Asia stocks set to decline; investors await China’s tariff cuts on some US products

Stocks in Asia were set to trade lower at the open on Friday as concerns around the ongoing coronavirus outbreak continue to weigh on investor sentiment. Futures pointed to a lower open for Japanese stocks. Meanwhile, stocks in Australia were little changed in early trade, with the S&P/ASX 200 hovering around the flatline. China is set to halve tariff rates on certain U.S. products worth about $75 billion with effect later on Friday, as previously announced by Beijing in early February. Investor


Stocks in Asia were set to trade lower at the open on Friday as concerns around the ongoing coronavirus outbreak continue to weigh on investor sentiment.
Futures pointed to a lower open for Japanese stocks.
Meanwhile, stocks in Australia were little changed in early trade, with the S&P/ASX 200 hovering around the flatline.
China is set to halve tariff rates on certain U.S. products worth about $75 billion with effect later on Friday, as previously announced by Beijing in early February.
Investor
Asia stocks set to decline; investors await China’s tariff cuts on some US products Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-14  Authors: eustance huang
Keywords: news, cnbc, companies, await, lower, set, investors, products, chinas, outbreak, trade, cuts, tariff, asia, stocks, nikkei, decline, early, effect, open, coronavirus


Asia stocks set to decline; investors await China's tariff cuts on some US products

Stocks in Asia were set to trade lower at the open on Friday as concerns around the ongoing coronavirus outbreak continue to weigh on investor sentiment.

Futures pointed to a lower open for Japanese stocks. The Nikkei futures contract in Chicago was at 23,720 while its counterpart in Osaka was at 23,730. That compared against the Nikkei 225’s last close at 23,827.73.

Meanwhile, stocks in Australia were little changed in early trade, with the S&P/ASX 200 hovering around the flatline.

China is set to halve tariff rates on certain U.S. products worth about $75 billion with effect later on Friday, as previously announced by Beijing in early February.

Retaliatory tariffs on some U.S. goods will be cut from 10% to 5%, and from 5% to 2.5% on others, according to a statement from China’s Ministry of Finance earlier this month. The adjustments will take effect from 1:01 p.m on Feb. 14, it said, without specifying which time zone it was referring to.

Investors will also continue to watch for developments on the coronavirus outbreak following Thursday’s spike in the number of cases reported after authorities in Hubei changed the way cases are diagnosed.

On the corporate earnings front, Japan’s Toshiba and Singapore’s Singapore Airlines are expected to announce their quarterly results on Friday.


Company: cnbc, Activity: cnbc, Date: 2020-02-14  Authors: eustance huang
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Asia Pacific stocks edge higher as new coronavirus cases in Hubei spike

Stocks in Asia Pacific edged higher on Thursday morning as investors weighed a spike in the number of new coronavirus cases reported in China’s Hubei province due to a tweak in methodology. Mainland Chinese stocks gained in early trade, with the Shanghai composite up 0.15% and the Shenzhen component adding 0.2%. Shares of conglomerate Softbank Group continued to see gains after Wednesday’s surge, gaining 0.71% in morning trade. Shares in Australia were also higher in morning trade, with the S&P/


Stocks in Asia Pacific edged higher on Thursday morning as investors weighed a spike in the number of new coronavirus cases reported in China’s Hubei province due to a tweak in methodology.
Mainland Chinese stocks gained in early trade, with the Shanghai composite up 0.15% and the Shenzhen component adding 0.2%.
Shares of conglomerate Softbank Group continued to see gains after Wednesday’s surge, gaining 0.71% in morning trade.
Shares in Australia were also higher in morning trade, with the S&P/
Asia Pacific stocks edge higher as new coronavirus cases in Hubei spike Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-13  Authors: eustance huang
Keywords: news, cnbc, companies, province, trade, reported, asia, morning, hubei, pacific, cases, watling, higher, index, coronavirus, spike, edge, stocks


Asia Pacific stocks edge higher as new coronavirus cases in Hubei spike

Stocks in Asia Pacific edged higher on Thursday morning as investors weighed a spike in the number of new coronavirus cases reported in China’s Hubei province due to a tweak in methodology.

Mainland Chinese stocks gained in early trade, with the Shanghai composite up 0.15% and the Shenzhen component adding 0.2%. The Shenzhen composite was also 0.152% higher. Hong Kong’s Hang Seng index also advanced 0.16%.

