Uniqlo-owner Fast Retailing keeps posting record profits, but one analyst warns of uncertainty

Japan’s Fast Retailing could see a “period of slow growth” despite recently announcing record profits, according to one analyst that spoke to CNBC on Friday. Fast Retailing projected operating profits would grow 6.7% in fiscal 2020, well below the 15% growth analysts polled by Refinitiv had estimated. “It’s a great, great name, great brand but there’s a lot of uncertainty,” Peter Boardman, managing director at NWQ Investment Management, told CNBC’s “Squawk Box” on Friday. So any sort of slowdown


Japan’s Fast Retailing could see a “period of slow growth” despite recently announcing record profits, according to one analyst that spoke to CNBC on Friday. Fast Retailing projected operating profits would grow 6.7% in fiscal 2020, well below the 15% growth analysts polled by Refinitiv had estimated. “It’s a great, great name, great brand but there’s a lot of uncertainty,” Peter Boardman, managing director at NWQ Investment Management, told CNBC’s “Squawk Box” on Friday. So any sort of slowdown
Uniqlo-owner Fast Retailing keeps posting record profits, but one analyst warns of uncertainty Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: eustance huang
Keywords: news, cnbc, companies, fast, south, warns, fiscal, analyst, profit, growth, boardman, retailing, uniqloowner, uncertainty, profits, company, great, keeps, posting, record


Uniqlo-owner Fast Retailing keeps posting record profits, but one analyst warns of uncertainty

Japan’s Fast Retailing could see a “period of slow growth” despite recently announcing record profits, according to one analyst that spoke to CNBC on Friday.

The firm, which owns apparel giant Uniqlo, said Thursday that it had booked record profit for the third-straight year, sending shares about 2.5% higher in Friday trading. Operating profit rose 9.1% in the year ended Aug. 31, in line with market expectations.

But the retailer’s profit forecast missed expectations. Fast Retailing projected operating profits would grow 6.7% in fiscal 2020, well below the 15% growth analysts polled by Refinitiv had estimated.

“It’s a great, great name, great brand but there’s a lot of uncertainty,” Peter Boardman, managing director at NWQ Investment Management, told CNBC’s “Squawk Box” on Friday. “Things are slowing down.”

Recent data have pointed to a slowing Chinese economy after years of rapid growth, with concerns that the worst may not be over.

“Remember, 35% of their profits come out of China. So any sort of slowdown in China is certainly negatively affecting Fast Retailing or Uniqlo,” Boardman said.

China has been a major growth market for Fast Retailing. Earlier this year, the retailer said it expects sales from the greater China region to hit 1 trillion yen (about $9.26 billion) by fiscal 2022. That would be nearly double the 502.5 billion yen (roughly $4.65 billion) in sales the company reported for fiscal 2019.

Fast Retailing also faces challenges stemming from Tokyo’s ongoing trade dispute with Seoul, which has resulted in South Korean consumers boycotting Japanese products. That’s a risk that Fast Retailing Chief Executive Tadashi Yanai highlighted as “serious.”

In fiscal 2019, the company said its South Korea business reported a decline in both revenue and profit. Fast Retailing also forecast “large declines” in the country for fiscal 2020.

NWQ’s Boardman said South Korea accounts for about 3% of Fast Retailing’s revenues, a figure that was “not material” but at the same time a “significant amount of money.”

Going forward, Boardman said the pace of new store openings will be “a lot slower” than before, but added that it was “just a sign of a maturing company.”


Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: eustance huang
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Major markets in Asia rebound after report Trump may announce Huawei concessions

The Topix index finished its trading day little changed at 1,581.42. Australia’s S&P/ASX 200 ended its trading day largely flat at 6,547.10. A South China Morning Post report on Thursday morning in Asia said the two sides made no progress in deputy-level negotiations this week. The trade negotiations between Washington and Beijing this week were highly anticipated. A 15% tariff on an additional $160 billion worth of Chinese imports is also expected to kick in on December 15.


