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Hong Kong's Hang Seng Index closes 0.47 pct higher

HONG KONG, Jan. 18 (Xinhua) -- Hong Kongs major stock indices closed higher Wednesday, with the benchmark Hang Seng Index up 0.47 percent to close at 21,678 points.The Hang Seng China Enterprises Index gained 0.36 percent to end at 7,340.73 points, and the Hang Seng Tech Index rose 0.54 percent to close at 4,524.67 points.

BOJ keeps yield control policy unchanged, yen slumps

The headquarters building of the Bank of Japan in Tokyo, January 16, 2023. (Photo: CFP)The Bank of Japan on Wednesday maintained ultra-low interest rates, including its 0.5 percent cap for the 10-year bond yield, defying market expectations it would phase out its massive stimulus program in the wake of rising inflationary pressure.At a two-day policy meeting, the BOJ kept intact its yield curve control (YCC) targets, set at -0.1 percent for short-term interest rates and around 0 percent for the 10-year yield, by a unanimous vote.The central bank also made no change to its guidance that allows the 10-year bond yield to move 50 basis points on either side of its 0 percent target.The decision follows the BOJs surprise move last month to double the yield band, a tweak that analysts say has failed to correct market distortions caused by its heavy bond buying.Markets had anticipated a possible change to policy at the meeting. The decision to keep settings unchanged sent the dollar surging nearly 2 percent against the yen, its biggest one-day percentage jump since June 17."I rather they abandon, or dont do anything at all," said Christopher Wong, currency strategist at OCBC in Singapore."With expectations running high, a no move would disappoint JPY bulls and weakness can return. But this is likely to be temporary."The markets focus now shifts to the next meeting in March, which will be the final one Governor Haruhiko Kuroda chairs before his term ends in April, Wong said.Since Decembers action, the BOJ has faced the biggest test to YCC since its introduction in 2016 as rising inflation and the prospects of higher wages gave traders an excuse to attack the central banks yield cap with aggressive bond selling.In a quarterly report released on Wednesday, the BOJ raised its core consumer inflation forecast for the current fiscal year ending in March to 3.0 percent, from 2.9 percent projected in October.It also revised up the inflat...

UK's consumer price index up 10.5% in December 2022

The UKs consumer prices index (CPI) rose by 10.5 percent in the 12 months to December 2022, data from the Office for National Statistics showed on Wednesday.

ChiNext Index closes lower Wednesday

File photoBEIJING, Jan. 18 (Xinhua) -- The ChiNext Index, tracking Chinas Nasdaq-style board of growth enterprises, lost 0.06 percent to close at 2,543.9 points Wednesday.The ChiNext Index, together with the Shenzhen Component Index and other indices, reflects the performance of stocks listed on the Shenzhen Stock Exchange.

Chinese shares close higher Wednesday

File photoBEIJING, Jan. 18 (Xinhua) -- Chinese stocks closed higher on Wednesday, with the benchmark Shanghai Composite Index up 0.01 percent to 3,224.41 points.The Shenzhen Component Index closed 0.09 percent higher at 11,810.66 points.

ChiNext Index lower at midday Wednesday

File photoBEIJING, Jan. 18 (Xinhua) -- The ChiNext Index, tracking Chinas Nasdaq-style board of growth enterprises, went down 0.17 percent to 2,541.11 points in the morning session Wednesday.The ChiNext Index, together with the Shenzhen Component Index and other indices, reflects the performance of stocks listed on the Shenzhen Stock Exchange.

Chinese shares mixed at midday Wednesday

File photoBEIJING, Jan. 18 (Xinhua) -- Chinas major stock indices ended mixed in the morning session Wednesday, with the benchmark Shanghai Composite Index down 0.02 percent to 3,223.62 points.The Shenzhen Component Index gained 0.04 percent to 11,805.85 points at midday.

ChiNext Index opens higher Wednesday

File photoBEIJING, Jan. 18 (Xinhua) -- The ChiNext Index, tracking Chinas Nasdaq-style board of growth enterprises, was up 0.12 percent to open at 2,548.7 points Wednesday.The ChiNext Index, together with the Shenzhen Component Index and other indices, reflects the performance of stocks listed on the Shenzhen Stock Exchange.

Chinese shares open higher Wednesday

File photoBEIJING, Jan. 18 (Xinhua) -- Chinese stocks opened higher on Wednesday, with the benchmark Shanghai Composite Index up 0.1 percent to open at 3,227.59 points.The Shenzhen Component Index opened 0.11 percent higher at 11,813.38 points.

