Weibo listing in Hong Kong, oil and currencies
SINGAPORE — Chinese stocks lagged other Asia-Pacific markets on Wednesday, and troubled Chinese real estate developers are back in the spotlight. Chinese social media giant WeiboIts market debut was in Hong Kong.
Hong Kong’s Hang Seng index remained at the level of its flatline during early trade. WeiboIt made its debut in the market on Wednesday at a secondary listing with an offer price of $272.80 Hong Kong dollars ($34.98) per share. It is listed on the Nasdaq. At 256.20 Hong Kong Dollars ($32.85), shares were 6% higher.
Weibo’s Nasdaq-listed stock plunged more than 10% during the week. These are the Chinese giants of ride-hailing. DidiLast week it will start delisting from the New York Stock ExchangeMake plans to list in Hong Kong.
Trade in Chinese shares of major real estate developers is possible while you wait. KaisaA notice posted on the Hong Kong stock exchange stated that Wednesday will see Kaisa’s suspension. According to Reuters Kaisa also has been involved in debt issues since it appeared unlikely that it will meet the $400 million deadline for its offshore debt on Tuesday. Analysts also said that Kaisa failed to agree with bondholders to exchange notes last week, raising its likelihood of default.
This is the second trading stop. In November, after the developers had stopped trading, this developer decided to suspend it again. missing a payment on a wealth management product earlier this month.
Stocks of mainland China also fell. Although the Shanghai Composite was nearly flat, Shenzhen had a 0.6% increase.
Others markets in Asia-Pacific fared well. Japan’s Nikkei 225Topix gained 0.63%, while the bounce rate was 1.1% Japan revealed that the economy suffered a decline of 3.6% during its third quarter. That is greater than what was initially estimated at 3.0%. revised government data showed on WednesdayAccording to Reuters:
South Korea’s Kospi was 1.6% more than Australia’s. S&P/ASX 200bounced 11%
The MSCI’s largest index of Asia-Pacific shares, which excludes Japan, rose by 0.46%
Wall Street recovers
Stocks stateside continued to rebound from the recent drop, as investors grew less fearful of the potential economic impact from the new omicron coronavirus variant.
Dow Jones Industrial Average climbed 492.40 points or 1.4% to 35.719.43. The S&P 500 added 2.07% to 4,686.75 and sat about 1% away from its all-time high. With a jump of 3%, the Nasdaq composite led this market rally. It climbed to 15,686.92. It was the best day since March 1 for the S&P 500, and the best day since March 9 for the Nasdaq.
As markets became more confident that Omicron won’t halt the global economic recovery, risk sentiment has rebounded. In a Wednesday note, Daniel Hynes from ANZ Research and Brian Martin wrote that China’s pledge to help economic growth helped ease some fears.
According to the note, “Markets expect more monetary policy easing from China now that the People’s Bank of China has said it will lower bank reserve requirements.” China said Monday it would cut the reserve requirement ratioFor the second year in a row, the reserve amount that banks have to keep as cash.
Investors will still be vigilant for omicron Covid developments. U.S. CDC saying TuesdayThis new variant is now available in more than 50 countries, and 19 U.S. states.
Oil and currencies
In Asia, oil prices dropped a bit during the hours. after spiking for most of the week. U.S. crude oil fell 0.43%, to $71.75 per barrel. Brent futures were also down 0.46%, to $75.09.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was little changed at 96.233 — falling back from levels around 96.3 earlier.
The Japanese yenIt traded at 113.41 dollars per dollar as the currency continued to decline. As the dollar continued to decline, it traded at 113.41 dollars. Australian dollarThe price was $0.7117, continuing to climb since the previous week.