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Hong Kong’s stock market has a midsummer’s nightmare as fundraising dries up in worsening trade war and street mayhem

Hong Kong’s stock market is going through its worst summer since 2012, as fundraising activity dwindled to a single initial public offering (IPO) in August, while a worsening US-China trade war and deteriorating civic unrest weighed on sentiments.The number of companies seeking to raise capital this year fell by a third to 88 IPOs, with proceeds plunging by 55.9 per cent to US$10.82 billion, from the same period in 2018, according to Refinitiv’s data. July’s listings halved to 15 companies,… Source link

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China 

China’s July corporate bond defaults jump to a four-month high as funding dries up amid risk aversion in a slowing economy

Company bond defaults in China hit a four-month high in July as a slowing economy and risk aversion triggered by the unexpected seizure of Baoshang Bank marred refinancing prospects at weaker firms.Onshore corporate bond defaults reached at least 14.4 billion yuan (US$2.1 billion) from 14 notes in July, according to data compiled by Bloomberg, bringing the total year-to-date defaults to 70.9 billion yuan from 89 bonds.After two straight months of declines through May, bond delinquencies are… Source link

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Singapore 

Singapore has hatched Plan B if Malaysia’s egg supply dries up: AVA, Singapore News

SINGAPORE – Singapore’s food watchdog has responded to warnings from Malaysia that it may stop or limit egg exports, saying that the Republic has plans in place to acquire eggs from elsewhere if need be. Earlier this week, Malaysia’s Domestic Trade and Consumer Affairs Minister Saifuddin Nasution Ismail said the country is looking into limiting or stopping the export of eggs, to ensure a sufficient supply for its domestic market. However, the Agri-food and Veterinary Authority (AVA) said on Thursday (Dec 13) that supplies remain unaffected for now, with a…

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Money 

Shanghai’s index slump may have more to go as liquidity dries up in the world’s worst-performing stock market

The world-beating slump on Chinese equity markets may have more room to run, if the number of companies with stock prices below either their 200-day moving averages or book values is anything to go by. Of the 1,478 stocks on the benchmark Shanghai Composite Index, 93.3 per cent have fallen below their average prices for the past 200 days, according to Bloomberg data. That is not far from the 98.2 per cent recorded in January 2012 at the bottom of a slump that did not turn around until 2014. The…

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