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Shanghai posts sixth straight day of losses while Hong Kong gains as fears of oil glut are added to jitters around ongoing trade war

The Shanghai Composite Index posted its sixth straight trading day of losses, while Hong Kong bounced into slight gains near the close, as a global oil glut added to existing worries over the ongoing US-China trade war.The Shanghai Composite began down Thursday and stayed down, ending with a loss of 1.17 per cent to 2,827.80, helping to pull the first week of June trading into a 2.45 per cent decline. That was its lowest level since February 22. It posted a weekly gain last week.Meanwhile the… Source link

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Shanghai extends losses for fifth day while Hong Kong finishes ahead, as traders battle nerves amid trade tensions

The Shanghai benchmark extended losses for the fifth trading day, while Hong Kong posted gains, as traders felt torn between positive news that the US Federal Reserve is open to a rate cut and gloom from ongoing trade uncertainties.The Shanghai Composite closed down 0.03 per cent to 2,861.42 on Wednesday, falling at the end after opening up 0.91 per cent. The CSI 300 benchmark of large caps on Shanghai and Shenzhen stock markets continued Tuesday’s losses to end down 0.038 per cent to 3,597.11… Source link

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Bond funds become MPF’s safe haven, shielding investors from losses as trade war escalates

Bond funds have become a safe haven for the Mandatory Provident Fund, the only category of investment to deliver a recent gain as the trade war between the US and China escalated, according to pension experts.The 33 bond funds in Hong Kong’s compulsory retirement savings scheme saw an average gain of between 0.17 to 1.1 per cent in May, the best performers among the 426 MPF investment funds tracked by Lipper, part of data provider Refinitiv.The bond funds beat the overall MPF investment fund,… Source link

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Mainlanders snap up Hong Kong insurance products in first quarter, amid fears of trade war, forex losses

Mainlanders spent HK$12.77 billion (US$1.63 billion) on life and medical insurance products in Hong Kong during the first quarter, reflecting a rise of 8 per cent from a year earlier, according to data released by the Insurance Authority on Friday.“The trade war between the US and China has led to a volatile stock and currency market in mainland China since mid last year. This has led more mainlanders to come to Hong Kong to buy insurance products to provide protection for their families and to… Source link

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Stocks Blog: Hong Kong, China benchmarks poised to end May with losses as trade, tech battling bites

Happy Friday, traders. Well, it’s the last trading day of May, a month many traders will be glad to see go. The Hang Seng Index and the Shanghai Composite are poised to end the month with losses. For the Hang Seng, that would be the first monthly loss of this year. For the Shanghai Composite, it would be back-to-back monthly losses. The US isn’t showing signs of backing off on its pressure on Huawei and other tech companies. China manufacturing data is coming. We will keep you up on the……

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China’s Meituan Dianping narrows losses, pushes forward grocery retail initiatives

Chinese food delivery services giant Meituan Dianping plans to continue its foray into China’s grocery retail sector, despite closing a number of its Ella supermarkets in the first quarter of this year, as it ratchets up competition with Alibaba Group Holding.Beijing-based Meituan said it was “disciplined on capital allocation for our new initiatives”, according to a regulatory filing in Hong Kong on Thursday when it posted better-than-expected earnings for the quarter ended March.“With our… Source link

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Global 

Wholesale traders in Yiwu rue losses as US tariffs point to a woeful purchasing period ahead of Thanksgiving and Christmas

Jiang Junhong, idling at a stall stacked with hundreds of flashlights and light-emitting devices of different designs, perks up whenever anyone approaches his space at the Yiwu International Trade market.His once bustling business, where the minium order filled up entire 20-foot shipping containers, had dwindled ever since US President Donald Trump fired the first salvo of his trade war with China last year. For the first time in a long while, he has to serve retail customers, selling… Source link

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Singapore 

10 nabbed after Grab detects GrabHitch accounts with fraudulent transactions amounting to $41,800 in losses, Singapore News

SINGAPORE – Three men, believed to be the masterminds behind a GrabHitch payment fraud syndicate, have been arrested by police and are to be charged in court. Six other men and one woman were also arrested for alleged syndicated payment fraud, said the police in a statement on Tuesday (May 14). On April 17, Grab reported that it had discovered irregularities in some of their social carpooling drivers’ GrabHitch accounts, said the police. GrabHitch is Grab’s carpooling service. Between February and April, Grab detected at least 13 driver accounts with…

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Vietnam 

VN shares rise despite global losses – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    Workers at PetroVietnam Power Corporation (POW). POW hit its ceiling price on Tuesday. — Photo petrovietnam.petrotimes.vn   HÀ NỘI — The escalation of the US-China trade war continued to cast a shadow over global markets on Tuesday, but Vietnamese shares still posted gains.   The benchmark VN-Index on the Hồ Chí Minh Stock Exchange gained 0.71 per cent to end at 965.34 points. Liquidity improved and stayed above the 20-day average, meaning that cash flow was gradually returning to the market. More than 158 million shares were traded on the southern bourse,…

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Chinese electric carmaker Xpeng the latest to jump into ride-hailing despite ongoing losses at market leader Didi

Chinese electric vehicle start-up Xpeng Motors is making a foray into the country’s ride-hailing market, a move that will intensify competition in a business that has yet to deliver profits for industry giants Didi Chuxing and Uber.Alibaba-backed Xpeng, which received a ride-hailing operation licence from Guangzhou authorities on Monday, could start trial services as early as this month, according to people familiar with the matter.“It will be an important component to Xpeng’s ecosystem, with… Source link

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