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China’s stock benchmark drops from one-year high as carmakers weigh on sentiment

China’s stocks fell from a one-year high, as carmakers ran out of gas following a rally spurred by speculation about government stimulus to bolster car salses.The Shanghai Composite Index dropped 0.4 per cent, or 12.92 points, to 3,250.20 at the close on Thursday after rising to the highest level since March 2018 a day earlier. A gauge tracking auto stocks slumped 1.9 per cent after surging 7 per cent over the past two days, according to data provider Shanghai DZH. Hong Kong’s Hang Seng Index… Source link

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Stocks Blog: China's stocks face headwinds as traders weigh where to place their bets

Got a bit of jitters? If so, you aren’t alone among traders in mainland and Hong Kong markets, where bears came out swinging Monday, sending the Shanghai benchmark down for the third consecutive trading day and the Hang Seng to its lowest level in nearly two weeks. Check in with us throughout the day to catch up on the latest action. We also feature our “Crystal Ball,” in which leading experts offer you their insights on where they think sectors and companies are going.  Your market guides… Source link

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Stocks blog: Global growth worries weigh on sentiment

Good morning traders. Global growth concerns are weighing on market sentiment. In addition, investors are hungry to see a substantive US-China trade deal.  We’ll get data on new yuan loans for March in China. Your market guides today will be Louise Moon and Deb Price in Hong Kong. We’ll be helped out by the rest of the markets team as well as other reporters on our Business desk. Please send questions you’d like answered to deb.price@scmp.com . — Louise and Deb   Source link

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Trade war, intense overseas scrutiny will weigh down China’s M&A activity in 2019, PwC analysts say

The trade war with the US and heightened scrutiny of Chinese dealmaking overseas could weigh heavily on China’s mergers and acquisitions in the year ahead, according to global accounting firm PwC.The prospect of the current trade negotiations between the world’s two largest economies ending in stalemate is potentially a “strong blow” that would crimp cross-border deals, said senior analysts at the company on Tuesday.Even if a satisfactory resolution were reached, the level of political scrutiny… Source link

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US-China trade war, slowing global growth weigh on Hong Kong business confidence in first quarter

Business sentiment among small and medium-sized business owners in Hong Kong fell to its lowest level in nearly three years, fuelled by concerns over slowing global growth and lingering trade tensions between the US and China, according to a new survey. Confidence among employers for the first quarter dropped 2.6 points to 40.4 on a quarter-on-quarter basis in the Standard Chartered Hong Kong SME Leading Business Index. That matched a low set in the second quarter of 2016 and was the second quarterly decline in a row. Despite recent optimism…

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Pre-tax profits rise at Hong Kong banks for third year, but loan growth decline may weigh on sector in 2019

Pre-tax profits at Hong Kong banks rose for a third straight year in 2018, thanks to a wider interest margin after the lenders raised their prime lending rate for the first time in 12 years, the Hong Kong Monetary Authority said on Thursday. Growth in pre-tax profits in 2018 was also higher, at 19.4 per cent; it stood at 15.7 per cent in 2017 and 8.3 per cent in 2016. The sector recorded a decline of 2.8 per cent in 2015. Technology push could open Hong Kong banks to more…

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Japan outpaces China in race for outbound mergers as trade war, capital controls weigh on deal flow

Driven by a massive tie-up between Takeda Pharmaceutical and the Irish drug maker Shire in May, outbound mergers and acquisitions from Japan outpaced China for the first time in five years in 2018, according to financial services data provider Dealogic. Japanese companies accounted for 649 deals worth US$184.2 billion last year, making Japan the second-largest market for outbound M&A globally, according to Dealogic. That compared with 685 deals worth a combined US$79.5 billion in 2017. Risk of ‘worse to come’ from trade war impact, legal experts warn China was fourth…

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Delinking of US and China economies to weigh on Asian equities in 2019, says UBS

A long cycle of conflict will accompany the gradual delinking of the world’s two biggest economies, despite an apparent thaw in relations between the United States and China at the G20 summit in Argentina recently, according to a report on the outlook for the year ahead released by Swiss bank UBS on Thursday. The uncertainty this brings will weigh on Asia’s investment outlook in 2019. “Economic considerations may be given less priority in future policy setting. As such, investors should prepare for relations between the two powers to continue affecting…

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Uncertainty over the trade war likely to weigh on China growth, investments next year, analysts say

An escalation of the trade war with the United States could knock China’s economic growth by as much as a full percentage point in the coming year, the most in almost three decades, economists and market watchers have warned. Uncertainty over the dispute between the world’s two largest economies, and China’s policy reactions to shore up an already slowing economy, has been at the forefront of investment bank analysts’ minds as they unveiled their outlooks for 2019 in recent days. Many forecasters underestimated just how deeply the trade fight would…

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US prosecutors weigh competing accounts in deciding whether to charge JD founder Richard Liu with rape

On the night of Aug. 30, a 21-year-old University of Minnesota student said she was in a chauffeured black car, trying to keep billionaire JD.com Inc Chief Executive Richard Liu from pulling off her clothes. “I just begged him, ‘Don’t do that. You have wife and you have kids,’” the Chinese woman told police in a recorded interview days after that was reviewed by Reuters. “He did not listen to me.” At around 3 a.m., Minneapolis police responded to an “assault in progress” involving Liu at the woman’s luxury apartment,…

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