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Global markets are reacting to a surge in U.S. Treasury yields, with Japan's Nikkei dropping 1.5% and Asian stocks mixed. HCL Technologies shares fell over 8% after disappointing Q3 results, while Bharat Electronics secured a Rs 561 crore order. The Nifty Next 50 index has entered bear territory, down over 20% from its peak.
Stocks in the Asia Pacific region opened the week cautiously amid uncertainties regarding future Federal Reserve rate cuts, with South Korea's Kospi down 0.71%. The US markets closed lower on Friday, with the Dow dropping 696 points, while Indian equities also fell for the second consecutive day, influenced by financials and pharma stocks. The Indian rupee weakened to an all-time low against the US dollar, nearing the 86 mark.
UBS has downgraded Smoore International Holdings from Neutral to Sell, raising the price target to HK$10.72 due to concerns over stock overvaluation and a conservative earnings outlook linked to British American Tobacco's new heat-not-burn products. Despite a 35% surge in Smoore's stock following BAT's product announcement, UBS projects earnings to be 119% lower than consensus estimates, citing potential catalysts such as disappointing 2024 results and a slower rollout of BAT's product as key factors influencing their revised rating.
UBS has downgraded Smoore International Holdings from Neutral to Sell, raising the price target to HK$10.72 due to concerns over stock overvaluation and a conservative earnings outlook related to British American Tobacco's new heat-not-burn products. Despite a 35% surge in Smoore's stock following BAT's product announcement, UBS projects earnings to be 119% lower than consensus estimates, citing potential catalysts such as disappointing 2024 results and a slower rollout of BAT's product as factors influencing the revised rating.
Asian stocks mostly declined amid renewed concerns over potential trade friction with President-elect Donald Trump. Japan's Nikkei fell 0.9% following strong wage growth data, while the Shanghai Composite dropped 0.6% as inflation signals pointed to weak demand. In the U.S., markets were steady, with the S&P 500 recovering slightly after previous losses, as investors awaited key economic reports.
World shares showed mixed results as U.S. economic data eased concerns on Wall Street, with futures slightly lower ahead of a National Day of Mourning for former President Jimmy Carter. European markets were varied, while Asian indices mostly declined amid trade friction fears and Japan's strong wage growth. In the U.S., bond yields fluctuated, and crude oil prices dipped slightly, with investors eyeing upcoming jobs reports for economic insights.
Asian stocks mostly declined as concerns over potential trade friction under President-elect Donald Trump resurfaced. The Nikkei 225 fell 0.9% following strong wage growth data, while other indices in Hong Kong, Shanghai, and India also reported losses. Meanwhile, U.S. markets remained steady amid mixed economic reports, with oil prices slightly rising.
Banque Internationale à Luxembourg (BIL) is closing its Hong Kong office as part of a strategic shift to enhance its wealth management operations in Europe. The bank will continue to serve Chinese clients from its centers in Luxembourg and Switzerland, while maintaining its representative office in Beijing. This decision follows challenges in achieving profitability in Hong Kong amid a tough economic climate.
UBS has upgraded Weichai Power's stock rating from Neutral to Buy, raising the price target from HK$12.30 to HK$15.10. This decision follows the company's strategic shift into the electric vehicle sector through a joint venture with BYD, alongside expectations of a rebound in LNG truck demand in early 2025. Analysts have also increased EPS estimates for 2025-26 by 12-15%, highlighting the overlooked potential in Weichai Power's market position.
HashKey Europe has secured a virtual asset service provider (VASP) license from the Central Bank of Ireland, enabling it to offer various crypto services, including fiat-crypto exchanges and custodial wallet services. This approval aligns with the EU's MiCA regulations, which mandate crypto service providers to register for compliance with Anti-Money Laundering measures. Ireland is seen as a key market for HashKey's international expansion, complementing its existing licenses in Bermuda and several Asian countries.
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global markets decline amid rate cut uncertainties and mixed economic signals
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