Hong Kong Financial News

By Gilles Guillaume and Giulio Piovaccari

China’s slowing economy, seen from ground level (Aug 17th) Why Chinese women are denied legal land rights (Aug 10th) Xi Jinping’s revealing response to floods and heatwaves (Aug 4th) Also: How the Chaguan column got its name © 2023, The Economist Newspaper Limited. All rights reserved. From The Economist, published under licence. The original content can be found on www.economist.com

World shares are mixed after China pledged more spending to counter its economic slowdown

Hui Ka Yan has already lost his freedom. 

Crypto exchange giant Binance seems to have connections with a newly established cryptocurrency trading platform in Hong Kong that has announced its intention to apply for a license in the city, according to a South China Morning Post report. 

Hong Kong’s leader has cut taxes for some homebuyers and stock traders to boost markets as the city seeks to maintain its reputation as a global financial hub

Hong Kong's leader on Wednesday cut taxes for some homebuyers and stock traders to boost markets as the city seeks to maintain its reputation as a global financial hub. Chief Executive John Lee said the extra stamp duties imposed on non-resident buyers and current local homeowners looking to buy additional properties would be halved, making the first easing over the past decade since property cooling measures were introduced. In his annual policy address, Lee also unveiled plans to reduce stamp duty on stock transactions to 0.1% from 0.13%, saying a vibrant stock market is vital to upholding the city's status as a financial hub. After the easing of COVID-19 restrictions, Hong Kong's economy has begun to recover, fuelled by growth in tourism and private consumption. The city's economy expanded 2.2% in the first half of 2023 year-on-year and is expected to grow between 4% and 5% for the full year. However, the path to full recovery remains uneven, particularly with geopolitics tensions rising and mainland China, its largest trading partner, struggling to rebound quickly.

By Summer Zhen and Xie Yu

By Clare Jim

(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) After the announcement of these measures, shares of two major residential property developers Sun Hung Kai Properties and Henderson Land eased 0.2% and 1%, respectively, in early afternoon trading. Additionally, stamp duties for stock transactions would also be reduced to 0.1% from 0.13% to help bolster liquidity in the Hong Kong market.

Washington state senator was arrested in Hong Kong for carrying a gun that was not registered in the semi-autonomous Chinese city, his website and local media reported. He was released on bail Monday. Jeff Wilson, a Republican from Longview, was arrested after landing at the Hong Kong International Airport on Saturday.

Finnish investigators say they believe an anchor of a Chinese container ship was dislodged and caused the damage to the undersea Balticconnector gas pipeline between Finland and Estonia on the Baltic Sea earlier this month

By Twinnie Siu and Clare Jim

Investing.com-- Most Asian stocks rose on Wednesday, tracking a positive overnight session on Wall Street, while Chinese stocks extended a recovery rally after the government announced plans for a massive bond issuance. 

By Tom Westbrook

Euroclear has launched a digital securities issuance service and settled a 100-million-euro ($106 million) digital World Bank bond. This is the first step in the Brussels-based settlement house’s digital infrastructure strategy, it said.

Sensex tanked 825.74 points, or 1.26%, to settle at 64,571.88, while the Nifty plunged 260.90 points, or 1.34%, to 19,281.75. Tensions over regional conflict in the Middle East, worries over more rate hikes by the US Federal Reserve for an extended period and mixed corporate earnings so far spooked markets. “We expect the market to remain volatile amid rise in global uncertainties while the stock specific action is likely to continue in the market amid a busy results season.

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Hong Kong's CSOP Bitcoin Futures ETF has experienced a surge in trading volume and net inflow amidst the recent Bitcoin (BTC) rally. 

California Gov. Gavin Newsom opened a weeklong trip to China with an assurance that his state will always be a partner on climate issues no matter how the U.S. presidential election turns out next year

Asian shares are mixed after Wall Street wobbled to a mixed close as yields on U.S. Treasury bonds fell back after jumping above 5%