China’s CSI300 Index (.CSI300) dropped 4% last week, while Hong Kong’s Hang Seng (.HSI) tumbled 6%, as China’s moderate GDP growth target of around 5% for 2023 – set during the annual session of the rubber-stamp parliament – dashed hopes for a big stimulus. The market mood could be damped further following Friday’s sudden collapse of start-up focused lender SVB (SIVB.O), which […]
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Sri Lanka declares 5-day share trading halt over crisis
Colombo: The Colombo Stock Exchange on Saturday announced a five-day trading halt after crisis-hit Sri Lanka hiked interest rates and declared a default on its external debt during the traditional New Year holiday. The market was due to reopen on Monday after being shut all week for the occasion, but the CSE said it will […]
China Telecom eyes $8.4 bn Shanghai IPO, world’s biggest in 2021
China Telecom could raise more than $8 billion in a Shanghai initial public offering that would be the biggest this year, months after it was delisted in the United States amid Washington’s stand-off with Beijing. The firm said it had priced its offer at 4.53 yuan per share, which would be worth 47.1 billion ($7.3 […]
Why China is hobbling its tech sector
Scuttled listings and share prices hammered by official threats: Beijing has launched a withering and very public assault on some of China’s biggest tech names. The travails of ride-hailing giant Didi Chuxing this week carried a cautionary tale for digital big hitters: what goes up, can come down… and fast. Days after a New York […]
UK fintech firm Wise worth £8bn on London market debut
British financial technology firm Wise entered the London stock market Wednesday, valued at £8.0 billion ($11.1 billion, 9.3 billion euros) in a key post-Brexit test for the sector. The global money transfer specialist launched at £8.0 per share under a so-called direct listing, which does not seek to raise capital but enables public trading. The […]
Hong Kong stocks end down
Hong Kong stocks finished more than one percent down Thursday with investors taking to the sidelines ahead of the release of US jobs data at the end of the week. The Hang Seng Index fell 1.13 percent, or 331.59 points, to 28,966.03. The benchmark Shanghai Composite Index eased 0.36 percent, or 12.93 points, to 3,584.21, […]
Optimism on reopening economy boosts US stocks
Wall Street stocks rose early Tuesday on optimism about the reopening of the US economy ahead of a trove of government data, including the May jobs report. Markets were closed Monday for the Memorial Day holiday, the unofficial start of the summer season. Analysts are bullish on the hospitality industry’s outlook this summer after many […]
Asian markets tumble on trade tensions
Asian stocks largely fell Tuesday, reversing early gains on a bargain-hunting push by investors, as global trade tensions continued to weigh on markets. Fears of an economic slowdown have mounted in recent days as US President Donald Trump has threatened Mexico with tariffs, adding to anxieties over the US-China trade war, which shows no signs […]