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42 minutes ago
Hong Kong leads losses in Asia as real estate and consumer stocks fall
Hong Kong’s Hang Seng Index led the decline among major Asian benchmarks, falling 2.36% on Tuesday, dragged by property stocks and consumer non-cyclical stocks.
The biggest decliner on HSI was JD Health International, which plunged 6.84%. The company is China’s largest online healthcare platform and a subsidiary of Chinese technology giant JD.com.
The list of top losers also includes names such as investment firm Tinggi (Cayman Islands) Holding Corporation, which manufactures and sells instant noodles and beverages primarily through its subsidiaries, and consumer electronics maker Lenovo Group.
2 hours ago
Chinese consumers are likely to save more than they spend in the first half of 2024, says StanChart
China is battling weak domestic demand and has pledged to boost domestic consumption.
“Domestic consumer confidence is soft due to a soft labor market and weak incomes,” Eric Robertsen, head of global research at Standard Chartered Bank, told CNBC’s Street Signs Asia.
Robertsen said that even though lower income levels have pushed China’s interest rates below 3% and market liquidity has increased, “Chinese consumers tend to save more than they spend, and the first half of this year saw a decline in The trend will be closely watched.” . ”
He said further fiscal and monetary stimulus is expected.
Mainland China’s CSI300 index fell 11.4% last year, marking the third consecutive year in the red. The index was down 0.4% in afternoon trading on Tuesday.
— Shreyashi Sanyal
5 hours ago
Commodity miners weigh on Australian market as ASX200 hits four-week low
Australia’s S&P/ASX 200 index hit a four-week low on Tuesday, dragged down by commodity stocks as costs fell. The index also led the region’s losses, falling 1.2%, its lowest level since Dec. 14.
Iron ore prices fell after the Chinese government kept the medium-term lending facility interest rate unchanged at 2.5% on Monday. China is the world’s largest iron ore consumer.
The benchmark February contract for iron ore on the Singapore Exchange traded at $127.9 per tonne, the lowest since Dec. 5.
Fortescue lost its lead among the ASX’s leading miners, losing 2.31%. Rivals Rio Tinto and BHP Group fell 1.83% and 1.46% respectively.
— Lim Huijie
7 hours ago
Japan’s producer prices rose 0.3% in December
Japan’s corporate goods price index rose 0.3% in December from the previous month, exceeding economists’ forecasts compiled by Reuters.
According to a Reuters poll, December’s CGPI is expected to be unchanged from November.
December’s CGPI was flat compared to the same month last year, but Reuters had predicted a decline of 0.3%.
— Lim Huijie
7 hours ago
CNBC Pro: Morgan Stanley selects global ‘alpha’ opportunities for January – gives one 50% upside potential
Asian markets may have had a turbulent 2023, but those looking for small opportunities in the region can look to Morgan Stanley’s Alpha stocks.
Alpha stocks are stocks that have the ability to beat the market.
The stocks are from the Asia-Pacific region ex-Japan, have a market capitalization of more than $5 billion, and were ranked based on factors such as quality, value and sentiment, Morgan Stanley analysts said. .
CNBC Pro subscribers can read about Morgan Stanley’s top 10 ideas to watch here.
— Amara Balakrishna
7 hours ago
CNBC Pro: Bank of America lifts global wind energy stocks after tough 2023, giving room for 20% upside
Bank of America upgraded the wind energy stock from “neutral” to “buy,” citing an improved risk-reward profile.
The upgrade and price target increase come after the stock has already recovered more than 50% from last year’s lows.
Wall Street banks are also bullish on the stock after a series of negative headlines about project delays and cost overruns soured sentiment in the wind energy sector in 2023.
CNBC Pro subscribers can read more here.
— Ganesh Rao
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