3 Hours Ago
Chinese electric vehicle stocks rise; Xpeng quarterly results eyed.
Hong Kong-listed stocks of Chinese electric vehicle firms have surged in early afternoon trading. Shares of BYD, Nio, Xpeng, and Li Auto have all risen between 2.47% and 6.11%. Markets in Asia also rose across the board following upbeat economic data from China and a soft U.S. inflation reading that boosted hopes of the Federal Reserve nearing the end of its interest rate-hiking cycle.
The focus is on Xpeng as the firm is set to report third-quarter results later in the day. Analysts are expecting Xpeng to report revenues of 8.54 billion Chinese yuan ($1.63 billion) according to LSEG estimates. It is also expected to report a quarterly net loss of 2.90 billion Chinese yuan. In the second quarter, the company reported a wider-than-expected loss and revenue of 5.06 billion Chinese yuan. — Shreyashi Sanyal
4 Hours Ago
Hong Kong stocks jump nearly 3%, leading the gains in Asia markets. Hong Kong’s Hang Seng index jumped 2.8% to its highest level in over one week, while the tech-focused Hang Seng Tech index surged over 3%. The indexes gained the most among major Asia-Pacific stock markets. Asia stocks opened higher after upbeat sentiment overnight sparked by a soft U.S. inflation reading. China’s CSI 300 index rose 0.77% by late morning trading. — Shreyashi Sanyal
5 Hours Ago
China industrial output, retail sales rise more than expected last month. China’s industrial output and retail sales are continuing to defy expectations, growing at a faster-than-expected pace in October. Data from the National Bureau of Statistics has shown industrial output increased by 4.6% year-on-year in October, which is higher than September’s 4.5% and analysts’ expectations of 4.4%. Retail sales also saw a robust growth, posting a 7.6% increase compared to the same period last year. The recovery mid-October has shown Chinese domestic tourism spending has recovered to almost 2019 levels. — Shreyashi Sanyal, Evelyn Cheng
7 Hours Ago
Japan’s economy shrinks much faster than expected. Japan’s economy shrank in the July-September period for the first time in four quarters, provisional government data showed. Provisional gross domestic product fell 2.1% in the third quarter compared to a year ago and also recorded a 0.5% decline from the previous quarter. This contrasts sharply with economist’s expectations, highlighting the challenges currently faced by the world’s third-largest economy. — Clement Tan
7 Hours Ago
SEC’s crypto enforcement reaps nearly $5 billion in financial remedies. The Securities and Exchange Commission’s cryptocurrency crackdown has yielded close to $5 billion in financial remedies. The SEC filed 784 enforcement actions during the fiscal year, up 3%, and encompassed an array of activities in the crypto space, including filing charges against exchanges Celsius and Kraken. — Darla Mercado
7 Hours Ago
Market implications of a potential government shutdown. Economists and policy analysts on Wall Street believe the two-tier continuing resolution will just lengthen the process of reaching longer-term fiscal deals, despite Washington possibly avoiding a government shutdown by the upcoming Friday deadline. Goldman Sachs’ Jan Hatzius suggested that if Congress does avoid a shutdown, it will likely be through yet another temporary extension, making it less likely to reach a deal on full-year spending bills. — Hakyung Kim
8 Hours Ago
House of Representatives passes bill to avert government shutdown. Lawmakers in the House have passed a funding measure late Tuesday, which will fund some parts of the government until Jan. 19 and others until Feb. 2 in order to stave off a government shutdown. The bill is now expected to be passed by the Senate and sent to President Joe Biden for signing. — Darla Mercado, Chelsey Cox
8 Hours Ago
Investors may be ‘overreacting’ to Tuesday’s soft inflation numbers, says JPMorgan CEO Jamie Dimon. JPMorgan Chase CEO Jamie Dimon believes that investors may be getting ahead of themselves following Tuesday’s muted inflation numbers, with inflation possibly being stickier than anticipated. Dimon’s remarks suggest that the Federal Reserve’s pausing its rate-hiking cycle doesn’t necessarily mean it won’t hike again in the future. — Lisa Kailai Han
8 Hours Ago
Stock futures open higher
