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RTHK
19 hours ago
- Business
- RTHK
HK stocks end day up in relief at US tariffs ruling
HK stocks end day up in relief at US tariffs ruling The Hang Seng Index closed trading for the day up 315.07 points, or 1.35 percent, at 23,573.38 on news of the US court's move to block the Trump tariffs. File photo: RTHK Mainland Chinese and Hong Kong stocks ended for the day on the front foot on Thursday as sentiment improved after a US trade court blocked President Donald Trump's sweeping tariffs, which had weighed on global trade and roiled financial markets. Key Chinese stock indexes snapped a five-day losing streak, while the US dollar rallied and gold sank, as risk appetite sharply improved following the court decision. In Hong Kong, the benchmark Hang Seng Index was up 315.07 points, or 1.35 percent, at 23,573.38, while the Hang Seng China Enterprises index rose 1.37 percent to 8,559.71 and the Hang Seng Tech index jumped 2.46 percent at 5,301.92. The gains across a broad swathe of markets came after a US trade court blocked Trump's tariffs from going into effect in a sweeping ruling that found he overstepped his authority by imposing across-the-board duties on imports from US trading partners. The benchmark Shanghai Composite index closed up 0.7 percent at 3,363.45, while the blue-chip CHI 300 was up 0.59 percent at 3,858.70. Both indexes booked their first daily gain since May 21. The smaller Shenzhen index ended up 1.4 percent and the start-up board Chi Next Composite index was higher by 1.368 percent. However, gains in Chinese shares were capped as uncertainty around bilateral relations between Washington and Beijing lingered, traders and analysts said. "The ruling gives an interim boost to risk sentiment which saw US equity futures, bond yields and the dollar higher," said Frances Cheng, head of FX and rates strategy at OCBC Bank. "Development on tariff and trade relations remains fluid. Investors may be reluctant to load heavy positions on either side of the trade." "We don't believe that the latest ruling reduces any uncertainty related to tariff developments," said David Chaos, global market strategist for Asia Pacific at Investcorp. "It's possible that we could see Trump escalate trade tensions further in response to the court's ruling against him." The US has ordered companies that offer software used to design semiconductors to stop selling to China without first getting an export license, sources said. However, Beijing-based Empyrean Technology, considered to be China's primary alternative to US giants like Cadence, Synopses, and Siemens in the electronic design automation market, jumped 14.7 percent. A sub-index tracking Chinese semiconductor and equipment companies ended 2.1 percent higher. In Tokyo, Japan's Nikkei ended trade at the highest point in more than two weeks on news of the US ruling, while a weaker yen and a rally in chip-related stocks also supported the benchmark index. The Nikkei climbed 1.88 percent to 38,432.98, its highest close since May 13. The broader Topix rose 1.53 percent to 2,812.02. (Reuters/Xinhua)
Hindustan Times
a day ago
- Business
- Hindustan Times
China stocks look to snap five-day losing streak as US court blocks Trump tariffs
SHANGHAI, - Mainland China and Hong Kong stocks advanced on Thursday as sentiment improved after a U.S. trade court blocked President Donald Trump's so-called reciprocal tariffs that had weighed on global trade and roiled financial markets. Key Chinese stock indexes rebounded and looked set to snap their five-day losing streak, while the U.S. dollar rallied and gold sank in overseas market, as risk appetite sharply changed following the court decision. ** A U.S. trade court blocked President Donald Trump's tariffs from going into effect in a sweeping ruling on Wednesday that found the president overstepped his authority by imposing across-the-board duties on imports from U.S. trading partners. ** At the midday break, the Shanghai Composite index was up 0.72% at 3,363.97 points, while the blue-chip CSI300 index was up 0.68% 3,862.44 points. If both indexes retain all the gains at the close, they will post their first daily gain since May 21. ** The smaller Shenzhen index was up 1.23%, the start-up board ChiNext Composite index was higher by 1.16% and Shanghai's tech-focused STAR50 index was up 1.25%. ** In Hong Kong, the benchmark Hang Seng Index was up 0.65% at 23,408.36 points, while the Chinese H-share index listed in the financial hub, the Hang Seng China Enterprises Index rose 0.68% to 8,501.15 points. ** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.41% while Japan's Nikkei index was up 1.58%. ** However, gains in Chinese shares were capped as uncertainty around bilateral relations between Washington and Beijing still lingered, traders and analysts said. ** "The ruling gives an interim boost to risk sentiment which saw equity futures, bond yields and the dollar higher," said Frances Cheung, head of FX and rates strategy at OCBC Bank. "Development on tariff and trade relation remains fluid. Investors may be reluctant to load heavy positions on either side of the trade." ** The U.S. has ordered companies that offer software used to design semiconductors to stop selling to China without first getting an export license, sources told Reuters. ** However, Beijing-based Empyrean Technology Co , which is considered to be China's primary alternative to the U.S. giants like Cadence, Synopsys, and Siemens in the electronic design automation market, jumped 11.9% in morning deals. ** U.S. Secretary of State Marco Rubio announced on Wednesday the United States will start "aggressively" revoking visas of Chinese students, including those with connections to the Chinese Communist Party or studying in critical fields.
