Tech shares are selling off in Asia after getting slammed on Wall Street

In Japan, shares of conglomerate Softbank declined by 4.77 percent while Nintendo dropped 5.02 percent. The report also said China would deepen its investigation into the three companies, which are the largest memory-chip manufacturers in the world. In Tuesday afternoon trade, Samsung’s stock declined by 2.18 percent while SK Hynix saw losses of 3.58 percent. In Hong Kong, shares of Chinese tech behemoth Tencent fell 3.16 percent by the end of the morning session. Electronics maker Xiaomi, on th


In Japan, shares of conglomerate Softbank declined by 4.77 percent while Nintendo dropped 5.02 percent. The report also said China would deepen its investigation into the three companies, which are the largest memory-chip manufacturers in the world. In Tuesday afternoon trade, Samsung’s stock declined by 2.18 percent while SK Hynix saw losses of 3.58 percent. In Hong Kong, shares of Chinese tech behemoth Tencent fell 3.16 percent by the end of the morning session. Electronics maker Xiaomi, on th
Tech shares are selling off in Asia after getting slammed on Wall Street Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: eustance huang
Keywords: news, cnbc, companies, getting, shares, declined, stock, saw, sk, hynix, chinese, wall, tech, slammed, selling, report, fell, street, electronics, asia


Tech shares are selling off in Asia after getting slammed on Wall Street

In Japan, shares of conglomerate Softbank declined by 4.77 percent while Nintendo dropped 5.02 percent.

South Korea’s Samsung Electronics and SK Hynix also fell on the back of a report from the Financial Times that Chinese authorities have alleged “massive evidence” of antitrust violations by the two chipmakers and Micron Technology. The report also said China would deepen its investigation into the three companies, which are the largest memory-chip manufacturers in the world.

In Tuesday afternoon trade, Samsung’s stock declined by 2.18 percent while SK Hynix saw losses of 3.58 percent.

In Hong Kong, shares of Chinese tech behemoth Tencent fell 3.16 percent by the end of the morning session. Electronics maker Xiaomi, on the other hand, saw its stock gain 4.71 percent after the company reported that it had swung to a net profit in the third quarter.

— CNBC’s Michael Sheetz and Reuters contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: eustance huang
Keywords: news, cnbc, companies, getting, shares, declined, stock, saw, sk, hynix, chinese, wall, tech, slammed, selling, report, fell, street, electronics, asia


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Fears that the Nissan scandal could threaten its global alliance are ‘overly alarmist’

The arrest of Carlos Ghosn, chairman of Nissan and a board member at Mitsubishi, has also thrown into question the future of the two companies’ global alliance with French automaker Renault. Ghosn was arrested Monday amid allegations of financial misconduct, sending shares of the Japanese automakers on a downward spiral on Tuesday. Nissan said in a statement Monday that “over many years,” Ghosn and board director, Greg Kelly, had been under-reporting compensation amounts to the Tokyo Stock Excha


The arrest of Carlos Ghosn, chairman of Nissan and a board member at Mitsubishi, has also thrown into question the future of the two companies’ global alliance with French automaker Renault. Ghosn was arrested Monday amid allegations of financial misconduct, sending shares of the Japanese automakers on a downward spiral on Tuesday. Nissan said in a statement Monday that “over many years,” Ghosn and board director, Greg Kelly, had been under-reporting compensation amounts to the Tokyo Stock Excha
Fears that the Nissan scandal could threaten its global alliance are ‘overly alarmist’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: eustance huang, akio kon, bloomberg, getty images, -richard hilgert
Keywords: news, cnbc, companies, global, ghosn, compensation, yearsnissan, billion, japanese, arrested, threaten, board, remove, mitsubishi, alliance, nissan, alarmist, fears, yen, scandal, overly


Fears that the Nissan scandal could threaten its global alliance are 'overly alarmist'

The arrest of Carlos Ghosn, chairman of Nissan and a board member at Mitsubishi, has also thrown into question the future of the two companies’ global alliance with French automaker Renault. But analysts say that’s not likely.

Ghosn was arrested Monday amid allegations of financial misconduct, sending shares of the Japanese automakers on a downward spiral on Tuesday.

Nissan said in a statement Monday that “over many years,” Ghosn and board director, Greg Kelly, had been under-reporting compensation amounts to the Tokyo Stock Exchange securities report. According to Reuters, Japanese media said Ghosn had reported about 10 billion yen ($88.9 million) of annual compensation as about 5 billion yen for several years.

