^HSI - HANG SENG INDEX
| Previous close | 26,339.16 |
| Open | 26,571.08 |
| Volume | 0 |
| Day's range | 26,102.31 - 26,782.62 |
| 52-week range | 21,139.26 - 29,174.92 |
| Avg. volume | 1,854,056,408 |
- FX Empire
China Blue Chip Index Hits 5-year High; Australian Shares Tumble as Borders Close
The Australian stock market closed lower as state border closures sparked fear of a second wave that could damage the country’s economic rebound.
- Bloomberg
Hong Kong Stocks Enter Bull Market After $1.1 Trillion Rebound
(Bloomberg) -- Hong Kong stocks joined the rest of the world in bull market territory Monday, after a more than $1.1 trillion rebound.The Hang Seng Index jumped 3.8%, extending its rally from March’s low to 21%. Tencent Holdings Ltd. and Hong Kong Exchanges & Clearing Ltd. have contributed 42% of the benchmark’s gains during the period, according to data compiled by Bloomberg. Sino Biopharmaceutical Ltd., the gauge’s biggest gainer of 2020 as of June 30, and Tencent were the only two Hang Seng members to fall Monday while underperforming sectors in Hong Kong -- including autos, commodities and financials -- soared.Mainland investors have been buying record amounts of Hong Kong equities, while sentiment has been fueled by a heavy activity of initial public offerings and secondary listings of U.S.-listed Chinese companies, triggering inflows into new-economy shares and HKEX. Meanwhile, mainland stocks have surged to multiyear highs.Despite the recent jump, the Hang Seng Index needs to rise another 10% to reach pre-pandemic levels. Only nine of the gauge’s 50 stocks are higher for 2020.However, Jefferies predicts the index should reach 30,000 by year-end, thanks to factors including interest rates and no evidence of outflows despite the city’s economy being in a year-long recession. Hong Kong’s economy suffered its biggest-ever contraction in the first quarter, and the government expects the city’s economy to shrink between 4% and 7% in 2020.A few technical bullish signs are still flashing in the market. The Hang Seng is still trading near the lowest level versus the global peers since 2003, while it is about 50% cheaper than the S&P 500 on a price-to-earnings basis, the biggest discount since at least 2005.It took longer for Hong Kong stocks than others globally to climb out of the brutal virus-driven selloff, as political worries have been an additional overhang to the city’s stocks. Beijing last week implemented a law to enhance national security in response to months of protests.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Yahoo Finance UK
Global stocks buoyed after government-backed rally in China
Hints of what chancellor Rishi Sunak could announce later this week have also boosted house building and retail stocks.
- FX Empire
Asian Stocks Push Higher, Still Within Sideways Trend
Asian stocks and US futures are climbing, even as the number of coronavirus cases worldwide nears 11.4 million.
- Yahoo Finance UK
What to watch: Ryanair agrees Irish pilot pay cut, consumer confidence improves, and Amigo Loans warns on complaints
A daily overview of the top business, market, and economic stories to watch in the UK, Europe, and abroad.
- Yahoo Finance UK
FTSE 100 melts down as US COVID-19 cases in focus
The United States once again broke a record for the number of daily new COVID-19 cases on Thursday, with 55,000 new incidents confirmed.
- Reuters
Global Market: Stocks rise after strong U.S. jobs data; COVID-19 caution lingers
World stocks rose for a fourth straight day on Thursday after U.S. payrolls increased by a record 4.8 million in June, but the dollar and Treasury debt prices also edged up, which suggested lingering concern about rising COVID-19 cases in many U.S. states. New cases shot up by nearly 50,000 in the United States on Wednesday, according to a Reuters tally, marking the biggest one-day spike since the start of the pandemic. "The strong rebound would normally be an unambiguously positive sign that a recovery is under way (but) it is being accompanied by a sharp rise in new infections, which was what caused the collapse in the first place," said Mike Bell, global market strategist at JP Morgan Asset Management in London.
