Hong Kong

Hong Kong has taken'steps to help the transport sector - with rising fuel prices - on Thursday. A HK$3 per litre'subsidy is being offered on 'diesel used by commercial vehicles and vessels, and a 50% discount on tolls for commercial traffic that uses government tunnels. Hong Kong, which imports almost all of its energy, relies on fossil fuels for ?power generation and has some of the world's highest gasoline prices, ?according to globalpetrolprices.com. The government announced that the measures would support diesel-powered?public and commercial vehicles?, vessels?and related industries for a period of two months. They will cost approximately HK$1.8 billion...

The New York Times reported that Elon Musk was requiring banks and advisers who are working on 'SpaceX's IPO to buy subscriptions to Grok, Elon Musk's artificial intelligence chatbot. The report stated that some banks had agreed to spend up to tens or even hundreds of millions of dollars per year on the chatbot, and they have already begun integrating it with their IT systems. This week, it was reported that Morgan Stanley, Goldman Sachs JPMorgan Chase, Bank of America, and Citigroup are the active bookrunners or 'lead banks' managing a deal. Musk and SpaceX have not responded to requests...

According to two sources familiar with the situation, Elon Musk's SpaceX had talks with Saudi Arabia's Public Investment Fund (PIF) about PIF possibly taking an anchor stake in the space company IPO of $5 billion. Sources said that the investment would prevent some dilution in?PIF’s existing stake, which is just under 1% of SpaceX. Three other sources confirmed that the rocket maker had?been lining-up anchor investors long before its stock market debut. The company plans to raise $75 billion in a record IPO, dwarfing previous mega-IPOs like Saudi Aramco and Alibaba. SpaceX wants to gauge investor interest in a deal...

According to two sources familiar with the situation, Elon Musk's SpaceX had held discussions with Saudi Arabia Public Investment Fund (PIF) about the possibility of PIF taking an anchor stake in the IPO of the space company worth around $5 billion. Sources said that the investment would prevent PIF from losing its existing stake in SpaceX of less than 1%. Three other sources confirmed that the rocket maker had been in contact with anchor investors well before its debut on the stock exchange. The company hopes to raise $75 billion in a record-breaking IPO, dwarfing previous mega-IPOs like 'Saudi Aramco...

Each financial market crisis differs, but they all rhyme. Parallels are emerging between the tremors rippling now through private credit, and those that led to the Global Financial Crisis in 2007-09. It's not to say that a replay of the historic crash is imminent. There is a growing danger that the mounting pressure in private credit, which includes?opaque prices, scarce or nonexistent liquid, and high redemptions, could spill over to public markets. BlackRock, a?world-leading?asset management firm with over $14 trillion in assets under management, announced on Friday that it had restricted withdrawals from its flagship debt fund following a spike...

Each financial market crisis differs, but they all rhyme. Parallels are emerging between the 'tremors' now rippling across private credit and the subprime housing in the U.S. that led to 2007-09 Global Financial Crisis. It's not to say that a replay of the historic crash is imminent. There is a growing danger that the increasing stress in the private credit market - i.e., the lack of liquidity, the opaque pricing and the soaring redemptions – could spill?over into the public markets. BlackRock, with its $14 trillion in assets under management, announced?on? Friday that it had limited withdrawals after an influx...

China has praised the visit by Canadian Prime Minister Mark Carney to Beijing on Thursday, calling it a "pivotal step" in efforts to recalibrate relations following months of intensive re-engagement. The remarks by China's top diplomat Wang Yi came during a meeting between Carney and his Canadian counterpart Anita Anand. Anita is a member of Carney's delegation on this first visit to Canada since 2017. Wang stated that this was the first time in eight years that the Canadian Prime Minister had visited China. This is a landmark and pivotal moment for our bilateral relationship. Wang said that China was...

China must stabilize grain and edible oils production, improve 'grain varieties' and enhance quality. This was the message of state-run news agency Xinhua on Tuesday following a meeting of the annual Central Rural Work Conference held from December 29-30. The group that sets China's agricultural priority has pledged to "enhance capacity for diversified supply" and promote high-quality development through?zoned- and categorised-planning". China relies heavily on imports to feed the population. Tensions with U.S.A., its'major trading partner in agriculture, have led it to invest more in seed technology and machinery. A Xinhua report on the meeting stated that "we must not...

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%....

Kemcore, an African mining chemicals importer, is planning to build its processing plants in?Botswana?and Angola?to reduce the geopolitical risks associated with imports from China?and the Middle East?. Africa is an important supplier of minerals that are critical to the energy transition. It's also a battlefield for the United States, as Washington tries to curb Beijing's dominance by securing the supply chains. Zambia and the Democratic Republic of Congo are the two countries that dominate Africa's production of copper, while Congo is the world leader in cobalt. This puts the central African copperbelt right at the center of the minerals competition...

The 'earnings outlooks' of major Chinese copper smelters show that they plan to 'raise or maintain production in 2026 despite the public commitment made by a state-linked industry association last year to cut production by more than 10%. Last year, the?China Smelter Purchase Team(CSPT), a team of 16 of China's top copper smelters agreed to reduce production in order to combat overcapacity and lower processing fees for copper concentrats. Three major?smelters who are all CSPT-members have not reduced their output guidance in the last few weeks. Jiangxi Copper, China's largest copper smelter has raised its production guidance for 2026 copper...