Nissan Chief Executive Hiroto Saikawa, said at a Monday press conference that both men had been arrested and he was planning to propose to the board on Thursday to remove them from their roles. Mitsubishi also said that it would seek to remove Ghosn, who sits on its board of directors, from his current position at the company.


Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: eustance huang, akio kon, bloomberg, getty images, -richard hilgert
Keywords: news, cnbc, companies, global, ghosn, compensation, yearsnissan, billion, japanese, arrested, threaten, board, remove, mitsubishi, alliance, nissan, alarmist, fears, yen, scandal, overly


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Asia stocks mostly lower; Nissan shares plunge on chairman’s arrest

Shares of Japanese automaker Nissan fell 5.45 percent on Tuesday after its chairman, Carlos Ghosn, wasarrested a day earlier over allegations of financial misconduct. Nissan added that, with regard to Ghosn, “numerous other significant acts of misconduct have been uncovered, such as personal use of company assets.” Ghosn is also chairman and CEO of the strategic alliance between French automaker Renault, Nissan and Mitsubishi Motors. Mitsubishi Motors shares were down 6.85 percent. The broader J


Shares of Japanese automaker Nissan fell 5.45 percent on Tuesday after its chairman, Carlos Ghosn, wasarrested a day earlier over allegations of financial misconduct. Nissan added that, with regard to Ghosn, “numerous other significant acts of misconduct have been uncovered, such as personal use of company assets.” Ghosn is also chairman and CEO of the strategic alliance between French automaker Renault, Nissan and Mitsubishi Motors. Mitsubishi Motors shares were down 6.85 percent. The broader J
Asia stocks mostly lower; Nissan shares plunge on chairman’s arrest Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: eustance huang
Keywords: news, cnbc, companies, shares, chairmans, asia, ghosn, japanese, arrest, stocks, motors, lower, mitsubishi, fell, nissan, close, plunge, index


Asia stocks mostly lower; Nissan shares plunge on chairman's arrest

Shares of Japanese automaker Nissan fell 5.45 percent on Tuesday after its chairman, Carlos Ghosn, wasarrested a day earlier over allegations of financial misconduct.

The auto giant said in a statement on Monday that “over many years” Ghosn and board director Greg Kelly had been under-reporting compensation amounts to the Tokyo Stock Exchange securities report.

Nissan added that, with regard to Ghosn, “numerous other significant acts of misconduct have been uncovered, such as personal use of company assets.” The company said Ghosn had also made inappropriate investments.

In a press conference Monday, Nissan Chief Executive Hiroto Saikawa, said both men had been arrested and this Thursday he would propose to the Nissan Board of Directors to remove them from their roles.

Ghosn is also chairman and CEO of the strategic alliance between French automaker Renault, Nissan and Mitsubishi Motors. Mitsubishi Motors shares were down 6.85 percent.

The broader Japanese market also declined, with the benchmark Nikkei 225 down 1.09 percent to close at 21,583.12 and the Topix index lower by 0.73 percent to 1,625.67. In South Korea, the Kospi slipped 0.86 percent to close at 2,082.58.

The mainland Chinese markets were also lower on the day. The Shanghai composite fell 2.13 percent to close at around 2,645.85 while the Shenzhen composite shed 2.717 percent to 1,378.92. Hong Kong’s Hang Seng index declined 1.94 percent in late-afternoon trade.

Australia’s ASX 200 was down 0.38 percent to close at 5,671.8, with almost all sectors in negative territory.


Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: eustance huang
Keywords: news, cnbc, companies, shares, chairmans, asia, ghosn, japanese, arrest, stocks, motors, lower, mitsubishi, fell, nissan, close, plunge, index


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Asia markets cautious; pound struggles following fresh Brexit uncertainties

Speaking from inside 10 Downing Street on Thursday evening, the prime minister said: “I want to honor the vote the of the referendum,” she said. At least 16 members of her own Conservative Party have openly called for a vote of no confidence in May, citing dissatisfaction with her proposals to leave the European Union. One strategist warned about the outlook of the Brexit deal. The British pound plunged to $1.2833 from about $1.2994 at around 9:00 a.m. London time on Thursday, following news of


