Hong Kong

Wall Street's major indexes closed at record highs on Monday for the second consecutive day as investors were optimistic about the prospects of a U.S. China trade deal. They also looked forward to an exciting week that will include high-profile earnings from the technology sector and the widely anticipated U.S. rate cut. U.S. president Donald Trump and his Chinese equivalent Xi Jinping will meet on Thursday in order to decide on a plan that could pause the tougher U.S. duties and China's export restrictions on rare earths. This would ease market jitters about a possible trade war, and send Wall...

The week will be dominated by trade talks between Washington and Beijing, and Canada, as well as central bank decisions from the United States, Canada, and Europe. Meanwhile, Argentina's stock markets are digesting the results of a decisive election for President Javier Milei. Dhara Ranasinghe, Alden B. Bentley, Lewis Krauskopf, and Rodrigo Campos in New York and Kevin Buckland, in Tokyo, give you all the information about what to expect in the world markets this week. 1/ A MIDTERM DRAMA Argentina’s bonds and shares are expected to rise on Monday, after President Javier Milei’s party won a decisive victory in...

The week will be dominated by renewed trade tensions, talks between Washington and Beijing, and decisions made by the central banks of the United States, Canada, and Europe. Meanwhile, Argentina's voters go to the polls. Dhara Ranasinghe, Alden B. Bentley, Lewis Krauskopf, and Rodrigo Campos in New York and Kevin Buckland, in Tokyo, give you all the information about what to expect in world markets this week. 1/ A MIDTERM DRAMA The mid-term elections in Argentina on Sunday will be a crucial moment for the biggest reform story of emerging markets. Right-wing president Javier Milei wants to consolidate his minority...

The oil prices rose by about 5% after Washington imposed new sanctions against major Russian companies for the war in Ukraine. Major stock indexes also edged up as gains from U.S. energy stocks and European energy shares offset some disappointing earnings reports. The sanctions were announced late on Wednesday and targeted major Russian suppliers Rosneft, Lukoil. The U.S. announced it was ready to take additional action, as it urged Moscow to immediately agree to a ceasefire. Energy was the leading sector to gain on Wall Street, according to the S&P 500 index. Energy was the last sector to gain 1.2%....

The global stock market got a boost Thursday thanks to a series of positive earnings reports that helped offset some of the gloom in Wall Street due to a lacklustre performance by tech megacaps. Oil prices also rose following U.S. sanction against Russia. After the U.S. placed sanctions on Rosneft, and Lukoil, two major Russian oil companies over the Ukraine conflict. The STOXX 600 index rose 0.3% for the day, as positive earnings helped to boost the domestic indexes. The MSCI All-World Index, however, has slipped into the negative zone, and is on its way to its third consecutive day...

In Australia, the biggest buyouts in 15 years have failed this year. Misaligned valuations and regulatory risks are adding to the challenges of navigating a regulatory environment that is becoming increasingly strict. The ADNOC-led group's decision to withdraw from its bid of $18,7 billion for Santos (Australia's second-largest gas producer) is the latest high-profile deal to fail in Australia in this year. Sources reported that the ADNOC bid, via its investment vehicle XRG was shelved because of disagreements between the parties on potential capital gains taxes relating to a Santos property. Analysts said that the deal would also have had...

Hong Kong's gateway to China is strengthened by the influx of mainland Chinese investors. This investment boosts market liquidity and depth, while also strengthening its position. This capital flow could be slowed by short-term headwinds, but the market's diversification and innovation will likely propel it over time. Stock Connect, launched in November 2014 by the Hong Kong Shanghai and Shenzhen Exchanges, allowed mainland Chinese investors trade certain stocks listed in Hong Kong. This is known as "Southbound Stock Connect", while also facilitating flow in the other direction. Between 2017 and 2023, the Connect programme expanded to include interest rate swaps,...

Hong Kong's chief executive has said that the stock exchange will be attracting listed companies from Southeast Asia and Middle East for second listings, as it looks to improve its global reputation. Bonnie Chan, a spokesperson for Hong Kong Exchanges and Clearing Ltd. (HKEX), said that the number of mainland China listed companies seeking to list in Hong Kong in order to raise capital in order to fund their global expansions is also increasing. Chan, the first woman CEO of HKEX, said that they are now focusing on companies who have already been listed on other markets, but may have...

