Top mainland billionaires see fortunes surge on strength of AI
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South China Morning Post
22 minutes ago
- South China Morning Post
Hong Kong stocks approach 2-week high as mild US inflation raises rate-cut bets
Hong Kong stocks rallied on Wednesday, setting the benchmark gauge on course for a two-week high, as tamer US inflation data fuelled rate-cut expectations and corporate earnings prospects brightened. The Hang Seng Index rose 1.1 per cent to 25,250.08 as of 10.09am local time, heading for the highest close since July 29. The Hang Seng Tech Index also gained 1.1 per cent. On the mainland, the CSI 300 Index climbed 0.2 per cent and the Shanghai Composite Index added 0.1 per cent. Chinese pork processor WH Group surged 6.2 per cent to HK$8.36 after first-half operating profit increased 10.4 per cent from a year earlier. Tencent Holdings gained 2.5 per cent to HK$573.50, with the social media giant set to report a 7 per cent year-on-year increase in second-quarter net income later today. Alibaba Group Holding advanced 3 per cent to HK$120.10 and Meituan added 1.4 per cent to HK$121.10. The S&P 500 and the Nasdaq 100 both hit record highs overnight after US inflation data came in line with expectations, fuelling hopes that the Federal Reserve would cut interest rates next month amid signs of a cooling jobs market. The probability of a 25-basis-point rate cut next month rose to 94.3 per cent from 85.9 per cent before the data release, according to CME Group. Other major Asia-Pacific markets were mostly higher. Japan's Nikkei 225 climbed 1.3 per cent and South Korea's Kospi rose 0.4 per cent, while Australia's S&P/ASX 200 lost 0.7 per cent.
South China Morning Post
22 minutes ago
- South China Morning Post
Hong Kong exporters ‘relieved' over extended US-China truce, but worries linger
Hong Kong exporters have expressed relief after a 90-day extension to a trade tariff truce between China and the US, with worries easing over potentially affected shipments bound for the world's largest consumer market ahead of the major Thanksgiving and Christmas holiday seasons. But while the move provides a reprieve from the trade dispute escalating, it has not alleviated lingering uncertainties that have dampened business confidence, according to the city's trade representatives and observers. Some companies have expanded operations to Africa and South America to reshape global supply networks. Kennedy Wong Ying-ho, a lawmaker and honorary president of the Hong Kong Chinese Importers' and Exporters' Association, said the truce gave manufacturers and exporters enough time to prepare for the Thanksgiving and Christmas rush. 'I believe exporters and manufacturers will breathe a sigh of relief,' Wong said. 'The year-end peak for exports will basically remain unaffected because [more expensive] flights will need to be taken if goods cannot be shipped before October.' He added that despite the reprieve, he expected exports to decline slightly in August, following surges in May and June when companies rushed shipments before the previous 90-day truce ended in July. He said he believed a rebound was likely to occur in September, which was a critical month for shipments by sea to North America.
South China Morning Post
22 minutes ago
- South China Morning Post
AI start-up Perplexity makes bold bid for Google's Chrome browser
Perplexity AI said it had made a US$34.5 billion unsolicited all-cash offer for Alphabet's Chrome browser, a low but bold bid that would need financing well above the start-up's own valuation. Advertisement Run by Aravind Srinivas, Perplexity is no stranger to headline-grabbing offers – it made a similar one for TikTok US in January, offering to merge with the popular short-video app to resolve US concerns about TikTok's Chinese ownership. Buying Chrome would allow the start-up to tap the browser's more than 3 billion users for an edge in the AI search race as regulatory pressure threatens Google's grip on the industry. Google did not immediately respond to a request for comment. The company has not offered Chrome for sale and plans to appeal a US court ruling last year that found it held an unlawful monopoly in online search. The Justice Department has sought a Chrome divestiture as part of the case's remedies. Aravind Srinivas, CEO of Perplexity. Photo: AFP Perplexity did not disclose on Tuesday how it planned to fund the offer. The three-year-old company has raised around US$1 billion in funding so far from investors including Nvidia and Japan's SoftBank Group. It was last valued at US$14 billion.