Straits Times
3 days ago
- Business
- Straits Times
Elaine Heng to succeed Linus Goh as OCBC's head of global commercial banking
Ms Elaine Heng, OCBC's group chief strategy and transformation officer, will succeed head of global commercial banking Linus Goh who retires on Sept 30. PHOTO: OCBC Elaine Heng to succeed Linus Goh as OCBC's head of global commercial banking SINGAPORE – OCBC Bank announced on May 27 key leadership changes to its global wholesale banking franchise, to take effect on Oct 1. Ms Elaine Heng, now OCBC's group chief strategy and transformation officer, will succeed Mr Linus Goh, the current head of global commercial banking who retires on Sept 30. Mr Tan Yuen Siang, currently OCBC's head of global financial institutions, will join the global wholesale banking leadership team. Both Ms Heng and Mr Tan Yuen Siang will report to Mr Tan Teck Long, the head of global wholesale banking. Mr Tan Yuen Siang will retain his title, but report directly to Mr Tan Teck Long under global wholesale banking. Currently, he reports to Mr Goh, who oversees global financial institutions as well. Ms Heng joined OCBC in April 2024, and became group chief strategy and transformation officer in November of that year. Before OCBC, she was chief executive officer of retail business and deputy group chief executive officer at FairPrice Group; prior to that, she spent almost two decades in banking. Mr Tan Yuen Siang joined OCBC in 2005 and has, since 2021, led its global financial institutions business, expanding partnerships with non-bank financial institutions. Mr Linus Goh joined OCBC in April 2004 as head of international and was instrumental in the bank's growth within Asean and Greater China. In 2008, he took on leadership responsibilities for the commercial banking and global financial institutions divisions. The bank said he played a 'critical role' in growing its global financial institutions business, clocking a strong operating profit growth of nearly 40 per cent over the past three years, driven by the growth of the global funds and Greater China financial institutions sectors. Ms Helen Wong, the bank's group CEO, said Mr Goh 'built and nurtured a high-performing commercial banking team and has made strong contributions to the broader Singapore banking industry, championing SME (small and medium-sized enterprise) development, digital innovation and sustainable finance'. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
The Star
3 days ago
- Business
- The Star
China's yuan slips as PBOC appears to reinforce currency stability via guidance fix
SHANGHAI: China's yuan slipped against the dollar on Tuesday, as the central bank set a slightly weaker-than-expected midpoint fixing for the second day in a row, a signal that investors interpreted as an official intention to reinforce currency stability. Most emerging market currencies strengthened to reflect the broad dollar weakness, as investors anxiously awaited fresh developments in U.S. President Donald Trump's trade policy and ongoing concerns over the U.S. fiscal outlook. However, the yuan underperformed its peers as the central bank pivoted from preventing excess losses in the Chinese currency over the past six months to slowing yuan rallies, currency traders and analysts said. "We believe policymakers are likely to still adopt a measured approach to appreciation like how they took on a measured approach when USD/RMB was trading higher previously," said Christopher Wong, FX strategist at OCBC Bank. The yuan has strengthened about 1.1% to the dollar so far this month, below gains seen in other Asian currencies, such as the Korean won or Taiwan dollar. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint rate, around which the yuan is allowed to trade in a 2% band, at 7.1876 per dollar, and 34 pips weaker than a Reuters' estimate of 7.1842. "In the near term, the PBOC may turn more cautious against yuan appreciation bias if the dollar sell-off persists," said Ken Cheung, chief Asian FX strategist at Mizuho Bank. "In this sense, the PBOC may use the yuan fixing to smooth out yuan appreciation bias amid the dollar decline, driving the yuan basket index lower to support export sector." The CFETS yuan basket index, a gauge that measures the yuan's strength against its major trading partners, eased to 95.8 on Tuesday and has lost about 5.6% so far this year. The spot yuan, however, has gained 1.6% versus the dollar. As opposed to a persistently strengthening bias in the official guidance fix since November, the weaker-than-expected fixing discouraged market participants from testing new highs in the yuan, said a trader at a Chinese bank. As of 0349 GMT, the onshore yuan was 0.05% lower at 7.1903 per dollar, while its offshore counterpart was down about 0.09% in Asian trade to 7.1840. Seasonal demand also weighed on the yuan, as many overseas-listed Chinese companies usually have higher foreign exchange needs to make dividend payments to their overseas shareholders between May and August. Separately, the market largely shrugged off April industrial profit data, which picked up pace, giving policymakers cause for optimism that recent stimulus efforts are helping to keep the economy afloat despite trade tensions with the United States. Investors will look to May manufacturing activity data due on Saturday for more clues on the health of the economy. - Reuters
Business Recorder
3 days ago
- Business
- Business Recorder
China's yuan slips as PBOC appears to reinforce currency stability via guidance fix
SHANGHAI: China's yuan slipped against the dollar on Tuesday, as the central bank set a slightly weaker-than-expected midpoint fixing for the second day in a row, a signal that investors interpreted as an official intention to reinforce currency stability. Most emerging market currencies strengthened to reflect the broad dollar weakness, as investors anxiously awaited fresh developments in US President Donald Trump's trade policy and ongoing concerns over the US fiscal outlook. However, the yuan underperformed its peers as the central bank pivoted from preventing excess losses in the Chinese currency over the past six months to slowing yuan rallies, currency traders and analysts said. 'We believe policymakers are likely to still adopt a measured approach to appreciation like how they took on a measured approach when USD/RMB was trading higher previously,' said Christopher Wong, FX strategist at OCBC Bank. The yuan has strengthened about 1.1% to the dollar so far this month, below gains seen in other Asian currencies, such as the Korean won or Taiwan dollar. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint rate, around which the yuan is allowed to trade in a 2% band, at 7.1876 per dollar, and 34 pips weaker than a Reuters' estimate of 7.1842. 'In the near term, the PBOC may turn more cautious against yuan appreciation bias if the dollar sell-off persists,' said Ken Cheung, chief Asian FX strategist at Mizuho Bank. Yuan falls to 2007 lows as US tariffs on China kick in 'In this sense, the PBOC may use the yuan fixing to smooth out yuan appreciation bias amid the dollar decline, driving the yuan basket index lower to support export sector.' The CFETS yuan basket index, a gauge that measures the yuan's strength against its major trading partners, eased to 95.8 on Tuesday and has lost about 5.6% so far this year. The spot yuan, however, has gained 1.6% versus the dollar. As opposed to a persistently strengthening bias in the official guidance fix since November, the weaker-than-expected fixing discouraged market participants from testing new highs in the yuan, said a trader at a Chinese bank. As of 0349 GMT, the onshore yuan was 0.05% lower at 7.1903 per dollar, while its offshore counterpart was down about 0.09% in Asian trade to 7.1840. Seasonal demand also weighed on the yuan, as many overseas-listed Chinese companies usually have higher foreign exchange needs to make dividend payments to their overseas shareholders between May and August. Separately, the market largely shrugged off April industrial profit data, which picked up pace, giving policymakers cause for optimism that recent stimulus efforts are helping to keep the economy afloat despite trade tensions with the United States. Investors will look to May manufacturing activity data due on Saturday for more clues on the health of the economy.
