Hong Kong Financial News

A record selloff in Chinese stocks by global funds has pushed their positioning to the lowest since October, with money managers unswayed by the stimulus measures that have been coming through over the past few weeks. 

Asian equities fell on Tuesday as the spotlight remained on China and its efforts to stabilise its stuttering post-pandemic economy, while traders awaited the outcome of a policy meeting of the Reserve Bank of Australia. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.75% lower at 511.14, moving away from 515.37, the highest level since Aug. 11 it touched on Monday. China shares clocked their best day in over a month on Monday on the back of fresh measures to help boost the faltering economy.

Indian stock market is expected to open lower on Tuesday following weakness in Asian markets ahead of key economic data releases in the region. The US markets were shut for a holiday. The Reserve Bank of Australia will announce its interest rate decision, while the purchasing managers index readings from China, India and Hong Kong will also be released today.

Chinese stimulus measures aimed at supporting the country’s beleaguered property sector. The pan-European STOXX 600 index ended at 457.96 points after rising as much as 0.9% earlier in the session. China’s financial regulators have lowered down-payment requirements for first and second-time home buyers and cut rates on existing mortgages.

Digital asset exchange, OKX has entered the final stage to obtain a Virtual Asset Service Provider License (VASP) in Hong Kong. 

Hong Kong experienced its hottest summer on record this year, with the city seeing «record-breaking» temperatures, the government said Monday, the latest region to experience the impact of a warming planet.Climate change has fuelled searing temperatures across the globe already this year, with India, Japan and Australia last week announcing recent temperature records toppled. In the semi-autonomous Chinese region of Hong Kong, officials declared on Monday that «together with the exceptionally hot weather in June and July, Hong Kong experienced the hottest summer on record from June to August 2023». The city recorded a monthly mean temperature of 29.7 degrees Celsius (85 degrees Fahrenheit) last month, the hottest August on record, according to the Hong Kong Observatory. This year also saw the third-hottest July and fourth-hottest June since records began in 1884. The top three warmest years in Hong Kong's history were all recorded after 2018. August was also «much drier than usual with a total rainfall of 5.5 inches,» the Observatory added.

Stocks are higher in Europe and Asia after Wall Street was boosted by a report that signaled the U.S. jobs market, while still healthy, is showing some signs of cooling

Japanese Prime Minister Fumio Kishida has announced a $141 million emergency fund to help exporters hit by a ban on Japanese seafood imposed by China in response to the release of treated radioactive wastewater from the damaged Fukushima nuclear power ...

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HONG KONG—China’s top surviving private developer bought more time to sort out its liquidity problems, giving investors hope that it will cobble together enough cash to avoid defaulting on its U.S. dollar bonds this week. Last Friday, Country Garden Holdings said it got approval from investors in mainland China to extend the maturity date of $537 million in domestic bonds by three years.

Speaking about the upcoming season of the Great Outdoors in Hong Kong and Mega Events, Mr. Puneet Kumar, Director South Asia and Middle East, Hong Kong Tourism Board said, “The young and affluent Indian travellers coming to Hong Kong are increasingly seeking for an active, adventurous and undiscovered experiences. We are thrilled to present them the Great Outdoors in Hong Kong that would offer them city’s energetic, vibrant and thrilling adventures such as beautiful rewarding green hiking trails, remote yet accessible self-sustained islands & beaches, soft adventure water sporting activities and outdoor sights to awaken their 5 senses in expansive natural landscapes. Hong Kong is also gearing up to welcome the international visitors who want an ultimate thrill seeker’s itinerary to combine their visit around the exciting international sporting events such as Hong Kong Cyclothon, Hong Kong Streetathon and Standard Chartered Hong Kong Marathon."He further said, “We welcome our fans and friends from India for upcoming season as travelling to Hong Kong from India is seamless with visa free stay not exceeding 14-days after successfully registering for Pre-arrival registration and now a wide choice of full board and low cost carriers connecting Hong Kong from Delhi, Mumbai and Bengaluru."Push the limits at a world-class international racing eventAs a global city, Hong Kong hosts a number of international sporting events each year.