- Bloomberg
Tech Tycoons Flood H.K. With $20 Billion of Stock Listings
(Bloomberg) -- China’s tycoons are flooding Hong Kong’s exchange with $20 billion worth of new listings.While the city’s rich are preparing for a worst-case scenario amid a controversial national-security law, major mainland billionaires are coming in. The latest to do so: William Ding of NetEase Inc. and JD.com Inc.’s Richard Liu, whose companies completed secondary listings there last month. They follow Jack Ma, whose Alibaba Group Holding Ltd. stock issuance in November was the city’s largest since 2010.Together, the three moguls’ firms have raised $20 billion from share sales in the former British colony, and that may be just the start of a new wave of listings by mainlanders.“Chinese billionaires’ tech companies are helping the capital market in Hong Kong for a pivotal change and secure its Asia financial hub status,” said Edward Au, managing director of the southern region at Deloitte China. “The city’s stock exchange is also trying to make it a more appealing destination for new-economy companies.”The national-security law that was approved on Tuesday is threatening to erode Hong Kong’s judicial independence from the mainland, a key part of the city’s appeal to international companies and investors. The U.S. has already started to make it harder to export sensitive American technology to Hong Kong, and the House of Representatives passed a bill imposing sanctions on banks that do business with Chinese officials involved in cracking down on pro-democracy protesters.While Chinese billionaires have myriad reasons for pursuing listings there -- including a less welcoming political environment in the U.S. -- their choice of the city over alternatives on the mainland may help ease concerns that the former British colony risks losing its status as a financial center.Chinese tech tycoons with companies trading in the city now have a combined net worth of $182 billion, more than the 10 richest people in Hong Kong, according to the Bloomberg Billionaires Index. For them, Hong Kong is becoming increasingly appealing as Chinese companies listed in the U.S. face growing scrutiny and potential delistings following an accounting scandal at Luckin Coffee Inc. and mounting tensions between the world’s two largest economies.JD.com and NetEase have raised a combined $7 billion with their secondary listings last month -- almost two-thirds of the total for Hong Kong in the first half of the year, according to data compiled by Bloomberg. Deloitte expects that as many as six Chinese companies currently traded in the U.S. will choose the city for a second listing by year-end. Robin Li’s Baidu Inc. is among those weighing that option.The city eased listing rules in 2018 to attract companies such as smartphone maker Xiaomi Corp. and Meituan Dianping, China’s largest on-demand food delivery service. The move could eventually reshape the composition of the benchmark Hang Seng Index, according to Deloitte’s Au. In May, the index manager announced new criteria to allow companies such as Alibaba to be included in the gauge.“The influx of these companies will greatly increase the representation of new-economy companies in Hong Kong, adding vibrancy and diversity to the market,” said Louis Lau, partner at KPMG China’s capital markets advisory group. “The continued listing of mega-sized Chinese firms also reinforces Hong Kong’s position as Asia’s financial hub.”(Updates with new U.S. bill in fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
- Reuters
Global stocks jump on strong U.S. jobs data; COVID-19 caution lingers
A measure of stocks across the globe rose for a fourth straight day on Thursday after June U.S. payrolls grew by a record 4.8 million, but investors also flocked to the safe-haven dollar and U.S. Treasuries on concerns about surging COVID-19 cases in many U.S. states. Several states, along with some other parts of the world, are reversing or pausing reopenings to tackle a recent surge in infections, leaving analysts worried about another sell-off in financial markets if the damage mounts.
- Reuters
Investors reckon China's grip is good for Hong Kong markets
In the streets of Hong Kong, activists protest against China's new security law. Hong Kong markets will benefit from more listings by Chinese companies, more mainland money, and more financial links with the world's second-biggest economy, traders and analysts say, despite legislation some fear will erode the city's freedoms. Beijing unveiled the law on Tuesday, and Hong Kong police made their first arrests of protesters under the legislation on Wednesday.
