one hour ago
Hong Kong leads losses in Asia with real estate and consumer stocks falling
Hong Kong's Hang Seng Index led losses among major Asian indexes on Tuesday, falling 2.36%, dragged down by non-cyclical real estate and consumer stocks.
The biggest loser on the HSI was JD Health International, which fell 6.84%. The company is China's largest online healthcare platform and a subsidiary of Chinese tech giant JD.com.
Other names on the list of biggest losers include Tingyi (Cayman Islands) Holdings, an investment company that primarily manufactures and sells instant noodles and beverages through its subsidiaries, as well as consumer electronics company Lenovo Group.
3 hours ago
Standard Chartered says consumers in China are likely to save more than spend in the first half of 2024.
China is struggling with weak domestic demand, and the country has pledged to boost consumption at home.
“Domestic consumer confidence is weak due to a weak labor market and weak incomes,” Eric Robertson, head of global research at Standard Chartered, told CNBC's Street Signs Asia.
Given weak income levels, Robertson said that even with interest rates in China falling below 3% and market liquidity increasing, “the Chinese consumer will tend to save more than spend, which will be monitored in the first half of the year.” “.
He said more fiscal and monetary stimulus is expected.
The CSI 300 index in mainland China fell 11.4% last year, marking its third straight year of decline. The index fell 0.4% in afternoon trading on Tuesday.
– Shreyashi Sanyal
6 hours ago
Commodity miners weighed on Australian markets with the ASX200 index hitting a four-week low
Australia's S&P/ASX 200 index hit a four-week low on Tuesday, weighed down by commodity stocks as underlying prices fell. The index also led losses in the region, falling 1.2%, recording its lowest levels since December. 14.
Iron ore prices fell after China's central bank kept its medium-term lending rate at 2.5% on Monday. China is the largest consumer of iron ore in the world.
The benchmark February iron ore contract was trading on the Singapore Exchange at $127.9 per tonne, its lowest level since December. 5.
Fortescue leads losses among ASX heavyweight miners, losing 2.31%. Shares of Rio Tinto and BHP Group fell by 1.83% and 1.46%, respectively.
– Lim Hui Ji
8 hours ago
Producer prices in Japan rose 0.3% in December
Japan Corporate Goods Price Index It rose 0.3% on a monthly basis in December, exceeding the expectations of economists polled by Reuters.
The Reuters poll estimated that the consumer price index for December would remain unchanged from November.
The consumer price index remained stable in December compared to the same period a year earlier, compared to Reuters' expectations for a decline of 0.3%.
– Lim Hui Ji
8 hours ago
CNBC Pro: Morgan Stanley picks global 'alpha' opportunities for January – giving it a 50% upside
Asian markets may have had a difficult 2023, but those looking for pockets of opportunity in the region can look forward to Morgan Stanley's 'Alpha' stock pick.
Alpha stocks are those that have the potential to beat the market.
The stocks — which are from the Asia-Pacific region excluding Japan — have a market capitalization of more than $5 billion and were ranked based on factors such as quality, value and sentiment, Morgan Stanley analysts wrote.
CNBC Pro subscribers can read Morgan Stanley's top 10 standout ideas here.
– Amala Balakrishner
8 hours ago
CNBC Pro: Bank of America upgrades global wind energy stock after rough 2023 — and gives it a 20% upside
Bank of America upgraded the wind energy stock from “neutral” to “buy” citing an improving risk-reward picture.
The upgrade and price target boost comes after the stock has already posted a more than 50% recovery from last year's lows.
The Wall Street bank is also bullish on the stock after a series of negative headlines related to project delays and cost overruns weighed on sentiment for the wind energy sector in 2023.
CNBC Pro subscribers can read more here.
-Ganesh Rao
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