Investing.com -- Chinese shares jump as traders bet that recent U.S. unemployment figures may convince officials at the Federal Reserve to keep interest rates steady this month, while markets awaited more possible stimulus measures from Beijing. Elsewhere, international leaders prepare to attend the G20 summit in India later this week, although the gathering will not feature Chinese President Xi Jinping.

OKX cryptocurrency exchange has entered the final stage before acquiring a virtual asset service provider license (VASP) in Hong Kong. The crypto exchange expects the final approval for a VASP by March next year.

real estate player sought approval from its creditors to extend the maturity on a 3.9 billion yuan ($540 million) onshore private bond in a vote that ended on Friday night. The extension means the developer can repay the debt in instalments over three years, instead of meeting its obligations by Saturday. The bond is not publicly traded," the Reuters reports added.

Sensex and Nifty, ended with healthy gains on Friday, boosted by all-around buying in light of broadly positive global cues ahead. “Domestic markets made significant gains, buoyed by favourable global cues, a higher-than-expected domestic manufacturing PMI, and positive GDP growth data. This robust economic outlook propelled key manufacturing sectors to lead the rally, while strong sales figures generated increased interest in auto stocks," said Vinod Nair, Head of Research at Geojit Financial Services.

It could be time for a double celebration at TA Associates’ Hong Kong headquarters. The buyout bigwigs are in final negotiations to acquire Italian-funded accounting and financial advice firm AZ NGA, just two months after being rebuffed by the sellers, sources said on Sunday.

TAIPEI (Reuters) -Domestic flights were cancelled and almost 4,000 people were evacuated as Typhoon Haikui barrelled into southeastern Taiwan on Sunday bringing torrential rain and strong winds.

Meghalaya has adopted Artificial Intelligence enabled robotic technology to keep it's beautiful tourist hotspot Umiam lake clean, as the lake at an altitude of about 4,900 feet is also a major hub for water sports and boating in hill town Shillong. The AI-integrated robotic boat is able to collect huge quantities of garbage in reasonable time from Umiam Lake, that was formed when a dam was built over the Umiam river in the early sixties as part of a hydel power project. Under the Meghalaya government's Smart Village initiative, the AI- enabled robotic boat was recently deployed in collaboration with a global non-profit organisation called Smart Village Movement (SVM), and Hong Kong-based technology firm Clearbot after a week-long demonstration.Tulenam Laloo, Fellow at the Haas School of Business, UC Berkeley, and Director of Operations for the initiative in Meghalaya, highlighted that «this technology was first tested in Bali (Indonesia) and tried to transfer such capabilities to Meghalaya, a growing tourist destination today, to solve waste collection in a famous. »Such models will create standard processes to handle waste in a timely manner making operations more efficient than conventional ones.

Taiwan girded for the arrival of Typhoon Haikui on Sunday, which is expected to bring torrential rain and strong winds to the island's south and east. Haikui is forecast to make landfall in the mountainous and sparsely populated far southeast of Taiwan late Sunday afternoon, with counties and cities in the east and south cancelling classes and declaring a day off for workers. Haikui is a much weaker storm than Typhoon Saola which hit Hong Kong and the southern Chinese province of Guangdong on Saturday.

domestic flights and the evacuation of nearly 3,000 individuals. The typhoon is anticipated to bring heavy rainfall and powerful winds to the southern and eastern regions of the island. Haikui is predicted to hit the remote and thinly populated southeastern part of Taiwan, characterized by mountainous terrain, during late Sunday afternoon.

HONG KONG—A new Cold War-style competition has put the moon back at the center of global space ambitions, but the U.S. has a new chief rival. More nations and companies are venturing into space, crowding the calendar with planned robotic landings for lunar research.