· HSBC, StanChart shares rise in Hong Kong after backing China security law
Hong Kong-listed shares of HSBC and Standard Chartered rose on Thursday after the banks backed China’s imposition of a national security law on the city, even as a pro-democracy and newly formed financial workers’ union criticized the move.
Some staff at the Asia-focussed British banks and analysts said HSBC (HSBA.L) and Standard Chartered’s (STAN.L) stance on the law would help them protect their businesses in their single most important market of Hong Kong.
HSBC shares (0005.HK) were up 1.6% at noon, after having risen as much as 2.8% earlier, and StanChart (2888.HK) jumped 2.3%. The broader Hang Seng market index .HSI was down 0.1%.
· Asian stocks reach two-month high on economic recovery hopes
Asian shares rose to a two-month high on Thursday as expectations of further government stimulus supported investor confidence in an economic recovery from the global coronavirus pandemic.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.43%, earlier touching the highest since March 9.
Shares in Australia rose 0.93% after the country’s prime minister unveiled a fourth stimulus package to repair the economy, this time aimed at the battered construction sector.
· Tokyo: Nikkei closes up for fourth straight session
Tokyo's benchmark Nikkei index rose for a fourth consecutive session on Thursday, extending rallies on Wall Street backed by optimism about the further easing of lockdowns in some pandemic-hit economies.
The Nikkei 225 index gained 0.36 per cent or 81.98 points to close at 22,695.74, while the broader Topix index advanced 0.30 per cent or 4.74 points to 1,603.82.
The market opened higher, taking a positive lead from Wall Street, where stocks surged, betting on an economic rebound following coronavirus shutdowns and shrugging off rising China-US tensions.
· Shanghai shares end lower on simmering U.S.-China trade tensions
Shanghai stocks ended lower on Thursday on deepening worries about Sino-U.S. trade tensions after the Trump administration barred Chinese passenger carriers from flying to the United States.
At the close, the Shanghai Composite index was down 0.14% at 2,919.25, after swinging between negative and positive territories earlier.
The blue-chip CSI300 index was down 0.04%, with its financial sector sub-index lower by 0.3%, the consumer staples sector up 0.65%, the real estate index down 0.54% and the healthcare sub-index up 0.88%.
U.S. President Donald Trump’s administration on Wednesday barred Chinese passenger carriers from flying to the U.S. starting from June 16, while the Civil Aviation Administration of China (CAAC) allowed more qualifying foreign carriers to fly into the mainland on Thursday.
· European markets open lower amid U.S. protests and economic uncertainty
European stocks opened lower Thursday as investors assess the outlook for the global economy after the coronavirus pandemic, while keeping an eye on protests in the U.S.
The pan-European Stoxx 600 slid 0.5% lower in early trade, autos falling 2.4% to lead losses while health care stocks bucked the trend to climb by 0.6%.
Global markets are continuing the weigh up an economic recovery following the coronavirus pandemic. U.S. stocks surged Wednesday after a report from ADP showed private payrolls stateside falling by 2.76 million in May — much less than the 8.75 million expected from economists surveyed by Dow Jones. However, futures contracts tied to the major U.S. stock indexes idled during the overnight session Wednesday.
Reference: CNBC, Reuter
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