European stocks open slightly lower in holiday-thinned trade

European stocks open slightly lower on Tuesday in a shortened trading session due to the Christmas holidays. Ambu, a Denmark-based medical equipment company is up more than 3.5%, followed by drugmaker Bayer at 3%. Meanwhile, NMC Health is the worst performing stock in morning trade, down more than 9%. This after, the company’s London-listed shares jumped almost 34% on Monday after announcing a third party review of its business. The Abu Dhabi-based company’s stock had tumbled 50% this week after


European stocks open slightly lower on Tuesday in a shortened trading session due to the Christmas holidays.
Ambu, a Denmark-based medical equipment company is up more than 3.5%, followed by drugmaker Bayer at 3%.
Meanwhile, NMC Health is the worst performing stock in morning trade, down more than 9%.
This after, the company’s London-listed shares jumped almost 34% on Monday after announcing a third party review of its business.
The Abu Dhabi-based company’s stock had tumbled 50% this week after
European stocks open slightly lower in holiday-thinned trade Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-24  Authors: spriha srivastava
Keywords: news, cnbc, companies, stocks, holidaythinned, stock, trading, shares, worst, bayer, week, trade, waters, lower, companys, open, slightly, company, tumbled, european


European stocks open slightly lower in holiday-thinned trade

European stocks open slightly lower on Tuesday in a shortened trading session due to the Christmas holidays.

The pan-European Stoxx 600 hovered near the flatline, with all major bourses in negative territory. In terms of individual sectors, the performance was generally flat across the board, with oil & gas sector at the top of the table, up 0.2%.

Ambu, a Denmark-based medical equipment company is up more than 3.5%, followed by drugmaker Bayer at 3%. Shares of Bayer reached their highest level in 14 months after the U.S. government said that a $25 million glyphosate decision against the company should be reversed.

Meanwhile, NMC Health is the worst performing stock in morning trade, down more than 9%. This after, the company’s London-listed shares jumped almost 34% on Monday after announcing a third party review of its business. The Abu Dhabi-based company’s stock had tumbled 50% this week after U.S. short-selling hedge fund Muddy Waters attacked its balance sheet.


Company: cnbc, Activity: cnbc, Date: 2019-12-24  Authors: spriha srivastava
Keywords: news, cnbc, companies, stocks, holidaythinned, stock, trading, shares, worst, bayer, week, trade, waters, lower, companys, open, slightly, company, tumbled, european


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Mainland stocks tumble as China cut tariffs on over 850 products

Major markets in Asia were subdued in Monday trade even amid greater optimism for U.S.-China relations. The Shanghai composite fell 1.40% to close at 2,962.75, while the Shenzhen composite dropped 1.92% to 1,667.71. The Shenzhen component was down 1.69% to 10,056.21Hong Kong’s Hang Seng index was flat in its final hour of trade. China on Monday said it will lower import tariffs on over 850 products from Jan.1, including frozen pork, as well as some information technology products starting July 1


Major markets in Asia were subdued in Monday trade even amid greater optimism for U.S.-China relations.
The Shanghai composite fell 1.40% to close at 2,962.75, while the Shenzhen composite dropped 1.92% to 1,667.71.
The Shenzhen component was down 1.69% to 10,056.21Hong Kong’s Hang Seng index was flat in its final hour of trade.
China on Monday said it will lower import tariffs on over 850 products from Jan.1, including frozen pork, as well as some information technology products starting July 1
Mainland stocks tumble as China cut tariffs on over 850 products Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-23  Authors: weizhen tan
Keywords: news, cnbc, companies, mainland, tumbled, tumble, cut, shenzhen, uschina, trade, china, president, deal, stocks, tariffs, products, 850, composite, optimism


Mainland stocks tumble as China cut tariffs on over 850 products

Major markets in Asia were subdued in Monday trade even amid greater optimism for U.S.-China relations.

Mainland Chinese stocks tumbled. The Shanghai composite fell 1.40% to close at 2,962.75, while the Shenzhen composite dropped 1.92% to 1,667.71. The Shenzhen component was down 1.69% to 10,056.21

Hong Kong’s Hang Seng index was flat in its final hour of trade.

China on Monday said it will lower import tariffs on over 850 products from Jan.1, including frozen pork, as well as some information technology products starting July 1.

Trade optimism overall boosted sentiment as U.S. President Donald Trump on Friday said he had “a very good talk” with China’s leader Xi Jinping about the so-called phase one trade deal they struck in mid-December. That indicated more progress has been made after they reached the initial agreement.