In Japan, the Nikkei 225 hovered above the flatline while the Topix index was 0.34% lower. Shares of conglomerate Softbank Group continued to see gains after Wednesday’s surge, gaining 0.71% in morning trade. The moves came upward despite the firm posting a near wipe out of its quarterly profit.

Meanwhile, South Korea’s Kospi added 0.58%. Shares in Australia were also higher in morning trade, with the S&P/ASX 200 up 0.12%.

Overall, the MSCI Asia ex-Japan index rose 0.21%.

The moves regionally came as China’s Hubei province on Thursday reported a spike in the number of new coronavirus cases, after the province said it started to include “clinically diagnosed” cases in its tally.

“I think the market’s got to grapple with this … new method … of calculating cases,” Chris Watling, CEO of Longview Economics, told CNBC’s “Squawk Box” on Thursday.

“I suspect they might look straight through it once they work out that it doesn’t sound like it’s more cases, it’s just a change in methodology,” Watling said.

Market sentiment had been been positive earlier in the week as the data had been showing an apparent slowdown in the pace of new reported cases, with policymakers in China having announced a series of measures to combat the expected economic slowdown from the virus outbreak.


Company: cnbc, Activity: cnbc, Date: 2020-02-13  Authors: eustance huang
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Asia stocks set to rise as Wall Street shrugs off virus fears and touches record highs

Shares on Japanese conglomerate Softbank Group will be watched on Wednesday after a judge stateside approved a merger between T-Mobile and Sprint . Futures pointed to gains for Japanese stocks at the open, as markets returned from a Tuesday holiday. Stocks in Asia were set to trade higher on Wednesday following overnight momentum from Wall Street as the S&P 500 and Nasdaq Composite touched fresh record closing highs. “Based on (Powell’s) comments, it is clear that the Fed is unfazed because Chin


Shares on Japanese conglomerate Softbank Group will be watched on Wednesday after a judge stateside approved a merger between T-Mobile and Sprint .
Futures pointed to gains for Japanese stocks at the open, as markets returned from a Tuesday holiday.
Stocks in Asia were set to trade higher on Wednesday following overnight momentum from Wall Street as the S&P 500 and Nasdaq Composite touched fresh record closing highs.
“Based on (Powell’s) comments, it is clear that the Fed is unfazed because Chin
Asia stocks set to rise as Wall Street shrugs off virus fears and touches record highs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-12  Authors: eustance huang
Keywords: news, cnbc, companies, touches, virus, dollar, stocks, yesterday, set, taken, japanese, wall, rise, highs, record, china, levels, surrounding, street, trade, shrugs


Asia stocks set to rise as Wall Street shrugs off virus fears and touches record highs

Meanwhile, stocks in Australia rose in early trade, with the S&P/ASX 200 gaining about 0.4%.

Shares on Japanese conglomerate Softbank Group will be watched on Wednesday after a judge stateside approved a merger between T-Mobile and Sprint . Softbank is a majority shareholder of Sprint.

Futures pointed to gains for Japanese stocks at the open, as markets returned from a Tuesday holiday. The Nikkei futures contract in Chicago was at 23,925 while its counterpart in Osaka was at 23,690. That compared against the Nikkei 225’s last close at 23,685.98.

Stocks in Asia were set to trade higher on Wednesday following overnight momentum from Wall Street as the S&P 500 and Nasdaq Composite touched fresh record closing highs.

Overnight on Wall Street, the S&P 500 closed 0.2% higher at 3,357.75 while the Nasdaq Composite advanced 0.1% to end its trading day stateside at 9,638.94. The Dow Jones Industrial Average rose as much as 138 points before closing flat at 29,276.34.

The moves came after U.S. Federal Reserve Chairman Jerome Powell said the central bank is “closely monitoring” the situation surrounding the ongoing coronavirus outbreak and its potential impact to China and the global economy, though he noted that it is “too early to say” how the disease could hit the U.S. economy.

Powell’s comments come as investors continue to grapple with uncertainty surrounding the virus that has already taken more than 1,000 lives, with most of them coming from China, where the outbreak was first reported.

“Based on (Powell’s) comments, it is clear that the Fed is unfazed because China has taken strong measures to contain the virus and provide liquidity. There are very few cases in the US and so far, the impact on the US economy is limited,” Kathy Lien, managing director of foreign exchange strategy at BK Asset Management, wrote in a note dated Feb. 11.