The Topix index finished its trading day little changed at 1,581.42. Australia’s S&P/ASX 200 ended its trading day largely flat at 6,547.10. A South China Morning Post report on Thursday morning in Asia said the two sides made no progress in deputy-level negotiations this week. The trade negotiations between Washington and Beijing this week were highly anticipated. A 15% tariff on an additional $160 billion worth of Chinese imports is also expected to kick in on December 15.
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Major markets in Asia rebound after report Trump may announce Huawei concessions

Major Asian stock markets recovered from earlier lows to close higher on Thursday as investors watched for developments on the U.S.-China trade front ahead of high-level negotiations between the two economic powerhouses. Mainland Chinese stocks rose on the day, with the Shanghai composite up 0.78% to around 2,947.71 and the Shenzhen component gaining 1.38% to 9,638.10. The Shenzhen composite also advanced 1.413% to approximately 1,631.84. The New York Times reported Wednesday evening stateside that U.S. President Donald Trump’s administration is set to grant licenses that would allow American firms to sell nonsensitive supplies to Huawei. Earlier this year, the White House banned sales to the Chinese telecommunications giant, citing national security concerns. The ban was subsequently delayed by the administration to allow American firms to make other arrangements. Meanwhile, Hong Kong’s Hang Seng index was about 0.3% higher, as of its final hour of trading. Elsewhere, the Nikkei 225 in Japan rose 0.45% to close at 21,551.98. The Topix index finished its trading day little changed at 1,581.42. Core machinery orders in the country fell for the second consecutive month in August, according to Cabinet Office data on Thursday. In South Korea, however, the Kospi shed 0.88% to close at 2,028.15 as shares of automaker Hyundai Motor fell 2.32%. Australia’s S&P/ASX 200 ended its trading day largely flat at 6,547.10. Overall, the MSCI Asia ex-Japan index was 0.18% higher. Markets in Taiwan were closed on Thursday for a holiday.

US-China trade talks

Investors are monitoring chatter on U.S.-China trade talks, which are set to begin Thursday stateside amid a series of rapid developments. A South China Morning Post report on Thursday morning in Asia said the two sides made no progress in deputy-level negotiations this week. In discussions that were held earlier in the week, China refused to discuss the issue of forced technology transfers, the report said. The SCMP report also said that high-level trade negotiations including Chinese Vice Premier Liu He would be cut to one day now, with the delegation from Beijing set to leave Washington on Thursday instead of Friday as originally planned. For its part, a White House spokesperson told CNBC’s Kayla Tausche: “We are not aware of a change in the Vice Premier’s travels plans at this time.” A senior administration official also told Tausche that Liu is still scheduled to depart on Friday evening. The trade negotiations between Washington and Beijing this week were highly anticipated. The two largest economies have struggled to reach a deal to end their trade war that has now lasted for more than a year. Washington and Beijing have slapped tariffs on billions of dollars worth of each other’s goods. “As of right now, [Pres. Trump] has not made up his mind because he does not know what they’re going to offer,” a senior official said. A principal in the negotiations later told CNBC, however, that Friday’s session is now an “open question.” Bloomberg News also reported overnight that the U.S was considering an agreement to suspend next week’s tariff increase in exchange for a currency pact. The U.S. previously announced it will increase duties on $250 billion worth of Chinese goods from 25% to 30% on October 15. A 15% tariff on an additional $160 billion worth of Chinese imports is also expected to kick in on December 15. “The prize for some sort of trade deal today — no matter how trivial — will be to avoid the implementation of further tariffs,” Robert Carnell, chief economist and head of research for Asia Pacific at ING, wrote in a note. “I think that a ‘nothing achieved’ outcome from today’s talks would return markets to a risk-off mode fairly quickly,” Carnell said. One political science expert told CNBC on Thursday that he was “quite pessimistic about a quick resolution” being reached from the negotiations. “What happens is that there is sort of a truce in the trade talks,” Pushan Dutt, professor of economics and political science at INSEAD, told CNBC on Thursday. “Markets get lulled into expecting that … good things will happen, then along comes a tweet or a tirade and then we’re back int his position of escalating tariffs and tit-for-tat tariffs.”

Asia-Pacific Market Indexes Chart

U.S. stock futures saw wild trading following the SCMP report, with Dow Jones Industrial Average futures plunging more than 300 points at one point. They later saw a recovery from those lows as more developments emerged. As of 2:52 a.m. ET Thursday, futures pointed to an opening decline of 22.01 points for the Dow. S&P 500 and Nasdaq-100 futures also pointed to slight declines for the two indexes at Thursday’s open on Wall Street.