The president said in a tweet that China has started “large scale” purchases of U.S. agricultural products, and a formal deal signing is being arranged. On Saturday, he said both countries would “very shortly” sign the deal.


Company: cnbc, Activity: cnbc, Date: 2019-12-23  Authors: weizhen tan
Keywords: news, cnbc, companies, mainland, tumbled, tumble, cut, shenzhen, uschina, trade, china, president, deal, stocks, tariffs, products, 850, composite, optimism


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US home sales tumbled 1.7% in November

A single family home is shown for sale and in escrow in San Marcos, California, July 31, 2019. Home-buying slumped in November, with many Americans priced out of the market by rising prices and a shortage of sales listings. The National Association of Realtors says sales of existing homes fell 1.7% last month to a seasonally adjusted annual rate of 5.35 million. The median home sales price has climbed 5.4% from a year ago to $257,400, outpacing wage growth. Over the past 12 months, the decline i


A single family home is shown for sale and in escrow in San Marcos, California, July 31, 2019.
Home-buying slumped in November, with many Americans priced out of the market by rising prices and a shortage of sales listings.
The National Association of Realtors says sales of existing homes fell 1.7% last month to a seasonally adjusted annual rate of 5.35 million.
The median home sales price has climbed 5.4% from a year ago to $257,400, outpacing wage growth.
Over the past 12 months, the decline i
US home sales tumbled 1.7% in November Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-19
Keywords: news, cnbc, companies, wage, wouldbe, ago, million, sale, rate, annual, tumbled, unitsaffordability, sales, mortgage


US home sales tumbled 1.7% in November

A single family home is shown for sale and in escrow in San Marcos, California, July 31, 2019.

Home-buying slumped in November, with many Americans priced out of the market by rising prices and a shortage of sales listings.

The National Association of Realtors says sales of existing homes fell 1.7% last month to a seasonally adjusted annual rate of 5.35 million. Would-be buyers face supply constraints: The number of properties for sale has dwindled 5.7% from a year ago to 1.64 million units.

Affordability has also been a persistent challenge. The median home sales price has climbed 5.4% from a year ago to $257,400, outpacing wage growth.

Still, lower mortgage rates have provided a base of demand. Over the past 12 months, the decline in the typical mortgage rate from 4.9% to 3.8% this November helped to annual boost sales 2.7%.


Company: cnbc, Activity: cnbc, Date: 2019-12-19
Keywords: news, cnbc, companies, wage, wouldbe, ago, million, sale, rate, annual, tumbled, unitsaffordability, sales, mortgage


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Cramer: Uber is here to stay

Cramer: Uber is here to stayShares of Uber tumbled after London’s transport regulator said the company is not “fit and proper” to hold a private hire operator license. CNBC’s “Squawk on the Street” crew discuss.


Cramer: Uber is here to stayShares of Uber tumbled after London’s transport regulator said the company is not “fit and proper” to hold a private hire operator license.
CNBC’s “Squawk on the Street” crew discuss.
Cramer: Uber is here to stay Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-25
Keywords: news, cnbc, companies, operator, uber, stay, street, tumbled, cramer, stayshares, proper, private, squawk, transport, regulator


Cramer: Uber is here to stay

Cramer: Uber is here to stay

Shares of Uber tumbled after London’s transport regulator said the company is not “fit and proper” to hold a private hire operator license. CNBC’s “Squawk on the Street” crew discuss.


Company: cnbc, Activity: cnbc, Date: 2019-11-25
Keywords: news, cnbc, companies, operator, uber, stay, street, tumbled, cramer, stayshares, proper, private, squawk, transport, regulator


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Hong Kong markets tumble to close 2.6% lower as tensions soar

Asia Pacific markets saw losses throughout the region by Monday afternoon, as shares in Hong Kong tumbled amid worsening tensions in the city. In Hong Kong, the Hang Seng index was deep in negative territory, declining 2.62% by the close as political turmoil in the city worsened. Sectors across the board in the Hang Seng index tumbled, including property developers, tech, financial, as well as gaming stocks. On the earnings front, Singapore’s DBS Bank reported a stronger-than-expected rise in it