Lien warned, however, that “many factories supplying US business in China remain shut and flights to China remain canceled.”

The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 98.749 after declining from levels above 98.8 seen earlier.

The Japanese yen traded at 109.81 against the dollar after seeing levels around 109.9 yesterday. The Australian dollar was at $0.6715 after spiking to levels above $0.672 yesterday.


Company: cnbc, Activity: cnbc, Date: 2020-02-12  Authors: eustance huang
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SoftBank shares skyrocket in Japan after judge approves T-Mobile and Sprint merger

Masayoshi Son, chairman and chief executive officer of SoftBank Group Corp., reacts during a dialog session with Jack Ma, former chairman of Alibaba Group Holding Ltd., not pictured, at Tokyo Forum 2019 in Tokyo, Japan, on Friday, Dec. 6, 2019. Shares of Japanese conglomerate SoftBank Group soared on Wednesday a day after a U.S. district judge approved a merger between Sprint and T-Mobile. SoftBank Group’s stock closed 11.89% higher on Wednesday after skyrocketing more than 14% earlier in the se


Masayoshi Son, chairman and chief executive officer of SoftBank Group Corp., reacts during a dialog session with Jack Ma, former chairman of Alibaba Group Holding Ltd., not pictured, at Tokyo Forum 2019 in Tokyo, Japan, on Friday, Dec. 6, 2019.
Shares of Japanese conglomerate SoftBank Group soared on Wednesday a day after a U.S. district judge approved a merger between Sprint and T-Mobile.
SoftBank Group’s stock closed 11.89% higher on Wednesday after skyrocketing more than 14% earlier in the se
SoftBank shares skyrocket in Japan after judge approves T-Mobile and Sprint merger Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-12  Authors: eustance huang
Keywords: news, cnbc, companies, wall, stock, tokyo, ruling, street, skyrocket, judge, approves, merger, group, vision, softbank, shares, sprint, tmobile, japan


SoftBank shares skyrocket in Japan after judge approves T-Mobile and Sprint merger

Masayoshi Son, chairman and chief executive officer of SoftBank Group Corp., reacts during a dialog session with Jack Ma, former chairman of Alibaba Group Holding Ltd., not pictured, at Tokyo Forum 2019 in Tokyo, Japan, on Friday, Dec. 6, 2019.

Shares of Japanese conglomerate SoftBank Group soared on Wednesday a day after a U.S. district judge approved a merger between Sprint and T-Mobile. SoftBank is a major shareholder of Sprint.

SoftBank Group’s stock closed 11.89% higher on Wednesday after skyrocketing more than 14% earlier in the session.

The strong moves upward mirrored that of Sprint, which saw its own stock on Wall Street gain a whopping 77.7% on Tuesday.

The ruling stateside clears one of the final hurdles for the deal, which still can’t close until the California Public Utilities Commission approves the transaction. Tuesday’s ruling also culminates a years-long courtship between Sprint and T-Mobile, which have made multiple attempts over the years to merge, only to abandon their plans fearing regulatory scrutiny.

Ahead of that development, Asymmetric Advisors’ Amir Anvarzadeh wrote in a note dated Feb. 11 that the ruling would remove “one big potential negative” surrounding SoftBank.

“With the merger removing Sprint’s $40bn of debt from (SoftBank)’s balance sheet, also doing away with

the potential headache of finding another suitor, we think (SoftBank) has once again managed to wriggle itself out of big trouble,” Anvarzadeh said

The latest development comes as a boost to SoftBank amid multiple reports that the Japanese conglomerate is struggling to raise capital for its second Vision fund. Some of the notable companies that the first Vision fund invested in include ride-hailing giants Uber and Southeast Asia’s Grab.

Reports from the Wall Street Journal and others say SoftBank is on track to raise about half of the $108 billion promised by executives last summer after investors, disenchanted by flops like WeWork and irregular operations, refused to dole out the necessary cash. Still, a top executive at the firm told CNBC on Monday that it is “too early” to make conclusions about the final size of the pool and the composition of the funds.