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Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: eustance huang
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Stocks in Asia decline amid US-China trade uncertainty

Stocks in Asia traded lower Wednesday afternoon amid growing uncertainty over the high-level trade negotiations between the U.S. and China due to commence later this week. Mainland Chinese stocks declined by the afternoon, with the Shanghai composite down 0.14% and Shenzhen component declining 0.54%. U.S. President Donald Trump has said the increase in duties will kick in if no progress is made in bilateral trade negotiations. “It is clear from just the events of today and recent days that the t


Stocks in Asia traded lower Wednesday afternoon amid growing uncertainty over the high-level trade negotiations between the U.S. and China due to commence later this week. Mainland Chinese stocks declined by the afternoon, with the Shanghai composite down 0.14% and Shenzhen component declining 0.54%. U.S. President Donald Trump has said the increase in duties will kick in if no progress is made in bilateral trade negotiations. “It is clear from just the events of today and recent days that the t
Stocks in Asia decline amid US-China trade uncertainty Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: eustance huang
Keywords: news, cnbc, companies, chinese, decline, uschina, washington, stocks, asia, negotiations, shares, tech, dropped, tariffs, uncertainty, amid, trade


Stocks in Asia decline amid US-China trade uncertainty

Stocks in Asia traded lower Wednesday afternoon amid growing uncertainty over the high-level trade negotiations between the U.S. and China due to commence later this week. Mainland Chinese stocks declined by the afternoon, with the Shanghai composite down 0.14% and Shenzhen component declining 0.54%. The Shenzhen composite also slipped 0.347%. Hong Kong’s Hang Seng index shed 0.68% as shares of Chinese tech behemoth Tencent dropped 1.24%. The Nikkei 225 in Japan slipped 0.64% while the Topix index shed 0.42%. In Australia, the S&P/ASX 200 declined 0.7% as most of the sectors traded lower. Overall, the MSCI Asia ex-Japan index shed 0.57%. Markets in South Korea are closed on Wednesday for a holiday.

Apple suppliers fall

Shares of Apple suppliers in Asia largely declined following criticism from Chinese state media on the U.S. tech giant’s decision to allow an app on its app store used by protestors in Hong Kong. The app in question, HKmap.live, tracks the movement of police around the city. In Japan, shares of Sharp dropped 2.63% while Murata Manufacturing rose 0.11%. Sunny Optical shares in Hong Kong plunged 3% as AAC Tech also fell 3.26%. Contract manufacturer Pegatron’s stock fell 1.27%, as did shares of Taiwan Semiconductor Manufacturing Company, which was down 1.22%. iPhone assembler Hon Hai Precision Industry, better known as Foxconn, also dropped 0.81%. Shares of China-based Luxshare and GoerTek fell 5.08% and 4.09%, respectively. Both companies assemble Apple’s AirPods.

US-China tensions

Investors watch for market reaction to overnight developments in U.S.-China tensions. Washington expanded its trade blacklist to include some of China’s top artificial intelligence firms on Monday, in response to Beijing’s alleged treatment of predominantly Muslim ethnic minorities. For its part, China’s Ministry of Commerce said the U.S. should “stop interfering” in the country’s internal affairs and “remove” the relevant entities from the list “as soon as possible.” Those latest developments cloud the outlook for the upcoming U.S.-China trade negotiations, set to kick off on Thursday amid the looming prospect of more tariffs from Washington on goods from Beijing. The White House has scheduled an increase in U.S. tariffs on $250 billion worth of Chinese goods to 30% from 25% on Oct. 15. U.S. President Donald Trump has said the increase in duties will kick in if no progress is made in bilateral trade negotiations. “It is clear from just the events of today and recent days that the trade negotiations with China are definitely not getting any closer to resolution. If anything, they’re getting further away,” Carl Tannenbaum, chief economist at Northern Trust, told CNBC’s “Squawk Box” on Wednesday. “The two sides — even though there are still negotiations scheduled for Thursday of this week in Washington — seem to be taking steps on both sides to distance themselves from one another,” Tannenbaum added. “In that context, the trade headwind that the economy has been facing around the world is certainly going to remain there if not intensify.” The protracted trade fight between the U.S. and China has already lasted for more than a year, with both parties slapping tariffs on billions of dollars worth of each other’s goods, denting investor sentiment and raising fears over the outlook for the global economy.

Asia-Pacific Market Indexes Chart

Overnight on Wall Street, stocks tumbled amid the dented hopes for a U.S.-China trade deal. The Dow Jones Industrial Average plunged 313.98 points to close at 26,164.04 while the S&P 500 slipped 1.6% to end its trading day stateside 2,893.06. The Nasdaq Composite dropped 1.7% to close at 7,823.78.