Speaking from inside 10 Downing Street on Thursday evening, the prime minister said: “I want to honor the vote the of the referendum,” she said. At least 16 members of her own Conservative Party have openly called for a vote of no confidence in May, citing dissatisfaction with her proposals to leave the European Union. One strategist warned about the outlook of the Brexit deal. The British pound plunged to $1.2833 from about $1.2994 at around 9:00 a.m. London time on Thursday, following news of
Asia markets cautious; pound struggles following fresh Brexit uncertainties Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: eustance huang
Keywords: news, cnbc, companies, prime, vote, brexit, uncertainties, asia, minister, struggles, fresh, markets, cautious, mays, parliament, following, members, party, pound, raab


Asia markets cautious; pound struggles following fresh Brexit uncertainties

The U.K. was thrust into political turmoil on Thursday following a spate of resignations from Prime Minister Theresa May’s government, including Brexit Secretary Dominic Raab, who said he couldn’t accept the deal after the promises the ruling Conservative Party made to the country in an election manifesto last year.

Speaking from inside 10 Downing Street on Thursday evening, the prime minister said: “I want to honor the vote the of the referendum,” she said.

At least 16 members of her own Conservative Party have openly called for a vote of no confidence in May, citing dissatisfaction with her proposals to leave the European Union.

One strategist warned about the outlook of the Brexit deal.

“At this stage, it will be almost impossible for the deal to be approved by Parliament because the concerns raised by Raab are issues shared by many members of the government,” Kathy Lien, managing director of foreign exchange strategy at BK Asset Management, said in an overnight note.

“This is not only a major setback for Brexit, but (Member of Parliament) Rees-Mogg’s call for a no confidence vote could also spell the end of May’s role as Prime Minister,” she said, in reference to notable Euroskeptic lawmaker Jacob Rees-Mogg.

The British pound plunged to $1.2833 from about $1.2994 at around 9:00 a.m. London time on Thursday, following news of Raab’s resignation. The pound traded at about $1.2783 Friday morning during Asian hours.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: eustance huang
Keywords: news, cnbc, companies, prime, vote, brexit, uncertainties, asia, minister, struggles, fresh, markets, cautious, mays, parliament, following, members, party, pound, raab


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Asia stocks trade mixed; pound strengthens amid progress on proposed Brexit deal

Theresa May said on Wednesday she had obtained enough support for her proposed Brexit deal to move forward. “I firmly believe that the draft withdrawal agreement was the best that could be negotiated,” May told reporters in London. “The choices before us were difficult … but the collective decision by Cabinet was that the government should agree the draft withdrawal agreement and the outlying political declaration.” Some market watchers said that the uncertainty surrounding a deal had earlier


Theresa May said on Wednesday she had obtained enough support for her proposed Brexit deal to move forward. “I firmly believe that the draft withdrawal agreement was the best that could be negotiated,” May told reporters in London. “The choices before us were difficult … but the collective decision by Cabinet was that the government should agree the draft withdrawal agreement and the outlying political declaration.” Some market watchers said that the uncertainty surrounding a deal had earlier
Asia stocks trade mixed; pound strengthens amid progress on proposed Brexit deal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: eustance huang
Keywords: news, cnbc, companies, trade, agreement, mixed, watchers, brexit, stocks, withdrawal, progress, weighed, asia, morning, uncertainty, strengthens, proposed, pound, deal, draft, earlier


Asia stocks trade mixed; pound strengthens amid progress on proposed Brexit deal

Theresa May said on Wednesday she had obtained enough support for her proposed Brexit deal to move forward.

“I firmly believe that the draft withdrawal agreement was the best that could be negotiated,” May told reporters in London. “The choices before us were difficult … but the collective decision by Cabinet was that the government should agree the draft withdrawal agreement and the outlying political declaration.”

“This is a decisive step which enables us to move on and finalize the deal in the days ahead,” May added.

Following her announcement, the British pound rebounded against the greenback. On Thursday morning during Asian hours, Sterling traded at $1.3002 after touching an earlier high of $1.3006.

Some market watchers said that the uncertainty surrounding a deal had earlier weighed on risk sentiment.

Parliamentary approval for the Brexit draft agreement is still in “considerable doubt,” according to Ray Attrill, head of foreign-exchange strategy at the National Australia Bank.

“We still can’t say with any confidence whether this deal, no deal, or indeed a second referendum, is now the most probable outcome to this ongoing saga,” he said in a morning note.


Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: eustance huang
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Bitcoin market cap falls below $100 billion for first time since October 2017

Amid a sell-off in the cryptocurrency markets that began Wednesday, Bitcoin’s market capitalization fell below the $100 billion mark on Thursday — a level not seen since October 2017. ET Wednesday), the market cap of Bitcoin stood at $97,554,227,588, according to Coinmarketcap.com. That moves came after a major sell-off in the cryptocurrency markets on Wednesday, which continued into Thursday in Asia. Bitcoin cash is doing a “hard fork” or “effectively a software upgrade,” the cryptocurrency fun


Amid a sell-off in the cryptocurrency markets that began Wednesday, Bitcoin’s market capitalization fell below the $100 billion mark on Thursday — a level not seen since October 2017. ET Wednesday), the market cap of Bitcoin stood at $97,554,227,588, according to Coinmarketcap.com. That moves came after a major sell-off in the cryptocurrency markets on Wednesday, which continued into Thursday in Asia. Bitcoin cash is doing a “hard fork” or “effectively a software upgrade,” the cryptocurrency fun
Bitcoin market cap falls below $100 billion for first time since October 2017 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: eustance huang, yu chun christopher wong, getty images
Keywords: news, cnbc, companies, falls, upgrade, selloff, bitcoin, stood, markets, cap, billion, market, cryptocurrency, 100, 2017, hksin, software, trading


Bitcoin market cap falls below $100 billion for first time since October 2017

Amid a sell-off in the cryptocurrency markets that began Wednesday, Bitcoin’s market capitalization fell below the $100 billion mark on Thursday — a level not seen since October 2017.

As of 12:50 p.m. HK/SIN (11:50 p.m. ET Wednesday), the market cap of Bitcoin stood at $97,554,227,588, according to Coinmarketcap.com.

That moves came after a major sell-off in the cryptocurrency markets on Wednesday, which continued into Thursday in Asia.

BKCM founder and CEO Brian Kelly told CNBC’s “Fast Money” on Wednesday that the sharp downturn had to do with bitcoin cash, which splintered off in August 2017 from regular bitcoin with the goal of being able to process more transactions.

Bitcoin cash is doing a “hard fork” or “effectively a software upgrade,” the cryptocurrency fund manager said. “When you do a software upgrade, everybody usually agrees. But in this particular case, everybody is not agreeing.”

As of 12:51 p.m. HK/SIN (11:51 p.m. ET Wednesday), Bitcoin stood at $5,507.58, according to Coindesk. Bitcoin had been trading comfortably around the $6,400 range for the majority of the last few months, a stark contrast from its volatile trading year.


Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: eustance huang, yu chun christopher wong, getty images
Keywords: news, cnbc, companies, falls, upgrade, selloff, bitcoin, stood, markets, cap, billion, market, cryptocurrency, 100, 2017, hksin, software, trading


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Asian stocks mostly in negative territory as oil prices slip further

Stocks in Asia were trading in largely negative territory in the morning as oil prices staged a partial recovery. The moves in China came after the country’s industrial output for October came in at 5.9 percent higher than a year ago, above expectations from a Reuters poll. Fixed asset investment for October also came in above expectations at 5.7 percent higher as compared to a year ago. The energy subindex declined by more than 3 percent amid a slump in oil prices and the heavily-weighted finan


Stocks in Asia were trading in largely negative territory in the morning as oil prices staged a partial recovery. The moves in China came after the country’s industrial output for October came in at 5.9 percent higher than a year ago, above expectations from a Reuters poll. Fixed asset investment for October also came in above expectations at 5.7 percent higher as compared to a year ago. The energy subindex declined by more than 3 percent amid a slump in oil prices and the heavily-weighted finan
Asian stocks mostly in negative territory as oil prices slip further Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: eustance huang
Keywords: news, cnbc, companies, negative, territory, asian, prices, lower, trade, slip, oil, expectations, trading, subindex, came, china, stocks, higher


Asian stocks mostly in negative territory as oil prices slip further

Stocks in Asia were trading in largely negative territory in the morning as oil prices staged a partial recovery.

In the Greater China region, Hong Kong’s Hang Seng index fell 0.5 percent.

The mainland China markets, which are being closely watched by investors because of the ongoing trade war between Washington and Beijing, were lower in the early hours of trade. The Shanghai composite declined more than 0.4 percent while the Shenzhen composite was lower by 0.2 percent.

The moves in China came after the country’s industrial output for October came in at 5.9 percent higher than a year ago, above expectations from a Reuters poll. Fixed asset investment for October also came in above expectations at 5.7 percent higher as compared to a year ago. Retail sales in October, however, came in below expectations at 8.6 percent higher year-on-year.

In Australia, the ASX 200 slipped more than 1 percent in afternoon trade. The energy subindex declined by more than 3 percent amid a slump in oil prices and the heavily-weighted financial subindex was lower by 1.24 percent.

