2 Hours Ago
Meituan Plunges to 44-Month Low Amid Warning of Slower Q4 Growth
A delivery worker for Meituan in Shanghai, China, on Friday, May 27, 2022.
Bloomberg | Getty Images
Meituan’s shares plummeted over 11% to 91.65 Hong Kong dollars during afternoon trading.
The Chinese delivery firm’s shares hit their lowest level since March 2020 following a cautious outlook in its Q3 earnings call, based on a FactSet transcript.
Meituan management cautioned, “We think in Q4 revenue year-over-year gross profit delivery will be slightly lower than the Q3 growth rate,” during the call.
In the latest financial report, the company announced a 22.1% rise in Q3 revenue to 76.47 billion Chinese yuan ($10.81 billion) from a year earlier, with an adjusted net profit of 5.7 billion yuan ($809 million).
3 Hours Ago
Goldman Sachs Foresees Strong Earnings Growth in South Korea Markets
South Korean stocks are poised for significant growth, Goldman Sachs predicts. The investment firm remains bullish on South Korean markets, forecasting a rebound in EPS growth to 54% in 2024, followed by an additional 20% in 2025. The semiconductor sector’s recovery from steep profit declines contributes to this positive outlook.
Despite being Asia’s fourth largest economy, South Korea’s markets are often undervalued, leading to what analysts refer to as the “Korea discount.”
More details can be found in the full story here.
— Shreyashi Sanyal
3 Hours Ago
New Zealand Dollar Surges 1% as Central Bank Holds Rates, Warns of More Hikes
Pedestrians walk past the Reserve Bank of New Zealand headquarters in Wellington, New Zealand, on Thursday, Sept. 13, 2012.
Mark Coote | Bloomberg | Getty Images
The New Zealand dollar soared 1% to nearly 0.62 against the U.S. dollar after the Reserve Bank of New Zealand kept its official cash rate at 5.5% and issued a warning about the potential for higher rates to combat inflation.
Noting that inflation remains too high, the central bank emphasized the need for restrictive monetary policy.
For further information, please refer to the complete story.
6 Hours Ago
Australia’s Inflation Rate Slows More Than Expected in October
Australia’s weighted inflation rate for October came in lower than anticipated, at 4.9%, as opposed to the 5.2% projected by Reuters’ economists.
This figure is also below the 5.6% recorded in September, with housing, food, non-alcoholic beverages, and transport registering the most significant price increases.
— Lim Hui Jie
8 Hours Ago
Stock Futures Open Little Changed
Stock futures showed minimal movement on Tuesday, reflecting investors’ hope that the Federal Reserve has concluded its interest rate hikes.
Futures linked to the Dow Jones Industrial Average gained 17 points, while S&P 500 and Nasdaq 100 futures experienced slight increases.
— Brian Evans