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Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: eustance huang
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Blizzard strips pro gamer of tournament earnings after his support for Hong Kong protests

Activision Blizzard suspended a professional player from an esports tournament and stripped him of his earnings after he made a statement over the weekend in support of protests in Hong Kong. In a post-match interview on the Taiwanese stream of Blizzard Entertainment game Hearthstone, Chung “Blitzchung” Ng Wai wore a gas mask and goggles and appeared to shout a slogan often associated with Hong Kong protesters: “Liberate Hong Kong, revolution of our time.” On Saturday, a ban on face masks went i


Activision Blizzard suspended a professional player from an esports tournament and stripped him of his earnings after he made a statement over the weekend in support of protests in Hong Kong. In a post-match interview on the Taiwanese stream of Blizzard Entertainment game Hearthstone, Chung “Blitzchung” Ng Wai wore a gas mask and goggles and appeared to shout a slogan often associated with Hong Kong protesters: “Liberate Hong Kong, revolution of our time.” On Saturday, a ban on face masks went i
Blizzard strips pro gamer of tournament earnings after his support for Hong Kong protests Cached Page below :
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Blizzard strips pro gamer of tournament earnings after his support for Hong Kong protests

Activision Blizzard suspended a professional player from an esports tournament and stripped him of his earnings after he made a statement over the weekend in support of protests in Hong Kong.

In a post-match interview on the Taiwanese stream of Blizzard Entertainment game Hearthstone, Chung “Blitzchung” Ng Wai wore a gas mask and goggles and appeared to shout a slogan often associated with Hong Kong protesters: “Liberate Hong Kong, revolution of our time.”

On Saturday, a ban on face masks went into effect after Hong Kong leader Carrie Lam invoked emergency powers. The global financial center has been slammed with four months of protests, which periodically degenerated into violence. The destruction of property and infrastructure has taken a toll on the embattled city and its trade-reliant economy, which has already taken a hit from the ongoing U.S.-China tariff fight.

In a statement to esports blog Inven Global, Chung said that the incident “was just another form of participation of the protest that I wish to grab more attention.”

“I know what my action on stream means. It could cause me lot of trouble, even my personal safety in real life. But I think it’s my duty to say something about the issue,” Chung said in a statement to Inven Global.


Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: eustance huang
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Asia markets mixed ahead of this week’s US-China trade talks

Asia markets were mixed on Monday as investors awaited a fresh round of U.S.-China trade negotiations expected to begin later this week. Markets in Hong Kong and China were closed Monday for holidays. Ahead of this week’s trade talks between the world’s two largest economies, there were reports that Chinese officials are growing hesitant to pursue a broad trade deal with the U.S.US-China trade talks to resumePrincipal-level trade negotiations between the United States and China are set to begin


Asia markets were mixed on Monday as investors awaited a fresh round of U.S.-China trade negotiations expected to begin later this week. Markets in Hong Kong and China were closed Monday for holidays. Ahead of this week’s trade talks between the world’s two largest economies, there were reports that Chinese officials are growing hesitant to pursue a broad trade deal with the U.S.US-China trade talks to resumePrincipal-level trade negotiations between the United States and China are set to begin
Asia markets mixed ahead of this week’s US-China trade talks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: eustance huang
Keywords: news, cnbc, companies, rate, uschina, data, ahead, trade, china, market, talks, deal, mixed, asia, weeks, closed, tariff, markets, nonfarm


Asia markets mixed ahead of this week's US-China trade talks

Asia markets were mixed on Monday as investors awaited a fresh round of U.S.-China trade negotiations expected to begin later this week. Japan’s Nikkei 225 closed 0.16% lower at 21,375.25. Shares of index heavyweight Fast Retailing, the company behind the Uniqlo chain of apparel stores, slipped 0.74%. The Topix index finished its trading day largely flat at 1,572.75. South Korea’s Kospi closed fractionally higher at 2,021.73, with shares of Hyundai Motor gaining 1.19%. In Australia, the S&P/ASX 200 advanced 0.71% to end its trading day at 6,563.60, as parts of the country were closed for the Labour Day holiday. Overall, the MSCI Asia ex-Japan index rose 0.16%. Markets in Hong Kong and China were closed Monday for holidays. Ahead of this week’s trade talks between the world’s two largest economies, there were reports that Chinese officials are growing hesitant to pursue a broad trade deal with the U.S.