Oil prices rise amid hopes for higher China demand

NEW YORK, Jan. 17 (Xinhua) -- Oil prices rose on Tuesday, driven by expectations of a solid demand recovery in China.A sign shows the price for a gallon of regular gas at a station in Chevy Chase, Maryland on January 12, 2023. (File photo: AFP)The West Texas Intermediate (WTI) for February delivery climbed 32 cents, or 0.4 percent, to settle at 80.18 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for March delivery added 64 cents, or 0.75 percent, to settle at 85.92 dollars a barrel on the London ICE Futures Exchange.U.S. markets were closed on Monday in observance of Martin Luther King Jr. Day.For the week ending Friday, the WTI rose 8.3 percent, while Brent gained 8.5 percent, based on the front-month contracts.

Goldman Sachs profits hit by big drop in mergers

Goldman Sachs reported a steep decline in fourth-quarter earnings on Tuesday on much lower merger activity in results that missed analyst expectations and weighed on shares.The big investment bank pointed to a "significant decline" in completed mergers and acquisitions as fewer big companies bought rivals and the number of initial public offerings fell sharply compared with recent years. Goldman Sachs also cited a fall in equity and debt underwriting as a factor in the profit decline.Net income was $1.2 billion, down 69 percent following a 16 percent fall in revenues to $10.6 billion.Goldmans profit drop comes on the heels of a trove of mixed results last week from other financial giants, with some large banks pointing to a "mild recession" as a likely scenario.Goldmans asset and wealth management business was dented by lower revenues in equity and debt investments.Other headwinds were due to much higher provisions tied to its consumer credit card business, as well as elevated expenses for employee compensation.In October, Goldman announced it was streamlining businesses to three operating segments from four, a move that reorganizes its "Marcus" consumer business, which had hit obstacles.Chief Executive David Solomon pointed to a "challenging economic backdrop," saying the firms "focus is realizing the benefits of our strategic realignment, which will strengthen our core businesses, scale our growth platforms and improve efficiency."Shares fell 2.5 percent to $364.67 in pre-market trading.

China's GDP grew 3% in 2022: National Bureau of Statistics

A staff member distributes parcels at the workshop of a logistics company in Lanshan County of Yongzhou City, central Chinas Hunan Province, Nov. 10, 2022. (Photo: Xinhua)China’s gross domestic product (GDP) grew 3 percent year-on-year in 2022 to 121 trillion yuan ($17.93 trillion), official data showed on Tuesday. Facing challenges posed by COVID-19 and geopolitical factors, the country maintained economic growth and is on track for a faster recovery.Chinas economic growth. (Graphic: Chen Lidan)China achieved positive results in coordinating between pandemic measures and economic development in 2022, Kang Yi, director of the National Bureau of Statistics said at a press conference in Beijing on Tuesday.“The macroeconomy fundamentals have been stabilized, with the volume of economy expanding and development quality improving,” Kang said. “At the same time, the international situation remains complicated and serious, with a triple pressure of shrinking domestic demand, shocks on the supply side and weakening expectations."“The basis of an economic recovery is yet to be solid,” he said.Chinas economic prospects in 2023 in general would look brighter, Kang said, as the country moves into the next phase of pandemic measures and relevant policies fell into place.The World Bank has forecast Chinas GDP will grow 4.3 percent in 2023. The International Monetary Fund (IMF) has predicted Chinas economy will grow 4.4 percent while at least one-third of the worlds countries fall into economic recession in 2023.IMF Managing Director Kristalina Georgieva said China’s COVID-19 policy shift was "very likely the single most important factor for global growth" and that China would be a positive contributor to average global growth by around mid-year.Meanwhile more than 30 Chinese provincial-level governments this week released 2023 economic growth targets ranging from 4 to 9.5 percent.Shanghai, China’s financial hub, made recovery and expan...

