Apple Supplier Lens Tech Said to Price $607 Million Hong Kong Listing at Top of Range
The Shenzhen-listed company has sold 262.3 million shares at HK$18.18 each, the people said, asking not to be identified because the information isn't public. Lens Technology had offered the shares at HK$17.38 to HK$18.18 apiece.
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Yahoo
20 minutes ago
- Yahoo
Stocks mostly rise on trade deal optimism
Asian markets mostly rose Thursday on optimism that governments will hammer out deals to avoid the worst of US President Donald Trump's tariffs even after he broadened his range of measures. Negotiators from around the world have tried to reach agreements with Washington since Trump in April unveiled his "Liberation Day" tariff bombshell, with a July 9 deadline recently pushed back to August 1. Letters have been sent in recent days to more than 20 trading partners -- including Japan and South Korea -- setting out new tolls, with some higher and some lower than the initial levels. The US president also said this week he would put a 50 percent tariff on copper imports, while considering a 200 percent charge for pharmaceuticals. However, analysts said the threats are largely being seen as negotiating tools, and investors have increasingly taken them in their stride, with the S&P 500 and Nasdaq hitting all-time highs in New York. And David Chao, global market strategist for Asia Pacific at Invesco, painted a positive picture even in light of the threatened levies. "Should the US ultimately impose higher tariffs on Asian countries, the region appears better positioned to withstand the resulting headwinds," he wrote. "A softer dollar should give Asian central banks greater flexibility to ease policy to support their domestic economies without heightened concerns over currency depreciation." Asian stocks mostly advanced after a healthy lead from Wall Street, where the Nasdaq hit another peak thanks to a surge in Nvidia that pushed the firm to a $4 trillion valuation at one point. Hong Kong, Shanghai, Sydney, Singapore, Seoul, Taipei, Manila and Jakarta all rose, though Tokyo edged down with Wellington. The broadly upbeat mood helped push bitcoin above $112,000 for the first time. There was also little reaction to news that Trump had hit Brazil with a 50 percent tariff as he blasted the trial of the country's ex-president Jair Bolsonaro. In a letter addressed to Brazilian President Luiz Inacio Lula da Silva, he called the treatment of his right-wing ally an "international disgrace". Bolsonaro is on trial over accusations he plotted a coup after his 2022 election loss to Lula. Lula said he will impose reciprocal levies on the United States. Brazil had not been among those threatened with these higher duties previously, with the United States running a goods trade surplus instead with the South American giant. Traders were given few guides on the Federal Reserve's interest rate plans after minutes from its June policy meeting showed officials divided on the best way forward. Boss Jerome Powell's patient approach to lowering borrowing costs has drawn the ire of Trump, who on Wednesday said they were "at least" three points too high. While the board sees the president's tariffs as inflationary, the minutes said there remained "considerable uncertainty" on the timing, size and duration of the effects. Companies might choose not to raise consumer prices until they depleted their product stockpiles, for example, but supply chain disruptions caused by the levies could trigger larger price hikes. "While a few participants noted that tariffs would lead to a one-time increase in prices and would not affect longer-term inflation expectations, most participants noted the risk that tariffs could have more persistent effects on inflation," the report said. - Key figures at around 0230 GMT - Tokyo - Nikkei 225: DOWN 0.5 percent at 39,610.61 (break) Hong Kong - Hang Seng Index: UP 0.2 percent at 23,938.07 Shanghai - Composite: UP 0.3 percent at 3,503.13 Euro/dollar: UP at $1.1741 from $1.1719 on Wednesday Pound/dollar: UP at $1.3608 from $1.3590 Dollar/yen: DOWN at 145.95 yen from 146.30 yen Euro/pound: UP at 86.28 pence from 86.21 pence West Texas Intermediate: DOWN 0.2 percent at $68.28 per barrel Brent North Sea Crude: DOWN 0.1 percent at $70.15 per barrel New York - Dow: UP 0.5 percent at 44,458.30 (close) London - FTSE 100: UP 0.2 percent at 8,867.02 (close) dan/rsc Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
20 minutes ago
- Bloomberg
Malaysian Bond Outflows May Prove Short-Lived After Rate Cut
Malaysia's sovereign bond market looks poised to bounce back from recent selling pressure, after a rate cut this week that may fuel bets on further easing. Bank Negara Malaysia lowered borrowing costs for the first time in five years on Wednesday, calling it a 'preemptive measure' in the face of growing risks for the Southeast Asian nation's economy. The move came after foreign investors sold a net $676 million last month, following three months of inflows, data from BNM show.
Bloomberg
23 minutes ago
- Bloomberg
Japan's 20-Year Bond Sale Demand Lower Than 12-Month Average
Demand at Japan's 20-year government bond auction was lower than the average over the past 12 months, as an upcoming election highlights the likelihood that the nation's sovereign debt will keep rising. The average bid-to-cover ratio was 3.15, compared to the 12-month average of 3.29. The ratio was 3.11 for the last auction. In another sign of lackluster investor demand, the tail, or gap between average and lowest-accepted prices, was 0.18, compared with 0.28 at the previous sale.