US-China trade talks to resume

Principal-level trade negotiations between the United States and China are set to begin on Thursday in Washington. Trade tensions have risen recently after reports said U.S. President Donald Trump’s administration is deliberating ways to limit American investors’ portfolio flows into China, which includes delisting Chinese companies from U.S. stock exchanges. The outcome from this week’s trade discussions “will likely be pivotal in determining if the two sides can reach an interim trade deal that postpones further tariff escalation,” analysts at Eurasia Group wrote in a note last week. They said there is a 40% probability to an interim deal, and a 60% chance that Trump at least postpones further tariff hikes. Tariffs on $250 billion worth of Chinese goods are scheduled to rise to 30% on Oct. 15. Both countries have slapped tariffs on billions of dollars worth of each other’s goods, which has roiled global markets, created uncertainty and dampened economic growth outlooks around the world. “An interim deal at a minimum would include an agreement by Trump to delay further tariff increases and approve a subset of pending licenses for US suppliers to Huawei in exchange for China stepping up purchases of US agricultural products,” the Eurasia Group analysts added. Still, Javelin Wealth Management CEO Stephen Davies told CNBC’s “Street Signs” on Monday: “I think people are getting a little bit shell-shocked by the fact that every time we seem to be getting close to one there’s something else that … causes discussions to be pulled back.” “I think it’s now a question of waiting to see the detail and some actual movement rather than speculating on whether or not we’re gonna get it,” Davies said

Asia-Pacific Market Indexes Chart

US nonfarm payrolls

Markets in Asia had a muted reaction to the U.S. nonfarm payrolls data released last Friday. Unemployment stateside touched a fresh 50-year low in September, though the nonfarm payrolls rose by 136,000 — below the 145,000 jobs economists had predicted in Dow Jones survey. “The US labour data helped remove some of the gloom around the US economy, as the report suggested that recent manufacturing sector woes were not spreading into the broader economy just yet,” Adelaide Timbrell from ANZ Research wrote in a Monday morning note. “Instead, September’s labour market data suggests that despite the softening suggested by business surveys, underlying economic momentum in the US remains strong,” Timbrell added. Expectations for a rate cut by the U.S. Federal Reserve have risen in recent days since last week’s disappointing U.S. manufacturing data which showed a contraction in the sector. “We are actually expecting two more Fed rate cuts by the end of this year,” Rohit Garg, foreign exchange and rates strategist at Bank of America Merrill Lynch, told CNBC on Monday. “If the market pricing of rate cuts do increase, it will definitely have a negative impact on the dollar.” Market expectation for a rate cut by the Fed at its upcoming October meeting was last at about 80%, according to the CME Group’s FedWatch tool.

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Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: eustance huang
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Facebook removes fake accounts in UAE, Egypt, Nigeria and Indonesia

Facebook said it has removed multiple accounts involved in what it terms “coordinated inauthentic behavior” on both its Facebook and Instagram platforms. “We removed multiple Pages, Groups and accounts that were involved in coordinated inauthentic behavior on Facebook and Instagram,” Nathaniel Gleicher, head of cybersecurity policy at Facebook, wrote in a post dated Thursday. “We found three separate operations: one of which originated in the United Arab Emirates, Egypt and Nigeria, and the othe


Facebook said it has removed multiple accounts involved in what it terms “coordinated inauthentic behavior” on both its Facebook and Instagram platforms. “We removed multiple Pages, Groups and accounts that were involved in coordinated inauthentic behavior on Facebook and Instagram,” Nathaniel Gleicher, head of cybersecurity policy at Facebook, wrote in a post dated Thursday. “We found three separate operations: one of which originated in the United Arab Emirates, Egypt and Nigeria, and the othe
Facebook removes fake accounts in UAE, Egypt, Nigeria and Indonesia Cached Page below :
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Facebook removes fake accounts in UAE, Egypt, Nigeria and Indonesia

Signage is displayed outside Facebook Inc. headquarters in Menlo Park, California, U.S., on Tuesday, Oct. 30, 2018.

Facebook said it has removed multiple accounts involved in what it terms “coordinated inauthentic behavior” on both its Facebook and Instagram platforms.

“We removed multiple Pages, Groups and accounts that were involved in coordinated inauthentic behavior on Facebook and Instagram,” Nathaniel Gleicher, head of cybersecurity policy at Facebook, wrote in a post dated Thursday. “We found three separate operations: one of which originated in the United Arab Emirates, Egypt and Nigeria, and the other two in Indonesia and Egypt.”

Coordinated inauthentic behavior is defined by Facebook as “when groups of pages or people work together to mislead others about who they are or what they’re doing,” as outlined by Gleicher in a post from December 2018.

Firms that Facebook alleged had links to the activities included Charles Communications in the UAE, MintReach in Nigeria, and Egypt’s Flexell in the first case. Facebook said InsightID in Indonesia and El Fagr in Egypt allegedly had links to the other two cases, respectively.


Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: eustance huang, annie palmer
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Hong Kong stocks fall more than 1% after city’s leader invokes emergency law and bans face masks

Hong Kong stocks fell on Friday after the city’s leader Carrie Lam announced a ban on face masks, effective October 5, amid more than four months of pro-democracy, anti-government protests. Shares of public rail system operator MTR, which has seen its infrastructure damaged amid the unrest in the city, fell 1.91%. In a press conference, Lam said the face mask ban was necessary because “almost all protesters who carry out vandalism and violence covered their face.” Australia’s S&P/ASX 200 rose 0.


Hong Kong stocks fell on Friday after the city’s leader Carrie Lam announced a ban on face masks, effective October 5, amid more than four months of pro-democracy, anti-government protests. Shares of public rail system operator MTR, which has seen its infrastructure damaged amid the unrest in the city, fell 1.91%. In a press conference, Lam said the face mask ban was necessary because “almost all protesters who carry out vandalism and violence covered their face.” Australia’s S&P/ASX 200 rose 0.
Hong Kong stocks fall more than 1% after city’s leader invokes emergency law and bans face masks Cached Page below :
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Hong Kong stocks fall more than 1% after city's leader invokes emergency law and bans face masks

Hong Kong stocks fell on Friday after the city’s leader Carrie Lam announced a ban on face masks, effective October 5, amid more than four months of pro-democracy, anti-government protests.

The Hang Seng index dropped 1.11% to close at 25,821.03. Shares of public rail system operator MTR, which has seen its infrastructure damaged amid the unrest in the city, fell 1.91%.

In a press conference, Lam said the face mask ban was necessary because “almost all protesters who carry out vandalism and violence covered their face.” The latest development came following weeks of protests in the embattled city that have periodically degenerated into violence.

Elsewhere in Asia, stock moves in other major markets were more muted as investors awaited the release of U.S. nonfarm payrolls data for September.

In Japan, the Nikkei 225 recovered from an earlier slip to close 0.32% higher at 21,410.20, while the Topix index also made a turnaround to finish its trading day 0.26% higher at 1,572.90. South Korea’s Kospi closed 0.55% lower at 2,020.69 as shares of Hyundai Motor declined 1.56%.

Australia’s S&P/ASX 200 rose 0.37% to close at 6,517.10 as shares of biotechnology firm CSL surged 3.19%. The moves came as Australian retail sales data for August came in below expectations but higher than the previous month. Retail sales on a month-on-month, seasonally adjusted basis rose 0.4% in August, as compared to a flat outcome in July and against expectations of a 0.5% increase in a Reuters poll.

Overall, the MSCI Asia ex-Japan index was largely flat.

Markets in China were closed on Friday for a holiday.


Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: eustance huang
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Gold prices could soar to $2,000 next year, says strategist

A mark of 999.9 fine sits on hallmarked one kilogram gold bullion bars at the Valcambi SA precious metal refinery in Lugano, Switzerland. Gold prices could surge by about 30% to as high as $2,000 per ounce next year, according to David Roche, president and global strategist at Independent Strategy. As a result, gold prices will likely touch $1,600 before the end of this year, before moving higher to $2,000 next year, he said. The European Central Bank also cut its main deposit rate to a record l


A mark of 999.9 fine sits on hallmarked one kilogram gold bullion bars at the Valcambi SA precious metal refinery in Lugano, Switzerland. Gold prices could surge by about 30% to as high as $2,000 per ounce next year, according to David Roche, president and global strategist at Independent Strategy. As a result, gold prices will likely touch $1,600 before the end of this year, before moving higher to $2,000 next year, he said. The European Central Bank also cut its main deposit rate to a record l
Gold prices could soar to $2,000 next year, says strategist Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-03  Authors: eustance huang
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Gold prices could soar to $2,000 next year, says strategist

A mark of 999.9 fine sits on hallmarked one kilogram gold bullion bars at the Valcambi SA precious metal refinery in Lugano, Switzerland.

Gold prices could surge by about 30% to as high as $2,000 per ounce next year, according to David Roche, president and global strategist at Independent Strategy.

The price of spot gold currently stands at around $1,500 per ounce.

“What my gut says is that cause of the vilification of fiat currencies by central bankers, which is set to get worse — not better, people will look for an alternative currency,” Roche told CNBC’s “Squawk Box” on Thursday.

“Gold is a good alternative currency because it’s safe, and because it costs nothing to own it compared to paying negative rates on deposits,” Roche said.

