The Hang Seng Index rose 192 points, or 0.75%, to end at 25,690 on Friday, extending its gains for a third session as all major sectors advanced. Sentiment was boosted by continued gains in mainland China's stock market amid reports that ByteDance had reached an agreement with three major investors to form a joint venture to operate the TikTok app in the US, aiming to avoid a potential ban. Hopes for fresh stimulus from Beijing before the end of the year also supported the market, while traders awaited the upcoming People's Bank of China (PBOC) interest rate decision. Man Wah Holdings...
The Nikkei index has the potential to rise in today's trading after Wall Street rallied overnight. Nikkei futures on the SGX rose around 0.6% to 49,590, signaling a fairly positive start. On Tuesday, the Nikkei closed nearly flat at 49,303.45, so the market is still waiting for a new trigger for a clearer move. On the foreign exchange market, the USD/JPY pair was at 155.83, slightly higher than the Tokyo stock market's closing position on Tuesday of 155.78. This slight weakening of the yen against the dollar typically benefits Japanese exporters, as their dollar earnings appear higher when...
US stocks rebounded on Tuesday, with the S&P 500 rising 0.3%, the Nasdaq up 0.9%, and the Dow Jones up 200 points as the market pared earlier losses and rebounded after Monday's sharp sell-off. Bitcoin's rebound supported risk appetite, while complex AI and software helped stabilize sentiment, with Nvidia up 0.9% and Palantir up 1.9%, although Broadcom fell 1.2% amid profit-taking. The gains were driven less by a string of big tech stocks than previously, but more by a string of high-flying stocks, including Boeing, which surged about 10.2%, Intel, which rose nearly 8.7%, and AppLovin,...
US stocks were higher on Tuesday, with the S&P 500 gaining 0.3%, the Nasdaq up 0.7%, and the Dow Jones adding about 20 points, attempting to rebound from Monday's losses. The risk-off mood that dominated the previous session eased, helped in part by a rebound in the Japanese bond market. Traders are also awaiting a series of economic releases due this week, including the September PCE report, ahead of next week's FOMC meeting, where the Fed is widely expected to cut the federal funds rate by 25 bps. Market pricing places the odds of such a move at around 87%. The tech sector booked the...
European stocks traded in mixed territory on Tuesday, with shares struggling to find momentum after a broad sell-off marked the first day of the new month. Shortly after the opening bell, the pan-European Stoxx 600 hovered just above the flatline, with no consensus movement seen among sectors and major bourses. Regional stocks traded lower on Monday, marking a gloomy start to the last trading month of the year in which investors are now expecting the U.S. Federal Reserve to cut interest rates when it meets on Dec. 9-10. Traders are pricing in an 87.2% chance of a quarter-point rate cut,...
The Hang Seng edged up 62 points, or 0.2%, to close at 26,095 on Tuesday, reversing prior-session losses amid gains in consumer stocks. Traders awaited insights from China's annual Central Economic Work Conference and the December Politburo meeting, while seeking opportunities in undervalued sectors. Locally, Hong Kong retail sales rose the most since late 2023 in October, marking a fourth straight monthly gain on the back of steady visitor arrivals. Early gains were trimmed as mainland markets fell, amid caution ahead of Wednesday's private Composite and Services PMIs. On the corporate...