Hong Kong Financial News

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By Summer Zhen and Samuel Shen

Investing.com-- Major Asian chipmaking and technology stocks rose sharply on Friday, tracking better than expected earnings from TSMC and as the chipmaking giant also flagged a positive outlook on AI demand.

Asian shares bounced on Friday, buoyed by a rally in regional chipmakers, while the yen was set to end the week with heavy losses as investors pared back bets the Bank of Japan would soon abandon its uber-easy policies. Oil prices were on edge amid worries about increasing geopolitical risks in the Middle East. The U.S. launched new strikes against Houthi anti-ship missiles aimed at the Red Sea on Thursday, and Pakistan conducted strikes inside Iran, two days after Iranian strikes inside Pakistani territory. MSCI's broadest index of Asia-Pacific shares outside Japan rallied 0.9% on Friday, but was still down 2.9% for the week, the biggest weekly loss since mid-August. Taipei-listed shares of Taiwan Semiconductor Manufacturing (TSMC) surged 5.0% after the chipmaking giant projected 2024 revenue growth of more than 20%.

Sensex declined 313.90 points, or 0.44%, to close at 71,186.86, while the Nifty 50 settled 109.70 points, or 0.51%, lower at 21,462.25. Investors will now focus on the corporate earnings for the third quarter of FY24 which so far have been a mixed bag. “We expect the market to consolidate in a range with limited upside amid a global uncertain environment.

The U.S. hit a United Arab Emirates shipping firm and its 18 vessels with sanctions after it transported Russian crude oil above the $60 per barrel price cap

Retired U.S. Army Blackhawk helicopter pilot Lt. Col. Darin Gaub says the only hope to mitigate conflict in the Middle East is for Israel to uphold its defense.

Investing.com — European stock markets traded marginally higher Thursday, steadying after the previous session’s sharp losses, but any gains are likely to be limited on increased doubts of early interest rate cuts. 

Following a challenging 2022, 2023 proved to be a year of recovery, NIFTY with strong growth of about 20% in CY2023 compared to a meagre 3% in CY2022. Globally, except for a 15% decline in the Chinese and Hong Kong markets, the markets recovered between ~14% and ~25%. Notably, the NASDAQ jumped 45% while the S&P 500 increased by 25%. Healthy returns of CY2023 were on back of negative returns in the range of negative ~8 to ~34% in CY2022 with NASDAQ falling the most at 34% and an exception of Indian markets (positive 3%) being stronger than the world. The year 2023 was not without difficulties, though, as interest rates reached previously unheard-of levels, sparking fears about future economic growth and recessionary expectations in the developed world. Despite challenges, Indian markets and a number of sectors saw outstanding performance, with real estate (up 78%), PSE (up78%), and Autos (up 45%) showing particularly strong returns. The outstanding returns were delivered for the BSE SME IPO index delivering 91%. Abundant liquidity fuelled the IPO markets with astounding oversubscriptions. Moreover, the shift in ownership dynamics, marked by higher domestic ownership and strong inflows, added strength to the market. Global Economic Scenario

By Farah Master

Investing.com-- Most Asian stocks kept to a tight range on Thursday as strong U.S. data further dented bets on early interest rate cuts by the Federal Reserve, while a rout in Chinese shares worsened in the wake of disappointing GDP readings.

China and expectations the global rate easing cycle may not come as early as some had initially thought. U.S.

Sensex cracked 1,628.01 points, or 2.23%, to end at 71,500.76, while the Nifty 50 ended 460.35 points, or 2.09%, lower at 21,571.95. “Hawkish Fed commentary, escalating tension in the Middle East, and a spike in bond yield dented investor sentiment. On the domestic front, the market would look at quarterly results for stock-specific action and we expect indices to consolidate after a sharp sell-off," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

China’s economy for the October-December quarter grew at a quicker rate, allowing the Chinese government to hit its target of about 5% annual growth for 2023 even though trade data and the economic recovery remain uneven

China published youth unemployment data Wednesday for the first time since the jobless rate hit a record high in June last year, using a new method that showed an apparent improvement

Investing.com-- Most Asian stocks fell on Wednesday as Federal Reserve officials downplayed expectations for early interest rate cuts, while economic growth figures from China largely underwhelmed markets.

elected as Taiwan’s president. He thus secured a third term for his pro-independence Democratic Progressive Party (DPP). The vote will shape relations between self-governing Taiwan and China, which wants the island to be governed from Beijing.

Sensex declined 199.17 points, or 0.27%, to close at 73,128.77, while the Nifty 50 settled 65.15 points, or 0.29%, lower at 22,032.30. “Following global cues, domestic equities took a breath after rallying in the last few sessions. Overall we expect the market to consolidate in higher zones," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Pawan Passi is no longer in the room, and he will not be coming back for a while.

As Citigroup prepares to make another round of job cuts, focused on staff in managerial roles, one former managing director there is having a fine timing living in Cornwall. 

Cathay Pacific plane while taxiing at a Japanese airport on Tuesday, with both airlines saying there were no injuries. The incident comes two weeks after a near-catastrophic collision at Tokyo's Haneda Airport when a Japan Airlines plane collided as it landed with a smaller coast guard plane. Cathay Pacific said the accident on Tuesday took place while its aircraft was parked at New Chitose Airport serving Sapporo on the northern island of Hokkaido.