As a result, gold prices will likely touch $1,600 before the end of this year, before moving higher to $2,000 next year, he said.

Roche’s comments come amid policy moves at major central banks in the past month.

The U.S. Federal Reserve slashed its benchmark overnight lending rate to a target range of 1.75% to 2% in September. The European Central Bank also cut its main deposit rate to a record low of -0.5% and launched a large new bond-buying program in the same month.

In Japan, where the short-term interest rate target is already in negative territory, the Bank of Japan signaled a chance of easing in October.


Company: cnbc, Activity: cnbc, Date: 2019-10-03  Authors: eustance huang
Keywords: news, cnbc, companies, strategist, central, currency, japan, roche, negative, gold, rate, bank, target, 2000, soar, prices


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Asia stocks decline amid renewed slowdown fears

Stocks in Asia slipped on Wednesday amid renewed fears of a global economic slowdown. Hong Kong’s Hang Seng index declined fractionally in afternoon trade, as shares of Chinese tech behemoth Tencent slipped 1.39%. Elsewhere, Japan’s Nikkei 225 shed 0.49% to close at 21,778.61 as shares of index heavyweights Softbank Group and Fanuc dropped 2.67% and 2.22%, respectively. The moves across the region came ahead of Hong Kong retail sales data for August, set to be released on Wednesday. “There is a


Stocks in Asia slipped on Wednesday amid renewed fears of a global economic slowdown. Hong Kong’s Hang Seng index declined fractionally in afternoon trade, as shares of Chinese tech behemoth Tencent slipped 1.39%. Elsewhere, Japan’s Nikkei 225 shed 0.49% to close at 21,778.61 as shares of index heavyweights Softbank Group and Fanuc dropped 2.67% and 2.22%, respectively. The moves across the region came ahead of Hong Kong retail sales data for August, set to be released on Wednesday. “There is a
Asia stocks decline amid renewed slowdown fears Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-02  Authors: eustance huang
Keywords: news, cnbc, companies, decline, index, declined, australia, stocks, renewed, fears, slipped, kong, data, hong, asia, amid, weak, shares, trading, slowdown


Asia stocks decline amid renewed slowdown fears

Stocks in Asia slipped on Wednesday amid renewed fears of a global economic slowdown.

Hong Kong’s Hang Seng index declined fractionally in afternoon trade, as shares of Chinese tech behemoth Tencent slipped 1.39%.

Elsewhere, Japan’s Nikkei 225 shed 0.49% to close at 21,778.61 as shares of index heavyweights Softbank Group and Fanuc dropped 2.67% and 2.22%, respectively. The Topix index also slipped 0.42% to finish its trading day at 1,596.29. Over in South Korea, the Kospi declined 1.95% to close at 2,031.91.

The S&P/ASX 200 in Australia ended its trading day 1.53% lower at 6,639.90 as most of the sectors declined. Shares of National Australia Bank dropped 2.29% after the lender announced Wednesday that it would incur additional charges of 1.18 billion Australian dollars ($791.96 million), which is expected to slash its cash earnings in the second half of fiscal 2019 by about 1.123 billion Australian dollars ($753.70 million) after tax.

Overall, the MSCI Asia ex-Japan index traded 0.7% lower.

Meanwhile, manufacturing activity in the U.S. contracted to its worst level since June 2009, according to a Tuesday report from the Institute for Supply Management (ISM). That came on the back of the release of weak manufacturing data from Europe.

“The very weak ISM, weak levels of (capital expenditure) plans, and inversion of parts of the US yield curve suggests a growing risk the US economy falls into recession,” Joseph Capurso, senior currency strategist at Commonwealth Bank of Australia, wrote in a note.

Markets in China and India were closed on Wednesday for holidays.

The moves across the region came ahead of Hong Kong retail sales data for August, set to be released on Wednesday. The sector has taken a hit amid protracted protests in the city that have lasted for months and periodically degenerated into violence. That comes on top of the ongoing U.S.-China trade war, which has lasted more than a year and taken a toll on Hong Kong’s economy.

“There is a recession underway in Hong Kong at the moment,” Isaac Poole, chief investment officer of Oreana Financial Services, told CNBC’s “Street Signs” on Wednesday.

“If we look back at the data we’ve now had three quarters of negative growth in the last five … in Hong Kong,” Poole said, adding that the third quarter this year is likely to be negative.


