Hong Kong stocks lead losses as China Covid cases rise; Asia markets mixed

JD.com shares fall after company cuts senior management pay

Hong Kong-listed shares of JD.com Shares fell more than 5% in the afternoon after the company confirmed pay cuts for its senior management team.

The Chinese e-commerce giant confirmed that it will cut cash salaries of its senior management team by up to 20%, with effect from January next year.

The company said it would pay social insurance fees for Depon Logistics employees and set up a housing fund.

“The employee benefits reform plan is currently being promoted, with a focus on front-line employees,” the company told CNBC.

-Iris Wang

Investing in US-listed Chinese firms is like ‘playing fantasy football’, says Heyman Capital

Asset management firm says investors need to be 'very careful' with China's property market

According to an asset management firm, investing in US-listed Chinese companies is equivalent to playing “fantasy football” as US regulators continue their audits into the firms.

Kyle Bass, founder and CIO of Hayman Capital Management, said recent reports of the US Public Company Accounting Oversight Board obtaining “good access” to requested information have yet to be confirmed, and reiterated the financial risks that US-listed companies face. Let the investors of Chinese companies face. ,

When asked by CNBC’s “Street Science Asia” about Chinese stocks in the US, “they have a share claim for a Cayman Islands subsidiary that has no voting rights, and There is no access to assets in the event of bankruptcy.” were “investable”.

Chinese companies listed overseas, such as Alibaba and JD.com, use a variable interest entity structure in which an offshore entity is set up, bypassing Chinese restrictions on foreign investment and giving investors majority voting in US stock. Stop having rights.

A US-listed firm is usually a holding company formed outside both the US and China, and may not have stock in a China-based company.

“Investors are really just playing fantasy football with Chinese companies because they really don’t own anything,” he said.

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– Jihye Li

Shares of Indonesia’s GoTo plunge 6% after the company reports a nine-month loss

Indonesia’s GoTo Group reported a nine-month accumulated loss compared with the same period a year earlier, even as quarterly losses narrowed with cost-cutting.

The deficit between January and September stood at 20.32 trillion rupees ($1.29 billion), nearly double the 11.58 trillion rupees loss reported a year earlier.

Its share price fell 6% on Tuesday morning in Jakarta, and has lost 48% since its listing in April this year.

The company announced the job cuts last Friday as part of wider cost-cutting plans, which are expected to be reflected later in 2023.

-Sheila Chiang

Malaysian Kingmaker Party to support GPS Perikatan Nasional, not Pakatan Harapan

Gabungan Parti Sarawak (GPS), one of the kingmakers of the Malaysian election, a Sarawak-based national political alliance in East Malaysia said it was supporting the Perikatan Nasional coalition to form a government and would not work with Anwar Ibrahim’s Pakatan Harapan. Will do

Malaysia’s king has asked major coalitions to submit their prime ministerial candidates by 2 p.m. local time after Saturday’s election was inconclusive.

“We’ve always been told [sic] GPS Secretary General Alexander Nanta Linggi told CNBC’s “Squawk Box Asia” that we will not be able to work with DAP and Pakatan here. DAP is a progressive constituent party of Pakatan.

“The last few days during the election, they were attacking us a lot. So it is quite difficult … to form a government, to be very objective in that sense.”

Linggi said that in return for the GPS’s support, she would like the government to give party members positions in ministries important to them, such as rural development and commodities.

– Su-Lin Tan

CNBC Pro: Amazon’s Down 40% This Year — Is It Time to Buy? Market pros give their take

Once a Wall Street darling, Amazon It has lost some of its luster this year. The e-commerce giant’s stock has plunged more than 40%, underperforming the well S&P 500Which has fallen by about 15% over the same period.

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Is it time for investors to pile back? Two market pros faced off on CNBC’s “Street Science Asia” Thursday to make the case for and against buying the stock.

CNBC Pro subscribers can read more here.

Xavier Ong

Baidu, Kuaishou shares decline ahead of earnings report |

Baidu is expected to see a modest decline in revenue in the third quarter of 2022, a Refinitiv poll estimates.

The company is expected to see a 0.05% decline in revenue to 31.904 billion yuan ($4.46 billion) for the July to September quarter, as it reported 31.92 billion yuan for the same period a year earlier.

Meanwhile, Tiktok rival Kuaishou is expected to see a 10.2% rise in revenue to 22.58 billion yuan in the third quarter, a separate Refinitiv poll indicated – which would be the slowest pace of annual growth since the company began reporting earnings. did.

Hong Kong-listed shares of Kuaishou fell 4.1% ahead of earnings, while baidu Shares were down 0.44% in the morning session.

-jihye lee

CNBC Pro: Morgan Stanley’s Wilson says inflation is bound to fall, but warns of a ‘new era’ ahead

Watch the full CNBC interview with Morgan Stanley's Mike Wilson

Mike Wilson, chief US equity strategist at Morgan Stanley, said he expects “a fairly sharp decline in inflation” and predicted when that might happen.

But he said there are two areas that are exceptions, where inflation could be “stickier”.

CNBC Pro subscribers can read more here.

– Weizen Tan

Oil prices flat after hitting lowest level since January

Asian morning oil prices were little changed after hitting their lowest level since January on Monday.

US crude It had partially risen to $80.08 a barrel after touching $75.08 in Monday’s session.

crude oil Slightly increased to $ 87.52 per barrel. It touched $82.31 in the previous session.

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Oil futures fell briefly on Monday after the Wall Street Journal reported that OPEC+ was considering increasing supply by 500,000 barrels per day. Saudi Arabia later disputed that report.

Abigail Ng

Singapore Officials Explain Why FTX Wasn’t On Its Alert List

The Monetary Authority of Singapore (MAS) said beleaguered cryptocurrency exchange FTX was not on its investor warning list because it was “not actively soliciting users in Singapore”, unlike rival exchange Binance.

According to a statement released on Monday afternoon, MAS said that there is a “clear difference” between FTX and Binance in terms of targeting local users.

“Binance has actually gone to the extent of offering listings in Singapore dollars and accepting Singapore-specific payment modes such as PayNow and PayLah,” it said in the statement.

MAS reiterated the risks that investors face when trading digital assets.

“The most important lesson from the FTX debacle is that dealing in any cryptocurrency on any platform is dangerous,” it said, adding that even Singapore-licensed crypto exchanges are only working to address risks on money laundering. Will be regulated for, not to provide protection to, investors.

“As MAS has repeatedly stated, there is no protection for customers dealing in cryptocurrencies. They could lose all their money,” it said.

, jihye li

Stocks fell on Monday to start the short holiday week

Stocks declined on Monday in a volatile trading session to start the short holiday week.

The S&P 500 was down 0.39% at 3,949.94 and the Nasdaq Composite was down 1.09% at 11,024.51. The Dow Jones Industrial Average fell 45.41 points, or 0.13%, to 33,700.28, although losses on the index were mitigated by the jump. disney The stock, which soared more than 6%.

Disney jumped in after the company announced that former CEO Bob Iger would be replacing Bob Chapek.

-Carmen Renicke

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