China to cut gasoline, diesel retail prices

BEIJING, Jan. 17 (Xinhua) -- China will cut the retail prices of gasoline and diesel from Wednesday, based on the recent changes in international oil prices, the country's top economic planner said Tuesday. Gasoline and diesel prices will dip by 205 yuan (about 30 U.S. dollars) per tonne and 195 y

Elon Musk drama shifts from Twitter, to tweets about Tesla

esla and SpaceX Chief Executive Officer Elon Musk speaks at the SATELLITE Conference and Exhibition in Washington. (File photo: AP)While still grappling with the fallout from a company he did take private, beleaguered billionaire Elon Musk is now facing a trial over a company he didnt.Long before Musk purchased Twitter for $44 billion in October, he had set his sights on Tesla, the electric automaker where he continues to serve as CEO and from which he derives most of his wealth and fame.Musk claimed in a August 7, 2018 tweet that he had lined up the financing to pay for a $72 billion buyout of Tesla, which he then amplified with a follow-up statement that made a deal seem imminent.But the buyout never materialized and now Musk will have to explain his actions under oath in a federal court in San Francisco. The trial, which begins on Tuesday with jury selection, was triggered by a class-action lawsuit on behalf of investors who owned Tesla stock for a 10-day period in August 2018.Musks tweets back then fueled a rally in Teslas stock price that abruptly ended a week later, after it became apparent that he didnt have the funding for a buyout after all. That resulted in him scrapping his plan to take the automaker private, culminating in a $40 million settlement with U.S. securities regulators that also required him to step down as the companys chairman.Musk has since contended he entered that settlement under duress and maintained he believed he had locked up financial backing for a Tesla buyout during meetings with representatives from Saudi Arabias Public Investment Fund.The trials outcome may hinge on the jurys interpretation of Musks motive for tweets that U.S. District Judge Edward Chen has already decided were a falsehood.Chen dealt Musk another setback on Friday, when he rejected Musks bid to transfer the trial to a federal court in Texas, where Tesla moves its headquarters in 2021. Musk had argued that negative...

China's auto industry logs steady growth in Jan-Nov 2022

File photoBEIJING, Jan. 17 (Xinhua) -- Chinas automobile manufacturing sector led the countrys industrial recovery in the January-November period of 2022, reporting expansion in revenue and profits, industry data shows.The industrial added value of the sector rose 7.7 percent year on year in this period, 4.4 percentage points higher than the manufacturing industry as a whole, according to the China Association of Automobile Manufacturers.The combined operating revenue of companies in the sector topped 8.37 trillion yuan (about 1.25 trillion U.S. dollars), up 8.1 percent year on year, at a pace 2.9 percentage points faster than the overall manufacturing industry.Chinas automakers raked in total profits of 476.3 billion yuan in the same period, up 0.3 percent year on year, the data shows.In 2022, auto sales rose 2.1 percent year on year to 26.86 million units in China, the worlds largest automobile market.

Hong Kong's Hang Seng Index closes 0.78 pct lower

HONG KONG, Jan. 17 (Xinhua) -- Hong Kongs stock market ended lower on Tuesday with the benchmark Hang Seng Index down 0.78 percent to close at 21,577.6 points.The Hang Seng China Enterprises Index fell 0.49 percent to end at 7,314 points, the Hang Seng Tech Index fell 0.14 percent to close at 4,500.5 points.

ChiNext Index closes higher Tuesday

BEIJING, Jan. 17 (Xinhua) -- The ChiNext Index, tracking Chinas Nasdaq-style board of growth enterprises, gained 0.24 percent to close at 2,545.55 points Tuesday.The ChiNext Index, together with the Shenzhen Component Index and other indices, reflects the performance of stocks listed on the Shenzhen Stock Exchange.

Chinese shares close mixed Tuesday

BEIJING, Jan. 17 (Xinhua) -- Chinese stocks closed mixed on Tuesday, with the benchmark Shanghai Composite Index down 0.1 percent to 3,224.24 points.The Shenzhen Component Index closed 0.13 percent higher at 11,800.55 points.

RCEP highlighted for promoting global trade

A train loaded with export-bound goods leaves Xi'an, Shaanxi province, for Hanoi, Vietnam, in August. (Photo/Xinhua)The tangible growth of the one-year-old Regional Comprehensive Economic Partnership agreement will attract foreign companies to expand their presence in China and other signatory econo

ChiNext Index higher at midday Tuesday

BEIJING, Jan. 17 (Xinhua) -- The ChiNext Index, tracking Chinas Nasdaq-style board of growth enterprises, went up 0.19 percent to 2,544.24 points in the morning session Tuesday.The ChiNext Index, together with the Shenzhen Component Index and other indices, reflects the performance of stocks listed on the Shenzhen Stock Exchange.

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