Meanwhile, South Korea’s Kospi was also lower by 0.5 percent.

Japanese stocks were trading near flat, with the Nikkei 225 at 21,784.17 in the morning while the Topix index was marginally higher at 1,638.56.


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: eustance huang
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‘A.I. is not gonna replace people,’ says Salesforce executive

AI is going to make people ‘far more capable’: Salesforce 3:31 AM ET Tue, 13 Nov 2018 | 03:07Artificial intelligence is “a big help, not a hindrance,” according to a Salesforce executive. “AI is not gonna replace people,” Peter Schwartz, senior vice president of strategic planning at Salesforce, told CNBC on Tuesday at the Singapore FinTech Festival. On the flip side, Schwartz added: “It’s going to make people far more capable.” Instead of thinking about the “most mundane things,” Schwartz said


AI is going to make people ‘far more capable’: Salesforce 3:31 AM ET Tue, 13 Nov 2018 | 03:07Artificial intelligence is “a big help, not a hindrance,” according to a Salesforce executive. “AI is not gonna replace people,” Peter Schwartz, senior vice president of strategic planning at Salesforce, told CNBC on Tuesday at the Singapore FinTech Festival. On the flip side, Schwartz added: “It’s going to make people far more capable.” Instead of thinking about the “most mundane things,” Schwartz said
‘A.I. is not gonna replace people,’ says Salesforce executive Cached Page below :
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Keywords: news, cnbc, companies, intelligence, wave, going, executive, salesforce, gonna, replace, schwartz, world, far, ai, artificial, added


'A.I. is not gonna replace people,' says Salesforce executive

AI is going to make people ‘far more capable’: Salesforce 3:31 AM ET Tue, 13 Nov 2018 | 03:07

Artificial intelligence is “a big help, not a hindrance,” according to a Salesforce executive.

“AI is not gonna replace people,” Peter Schwartz, senior vice president of strategic planning at Salesforce, told CNBC on Tuesday at the Singapore FinTech Festival.

On the flip side, Schwartz added: “It’s going to make people far more capable.”

Instead of thinking about the “most mundane things,” Schwartz said AI would allow people to “focus” on issues such as creativity and interpersonal skills.

Schwartz’s comments on the impact of AI were in line with a report from the World Economic Forum in September, which said developments in automation technologies and artificial intelligence could result in 58 million net new jobs being created by 2022.

“We have smartphones today, but it began with the Blackberry and the Palm Pilot which was pretty crude, but you got a hint of what was to come,” he said, using the development of the smartphone industry as a parallel example for where he sees the future of artificial intelligence.

In a similar manner, personal digital assistants such as Amazon’s Alexa and Apple’s Siri are “the beginnings of a next wave,” he added.


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: eustance huang
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Greater China markets mixed as Asia stocks trade in negative territory

Stocks in Asia fell in the morning on the back of the Dow Jones Industrial Average falling by more than 600 points overnight. Japan’s Nikkei 225 fell 3.08 percent in early trade while the Topix index saw losses of 2.68 percent. Markets in Greater China also started the day in negative territory. Hong Kong’s Hang Seng Index traded down by 1.6 percent, with index heavyweight Tencent falling by 3.77 percent. Energy stocks fell by 1.73 percent while the heavily weighted financial subindex saw losses


Stocks in Asia fell in the morning on the back of the Dow Jones Industrial Average falling by more than 600 points overnight. Japan’s Nikkei 225 fell 3.08 percent in early trade while the Topix index saw losses of 2.68 percent. Markets in Greater China also started the day in negative territory. Hong Kong’s Hang Seng Index traded down by 1.6 percent, with index heavyweight Tencent falling by 3.77 percent. Energy stocks fell by 1.73 percent while the heavily weighted financial subindex saw losses
Greater China markets mixed as Asia stocks trade in negative territory Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: eustance huang
Keywords: news, cnbc, companies, losses, fell, stocks, asia, greater, china, australia, markets, negative, falling, territory, index, morning, percentthe, mixed, trade, saw


Greater China markets mixed as Asia stocks trade in negative territory

Stocks in Asia fell in the morning on the back of the Dow Jones Industrial Average falling by more than 600 points overnight.

Japan’s Nikkei 225 fell 3.08 percent in early trade while the Topix index saw losses of 2.68 percent. Shares of Apple supplier Japan Display plunged 7.62 percent in the morning after the company reported its sixth straight quarterly operating loss and lowered its outlook, according to Reuters.

