Markets drop in early trade dragged by ITC
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index and Shanghai's SSE Composite index were trading in the positive territory while Hong Kong's Hang Seng quoted lower.
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JPMorgan sees Asian Tech stocks gaining another 15-20% this year
Asian technology stocks may rally another 15 per cent-20 per cent this year, driven mainly by the strong momentum in the artificial intelligence space, according to JPMorgan Chase & Co. 'AI will continue to lead this upcycle on the growth in datacenter capex in 2025 and more confidence in 2026 growth,' analysts including Gokul Hariharan wrote in a report. 'We are not advising any meaningful rotation away from AI stocks in the next three months and would prefer' to stick with the winners. AI stocks are rapidly emerging as pivotal drivers of the region's equity markets, underpinned by a robust domestic appetite for automation and generative technology. A Bloomberg regional semiconductor index has risen over 12per cent this year to outperform an Asian equity gauge, and resilient demand for AI memory chips from big tech providers may drive further gains. JPMorgan's top stock picks include the region's largest chipmakers, including Taiwan Semiconductor Manufacturing Co., SK Hynix Inc., Advantest Corp and Delta Electronics Inc. Those shares should continue their upward momentum in the next 12 months, as demand is not an issue and earnings will continue to be revised up, they wrote. The bank is more cautious on non-AI stocks, such as makers of personal computers, smartphones and consumer devices. Earnings downward revisions may continue as the impact of China consumption subsidies fades, the report added.
NDTV
an hour ago
- NDTV
UK Government Says Chinese Spying On The Rise, Pledges $818 Million To Intelligence
Chinese spying and attempts by Beijing to undermine Britain's democracy and economy have risen in recent years, the UK government said Tuesday in a report on the Asian giant. Foreign minister David Lammy told parliament the Labour administration would invest £600 million ($818 million) in its intelligence services as a result of the findings. Prime Minister Keir Starmer commissioned an "audit" of Britain's relations with Beijing after he swept to power in landslide general election win last July. The report, published on Tuesday, recommended high-level engagement with China for a "trade and investment relationship" but also building "resilience" against threats posed by Beijing. "We understand that China is a sophisticated and persistent threat," but "not engaging with China is therefore no choice at all", Lammy told MPs. "Like our closest allies, we will co-operate where we can and we will challenge where we must," he said, vowing that meant "never compromising on our national security". Starmer has vowed to pursue a "consistent" relationship after the previous Conservative government first trumpeted a "golden era" of close diplomatic ties before relations became increasingly strained. The British PM hopes Chinese investment can help him achieve his main mission of firing up Britain's economy. But differences over Russia's war in Ukraine, Beijing's treatment of Uyghurs and Hong Kong -- including the imprisonment of media mogul Jimmy Lai -- pose hurdles to repairing relations. In a joint letter coordinated by Reporters Without Borders, 33 organisations around the globe wrote to Starmer on Tuesday asking him to meet Lai's son Sebastian. "As a British citizen facing an unthinkable ordeal, Sebastien Lai deserves to hear first-hand from the Prime Minister what the UK is doing to secure his father's release," said the letter, which was signed by groups including Amnesty International UK and Human Rights Foundation. Espionage allegations have also blighted the relationship in recent years, including claims that a Chinese businessman used his links with Britain's Prince Andrew to spy for the Communist Party. The report noted that "instances of China's espionage, interference in our democracy and the undermining of our economic security have increased in recent years". "Our national security response will therefore continue to be threat-driven, bolstering our defences and responding with strong counter-measures," the government said. Starmer's administration is due to rule on whether to approve Beijing's controversial plans to open the biggest embassy in Britain at a new London location. Residents, rights groups and China hawks oppose the development, fearing it could be used for the surveillance and harassment of dissidents.
The Print
4 hours ago
- The Print
Rupee sees highest single-day spike in a month as Iran-Israel ceasefire sparks relief rally
Oil prices dropped after the ceasefire was announced by U.S. President Donald Trump overnight, bringing relief to currencies of oil-importing countries like India. The rupee closed at 85.9750 against the U.S. dollar, up 0.9% on the day, its biggest single-day rise since May 23. Mumbai: The Indian rupee had its best day in a month on Tuesday as oil prices slumped, the dollar weakened and Asian currencies rallied after a ceasefire between Israel and Iran went into effect, reviving risk sentiment. Brent crude futures were at $69 per barrel, down more than 15% from a five-month high hit a day earlier. Broad-based interbank dollar sales and cutting of bearish bets on the rupee boosted the local currency, traders said. India's benchmark equity indexes, the BSE Sensex and Nifty 50, ended higher, but pared gains after Israel said that Iran had violated the ceasefire. Iran denied reports of violations but the developments raised doubts over whether the ceasefire, which came after 12 days of war, would last. 'Markets are materially scaling back geopolitical risk,' ING said in a Tuesday note. The dollar is under pressure as oil prices fall and the downside risks are elevated ahead of remarks from Federal Reserve Chair Jerome Powell, it said. Powell is slated to speak in front of U.S. lawmakers on Tuesday and Wednesday. The dollar index was down 0.2% at 98. Fed vice-chair Michelle Bowman said on Monday that the first interest rate cut this year could come as soon as July, helping boost odds of a rate cut to 22.7% from 16.3% last week, as per CME's FedWatch tool. Asian currencies were up between 0.1% and 1.7% on the day and global stocks rallied with U.S. equity futures indicating that stocks would open in the green. (Reporting by Jaspreet Kalra; Editing by Mrigank Dhaniwala) This report is auto-generated from Reuters news service. ThePrint holds no responsibility for its content.
