• MTS Futures News_PM_20211215

    15 Dec 2021 | SET News

Hong Kong shares lead losses as investors digest Chinese economic data; biotech firm BeiGene debuts in Shanghai

Asia-Pacific markets were mostly down Wednesday, with Chinese markets declining as investors digested key Chinese economic data. Meanwhile, Chinese biotech firm BeiGene made its debut in Shanghai.

Hong Kong markets led losses, with the Hang Seng tumbling 1.25% in the last hour of trade. The Hang Seng tech index was down 2.10%.

The Shanghai composite declined 0.38% to close at 3,647.63, and the Shenzhen component fell 0.73% to 15,026.21.

Chinese biotech firm BeiGene made its debut in Shanghai’s Nasdaq-style board Star Market at an offer price of 192.6 yuan ($30.24) per share, after raising over $3 billion. However, the stock opened 8.1% below that offer price, at 176.96 yuan per share. It last traded at 170.68 yuan, or more than 10% down.

The company is already listed in Hong Kong and the Nasdaq in the U.S.

China released a slew of key economic data on Wednesday. Its industrial output for November was up 3.8% year-on-year, more than the 3.5% increase in October, and better than the 3.6% expected in a Reuters poll.

Data also showed that retail sales in November rose 3.9% year-on-year, less than October’s 4.9% increase, and below the expectations of 4.6% in a Reuters poll.

Elsewhere, Japan’s Nikkei 225 inched down 0.1% to close at 28,459.72, while the Topix rose 0.52% to 1,984.10.

Toyota shares jumped 3.59% after it announced it will invest eight trillion yen ($70 billion) into electrifying its vehicles by 2030, according to Reuters.

South Korea’s Kospi closed near flat to 2,989.39, while in Australia, the S&P/ASX 200 dipped 0.7% to 7,327.10.

MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.62%.

U.S. stocks fell on Tuesday as some large tech stocks moved lower and new inflation data continued to show a sharp rise in producer prices.

The Fed will conclude its two-day policy meeting on Wednesday later stateside, and central bank Chair Jerome Powell is set to speak at a 2:30 p.m. ET press conference.

Investor sentiment is set to remain cautious after the World Health Organization on Tuesday warned the new Covid omicron variant is spreading faster than any previous strain, saying that the variant is probably present in most countries of the world.

Meanwhile, oil prices dropped after the International Energy Agency said demand for oil is set to be lower than expected next year, hit by the new omicron variant.

European markets inch higher as investors focus on Fed decision

European stocks were cautiously higher Wednesday morning as investor focus turns to the Federal Reserve’s latest monetary policy decision.

Investors are focused on central bank action this week with the U.S. Federal Reserve, the Bank of Japan, the Bank of England and the European Central Bank all due to announce monetary policy decisions.


Reference: CNBC

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