“We have a bunch of investors who faithfully went through the listing process with us and steadily recognized us even during the stock market crash”, said chairman Li Peiyu. Yet rising hopes of more stimulus from China underpinned markets.
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Federal Reserve Gov. Lael Brainard issued a call for caution about raising short-term interest rates.
On Tuesday China said imports fell 17.7 percent year-on-year in September as the nation’s property sector stuttered, leading to a knock-on effect for the crucial construction industry.
Asia’s biggest reinsurer will price its shares at between HK$2.25 and HK$2.70, representing a minimum investment of HK$2,727.20 for one board lot of 1,000 shares. However, exports fell a less-than-expected 1 per cent, narrowing from a 6 per cent decrease in the previous month.
In morning trade, Shanghai was 0.13 percent lower, Hong Kong lost 0.82 percent and Sydney – where several firms that rely on trade with China are listed – shed 0.82 percent. “There will be ups and downs, but not the kind of panic selling we saw earlier”, said David Dai, Shanghai-based investor director at Nanhai Fund Management Co. “As long as the data remain sluggish, the market will be anticipating growth-boosting measures from the government”.
An unexpectedly weak United States jobs report for September had led many investors to speculate that the Fed will not deliver its first hike since 2006 this year.
Hong Kong’s securities regulator on Tuesday said it was considering monitoring trading at client level and stressed the importance of sharing information with Beijing, in comments likely to unnerve investors. “The impact of market corrections on the operation of China’s financial system is minimal because financial institutions are generally well-capitalized”. Prices ripped all the way up to this 2,021 level and as Ms. Yellen began the press conference with significantly-hawkish language, alluding to the Fed’s 2015 rate hike plans, risk assets began selling off. “That’s now well priced into valuations”.
In currency markets, the dollar struggled against a basket of currencies on growing concern the Fed may not raise rates until next year triggering a few unwinding of positions.
Elsewhere, Australia’s S&P ASX 200 XJO, -0.89% was down 0.8%, while South Korea’s Kospi SEU, +0.10% was up 0.4%. There were also big losses for the Australian dollar, which relies on resources exports to China.
In the past few months, concern about the spillover of China’s slowdown has shaken global markets and regional economies that rely heavily on Chinese demand, sending emerging-market currencies and commodities to multiyear lows.
Oil prices tumbled on Monday as traders took profits after last week’s surge to an 11-week high, and on a report that Opec continued to boost crude production despite a persistent glut.
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U.S. West Texas Intermediate crude futures were trading at $49.79 per barrel, up 16 cents from their last settlement.
