities worth Rs 22,046 crore. In 2024 year-to-date, FPIs have off-loaded stocks worth Rs 19,824 crore. They carried on the trends in May from April in which FPIs sold shares worth Rs 8,671 crore even as the domestic institutional investors have displayed keenness on remaining in the buying side.

Crypto exchange OKX announced on Friday that it has withdrawn its Virtual Asset Service Provider (VASP) license application in Hong Kong and will cease to provide trading services to residents.

China’s latest artificial intelligence chatbot is trained on President Xi Jinping’s doctrine in a stark reminder of the ideological parameters that Chinese AI models should abide by

Asian stocks fell on Friday, while the dollar advanced as strong U.S. economic data bolstered the prospect of interest rates staying higher for longer and the Federal Reserve taking its time in cutting rates, keeping investors away from risky assets. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5% and was on course for a 1% weekly decline, snapping its four-week winning streak. Japan's Nikkei fell 1.45%.

Sensex jumped 1,196.98 points, or 1.61%, to close at 22,967.65, while the Nifty 50 settled 369.85 points, or 1.64%, higher at 75,418.04.“We expect this positive momentum to continue on the back of an improving political environment, continued short covering by FIIs, and strong domestic macros. Sectors like Defence, Banking, and Railways are expected to remain in focus," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.Here are key global market cues for Sensex today:Asian markets traded lower on Friday tracking overnight losses on Wall Street.