LONDON—The dollar rose to its highest in nearly three years versus the yen on Monday as investors remained confident the U.S. Federal Reserve will announce a tapering of its massive bond-buying next month despite softer U.S. payrolls figures. The jobs data released on Friday pushed U.S. bond yields higher, and so the yen, which is…
Dollar Hits Highest Vs Yen in Nearly 3 Years as Markets Retain Fed Taper Bets
October 11, 2021
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Hong Kong Property Agencies Suing Evergrande to Recover Commissions
October 7, 2021
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HONG KONG—Two Hong Kong property agencies are suing heavily indebted China Evergrande Group over unpaid commissions, according to a court filing and media reports, piling pressure on the developer as it scrambles to raise funds and avert a collapse. Centaline filed a suit against Evergrande in September to recover HK$3.1 million ($398,196) in overdue commissions,…
China’s Property Sector Default Woes Deepen Amid Evergrande Disquiet
October 6, 2021
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HONG KONG/LONDON—Growing worries about defaults at Chinese property developers triggered a rout in their shares and bonds on Tuesday with fresh credit rating downgrades and uncertainty about the fate of cash-strapped China Evergrande Group sapping investor sentiment. Once China’s top-selling developer, Evergrande is facing one of the country’s largest-ever debt restructurings as it wrestles with…
Hong Kong’s Largest Pro-Democracy Labor Union Disbands Under ‘Political Uncertainty’
Hong Kong saw its largest pro-democracy trade union broken up on Sunday under a deepened security law, despite the pro-Beijing government denying it was clamping down on civil society. The city has seen about 50 independent groups dissolved this year alone. The Hong Kong Confederation of Trade Unions (HKCTU) said 57 members voted in favor…
Hong Kong Retail Sales Rise for 7th Month, Consumption Voucher to Support Sentiment
HONG KONG—Hong Kong’s retail sales climbed for the seventh straight month in August, helped by a stabilising COVID-19 situation, an improved labour market, and economic recovery and thanks to a boost from a consumption voucher scheme (CVS). Retail sales in August rose 11.9 percent from a year earlier to HK$28.6 billion ($3.67 billion), government data…
World Shares Mostly Higher After US Averts Shutdown
September 30, 2021
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European shares and U.S. futures climbed Thursday after U.S. lawmakers moved to avert a government shutdown. Germany’s DAX edged 0.1 percent higher to 15,378.85 while the CAC 40 in Paris added 0.5 percent to 6,593.48. In London, the FTSE 100 also gained 0.5 percent, to 7,146.51. The future for the Dow industrials was 0.7 percent…
World Shares Mixed After Broad Slide on Wall Street
September 29, 2021
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Shares rose Wednesday in Europe after sharp declines in Asia that tracked a broad slide on Wall Street on jitters over rising prices and surging U.S. government bond yields. A swift rise in Treasury yields is forcing investors to reassess whether prices have run too high for stocks, particularly the most popular ones. On Tuesday,…
Central Bank Digital Currencies Can Slash Cross Border Payment Time: BIS
September 28, 2021
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HONG KONG—Central bank digital currencies (CBDCs) can slash the time needed for cross border payments to seconds from days and cut costs, the Bank of International Settlements (BIS) said, citing a pilot scheme to test the digital forms of fiat currencies. The trial showed cross border transactions could be made in a few seconds, instead…
HSBC Shares Leap in Hong Kong Following Release of Huawei CFO
September 27, 2021
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Hong Kong-listed shares of HSBC saw the biggest gain in nearly four months on Monday, following the release of a Chinese telecom giant’s CFO. Huawei CFO Meng Wanzhou, daughter of the company’s founder, was accused in 2018 of lying to HSBC about Huawei’s control of another company during a 2013 presentation, putting the bank at…
Crypto-Linked Stocks Plunge in Hong Kong, Bitcoin Steadies
September 27, 2021
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HONG KONG/SINGAPORE—Cryptocurrency-linked stocks dropped in Hong Kong on Monday morning, after Chinese authorities intensified their crackdown on the industry, while major cryptocurrencies steadied. Shares of crypto asset manager and trading firm Huobi Tech, an affiliate of Huobi Global, one of the world’s largest exchanges, fell more than 30 percent after the opening bell. Huobi Global…
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