The Hang Seng Index fell 203 points, or 0.8%, to close at 24,999 on Thursday (August 28th), extending its decline into a third session, weighed down by declines in consumer and technology stocks. The benchmark index hit its lowest level in a week amid growing doubts about the sustainability of China's stock rally, which has been underway since April, and caution ahead of the release of China's official August PMI later this week. Meituan plunged 13.2% due to intensifying competition in the domestic food delivery market and limited overseas expansion, particularly in Brazil. Alibaba fell...
European stocks rose on Thursday, with the Stoxx 50 up 0.6% and the Stoxx 600 up 0.4%, as investors digested Nvidia's latest earnings. The US chipmaker forecast sales growth above 50% this quarter, signaling ongoing AI demand, though its shares slipped after data center revenue missed forecasts and concerns grew over China sales. In Europe, Pernod Ricard gained 5% despite a 3% annual sales drop, weighed by weak China demand and US tariff risks. On the other hand, Drax plunged 11% after UK regulators launched a probe into its biomass sourcing disclosures. Meanwhile, auto sector data showed...
The Nikkei 225 Index climbed 0.73% to 42,829 while the broader Topix Index added 0.65% to 3,090 on Thursday, recovering part of this week's losses as chip stocks advanced after Nvidia reported stronger-than-expected earnings and revenue. Still, Nvidia's data center sales missed estimates for a second straight quarter, and the company disclosed no sales of H20 chips to China during the period. On the trade front, Japan's chief negotiator Ryosei Akazawa canceled a planned trip to Washington, where he had been scheduled to discuss Japanese investment in the US. Domestically, attention turns...
Hong Kong shares dropped 256 points or 1.0% to 24,943 on Thursday morning deals, extending losses for the third session and hitting a one-week low amid declines in most sectors, notably consumers, tech, and financials. Sentiment was downbeat as several Chinese brokerages and fund managers reportedly curbed financing and limited purchases to reduce risks from mainland markets, raising doubts over the sustainability of its bullish momentum since April. Concerns also mounted over Nvidia's China business amid ongoing trade barriers from Washington. Still, further losses were partly offset by...
Japanese stocks are likely to weaken on Thursday as the market remains cautious about the impact of US tariffs on corporate earnings. Nvidia's weak earnings outlook could also pressure chip-related stocks. Nikkei futures on SGX fell 0.2% to 42,410. In the forex market, USD/JPY was at 147.27, weakening from 147.75 at the Tokyo close on Wednesday. A slightly stronger yen is usually a headwind for Japanese exporters, adding pressure to equity sentiment. In addition to tariff news, investors are also closely monitoring developments in the Liberal Democratic Party (LDP) leadership election....