— CNBC’s Lauren Feiner and Thomas Franck contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2020-02-12  Authors: eustance huang
Keywords: news, cnbc, companies, wall, stock, tokyo, ruling, street, skyrocket, judge, approves, merger, group, vision, softbank, shares, sprint, tmobile, japan


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Australian stocks rise as investors weigh economic impact of coronavirus

Stocks in Australia traded higher in early trade as investors continue to weight the economic impact of the ongoing coronavirus outbreak which has already taken more than 1,000 lives. The S&P/ASX 200 traded more than 0.5% higher in early trade as most sectors saw gains. Markets in Japan are closed on Tuesday for a holiday. Investors will continue to watch for developments on the ongoing coronavirus outbreak, where uncertainty remains over when work can resume at factories in China. “The risk of


Stocks in Australia traded higher in early trade as investors continue to weight the economic impact of the ongoing coronavirus outbreak which has already taken more than 1,000 lives.
The S&P/ASX 200 traded more than 0.5% higher in early trade as most sectors saw gains.
Markets in Japan are closed on Tuesday for a holiday.
Investors will continue to watch for developments on the ongoing coronavirus outbreak, where uncertainty remains over when work can resume at factories in China.
“The risk of
Australian stocks rise as investors weigh economic impact of coronavirus Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-11  Authors: eustance huang
Keywords: news, cnbc, companies, ongoing, economic, rise, australian, weigh, higher, outbreak, early, impact, investors, trade, australia, traded, coronavirus, wrote, stocks, continue


Australian stocks rise as investors weigh economic impact of coronavirus

Stocks in Australia traded higher in early trade as investors continue to weight the economic impact of the ongoing coronavirus outbreak which has already taken more than 1,000 lives. The S&P/ASX 200 traded more than 0.5% higher in early trade as most sectors saw gains. Markets in Japan are closed on Tuesday for a holiday.

Investors will continue to watch for developments on the ongoing coronavirus outbreak, where uncertainty remains over when work can resume at factories in China. “The risk of a larger downgrade in Chinese GDP growth over Q1 20 and 2020 as a whole is gaining momentum,” Richard Grace, senior currency strategist and head of international economics at Commonwealth Bank of Australia, wrote in a note.


Company: cnbc, Activity: cnbc, Date: 2020-02-11  Authors: eustance huang
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Brazilian plane-maker Embraer sees a ‘huge opportunity’ in the Asia-Pacific aviation market

Embraer’s Profit Hunter aircraft, the E195-E2 is seen during the Singapore Airshow media preview on February 9, 2020 in Singapore. Embraer will likely have a “huge opportunity” in the Asia-Pacific aviation market in the coming years, according to the president and CEO of the Brazilian plane-maker’s commercial aviation division. “Over the course of the next 20 years, almost 3,000 aircraft are going to be delivered in this region below 150 seats,” Slattery said. “We own 35% of the market share tod


Embraer’s Profit Hunter aircraft, the E195-E2 is seen during the Singapore Airshow media preview on February 9, 2020 in Singapore.
Embraer will likely have a “huge opportunity” in the Asia-Pacific aviation market in the coming years, according to the president and CEO of the Brazilian plane-maker’s commercial aviation division.
“Over the course of the next 20 years, almost 3,000 aircraft are going to be delivered in this region below 150 seats,” Slattery said.
“We own 35% of the market share tod
Brazilian plane-maker Embraer sees a ‘huge opportunity’ in the Asia-Pacific aviation market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-11  Authors: eustance huang
Keywords: news, cnbc, companies, market, cost, airlines, asiapacific, huge, slattery, embraers, planemaker, region, opportunity, brazilian, sees, share, aviation, seats, going, embraer


Brazilian plane-maker Embraer sees a 'huge opportunity' in the Asia-Pacific aviation market

Embraer’s Profit Hunter aircraft, the E195-E2 is seen during the Singapore Airshow media preview on February 9, 2020 in Singapore.

Embraer will likely have a “huge opportunity” in the Asia-Pacific aviation market in the coming years, according to the president and CEO of the Brazilian plane-maker’s commercial aviation division.

That would come largely as airlines seek to service routes beyond major cosmopolitan areas that have previously fueled “explosive growth” in the Asia-Pacific region over the last few decades, Embraer’s John Slattery told CNBC’s “Squawk Box” on Monday.

“For airlines to start serving the secondary, tertiary and fourth-tier markets with frequency, they cannot do that with (Boeing) 737s and (Airbus) A320s because the trip cost is too high,” Slattery said, in reference to popular models by its American and European peers. “They have to right-size their aircraft.”

This, he said, will require a business model that will “run in parallel” to the incumbent strategy of airlines across the spectrum, from low cost to network carriers.