Asia Pacific markets saw losses throughout the region by Monday afternoon, as shares in Hong Kong tumbled amid worsening tensions in the city.
In Hong Kong, the Hang Seng index was deep in negative territory, declining 2.62% by the close as political turmoil in the city worsened.
Sectors across the board in the Hang Seng index tumbled, including property developers, tech, financial, as well as gaming stocks.
On the earnings front, Singapore’s DBS Bank reported a stronger-than-expected rise in it
Hong Kong markets tumble to close 2.6% lower as tensions soar Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: weizhen tan saheli roy choudhury, weizhen tan, saheli roy choudhury
Keywords: news, cnbc, companies, markets, shares, tumbled, index, seng, lower, shenzhen, singapore, region, hong, tensions, close, thirdquarter, soar, kong, billion, tumble


Hong Kong markets tumble to close 2.6% lower as tensions soar

Asia Pacific markets saw losses throughout the region by Monday afternoon, as shares in Hong Kong tumbled amid worsening tensions in the city.

Chinese mainland markets chalked up losses by the close: The Shanghai composite was down 1.83% to 2,909.07 and the Shenzhen composite declined 2.26% to 1,611.44. The Shenzhen component index lost 2.17% to 9,680.57.

In Hong Kong, the Hang Seng index was deep in negative territory, declining 2.62% by the close as political turmoil in the city worsened. At least two protesters were said to be injured when local police opened fire on Monday at mass demonstrations. Over the weekend, three pro-democracy lawmakers were arrested.

Sectors across the board in the Hang Seng index tumbled, including property developers, tech, financial, as well as gaming stocks.

Japan’s Nikkei 225 reversed early gains to trade down 0.26% to close at 23,331.84 while the Topix index edged down to 1,704.03.

South Korea’s Kospi fell 0.61% to close at 2,124.09 as major chipmaker SK Hynix slid 1.22%.

In Australia, the benchmark ASX 200 defied the general downward trend in the region and rose 0.72% to 6,772.50.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.17%.

On the earnings front, Singapore’s DBS Bank reported a stronger-than-expected rise in its third-quarter net profit, which jumped 15% year-on-year to 1.63 billion Singapore dollars ($1.19 billion). Its third-quarter net interest income was up 8% to $2.46 billion Singapore dollars.

DBS shares in Singapore were down 0.34%.


Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: weizhen tan saheli roy choudhury, weizhen tan, saheli roy choudhury
Keywords: news, cnbc, companies, markets, shares, tumbled, index, seng, lower, shenzhen, singapore, region, hong, tensions, close, thirdquarter, soar, kong, billion, tumble


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Tesla’s U.S. sales tumbled 39% in the third quarter

Tesla CEO Elon Musk speaks during the unveiling of the new Tesla Model Y in Hawthorne, California on March 14, 2019. Tesla’s third-quarter revenue tumbled 39% in the United States, its first drop in more than two years, but sales in China and other regions surged, the electric car maker’s break down of sales by geography showed on Tuesday. U.S. sales, which account for the biggest share of the company’s total revenue, fell to $3.13 billion from $5.13 billion a year earlier. The drop in sales in


Tesla CEO Elon Musk speaks during the unveiling of the new Tesla Model Y in Hawthorne, California on March 14, 2019.
Tesla’s third-quarter revenue tumbled 39% in the United States, its first drop in more than two years, but sales in China and other regions surged, the electric car maker’s break down of sales by geography showed on Tuesday.
U.S. sales, which account for the biggest share of the company’s total revenue, fell to $3.13 billion from $5.13 billion a year earlier.
The drop in sales in
Tesla’s U.S. sales tumbled 39% in the third quarter Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-29
Keywords: news, cnbc, companies, tesla, company, tumbled, teslas, drop, china, filing, sales, quarter, revenue, million, billion


Tesla's U.S. sales tumbled 39% in the third quarter

Tesla CEO Elon Musk speaks during the unveiling of the new Tesla Model Y in Hawthorne, California on March 14, 2019.

Tesla’s third-quarter revenue tumbled 39% in the United States, its first drop in more than two years, but sales in China and other regions surged, the electric car maker’s break down of sales by geography showed on Tuesday.

U.S. sales, which account for the biggest share of the company’s total revenue, fell to $3.13 billion from $5.13 billion a year earlier.

Sales in China rose 64% to $669 million and its other segment, which covers the rest of the globe, rose by more than a billion dollars to $1.83 billion, a regulatory filing showed.

“Musk & Co. are laser-focused on Europe and China for growth, while domestically, core demand is fading relative to other regions,” Wedbush analyst Dan Ives said, adding that U.S. growth will remain more challenging going forward.

In its earnings report earlier this month, Tesla reported a nearly 8% drop in total revenue to $6.30 billion, missing analysts’ average estimate of $6.33 billion, according to IBES data from Refinitiv. It did not break down sales by geography in the report.