Sources with direct knowledge of the matter reportedly said on 'Tuesday that Tether had?let go? two senior precious metals trader?it hired only three months earlier from HSBC. El Salvador-headquartered Tether cut the roles as spot gold prices headed for their steepest monthly drop since the 2008 financial crisis, pressured by fading expectations of rate cuts and rising energy costs amid the war in ?Iran. Tether holds about 130 metric tonnes of physical gold backing their products by the end of 2025. CEO Paolo Ardoino told in January that they also planned to allocate 10-15% of their own investment portfolio to...

London Metal Exchange announced?on Monday? that the existing limits on'rent' charged by its warehouse network?could be replaced with a daily fixed rate of load-out. The LME may require that daily, 1.5% of the metal in its warehouses be loaded onto warrants - title documents conferring ownership. The current system reduces rent to 'zero' if a storage facility fails to deliver the metal required within 80 days. The consultation is open until May 8 and will look at exempting cancellations over 10,000 metric tonnages from the 1.5% requirement. This would ensure that larger warehouses do not feel discouraged from accepting more...

Hong Kong's?Census and Statistics Department?data on Friday showed that China's net gold imports through Hong Kong rose by 68.7% compared to December. Data showed that the world's top gold consumer imported 20.585 net metric tons of gold in January. This is up from 12.205 tonnes in December. China is the largest gold buyer in the world. Its purchases can have a significant impact on global gold markets. Hong Kong's data might not be a complete picture of Chinese gold purchases, as it is also imported through Shanghai and Beijing. China's total gold imports via Hong Kong increased by 30.4% to...

As prices rebounded, India's gold?discounts widened the most in 10 months. Meanwhile, China's demand increased as its safe-haven appeal was reflected in the rising premiums of the bullion after the markets returned from Lunar New Year. Indian bullion dealers offer a discount This week, you can save up to $65 on official domestic gold prices - including 6% import duties and 3% sales taxes. Last week, the discount was up to $18. Retail buyers are not ready to purchase at these prices. "For many of them, current prices are just too high to afford," said Ashok JAIN,?proprietor at Mumbai-based wholesaler...

Hedging portfolios has been based on the same rules since decades. However, as technology, geopolitics, and trading have changed rapidly, it is time to update the rules. Old playbooks assumed stable relationships. Risk-off meant that bonds rallied. "Safe havens" cushioned withdrawals. Diversification could be left to autopilot. This assumption has proven to be unreliable. Portfolios that are resilient will be required as a result of rising leverage, shifting global alliances and technological disruption. To capture long-term capital preservation and growth, a more deliberate approach is needed. High-grade bonds are one of the most popular hedges. U.S. government debt and investment...

Muyuan Foods shares closed slightly higher on Friday in Hong Kong, following the world's largest pig breeder. raised HK$10.7 Billion ($1.4 Billion) in a share sale This is the largest city-wide event so far in this year. The shares of the firm opened at HK$39 per share, matching their initial offer, and ended 3.9% higher, at HK$40.52, after trading between HK$38.98 and HK$41.72, with 40.59 millions shares worth HK$1.63billion changing hands. The benchmark Hang Seng Index ended 1.2% lower. This is the biggest share sale in Hong Kong in recent memory, surpassing Zijin Gold International $3.5 billion in September. Dickie...

Tianqi Lithium Corp announced on Wednesday that it would raise approximately HK$5,86 billion ($750m)?via a convertible bond and share placement, and hoped to sell a?small stake?in Chilean'miner SQM?to bolster liquidity. The Chinese lithium producer listed on the Shenzhen-Hong Kong stock exchange announced that it had struck a deal with the Hong Kong Stock Exchange to issue 65,000,000 new H shares for HK$45.05 per share, or a discount equivalent to 9% of Tuesday's closing HK$49.50. This is worth approximately HK$2.9billion. Tianqi has also entered into a'subscription agreement' for 2.6 billion yuan ($375m) in zero-coupon convertible bonds due February 9, 2027. These...

Gold prices have reached new highs in the past week. Customers are rushing into shops that sell the precious metal. Some even bet the price will rise further. Gold?seller,?Zhao Jinhao, said Tuesday in a Shanghai jewellery mall that gold awareness has been a long-term and upward trend. It has risen steadily from just under 20 yuan in the 1980s, to over 1,000 yuan today. Gold prices reached $5,100 an ounce on monday after a surge of 62% in 2025. Central bank purchases to reduce their reliance on the U.S. Dollar and strong demand from buyers looking for a safe haven...

Hong Kong Census and Statistics Department data released on Tuesday showed that China's net imports of gold via Hong Kong fell by 24% in December compared to November. Why is it important? China's gold purchasing can have a significant impact on global gold markets. Hong Kong's data might not be a complete view of Chinese gold purchases as it is also imported through Shanghai and Beijing. By the Numbers The net imports from Hong Kong to China in December were 12.205 metric tons, down from 16.16 tons for November. China's total imports of gold via Hong Kong fell 7.3% to...

The companies announced that Zijin Gold would buy Canada's Allied Gold at a price of?about C$5.5billion ($4.02billion) in cash. This is as the Chinese miner accelerated its global expansion amid record-high yellow metal prices. Gold prices have risen, boosting margins and cash flow for miners. This has led to consolidation as large producers look to boost production through acquisitions instead of developing new mines. Canada and China have also agreed to a deal to improve their relationship after reaching a preliminary agreement this month to reduce tariffs on canola and electric vehicles, while vowing to lower trade barriers and enhance...