An hour ago
Hong Kong leads losses in Asia as real estate and consumer values fall
Hong Kong's Hang Seng index led losses among major Asian benchmarks on Tuesday, falling 2.36%, dragged down by real estate and consumer staples stocks.
The biggest loser on HSI was JD Health International, which fell 6.84%. The company is the largest online healthcare platform in China and a subsidiary of Chinese technology giant JD.com.
Other names on the list of top losers included Tingyi (Cayman Islands) Holding Corp, an investment company that primarily makes and sells instant noodles and beverages through its subsidiaries, and consumer electronics company Lenovo Group.
3 hours ago
According to StanChart, Chinese consumers are more likely to save than spend in the first half of 2024
China is struggling with weak domestic demand and the country has vowed to boost domestic consumption.
“Domestic consumer confidence is weak due to weaker labor markets and incomes,” Eric Robertsen, global head of research at Standard Chartered Bank, told CNBC’s Street Signs Asia.
Due to weaker income levels, Robertsen argued that even with China's interest rates below 3% and more liquidity in the market, “the Chinese consumer will be more inclined to save rather than spend, which will be seen in the first half of the year.”
He said further fiscal and monetary stimulus was expected.
The CSI 300 index in mainland China lost 11.4% last year, putting it in the red for the third consecutive day. The index lost 0.4% in afternoon trading on Tuesday.
—Shreyashi Sanyal
6 hours ago
Commodity miners are weighing on Australian markets as the ASX200 hits a four-week low
Australia's S&P/ASX 200 hit a four-week low on Tuesday, dragged down by commodity stocks as underlying prices fell. The index also led losses in the region, falling 1.2% to reach its lowest level since December 14.
Iron ore prices fell after China's central bank kept the interest rate on medium-term credit facilities at 2.5% on Monday. China is the world's largest consumer of iron ore.
The benchmark February iron ore contract on the Singapore Stock Exchange traded at $127.9 a tonne, the lowest since December 5.
Fortescue led losses among heavyweight miners on the ASX, down 2.31%. Rivals Rio Tinto and BHP Group fell 1.83% and 1.46%, respectively.
—Lim Hui Jie
8 hours ago
Producer prices in Japan rose 0.3% in December
Japan's corporate goods price index rose 0.3% in December from the previous month, beating expectations of economists polled by Portal.
The Portal poll estimated that the CGPI will remain unchanged in December from November.
The CGPI was flat in December compared to the same period last year, while Portal expected a decline of 0.3%.
—Lim Hui Jie
8 hours ago
CNBC Pro: Morgan Stanley Picks Global 'Alpha' Opportunities for January – Up 50%
Asian markets may have endured a difficult 2023, but those looking for opportunities in the region can check out Morgan Stanley's selection of 'alpha' stocks.
Alpha stocks are stocks with the ability to beat the market.
The stocks – which are from the Asia-Pacific region excluding Japan – have a market capitalization of over $5 billion and were rated on factors such as quality, value and sentiment, Morgan Stanley analysts wrote.
CNBC Pro subscribers can read about Morgan Stanley's top 10 notable ideas here.
—Amala Balakrishner
8 hours ago
CNBC Pro: Bank of America upgrades global wind energy stock after brutal 2023 – giving it a 20% gain
Bank of America upgraded a wind energy stock to “buy” from “neutral,” citing an improving risk-reward profile.
The upgrade and price target increase come after the stock has already recovered more than 50% from its lows last year.
The Wall Street bank is also bullish on the stock after a series of negative headlines about project delays and cost overruns dampened sentiment for the wind energy sector in 2023.
CNBC Pro subscribers can read more here.
– Ganesh Rao