“Over the course of the next 20 years, almost 3,000 aircraft are going to be delivered in this region below 150 seats,” Slattery said.

“We own 35% of the market share today, at Embraer, we’re the market share leader (of planes) below 150 seats,” he said. “We want our fair share of that wallet size of the opportunity going forward.”


Company: cnbc, Activity: cnbc, Date: 2020-02-11  Authors: eustance huang
Keywords: news, cnbc, companies, market, cost, airlines, asiapacific, huge, slattery, embraers, planemaker, region, opportunity, brazilian, sees, share, aviation, seats, going, embraer


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Chinese hotpot shares like Haidilao fall as much as 5% as coronavirus fears spread

Shares of Hong Kong-listed restaurants tumbled on Monday, with Chinese hotpot chain operators such as Haidilao and Xiabuxiabu leading declines. Another Chinese hotpot restaurant chain operator, Xiabuxiabu Catering Management, also plunged 5.41%. “Restaurant operators and hotel operators stocks will continue to slide,” said Wong, who is executive director of research at the firm. Haidilao shares were hovering at about 31 Hong Kong dollars on Monday, 2:50 p.m. HK time. Hong warned that the stock c


Shares of Hong Kong-listed restaurants tumbled on Monday, with Chinese hotpot chain operators such as Haidilao and Xiabuxiabu leading declines.
Another Chinese hotpot restaurant chain operator, Xiabuxiabu Catering Management, also plunged 5.41%.
“Restaurant operators and hotel operators stocks will continue to slide,” said Wong, who is executive director of research at the firm.
Haidilao shares were hovering at about 31 Hong Kong dollars on Monday, 2:50 p.m. HK time.
Hong warned that the stock c
Chinese hotpot shares like Haidilao fall as much as 5% as coronavirus fears spread Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-10  Authors: eustance huang
Keywords: news, cnbc, companies, kong, haidilao, operators, spread, chinese, hong, virus, fall, stock, fears, reported, hotpot, coronavirus, shares, restaurant


Chinese hotpot shares like Haidilao fall as much as 5% as coronavirus fears spread

Shares of Hong Kong-listed restaurants tumbled on Monday, with Chinese hotpot chain operators such as Haidilao and Xiabuxiabu leading declines.

Haidilao’s stock, listed in Hong Kong, dropped more than 3% in Monday afternoon trade — after falling beyond 7% earlier in the session. Another Chinese hotpot restaurant chain operator, Xiabuxiabu Catering Management, also plunged 5.41%.

Other Hong Kong-listed restaurant operators also saw declines. Tsui Wah Holdings fell 2.44% while Cafe De Coral dropped 1.59% and Fairwood Holdings shed 0.73%.

Hotel operators also saw losses, with Far East Consortium sliding 1.49% and Langham Hospitality Invesments declining 1.47%.

The moves came after the South China Morning Post reported Sunday that nine members of the same Hong Kong family contracted the coronavirus after sharing a hotpot and barbecue meal at a restaurant called the Lento Party Room, which has no known connection to Haidilao.

Analysts who spoke to CNBC on Monday said the sharp downward movement in Haidilao’s stock was likely related to those reports.

“In general, restaurant business during virus outbreak suffers,” Hao Hong, head of research at BOCOM International, told CNBC in an email. “In the Guangdong province, 97% of restaurant businesses reported greater than 50% drop in revenue and 1/3 reported zero revenue.”

“The situation is grave,” he said. “Haidilao, despite being a strong company in the sector, is suffering along.”

The new coronavirus outbreak, which has already taken more lives than SARS, has spooked investors and dragged down global markets and sectors such as airlines and travel-related shares.It has so far killed more than 900 people in the the mainland and infected over 40,000 others. The virus has also spread to more than two dozen countries.

Kingston Securities’ Dickie Wong told CNBC in a text message that Haidilao’s stock was a “strong sell” at the moment. That comes as the restaurant operator’s mainland China stores remain shuttered until further notice, as authorities see to clamp down on the spread of the virus.

“Restaurant operators and hotel operators stocks will continue to slide,” said Wong, who is executive director of research at the firm.

BOCOM Hong said customers will likely be “circumspect” about going to restaurants — even if the situation around the virus passes soon.

Haidilao shares were hovering at about 31 Hong Kong dollars on Monday, 2:50 p.m. HK time. Hong warned that the stock could be headed for 25 Hong Kong dollars per share if it breaks the 30 Hong Kong dollar mark.

