Stock futures, Wall Street looks to extend the market's bull run

2 hours ago

Real estate stocks drag the Hang Seng Index as the biggest loser among Asian indices

Hong Kong's Hang Seng Index fell more than 2%, led by property stocks after the People's Bank of China kept key interest rates on one- and five-year loans at 3.45% and 4.2%, respectively.

The biggest loser in the HSI index was real estate developer China Resources Land, which fell by 9.54%.

Other stocks on the list of top losers also included residential real estate services investment firm Longfor Group, which lost 5.99%, as well as Haidilao chain, which fell 6.27%.

5 hours ago

China's LPR decision has been awaited, and markets do not expect any change

Investors will look forward to an update from the Chinese central bank on key interest rates on one- and five-year loans at around 09:15 am Singapore time.

The one- and five-year LPR currently stand at 3.45% and 4.2% respectively, and markets expect the People's Bank of China to make no changes to interest rates.

The People's Bank of China (PBOC) surprised market participants and kept the interest rate on 995 billion yuan ($138.84 billion) one-year medium-term lending facility (MLF) loans unchanged at 2.50% last week.

“The market expects the one-year and five-year loan coverage ratios to remain unchanged at 3.45% and 4.2%, respectively,” Commerzbank analysts wrote in a note to clients, while also noting that China’s foreign direct investment recorded its largest annual decline in 2023. Since 2009.

Commerzbank said foreign direct investment in China fell by 8% last year, in Chinese yuan terms, and attributed the decline to several factors including the country's economic slowdown, rising global interest rates, increased regulatory and geopolitical risks, and the West's tough stance toward China's technology sector. .

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– Shreyashi Sanyal

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