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Burberry to invest heavily in new stores in China as mainland customers take a liking to its redesigned monogram look

Burberry Group, the British outfitter that turned the camel trench coat into a fashion statement, said it’s investing heavily to add stores in China, as mainland consumers have taken a liking to the luxury brand’s redesigned look.China’s middle class led the Asia-Pacific region’s “high single-digit” percentage revenue increase in the first quarter ended June, outpacing Burberry’s worldwide sales growth of 4 per cent, said chief operating and financial officer Julie Brown in a telephone… Source link

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Hong Kong protests will put off 350,000 mainland Chinese tourists this year, HSBC estimates

The massive protests that have rattled Hong Kong in recent weeks will put hundreds of thousands of mainland Chinese tourists off visiting the city this year, according to HSBC.The bank believes that the number of visitors from the mainland will continue to grow in 2019, but at a slightly slower rate than it had forecast before people took to the streets in their millions to demonstrate against the now-suspended extradition bill.It has revised down its estimated growth of mainland tourist… Source link

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Hong Kong, mainland stocks inch up on data showing China’s consumption grew at faster clip than expected in June

Hong Kong and mainland stocks closed a bit higher, as data showed China’s retail sales grew at a faster clip than expected in June and news indicated that Beijing’s national expansion of a medicine-pricing programme will not be as tough as pharmaceuticals feared.The Shanghai Composite Index closed up 0.4 per cent on Monday, at 2942.19, while the CSI 300 Index of large stocks traded in Shanghai and Shenzhen ended ahead 0.4 per cent at 3824.19.In Hong Kong, where pharmaceutical companies were the… Source link

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Macau junket operator Suncity vows to stop extending online betting to mainland China after expose by state media drew heat

Suncity Group Holdings, Macau’s biggest operator of junkets for high roller gamblers, vowed to rein in its online gaming and proxy betting operations in mainland China, days after an expose in Chinese state media accused the company of disrupting China’s financial order.The junket operator of Macau, the only Chinese territory where gambling is legal, had facilitated Chinese gamblers to bet through online casinos in The Philippines and Cambodia, using underground banks to move capital out of the… Source link

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Erosion of Hong Kong’s institutional autonomy will hurt advantage over mainland China cities, high credit rating: Moody’s

A potential erosion of Hong Kong’s institutional independence from Beijing over time could diminish the special administrative region’s advantage over mainland Chinese cities, as well as its higher credit rating, ratings agency Moody’s said on Friday.The agency said it was affirming the city’s long-term issuer rating of “Aa2”, two notches higher than China’s “A1” and two notches lower than the United States’ “Aaa”.“Over time, and as 2047 – the end of the 50-year transition period – approaches,… Source link

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UBS wealth management unit thinks mainland equities could perform well in second half, beating out gold and real estate

Trade talks between Beijing and Washington have entered a new normal, characterised by a drawn out cycle of progress followed by renewed tensions, a relationship based on repetitive conflict that adds up to higher volatility for China and Hong Kong equities, according to UBS.But supportive policies from Beijing means there could be 10 per cent upside in Chinese equities, while Hong Kong’s market, which has no immediate stimulus, is likely to underperform, said Eva Lee, head of Hong Kong… Source link

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Stocks Blog: Can mainland, Hong Kong investors get out of the trade war rut?

Good morning, traders — US president Donald Trump’s chief economic adviser says China and US officials will be talking on the phone this week and that there is “lots of communications” on trade. But Trump sounded a more hawkish tone toward China, claiming in a tweet that Europe and China are engaged in a “big currency manipulation game.” Meanwhile, overnight in America, all-time highs were hit by major benchmarks.  We will be covering mainland and Hong Kong markets closely. Please shoot any… Source link

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Facebook’s Libra cryptocurrency may spell bad news for Hong Kong and mainland payment services – if regulators don’t step in first

The internet is buzzing after Facebook’s announcement of its new blockchain and cryptocurrency project, Libra – the company’s attempt to break into the global payments space and establish itself as a major player. The new currency will be managed by the Libra Association, a Switzerland-based non-profit organisation which will include many other members. Facebook also announced a digital wallet application, Calibra, where users buy, sell and trade the token.Use of the terms “blockchain” and … Source link

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Investor worries about Xi-Trump trade progress depress mainland, Hong Kong shares, but both end June way ahead of dismal May

How much progress can president Xi Jinping and Donald Trump make on their trade differences when they meet Saturday? Investors fretted about the answer on Friday, pushing down shares in both the mainland and in Hong Kong. “A partial deal and (an agreement) for more talks … this will help the sentiment,” said Royston Securities chief executive Kenny Tan. The Shanghai Composite ended down 0.6 per cent, at 2,978.88, led down by declines in banking stocks. But the benchmark ended June up 2.8 per… Source link

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Hong Kong stocks’ widening discounts leads to increased buying from mainland traders

Hong Kong stocks now have a potential price catalyst: a widening discount to shares on the Chinese mainland’s exchanges.Shares of mainland companies that have dual listings were now trading at the most expensive level relative to their stocks in the city in 15 months, according to a gauge compiled by Hang Seng Bank that tracks the price discrepancy between the two markets. The widening gap has already attracted mainland traders, who have been loading up on the cheaper stocks through the… Source link

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