Hong Kong-listed China EVs are under pressure
4 Hours Ago
BYD Han EV sedan is on display during the Shanghai International Automobile Industry Exhibition on April 18, 2023 in Shanghai, China.
Chinese EV makers shares listed in Hong Kong fell in early trading on Monday.
Shares of Li Auto led declines with falls of nearly 11%, while Nio shares dropped 4.6%, Xpeng down 3.9% and BYD off 1.3%.
Fears of price wars persist in China’s EV market, the world’s largest. On Monday, BYD also launched a new version of its best-selling car, the Yuan Plus crossover also known as the Atto 3 overseas, pricing it lower than its discontinued predecessor, according to Reuters.
Last week, Li Auto revealed a new EV called “Mega.”
“Overall, it appears that local OEMs are developing a fear of missing out (FOMO) when it comes to price cuts,” Morgan Stanley analysts said in a note.
— Shreyashi Sanyal
Japan’s Nikkei 225 breaches 40,000 for the first time as its record-breaking rally continues
8 Hours Ago
The Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Friday, Feb. 16, 2024. Kosuke Okahara/Bloomberg via Getty Images
Japan’s Nikkei 225 hit yet another record high to top the 40,000 level Monday. The index was last up 0.8%.
The benchmark index has been on a record rally, which has seen it hitting all-time highs for the first time in 34 years.
Both the Nikkei and the broader Topix have been top performers among major stock markets in the Asia-Pacific. The Nikkei is up over 20% so far this year, while the Topix is up nearly 15%.
Strong earnings and investor-friendly measures by Japan’s government have fueled a blistering rally in equities this year.
The broad-based Topix inched 0.1% higher Monday after crossing the 2,700 mark and hitting a record high last Friday.
— Shreyashi Sanyal
South Korea factory output falls for second straight month, retail sales grow in January
8 Hours Ago
South Korea’s industrial output fell for the second straight month in January, while retail sales grew during the month according to data.
Industrial output growth in January fell 1.3%, from a revised 0.5% in the prior month. A Reuters poll forecast was expecting a 1% rise.
South Korea’s retail sales grew 0.8% in January, after falling 0.8% in the previous month.
— Shreyashi Sanyal
Investor group raises Macy’s buyout bid by nearly $1 billion
8 Hours Ago
Arkhouse Management and Brigade Capital Management are raising their offer to acquire department store chain Macy’s by nearly $1 billion, according to a Sunday press release. Macy’s had previously turned down the proposal, saying it had failed to “provide compelling value” to shareholders.
The offer, which previously valued the retailer at $21 per share, or $5.8 billion, now values Macy’s stock for $24 per share, or $6.6 billion. The new offer represents more than 37% upside from the stock’s last closing price of $17.44.
— Pia Singh
U.S. stock futures are little changed Sunday
9 Hours Ago
U.S. stock futures were about flat Sunday after the a record-setting week for the Nasdaq Composite.
Nasdaq-100 futures rose slightly while S&P 500 futures dipped marginally. Dow futures slipped 27 points, or 0.1%.
— Fred Imbert
Stocks closed in the green on Friday
9 Hours Ago
U.S. stocks finished Friday’s trading session higher, with the Nasdaq Composite and S&P 500 closing at fresh record highs.
The Nasdaq rose 1.14%, finishing at 16,274.94. The S&P 500 added 0.80% at 5,137.08. The Dow Jones Industrial Average added around 91 points, or 0.23%, to 39,087.38.
— Hakyung Kim
