Local stocks headed south on Friday as investors struggled to maintain the previous day’s rally, with education and tech shares suffering the biggest losses. The Hang Seng Index had opened the day 17 points higher, after Wall Street edged higher overnight as traders were buoyed by healthy earnings results. But the local benchmark was unable […]
US equity markets gained ground for the fourth straight session on Friday, extending a rally that pushed all three major US stock indexes to record closing highs as upbeat earnings and signs of economic revival fueled investor risk appetite. The S&P 500, the Nasdaq and the Dow all notched weekly gains. “We see a continuation […]
Sales of existing homes rose higher in the United States last month, snapping a four-month streak of declines as prices rose to a new record high, industry data released Thursday said. Sales of houses, flats and townhomes rose 1.4 percent compared to May to a seasonally-adjusted annual rate of 5.86 million, the National Association of […]
The Hang Seng Index rebounded on Thursday, as did other markets in the region, after forecast-beating earnings reports boosted investor confidence and pushed Wall Street higher. The local benchmark began the day more than 200 points higher and surged by as many as 535 points before wrapping up the day 499 points, or 1.8 percent, […]
Hong Kong stocks began Friday morning slightly higher, extending the previous day’s rally as Wall Street inched towards a new record, with traders cheered by more healthy earnings results. The Hang Seng Index edged up 0.06 percent to 27,741. The Shanghai Composite Index eased 0.08 percent to 3,572, while the Shenzhen Composite Index slipped 0.11 […]
Big tech helped Wall Street inch up to a higher close on Thursday, modestly building on a two-day rally as lacklustre economic data and mixed corporate earnings prompted a pivot back to growth stocks. A pull-back in economically sensitive cyclicals kept the S&P 500’s and the blue-chip Dow’s gains muted, while small-caps underperformed their larger […]
Uber on Thursday announced a US$2.25 billion deal to beef up its freight unit with the acquisition of a firm specialising in logistics management software. Combining Texas-based Transplace with Uber Freight will create a huge, comprehensive transportation and logistics network, the companies said in a joint release. “The acquisition will combine the world’s premier shipper […]
The Hong Kong market failed to hold onto its early gains and closed in the red on Wednesday, as investors continued to move to safe haven assets in view of the global spread of the Delta coronavirus variant. The Hang Seng Index took the cue from Wall Street and started 79 points higher, but then […]
Hong Kong stocks opened strongly on Thursday, following another strong lead from Wall Street and Europe as traders took heart from upbeat corporate earnings. The Hang Seng Index rose 0.9 percent to 27,464. The Shanghai Composite Index was flat, inching up a single point to 3,563, while the Shenzhen Composite Index added 0.2 percent to […]
Wall Street stocks posted their second straight daily gain on Wednesday, with robust corporate earnings and renewed optimism about the US economic recovery fueling a risk-on rally. All three major US stock indexes added to their previous session’s advance, placing all three within 1 percent of their all-time closing highs. Economically sensitive smallcaps, semiconductors and […]
Shares in Hong Kong retreated for a second day on Tuesday, after the Dow on Wall Street suffered its worst drop since October amid worries about the economic impact of the spread of a more contagious Covid variant. The Hang Seng Index began 93 points lower and, despite a couple of jumps into the black […]
Hong Kong stocks opened higher on Wednesday following a two-day sell-off as investors tracked a rebound on Wall Street and in Europe, though concerns about the fast-spreading Delta virus variant continued to weigh on sentiment. The Hang Seng Index added 0.3 percent to 27,339. The Shanghai Composite Index edged up 0.2 percent to 3,543, while […]
Wall Street ended sharply higher on Tuesday, rebounding from a multi-day losing streak as a string of upbeat earnings reports and revived economic optimism fuelled a risk-on rally. All three major US stock indexes gained more than 1% with the blue-chip Dow, on the heels of its worst day in nine months, leading the charge. […]
Growing fears over the spread of the Delta coronavirus variant globally and persistent concerns over inflation sent most shares in the region lower on Monday, with the Hong Kong benchmark falling below the 28,000-mark. The Hang Seng Index followed the lead of Wall Street to open down more than 200 points, before further sliding to […]
Hong Kong stocks opened Tuesday morning in negative territory following another hefty fall on Wall Street sparked by increasing fears about the fast spread of the Delta virus variant that is causing some governments to reimpose containment measures. The Hang Seng Index slipped 0.34 percent to 27,396. The benchmark Shanghai Composite Index retreated 0.68 percent […]
US state attorneys general and lawyers for local governments are expected this week to unveil a landmark, US$26 billion settlement resolving claims that the three largest US drug distributors and drugmaker Johnson & Johnson helped fuel a nationwide opioid epidemic, people familiar with the matter said. Under the settlement proposal, distributors McKesson, Cardinal Health and […]
A surge in Delta variant infections sparked a broad sell-off on Wall Street on Monday as investors feared renewed Covid-19 shutdowns and a protracted economic recovery. All three major US stock indexes ended the session sharply lower, with the S&P and the Nasdaq suffering their largest one-day percentage drop since mid-May. The blue-chip Dow had […]
The world’s leading oil producers agreed on Sunday to continue to modestly boost output from August, reaching a compromise after the United Arab Emirates blocked a deal earlier this month. An Opec+ meeting decided to raise output by 400,000 barrels per day (bpd) each month from August to help fuel a global economic recovery as […]
Hong Kong stocks opened with losses Monday morning following a sell-off on Wall Street at the end of last week fuelled by renewed worries about inflation and the virus. The Hang Seng Index shed 0.78 percent, to 27,787. The benchmark Shanghai Composite Index shed 0.25 percent to 3,530, while the Shenzhen Composite Index on China’s […]
Chinese electronics firm Xiaomi has overtaken Apple as the number two global smartphone maker in a sizzling market with consumers emerging from lockdowns, a new survey showed. The Canalys survey of second-quarter sales released Thursday showed worldwide smartphone sales up 12 percent, with South Korea’s Samsung holding its top position with a 19 percent market […]