The company, however, surprised investors with a quarterly profit, making good on Chief Executive Officer Elon Musk’s promise, as it delivered a record 97,000 cars.

The company has said it plans to deliver 360,000 to 400,000 vehicles for all of 2019, and that it was “highly confident in exceeding 360,000 deliveries this year.”

The drop in sales in its domestic market in the latest reported quarter compares with a 55% rise in the second quarter ended June.

Tesla did not respond to a Reuters request for comment on the reason for the fall in the U.S. market.

Tesla is expanding its service in other markets including China and Europe, as Musk is under pressure to make Tesla sustainably profitable, while still spending on major initiatives ranging from a Shanghai factory and assembly-line to upcoming models such as the Model Y SUV and a Semi commercial truck.

The company forecast capital expenditure to be slightly below $1.5 billion in 2019.

In the filing, Tesla also said it had a provision for warranty of $138 million in the third quarter versus $187 million last year.

The filing shows warranty adjustments and other one-time items are a large driver of perceived strength, Roth Capital analyst Craig Irwin said, who downgraded stock to “sell” from “neutral”, adding that he sees margins as unsustainable.

The company’s shares were down nearly 3% at $318.66.


Company: cnbc, Activity: cnbc, Date: 2019-10-29
Keywords: news, cnbc, companies, tesla, company, tumbled, teslas, drop, china, filing, sales, quarter, revenue, million, billion


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Asia Pacific markets mostly tumble as China’s growth weakens more than expected

Asia Pacific markets mostly declined on Friday by the close, as China released worse-than-expected gross domestic product figures, impacted by Beijing’s protracted trade conflict with the U.S.Mainland Chinese markets tumbled after the release of the data. China released third-quarter GDP figures on Friday showing the economy grew 6.0% from a year ago — weaker than analyst expectations for 6.1%. “Unchecked, the US-China trade conflict is set to sink growth well below 6%. Beijing’s protracted trad


Asia Pacific markets mostly declined on Friday by the close, as China released worse-than-expected gross domestic product figures, impacted by Beijing’s protracted trade conflict with the U.S.Mainland Chinese markets tumbled after the release of the data.
China released third-quarter GDP figures on Friday showing the economy grew 6.0% from a year ago — weaker than analyst expectations for 6.1%.
“Unchecked, the US-China trade conflict is set to sink growth well below 6%.
Beijing’s protracted trad
Asia Pacific markets mostly tumble as China’s growth weakens more than expected Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: weizhen tan
Keywords: news, cnbc, companies, trade, fell, protracted, expected, chinas, asia, note, tumbled, wrote, weakens, shenzhen, set, pacific, markets, tumble, released, growth


Asia Pacific markets mostly tumble as China's growth weakens more than expected

Asia Pacific markets mostly declined on Friday by the close, as China released worse-than-expected gross domestic product figures, impacted by Beijing’s protracted trade conflict with the U.S.

Mainland Chinese markets tumbled after the release of the data. The Shanghai composite fell 1.32% to close at 2,938.14, while the Shenzhen composite was down 1.17% to 1,616.72, and the Shenzhen component declined 1.16% to 9,533.50.

China released third-quarter GDP figures on Friday showing the economy grew 6.0% from a year ago — weaker than analyst expectations for 6.1%.

“Unchecked, the US-China trade conflict is set to sink growth well below 6%. Especially given that structurally, growth is set to moderate to 5% in the next 5-10 years,” Mizuho Bank’s Vishnu Varathan, head of economics and strategy, wrote in a note sent before the data was out.

The country may now have to escalate stimulus in the next one to two quarters if it wants to set a growth target of between 5.5% and 6% for next year, Macquarie analysts wrote in a note on Friday afternoon.

Beijing’s protracted trade dispute with the U.S. has weighed on its economy, with growth slowing to 6.2% in the last quarter — its slowest pace in 27 years. China had emphasized Thursday that the U.S. must remove tariffs in order for the two countries to reach a final agreement on trade.

Over in Hong Kong, the Hang Seng index fell 0.72% in the afternoon. Property developers in Hong Kong pared some gains they made the day before. Shares of New World Development dropped 1.07%, Henderson Land fell 1.68% and CK Asset tumbled 0.46%.


Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: weizhen tan
Keywords: news, cnbc, companies, trade, fell, protracted, expected, chinas, asia, note, tumbled, wrote, weakens, shenzhen, set, pacific, markets, tumble, released, growth


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NYU’s ‘Dean of Valuation’ says Peloton is worth only $19 with ‘benefit of every doubt’

Peloton is worth $19 a share at most, according to Wall Street’s valuation guru. The fitness start-up tumbled about 11% in its public debut on Thursday to as low as $25.76 a share, below its IPO pricing of $29 per share, which was at the high end of expectations. New York University professor Aswath Damodaran, sometimes called the “Dean of Valuation,” said the valuation is “too high.” “My estimate is about $18 to $19, and that is giving them the benefit of every doubt,” Damodaran said on CNBC’s


Peloton is worth $19 a share at most, according to Wall Street’s valuation guru. The fitness start-up tumbled about 11% in its public debut on Thursday to as low as $25.76 a share, below its IPO pricing of $29 per share, which was at the high end of expectations. New York University professor Aswath Damodaran, sometimes called the “Dean of Valuation,” said the valuation is “too high.” “My estimate is about $18 to $19, and that is giving them the benefit of every doubt,” Damodaran said on CNBC’s
NYU’s ‘Dean of Valuation’ says Peloton is worth only $19 with ‘benefit of every doubt’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-26  Authors: yun li
Keywords: news, cnbc, companies, peloton, doubt, york, university, streets, wall, damodaran, nyus, valuation, share, dean, tumbled, worth, benefit


NYU's 'Dean of Valuation' says Peloton is worth only $19 with 'benefit of every doubt'

Peloton is worth $19 a share at most, according to Wall Street’s valuation guru.

The fitness start-up tumbled about 11% in its public debut on Thursday to as low as $25.76 a share, below its IPO pricing of $29 per share, which was at the high end of expectations. New York University professor Aswath Damodaran, sometimes called the “Dean of Valuation,” said the valuation is “too high.”

“My estimate is about $18 to $19, and that is giving them the benefit of every doubt,” Damodaran said on CNBC’s “Power Lunch” on Thursday.


Company: cnbc, Activity: cnbc, Date: 2019-09-26  Authors: yun li
Keywords: news, cnbc, companies, peloton, doubt, york, university, streets, wall, damodaran, nyus, valuation, share, dean, tumbled, worth, benefit


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Major Asia Pacific markets higher; trade war concerns dampen investor sentiment

Major markets in Asia Pacific closed higher on Monday, following a volatile week for global markets as growing trade war fears dented investor sentiment. Mainland Chinese markets bounced back from the previous week’s losses to close higher Monday. Markets in rest of the region rose, with major indexes in Japan, India and Singapore closed for public holidays. Major miners struggled for gains: Rio Tinto shares tumbled 2.75%, BHP shares were down 0.75% and Fortescue dropped 3.99%. “A risk-off tone


Major markets in Asia Pacific closed higher on Monday, following a volatile week for global markets as growing trade war fears dented investor sentiment. Mainland Chinese markets bounced back from the previous week’s losses to close higher Monday. Markets in rest of the region rose, with major indexes in Japan, India and Singapore closed for public holidays. Major miners struggled for gains: Rio Tinto shares tumbled 2.75%, BHP shares were down 0.75% and Fortescue dropped 3.99%. “A risk-off tone
Major Asia Pacific markets higher; trade war concerns dampen investor sentiment Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: weizhen tan saheli roy choudhury, weizhen tan, saheli roy choudhury
Keywords: news, cnbc, companies, pacific, concerns, sentiment, trade, major, higher, war, losses, week, markets, tumbled, close, shares, hong, investor, dampen


Major Asia Pacific markets higher; trade war concerns dampen investor sentiment

Major markets in Asia Pacific closed higher on Monday, following a volatile week for global markets as growing trade war fears dented investor sentiment.

Mainland Chinese markets bounced back from the previous week’s losses to close higher Monday. The Shanghai composite traded up 1.45% to close at 2,814.99 while the Shenzhen composite added 1.92% to 1,508.21. Hong Kong’s Hang Seng index was fractionally higher at 25,962.42 as of 3:15 p.m. HK/SIN.

But, shares of Hong Kong flag carrier Cathay Pacific tumbled more than 4% as of 3:15 p.m. HK/SIN after it suspended a pilot for his involvement in the ongoing anti-government protests in the city. The carrier said “overly radical” staff would be barred from crewing flights to the mainland. Cathay’s decision came a day after China’s aviation authority issued a “major aviation safety risk warning” to the airline.

Unrest in Hong Kong continued into its 10th week, with police and protesters clashing on Sunday.