Shell Indonesia announced on Friday that it has sold its gas station business ownership to a joint-venture between Citadel Pacific Limited, Sefas Group and Citadel Pacific Limited. The company will retain its lubricant division. Shell has said that the deal will be finalized by the end of next year. It includes 200 gas stations and a fuel terminal in Gresik. The move is part of its strategy to transform the company's portfolio. The company stated in a press release that "after completion, Shell will remain in Indonesia via brand licensing agreements." Citadel Pacific, a private holding company based in the...

Sinopec, a Chinese oil company, is seeking to raise HK$7.75billion ($994.42m) via an exchangeable bond. This was revealed in a termsheet seen by us on Tuesday. The term sheet stated that the bond will have a zero to 0.99% coupon and be issued by an affiliate of Sinopec Group. The term sheet stated that the bonds would be exchangeable for shares of Sinopec's Hong Kong-listed subsidiary. The bond's exchange price is HK$6, which is 47.1% higher than Sinopec Hong Kong's closing price of HK$4.08 for Tuesday. Sinopec failed to respond to a request for comments sent by fax outside normal...

According to the prospectus it filed on Monday, Chinese battery manufacturer CATL aims at raising at least HK$31.01bn ($3.99bn) through its Hong Kong listing. This is the largest new share sales in the city for this year. According to documents filed with the Hong Kong Stock Exchange, the maker of batteries used in electric vehicles will sell 117.9 millions shares at a maximum price of HK$263 each. If the offer size adjustment and greenshoe options are used, then the size of this deal could reach $5.3 billion. The prospectus revealed that more than 20 cornerstone shareholders, including Sinopec, Kuwait Investment...

HSBC reduced its Brent crude forecast on Tuesday. It cited rising trade tensions as well as an expected decrease in global oil consumption. The Bank cut its Brent Price Forecast to $68.5 per barrel in 2025, and $65 for 2026. The company also reduced its forecast for global demand growth in 2025 to 0.7 million barrels per day (mbd), and to 0.8 mbd in 2026, compared to the previous 0.9 mbd. This was due to an expected one-percentage point drop in global GDP. The ambiguous U.S. policy on trade has created uncertainty in the global oil market and prompted the...

London Metal Exchange announced on Friday that it will reduce transaction fees to its customers in order to increase liquidity on the LMEselect platform and support physical market trading. The LME announced that the electronic trading system's client trading and clearing fees will be reduced by 7.4% to 8.5 percent. The bourse announced that member electronic transaction fees would be subject to a "inflationary" increase of between 3.4% and 3.7%. However, it added that "all-in transaction costs" for an outright client trade on LMEselect will fall by 4.5%. The 148-year old exchange announced that the new fees would take effect...

The demand for gold was muted across the major Asian markets during this week. High prices slowed retail purchases even as India began its wedding season. In China, the elimination of tax exemptions on gold purchases lowered consumer interest. This week, Indian dealers offered a discount The discount is now up to $18 an ounce, inclusive of import duties and sales taxes. This is a smaller discount than the one of last week of up $21. On Friday, domestic gold prices traded at around 126.100 rupees for 10 grams, an increase of 4.4% over the previous week's lowest price of...

The Chinese embassy in Central African Republic (CAR), has warned that its citizens could become "mining slaves", in the gold trade of the politically insecure nation. Chinese workers are now looking to sub-Saharan Africa for work as gig economies in Asia dry up. The embassy released a statement Thursday stating that Chinese nationals were killed or kidnapped, and some even scammed of large sums and deported because they illegally mined. China has sent workers to resource-rich sub Saharan Africa in search of fortune. Gold prices have soared amid massive Chinese state purchases, while factory and construction jobs are disappearing as...

The physical gold demand in India was subdued in this week's trading as the volatile price levels discouraged buyers and led dealers to offer steep discounts in order to attract them. In China, demand also cooled due to new tax regulations. Indian dealers are offering a discount The discount is now up to $14 per kilogram over the official domestic price, including 6% import duties and 3% sales taxes, compared to last week's up to $12. A New Delhi jeweller said that investment demand was the main driver of the market last month. But now, even investors are waiting for...

