2 hours ago
Hong Kong leads Asia in decline in real estate, consumption shares
Hong Kong's Hang Seng index led losses among key Asian benchmarks on Tuesday, falling 2.36%, dragged down by real estate and consumer non-cyclical stocks.
HSI's biggest loser was JD Health International, which fell 6.84%. The company is China's largest online healthcare platform and a subsidiary of Chinese technology giant JD.com.
Other names on the top losers list include Tingyi (Cayman Islands) Holding Corp, an investment firm that primarily makes and sells instant noodles and beverages through its subsidiaries, as well as consumer electronics giant Lenovo Group.
4 hours ago
China's consumers are more likely to save than spend in the first half of 2024, Stanchart says
China is struggling with weak domestic demand, and the country has vowed to boost domestic consumption.
“Domestic consumer confidence remains soft due to a soft labor market and soft incomes,” Eric Robertson, head of global research at Standard Chartered Bank, told CNBC's Street Science Asia.
Because of soft income levels, Robertson said that despite China's interest rates below 3% and liquidity in the market, “Chinese consumers will be more interested in saving than spending, which will be seen in the first half of the year. .”
He said more financial and monetary incentives are expected.
Mainland China's CSI 300 index fell 11.4% last year and is in the red for a third straight year. The index was down 0.4% in afternoon trade on Tuesday.
– Shreyashi Sanyal
7 hours ago
Commodity miners weigh on Australian markets as ASX200 hits four-week low
Australia's S&P/ASX 200 hit a four-week low on Tuesday, dragged down by commodity stocks as underlying prices fell. The index led losses in the region, falling 1.2% and hitting its lowest level since December 14.
Iron ore prices fell after China's central bank kept the medium-term lending facility rate at 2.5% on Monday. China is the world's largest consumer of iron ore.
The benchmark iron ore contract traded at $127.9 a tonne on the Singapore Exchange, hitting its lowest level since December 5.
Fortescue led losses among heavyweight miners on the ASX, losing 2.31%. Peers Rio Tinto and BHP Group fell 1.83% and 1.46% respectively.
– Lim Hui Jee
9 hours ago
Japan producer prices rose 0.3% in December
Japan's corporate commodity price index It rose 0.3% month-on-month in December, beating the expectations of economists polled by Reuters.
A Reuters poll had estimated the December CGPI to be unchanged from November.
The CGPI was flat in December compared with the same period a year earlier, compared with Reuters expectations of a 0.3% drop.
– Lim Hui Jee
10 hours ago
CNBC Pro: Morgan Stanley picks global 'alpha' prospects for January – giving one a 50% jump
Asian markets may have been rocky in 2023, but those looking for opportunities in the region can look to Morgan Stanley's selection of “alpha” stocks.
Alpha stocks have the potential to beat the market.
Stocks from Asia Pacific ex-Japan – have a market capitalization of more than $5 billion and are ranked based on factors such as quality, value and sentiment, analysts at Morgan Stanley wrote.
CNBC Pro subscribers can read about Morgan Stanley's top 10 remarkable ideas here.
– Amala Balakrishna
10 hours ago
CNBC Pro: Bank of America boosts global wind energy stocks after a brutal 2023 — and gives it a 20% upside
Bank of America upgraded a wind energy stock to “buy” from “neutral,” citing an improved risk-reward profile.
The upgrade and price target boost comes after it has already staged a more than 50% recovery from its lows last year.
Wall Street banks are also bullish on stocks after negative headlines about project delays and cost overruns for the wind energy sector in 2023.
CNBC Pro subscribers can read more here.
– Ganesh Rao