Markets in Greater China also started the day in negative territory. Hong Kong’s Hang Seng Index traded down by 1.6 percent, with index heavyweight Tencent falling by 3.77 percent. Stocks in Shanghai were lower by 0.27 percent while Shenzhen was up 0.4 percent.

The losses spilled over to South Korea, where the Kospi shed 1.29 percent. Shares of industry heavyweights saw a sharp pullback, as Samsung Electronics lost 2.77 percent while SK Hynix dropped 4.43 percent.

The ASX 200 fell 1.55 percent, with almost all sectors in negative territory. Energy stocks fell by 1.73 percent while the heavily weighted financial subindex saw losses of 2.19 percent.

Shares of Australia’s so-called Big Four banks saw sharp declines: Australia and New Zealand Banking Group shed 1.48 percent, Commonwealth Bank of Australia lost 1.02 percent and National Australia Bank was lower by 1.41 percent. Westpac saw the largest percentage decline among the four, falling by 5.32 percent.

“The topside optimism the markets experienced after getting through the US midterms relatively unscathed has quickly reverted back to concern over trade issues between the US and China and the affect that tariffs and protectionist policies have had on overall global growth,” said Rakuten Securities Australia in a morning note.


Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: eustance huang
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Asia stocks slide after Fed keeps rates unchanged; Hong Kong down more than 2 percent

Stocks in Asia were broadly lower in afternoon trade after the U.S. Federal Reserve left interest rates unchanged at its latest policy meeting. The big mover to the downside was in Hong Kong, where the Hang Seng index fell 2.39 percent. The moves in China followed the country’s Consumer Price Index and Producer Price Index for the month of October coming in at 2.5 percent and 3.3 percent higher, respectively, compared to a year ago. In Australia, the ASX 200 was lower by 0.42 percent in the afte


Stocks in Asia were broadly lower in afternoon trade after the U.S. Federal Reserve left interest rates unchanged at its latest policy meeting. The big mover to the downside was in Hong Kong, where the Hang Seng index fell 2.39 percent. The moves in China followed the country’s Consumer Price Index and Producer Price Index for the month of October coming in at 2.5 percent and 3.3 percent higher, respectively, compared to a year ago. In Australia, the ASX 200 was lower by 0.42 percent in the afte
Asia stocks slide after Fed keeps rates unchanged; Hong Kong down more than 2 percent Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: eustance huang
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Asia stocks slide after Fed keeps rates unchanged; Hong Kong down more than 2 percent

Stocks in Asia were broadly lower in afternoon trade after the U.S. Federal Reserve left interest rates unchanged at its latest policy meeting.

The big mover to the downside was in Hong Kong, where the Hang Seng index fell 2.39 percent.

The mainland China markets, which investors are watching closely as trade tensions between Washington and Beijing continue to weigh on sentiment, also traded in negative territory. The Shanghai composite shed 1.29 percent and the Shenzhen composite declined by 0.382 percent.

The moves in China followed the country’s Consumer Price Index and Producer Price Index for the month of October coming in at 2.5 percent and 3.3 percent higher, respectively, compared to a year ago. Those numbers were in line with expectations from a Reuters poll.

One economist warned that relations between the U.S. and China could get more frosty now that the midterm elections stateside are over.

“The upshot is that there will be more noise and volatility on China,” TS Lombard’s chief U.S. economist, Steve Blitz, said in a note on Thursday, commenting on the post-election environment. Many Democrats, including Sen. Chuck Schumer, are “China hawks,” Blitz said.

Another market observer said the expected meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping during the upcoming G-20 summit is unlikely to yield results.

“I wouldn’t bank on seeing anything solid on the back of that actually play through,” Kerry Craig, a global market strategist at J.P. Morgan Asset Management, told CNBC’s “Squawk Box” on Friday. Still, he predicted the meeting between the two leaders would be “very cordial.”

In other Asian market news, Japan’s Nikkei 225 fell 1 percent while the Topix index saw losses of 0.43 percent after earlier seeing gains. South Korea’s Kospi was lower by 0.46 percent.

In Australia, the ASX 200 was lower by 0.42 percent in the afternoon, with the major sectors in mixed territory. Energy stocks fell by 1.69 percent while the heavily weighted financial subindex was slightly lower.


Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: eustance huang
Keywords: news, cnbc, companies, rates, price, territory, fed, trade, asia, index, kong, stocks, market, unchanged, slide, fell, hong, keeps, china, seeing, lower


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