Company: cnbc, Activity: cnbc, Date: 2019-10-02  Authors: eustance huang
Keywords: news, cnbc, companies, decline, index, declined, australia, stocks, renewed, fears, slipped, kong, data, hong, asia, amid, weak, shares, trading, slowdown


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Major Asia markets close higher as Australia slashes cash rate to new record low

Major markets in Asia Pacific closed higher on Tuesday, while Australia’s central bank cut its cash rate to a new record low. Elsewhere, South Korea’s Kospi traded 0.45% higher to close at 2,072.42, as shares of Celltrion surged 5.79%. Overall, the MSCI Asia ex-Japan index traded 0.17% higher. Asia-Pacific Market Indexes ChartRBA cuts cash rate to record lowThe Reserve Bank of Australia (RBA) on Tuesday slashed its cash rate by a quarter point to a new record low of 0.75%. “Our view is that the


Major markets in Asia Pacific closed higher on Tuesday, while Australia’s central bank cut its cash rate to a new record low. Elsewhere, South Korea’s Kospi traded 0.45% higher to close at 2,072.42, as shares of Celltrion surged 5.79%. Overall, the MSCI Asia ex-Japan index traded 0.17% higher. Asia-Pacific Market Indexes ChartRBA cuts cash rate to record lowThe Reserve Bank of Australia (RBA) on Tuesday slashed its cash rate by a quarter point to a new record low of 0.75%. “Our view is that the
Major Asia markets close higher as Australia slashes cash rate to new record low Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: eustance huang
Keywords: news, cnbc, companies, index, australia, close, bank, slashes, rate, markets, low, told, major, higher, record, cash, traded, sales, quarter, tax


Major Asia markets close higher as Australia slashes cash rate to new record low

Major markets in Asia Pacific closed higher on Tuesday, while Australia’s central bank cut its cash rate to a new record low. In Japan, the Nikkei 225 closed 0.59% higher to 21,885.24, with shares of index heavyweight and conglomerate Softbank Group jumping 1.77%. The Topix index also advanced 0.96% to close at 1,603.00. Elsewhere, South Korea’s Kospi traded 0.45% higher to close at 2,072.42, as shares of Celltrion surged 5.79%. Australia’s S&P/ASX 200 added 0.81% to 6,742.80 as majority of the sectors rose. Overall, the MSCI Asia ex-Japan index traded 0.17% higher. Markets in China and Hong Kong are closed on Tuesday for holidays.

Asia-Pacific Market Indexes Chart

RBA cuts cash rate to record low

The Reserve Bank of Australia (RBA) on Tuesday slashed its cash rate by a quarter point to a new record low of 0.75%. RBA Governor Philip Lowe said: “It is reasonable to expect that an extended period of low interest rates will be required in Australia to reach full employment and achieve the inflation target.” “It’s clear the urgency with which they’re moving … that they wanna get their cash rate down below 1%,” Warren Hogan, industry professor at UTS Business School, told CNBC’s “Capital Connection.” The Australian central bank has slashed interest rates three times so far in 2019. “The statement today isn’t changed all that much from what we’ve seen in recent months, which suggests another rate cut is (in) the cards,” Hogan added. Following that decision, the Australian dollar changed hands at $0.6705 after touching an earlier high of $0.6775.

Japan’s sales tax increase

The Bank of Japan’s Tankan survey for the third quarter was released on Tuesday, where the big manufacturers index worsened for its third straight quarter and touched its lowest level since June 2013. “We think GDP will fall by almost 1% in the fourth quarter and then be broadly flat in the first half of next year,” Marcel Thieliant, senior economist at Capital Economics, told CNBC’s “Street Signs” on Tuesday. Meanwhile, a twice-delayed increase in the sales tax in Japan — from 8% to 10% — took effect Tuesday, a move that has for some time sparked concern among retailers, restaurants and other businesses in the country. “I think it’s actually a bold move to do this at this point in time with all the global headwinds in the global economy,” Marie Owens Thomsen, chief economist at Indosuez Wealth Management, told CNBC’s “Squawk Box” on Tuesday. “On the other hand, of course, it’s necessary because of the Japanese debt burden.” “Our view is that the sales tax hike will prove less damaging than previous tax hikes,” Thieliant said. “We haven’t seen … the front-loading in durable goods purchases that we saw ahead of the last tax hike,” he added, in reference to Japan’s last sales tax increase in 2014. The Japanese yen last traded at 108.28 per dollar after weakening from levels below 108.0 in the previous session.

Apple suppliers mixed


Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: eustance huang
Keywords: news, cnbc, companies, index, australia, close, bank, slashes, rate, markets, low, told, major, higher, record, cash, traded, sales, quarter, tax


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