Last week, the Chinese capital of Beijing banned caterers and individuals from organizing group gatherings, and said arrangements before that ban should be canceled or postponed. Rural areas around Beijing are also prohibited from organizing banquets — whether for festivals, birthdays or school promotions. Similar measures have not been announced in Hong Kong.

— CNBC’s Evelyn Cheng contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2020-02-10  Authors: eustance huang
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Japan stocks jump as S&P 500 surges to record high despite virus fears

Stocks in Asia were traded higher on Thursday after the S&P 500 soared to a record high overnight on Wall Street. Stocks in Japan jumped minutes after the market open, with the Nikkei 225 up 1.43% and the Topix index gaining 1.35%. Meanwhile, stocks in Australia were higher in morning trade, as the S&P/ASX 200 gained around 0.7%. Overall, the MSCI Asia ex-Japan index traded 0.39% higher. Reuters cited reports on Wednesday that said a research team at Zhejiang University had found a drug to treat


Stocks in Asia were traded higher on Thursday after the S&P 500 soared to a record high overnight on Wall Street.
Stocks in Japan jumped minutes after the market open, with the Nikkei 225 up 1.43% and the Topix index gaining 1.35%.
Meanwhile, stocks in Australia were higher in morning trade, as the S&P/ASX 200 gained around 0.7%.
Overall, the MSCI Asia ex-Japan index traded 0.39% higher.
Reuters cited reports on Wednesday that said a research team at Zhejiang University had found a drug to treat
Japan stocks jump as S&P 500 surges to record high despite virus fears Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-06  Authors: eustance huang
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Japan stocks jump as S&P 500 surges to record high despite virus fears

Stocks in Asia were traded higher on Thursday after the S&P 500 soared to a record high overnight on Wall Street.

Stocks in Japan jumped minutes after the market open, with the Nikkei 225 up 1.43% and the Topix index gaining 1.35%. South Korea’s Kospi also added 1.09%.

Meanwhile, stocks in Australia were higher in morning trade, as the S&P/ASX 200 gained around 0.7%. Investors will await the release of Australia’s retail sales data for December, expected to be out around 8:30 a.m. HK/SIN.

Overall, the MSCI Asia ex-Japan index traded 0.39% higher.

The moves came as investors reacted to overnight developments on the coronavirus outbreak, following unconfirmed reports of breakthroughs in the development of a drug for the disease.

Reuters cited reports on Wednesday that said a research team at Zhejiang University had found a drug to treat people infected by the new coronavirus. The World Health Organization, however, said in a statement: “There are no known effective therapeutics against this 2019-nCoV.”

Meanwhile, a scientist leading the U.K.’s research into a coronavirus vaccine told Sky News on Wednesday that his team had made a “significant breakthrough” by cutting a portion of the normal development time to 14 days from two to three years.


Company: cnbc, Activity: cnbc, Date: 2020-02-06  Authors: eustance huang
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Impact of coronavirus outbreak on China insurers will be ‘limited’ and ‘manageable,’ analysts say

Chan Long Hei | Bloomberg Getty ImagesInsurers in China will likely be able to manage the economic fallout from the coronavirus outbreak, according to multiple analysts. Hong Kong-listed shares of insurers have seen some choppy trading sessions since returning from the Lunar New Year holidays last week. Echoing the view of the ratings agency, analysts at Nomura said in note on Jan. 31: “We think direct claim losses for insurance companies will be manageable.” At this point, I think the effect on


Chan Long Hei | Bloomberg Getty ImagesInsurers in China will likely be able to manage the economic fallout from the coronavirus outbreak, according to multiple analysts.
Hong Kong-listed shares of insurers have seen some choppy trading sessions since returning from the Lunar New Year holidays last week.
Echoing the view of the ratings agency, analysts at Nomura said in note on Jan. 31: “We think direct claim losses for insurance companies will be manageable.”
At this point, I think the effect on
Impact of coronavirus outbreak on China insurers will be ‘limited’ and ‘manageable,’ analysts say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-05  Authors: eustance huang
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Impact of coronavirus outbreak on China insurers will be 'limited' and 'manageable,' analysts say

A customer has his temperature taken during a screening outside a Cafe de Jargor restaurant during its first day of operations in Hong Kong, China, on Saturday, Feb. 1, 2020. Chan Long Hei | Bloomberg Getty Images

