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Hong Kong follows US Fed’s 25 basis point rate cut, just in time for city’s stalling economy and kick start Budweiser’s mega IPO

Hong Kong’s monetary authority cut its base lending rate for the second time this year in lockstep with the US Federal Reserve’s widely expected move overnight, reducing the cost of money just as a slowing local economy teeters on the brink of a technical recession.The city’s de facto central bank reduced the base lending rate by 25 basis points to 2.25 per cent effective immediately, matching a similar cut by the US Fed.Commercial banks in the city are likely to keep their prime rate unchanged… Source link

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Singapore 

Hazy start to the weekend in Singapore after air quality nears unhealthy levels, Singapore News

SINGAPORE – Air quality worsened to nearly unhealthy levels on Friday (Sept 13), marking the start to a weekend that would likely remain hazy, forecasts by the weatherman show. At 6pm, the 24-hour Pollutant Standards Index (PSI), a measure of air quality here, was 98 in southern Singapore – just shy of the 101 threshold indicating unhealthy air quality. As of  7am on Saturday, it improved slightly to 92 in the south. The PSI was 84 in the central region, 86 in the north and east, and 91 in the west. The National…

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China 

China tipped to start rate cutting ‘road map’ as early as next week, as economic slowdown deepens

As pressure builds on China’s central bank to contain the impacts of the ongoing US trade war and a broad-based economic slowdown, analysts are tipping it to start an extended cycle of interest rate cuts as early as next week, through its new Loan Prime Rate system.This would bring the People’s Bank of China (PBOC) into line with a global monetary easing cycle led by the US Federal Reserve and the European Central Bank and follows the PBOC’s decision on Friday to pump 900 billion yuan (US$126… Source link

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Vietnam 

IndiGo to start two direct routes from India to Việt Nam – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  India low cost airlines IndiGo. — Photo courtesy of IndiGo HÀ NỘI — India low cost airlines IndiGo will launch the first ever direct flights between India and Việt Nam next month, according to a Việt Nam News Agency correspondent in New Delhi. The route between Kolkata and Hà Nội City will start on October 3 while the route between Kolkata and HCM City will start on October 18, 2019. According to the airline’s website, prices will be around US$150 for a one-way ticket. IndiGo’s Chief Commercial Officer William Boulter…

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Hong Kong stocks pare gains after a strong start as weak Chinese data, protests weigh on sentiment

Hong Kong and Chinese markets reversed Tuesday’s losses on optimism over US President Donald Trump’s tariff concession, but gains were capped because of weak economic data from the mainland and ongoing protests in the city.The Hang Seng Index closed up 0.1 per cent at 25,302.28 on Wednesday. Twenty of the gauge’s 50 constituent stocks ended higher compared with only one in the previous session.The gains were led by smartphone components maker Sunny Optical Technology (Group), which jumped 8.7… Source link

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Global 

Is China’s ‘currency manipulator’ tag the start of a global recession, currency war?

The United States’ decision to label China a “currency manipulator” after the yuan’s exchange rate weakened beyond a closely watched barrier is raising the question of whether the world’s two largest countries have started a currency war as part of a broadening economic conflict.China, which had prevented the exchange rate of the yuan, also known as the renminbi (RMB), from breaching the psychologically important level of 7 to the US dollar from the last 11 years, let the currency slip below… Source link

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China 

All but one of China’s provincial level governments ran deficit at start of 2019, raising further funding fears

Fears over China’s ability to manage its domestic economy alongside the trade war with the United States have further increased after 30 of the 31 provincial level governments are reported to have ran at a deficit in the first six months of 2019.Shanghai was the only authority that ran a surplus financial position in the first six months of the year.This follows the takeover of Baoshang Bank in May and the bailout of the Bank of Jinzhou last week, and has increased the speculation over how many… Source link

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Stocks Blog: Investors shift focus back to US-China trade war as talks set to start in Shanghai

Good day, traders — Well, Monday was not a pretty one for the Hang Seng, especially if you were a property developer or an investor in their stocks. But it appeared the unprecedented news conference held by the office that oversees the city reassured some investors, as some of the day’s losses narrowed before market close. Now investors shift their attention to trade, as US and Chinese officials meet in Shanghai. We’ll keep you up on all the important moves in mainland and Hong Kong markets… Source link

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China, Hong Kong markets open lower after protests, start of new tech board in Shanghai

Welcome to a fresh week, traders. China’s new STAR technology board, which starts trading today, is expected to turn into a hotbed for speculators. The end of Sunday’s tense protests ended in violence, with rod-wielding attackers beating demonstrators at a Hong Kong railway station. The protests are weighing on business sentiment in the city, hurting some retail sales, discouraging some Chinese tourists to come, and prompting some foreign investors to think about Hong Kong’s long-term… Source link

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Star Market, a ‘breakthrough in 30-year history of China’s stock market’, gets off to shining start as immediate buying spree takes hold

The Shanghai Stock Exchange’s new Star Market got off to a suitably stellar start on Monday morning as all 25 debutants saw their shares jump.The firms, spanning industries from microchips and biotechnology to artificial intelligence, were greeted by an immediate buying spree as trading opened at 9:30am.Anji Microelectronics (Shanghai) got off to the best start as its shares opened 287 per cent higher than the initial public offering price.The new Nasdaq-style board, which debuted on Monday,… Source link

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