Markets in rest of the region rose, with major indexes in Japan, India and Singapore closed for public holidays.

Australia’s benchmark S&P/ASX 200 retraced some of its early losses to climb marginally higher to 6,590.30. Major miners struggled for gains: Rio Tinto shares tumbled 2.75%, BHP shares were down 0.75% and Fortescue dropped 3.99%.

In South Korea, the Kospi clawed back losses to rise 0.23% to close at 1,942,29.

Overall, MSCI’s broadest index of Asia-Pacific shares outside Japan was almost flat.

“Trade tensions continued to drive financial market moves going into the end of the week, with markets very sensitive to reports on the US-China relationship,” Jack Chambers from ANZ Research wrote in a Monday morning note. “A risk-off tone hit the markets as President Trump warned that talks scheduled for next month may not take place.”


Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: weizhen tan saheli roy choudhury, weizhen tan, saheli roy choudhury
Keywords: news, cnbc, companies, pacific, concerns, sentiment, trade, major, higher, war, losses, week, markets, tumbled, close, shares, hong, investor, dampen


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Major Asia Pacific markets higher; trade war concerns dampen investor sentiment

Major markets in Asia Pacific closed higher on Monday, following a volatile week for global markets as growing trade war fears dented investor sentiment. Mainland Chinese markets bounced back from the previous week’s losses to close higher Monday. Markets in rest of the region rose, with major indexes in Japan, India and Singapore closed for public holidays. Major miners struggled for gains: Rio Tinto shares tumbled 2.75%, BHP shares were down 0.75% and Fortescue dropped 3.99%. “A risk-off tone


Major markets in Asia Pacific closed higher on Monday, following a volatile week for global markets as growing trade war fears dented investor sentiment. Mainland Chinese markets bounced back from the previous week’s losses to close higher Monday. Markets in rest of the region rose, with major indexes in Japan, India and Singapore closed for public holidays. Major miners struggled for gains: Rio Tinto shares tumbled 2.75%, BHP shares were down 0.75% and Fortescue dropped 3.99%. “A risk-off tone
Major Asia Pacific markets higher; trade war concerns dampen investor sentiment Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: weizhen tan saheli roy choudhury, weizhen tan, saheli roy choudhury
Keywords: news, cnbc, companies, dampen, close, investor, markets, pacific, higher, tumbled, week, shares, concerns, trade, war, losses, sentiment, hong, major


Major Asia Pacific markets higher; trade war concerns dampen investor sentiment

Major markets in Asia Pacific closed higher on Monday, following a volatile week for global markets as growing trade war fears dented investor sentiment.

Mainland Chinese markets bounced back from the previous week’s losses to close higher Monday. The Shanghai composite traded up 1.45% to close at 2,814.99 while the Shenzhen composite added 1.92% to 1,508.21. Hong Kong’s Hang Seng index was fractionally higher at 25,962.42 as of 3:15 p.m. HK/SIN.

But, shares of Hong Kong flag carrier Cathay Pacific tumbled more than 4% as of 3:15 p.m. HK/SIN after it suspended a pilot for his involvement in the ongoing anti-government protests in the city. The carrier said “overly radical” staff would be barred from crewing flights to the mainland. Cathay’s decision came a day after China’s aviation authority issued a “major aviation safety risk warning” to the airline.

Unrest in Hong Kong continued into its 10th week, with police and protesters clashing on Sunday.

Markets in rest of the region rose, with major indexes in Japan, India and Singapore closed for public holidays.

Australia’s benchmark S&P/ASX 200 retraced some of its early losses to climb marginally higher to 6,590.30. Major miners struggled for gains: Rio Tinto shares tumbled 2.75%, BHP shares were down 0.75% and Fortescue dropped 3.99%.

In South Korea, the Kospi clawed back losses to rise 0.23% to close at 1,942,29.

Overall, MSCI’s broadest index of Asia-Pacific shares outside Japan was almost flat.

“Trade tensions continued to drive financial market moves going into the end of the week, with markets very sensitive to reports on the US-China relationship,” Jack Chambers from ANZ Research wrote in a Monday morning note. “A risk-off tone hit the markets as President Trump warned that talks scheduled for next month may not take place.”


Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: weizhen tan saheli roy choudhury, weizhen tan, saheli roy choudhury
Keywords: news, cnbc, companies, dampen, close, investor, markets, pacific, higher, tumbled, week, shares, concerns, trade, war, losses, sentiment, hong, major


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