On Monday, a Chinese state bank shut down retail gold accounts for new investors. This comes two days after Beijing changed a longstanding tax exemption on the metal which is expected to impact retail demand in the largest consumer market of the world. China Construction Bank, a state-owned bank, announced on Monday that it will no longer accept applications to open a gold buying account without stating a valid reason. ICBC, another major bank, also limited new applicants. However they reversed their decision hours later. Beijing has made decisions Announcement Two days earlier, the government announced that the 13% exemption...

Sany Heavy Industry's shares rose up to 4.7% on their Hong Kong debut Tuesday, after the Chinese construction equipment maker raised HK$12.36bn ($1.59bn) in one the biggest listings in the city this year. According to the prospectus, this company was founded in 1994 and is part of the Sany Group. It is now China's leading construction machinery manufacturer, and ranks among the top three worldwide. Sany, which manufactures excavators and concrete machinery as well as road construction equipment and cranes, operates 16 production bases in different countries and sells its products to more than 150. The stock price opened at...

Gold prices dropped below $4,000 an ounce on Monday, as signs of a thawing in U.S. China trade tensions reduced bullion's appeal as a safe haven. Market participants were awaiting the Federal Reserve interest rate decision later this week. At 12:25 pm, spot gold fell 2.9% to $3.991.39 an ounce. ET (1625 GMT). U.S. Gold Futures for December Delivery were down 3.2% to $4,005.70. David Meger said that a potential U.S. China trade deal could mean fewer safe-haven investments such as gold. The price of gold reached a record-high of $4,381.21/oz in October 20. However, it fell 3.2% the following...

Metals are a hot topic these days. Silver is catching up to gold in terms of record-breaking prices. Rare earths are at the center of the U.S.-China trade dispute, and the industrial metal supply chain is bending under the new global order of tariffs. The London Metal Exchange Week (LME Week) seminars and parties this year were full of interesting topics. The annual metals conference in London last week was a great success. Here are five key takeaways. GREEN PREMIUMS Hong Kong Exchanges and Clearings (HKEx), the owner of LME, surprised LME Week by announcing a new Dubai-based subsidiary. Commodity...

Gold prices increased by more than 1% on the first day of this week, boosted by expectations for further U.S. rate cuts, and by sustained demand from investors who were awaiting upcoming U.S. China trade talks, and U.S. inflation data due out later in the week. As of 1330 GMT, spot gold rose 1.6% to $4,318.50 an ounce. U.S. Gold futures for delivery in December rose 2.8%, to $4333.10 an ounce. Gold prices reached a record-high of $4,378.69 per ounce on Friday but ended 1.8% lower, their biggest drop since mid-May, after Donald Trump's comments eased concerns about U.S. China...

Metals are a hot topic these days. Silver is catching up to gold in terms of record-breaking prices. Rare earths are at the center of the U.S.-China trade dispute, and the industrial metal supply chain is bending under the new global order of tariffs. The London Metal Exchange Week (LME Week) seminars and parties this year were full of interesting topics. The annual metals conference in London last week was a great success. Here are five key takeaways. GREEN PREMIUMS Hong Kong Exchanges and Clearings (HKEx), the owner of LME, surprised LME Week by announcing a new Dubai-based subsidiary. Commodity...

The physical gold market in Asia was very strong during this week. Prices broke multiple records and premiums in India reached their highest levels in more than a decade, ahead of the major festivals in this month. Gold prices in the spot market surpassed $4300 an ounce on Thursday for the first. They have gained 7.6% over this past week, amid renewed U.S. China trade tensions, and anticipation of a U.S. interest rate cut. This week, the domestic gold price in India reached a new record of 131 699 rupees for 10 grams. Indian dealers quoted premiums Up to $25...

From Monday to Thursday, the elite Central Committee of China’s ruling Communist Party is holding a closed door meeting to discuss, amongst other things, its 15th five-year plan for development. This meeting is known as a Plenum and it's the fourth one since the Party Congress of 2022. What does it all mean? What is a plenum? Central Committee, the largest decision-making body of the party, holds seven plenums in between congresses. The fifth plenum is traditionally used to discuss five-year plans. The party will now be expected to review the 2026-2030 Plan during the Fourth Plenum, which takes place...