Insurers in China will likely be able to manage the economic fallout from the coronavirus outbreak, according to multiple analysts. Hong Kong-listed shares of insurers have seen some choppy trading sessions since returning from the Lunar New Year holidays last week. Since their last close before the start of the Lunar New Year, China’s Ping An saw its stock drop more than 5% and China Life Insurance plummet more than 7%. Shares of AIA have also fallen more than 4% at the close of Tuesday’s trading. In a note dated Jan. 30, Fitch Ratings said it “expects the recent outbreak of novel coronavirus infections to put some pressure on Chinese insurers’ profitability in the near term, but that earnings pressure will be manageable.” Echoing the view of the ratings agency, analysts at Nomura said in note on Jan. 31: “We think direct claim losses for insurance companies will be manageable.” Three reasons were cited to support this view.

At this point, I think the effect on the insurers is still very limited. On the macro scale, it’s still just a very small proportion of the whole population. Kevin Leung Haitong International Securities

Firstly, claims surrounding the virus outbreak should mainly be covered by commercial health insurance, a sector it described as “still under-penetrated and does not account for a big portion of the overall business, the analysts said. Secondly, the Chinese government has already announced it will cover the excess cost above the existing insurance policy amount, they said. China’s National Health and Ministry of Finance announced Thursday a slew of measures that the central government will take to subsidize virus-related costs. Finally, reinsurance arrangements could partially cover claim losses for direct insurers, they concluded. “At this point, I think the effect on the insurers is still very limited,” said Kevin Leung, executive director of investment strategy at Haitong International Securities. “On the macro scale, it’s still just a very small proportion of the whole population.”


Company: cnbc, Activity: cnbc, Date: 2020-02-05  Authors: eustance huang
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Asia stocks mixed as Wall Street rebounds amid virus fears

Stocks in Asia traded mixed on Tuesday morning as investors weigh the potential economic impact of the ongoing coronavirus outbreak that has killed hundreds in China so far. Overall, the MSCI Asia ex-Japan index traded 0.07% higher. Investors will await the Reserve Bank of Australia’s interest rate decision, set to be announced around 11:30 a.m. HK/SIN. “An easing bias would not surprise at all with the RBA still well short of their inflation and unemployment goals. Investors will also likely co


Stocks in Asia traded mixed on Tuesday morning as investors weigh the potential economic impact of the ongoing coronavirus outbreak that has killed hundreds in China so far.
Overall, the MSCI Asia ex-Japan index traded 0.07% higher.
Investors will await the Reserve Bank of Australia’s interest rate decision, set to be announced around 11:30 a.m. HK/SIN.
“An easing bias would not surprise at all with the RBA still well short of their inflation and unemployment goals.
Investors will also likely co
Asia stocks mixed as Wall Street rebounds amid virus fears Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-04  Authors: eustance huang
Keywords: news, cnbc, companies, index, traded, street, nab, ongoing, morning, amid, outbreak, asia, mixed, rebounds, impact, potential, rba, economic, wall, fears, virus, stocks


Asia stocks mixed as Wall Street rebounds amid virus fears

Stocks in Asia traded mixed on Tuesday morning as investors weigh the potential economic impact of the ongoing coronavirus outbreak that has killed hundreds in China so far.

In Japan, the Nikkei 225 declined 0.46% while the Topix index shed 0.34%. South Korea’s Kospi, on the other hand, rose 0.29%.

Meanwhile, shares in Australia were little changed in morning trade, with the S&P/ASX 200 up slightly.

Overall, the MSCI Asia ex-Japan index traded 0.07% higher.

Investors will await the Reserve Bank of Australia’s interest rate decision, set to be announced around 11:30 a.m. HK/SIN.

“An easing bias would not surprise at all with the RBA still well short of their inflation and unemployment goals. NAB looks for the RBA to ease at the April Board meeting when the RBA will have had time to review December quarter growth including consumer spending,” David de Garis, a director and senior economist at National Australia Bank (NAB), wrote in a Tuesday note.

Investors will also likely continue to watch for developments on the ongoing virus outbreak that has dented sentiment in recent days as questions remain over its potential economic impact.


Company: cnbc, Activity: cnbc, Date: 2020-02-04  Authors: eustance huang
Keywords: news, cnbc, companies, index, traded, street, nab, ongoing, morning, amid, outbreak, asia, mixed, rebounds, impact, potential, rba, economic, wall, fears, virus, stocks


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