- Reuters
Stocks adrift, havens sought as virus fears cast shadow over recovery
MSCI's broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> inched 0.2% higher, led by a 0.8% rise in Chinese blue chips <.CSI300>. Sentiment had been boosted by signs that China's factories are slowly gathering steam, with the Caixin/Markit manufacturing PMI rising to 51.2, compared with expectations for 50.5. Hong Kong police said they arrested a man holding a pro-independence flag in the first apparent use of new security laws that were imposed by China on its freest city late on Tuesday evening.
- FX Empire
Q2 Set to End on Risk-On Note
Asian stocks are advancing on the final trading day of June, after a positive session on Wall Street, with market sentiment buoyed further by China’s better-than-expected June PMI readings. The data makes for encouraging signs that the world’s second largest economy is well on its way in overcoming the pandemic.
- Yahoo Finance UK
Coronavirus: Stocks tread water as recovery signs offset virus fears
US home sales saw a record jump and Chinese manufacturing PMI showed a fourth straight month of growth despite the global downturn.
- Reuters
World shares end stellar quarter but still down in 2020
A global stocks index rose on Tuesday and marked its largest quarterly gain since 2009 as investors continued to look for signs of an economic recovery while shrugging off data showing a rising number of COVID-19 cases. World shares <.MIWD00000PUS> rose 18.7% this quarter, the biggest quarterly gain in 11 years, but are still down more than 7% so far this year due to a slump of 34% between Feb. 12 and March 23.
- FX Empire
Asia-Pacific Stocks Tumble; Australian Shares Fall to 2-Week Low, Japan Reports Dismal Retail Sales
China said Monday it will impose visa restrictions on U.S. individuals with “egregious conduct” on Hong Kong-related issues, mirroring U.S. sanctions.
- Yahoo Finance UK
What to Watch: Lookers £19m accounting woes, record gilt sale, stocks rise
A daily overview of the top business, market, and economic stories you should be watching today in the UK, Europe, and around the world.
- Yahoo Finance UK
Coronavirus: Stocks rise despite global death toll passing 500,000
European markets closed higher as hopes of recovery outweighed fears over a rising death toll worldwide.
- FX Empire
Asia-Pacific Markets: Hong Kong Down Ahead of New US Sanctions on China; Australia’s Quantas Plunges Over 9%
The United States is imposing visa restrictions on Chinese Communist Party officials believed responsible for restricting freedoms in Hong Kong.
- FX Empire
Asia-Pacific Shares Mostly Higher as Investors Assess Impact of Second-Wave COVID-19 Outbreaks
China stocks closed the shortened three-session week on a firmer note, as investors cheered Beijing’s latest reforms in its capital markets.
BloombergBarings Is 'Very Excited' About China, Lui Says
Jun.23 -- Mandy Lui, head of wealth and retail distribution for Greater China and Southeast Asia at Barings, discusses the outlook for China's economy, stocks and credit. She speaks with Tom Mackenzie and David Ingles on "Bloomberg Markets: China Open."
- Yahoo Finance UK
What to Watch: Poundland profits slide, UK grocery sales and PMI leap
A daily overview of the top business, market, and economic stories you should be watching today in the UK, Europe, and around the world.
- FX Empire
Asia-Pacific Shares Settle Mixed on Second Wave Concerns
Japanese shares edged lower on Monday as worries about the growing number of coronavirus infections across the world kept investors on edge.
- Yahoo Finance UK
Mixed signals leave stock markets struggling for direction
Germany's infection rate surged over the weekend, sparking fears of a second COVID-19 wave.
- Yahoo Finance UK
What to Watch: Taylor Wimpey and Ted Baker raise cash, BoE meets, markets dip
A daily overview of the top business, market, and economic stories to watch in the UK, Europe, and abroad.
- Yahoo Finance UK
Coronavirus: Markets slide as US states and Beijing fight new spikes
California and Texas have seen daily infection rates hit new highs, while investors also waited on a Bank of England policy meeting on Thursday.
