Most Asian stocks rose, led by Chinese shares trading in Hong Kong, as investors awaited a monthly government report on US jobs to gauge the strength of the world’s largest economy.
Great Wall Motor Co (長城汽車) surged 13 percent in Hong Kong to a two-month high as carmakers and developers climbed after China cut mortgage requirements and passenger-vehicle tax. Galaxy Entertainment Group Ltd (銀河娛樂集團) jumped 10 percent after a report the government may unveil measures to support Macau tourism. Westpac Banking Corp lost 2.1 percent as Australia’s largest lenders dragged on the regional equities gauge.
The MSCI Asia Pacific Index added 0.2 percent to 126 as of 4:14pm in Hong Kong. The gauge touched a three-year low this week.
The regional benchmark index was on course to rise 0.8 percent this week, with mainland Chinese markets currently shut for a week-long holiday.
Japan’s TOPIX gained 0.2 percent amid low trading volume, with rubber and paper producers climbing.
Hong Kong’s Hang Seng Index rose 3.2 percent and the Hang Seng China Enterprises Index of mainland firms listed in the city advanced 3 percent as trading resumed after a holiday and the government stepped up targeted support for the economy. China Resources Land Ltd (華潤置地) jumped 8.7 percent after the People’s Bank of China reduced the minimum home down payment for first-time buyers.
The TAIEX rose 0.11 percent to 8,305.03 on Friday.
Singapore’s Straits Times Index lost 0.4 percent and South Korea’s KOSPI retreated 0.5 percent. Australia’s S&P/ASX 200 Index sank 1.2 percent. New Zealand’s NZX 50 Index added 0.1 percent. Markets in India are closed for a holiday.
E-mini futures on the Standard & Poor’s 500 Index gained 0.3 percent. The underlying gauge rose 0.2 percent in New York on Thursday, reversing a drop of as much as 1 percent.
US manufacturing barely grew last month. The Institute for Supply Management’s factory index fell to 50.2, the weakest since May 2013, the Tempe, Arizona-based group said on Thursday.
The EU and US are nearing an agreement to coordinate on producing and securing critical minerals, part of a push to break reliance on Chinese supplies. The potential deal would create incentives, such as minimum prices, that could advantage non-Chinese suppliers, according to a draft of an “action plan” seen by Bloomberg. The EU and US would also cooperate on standards, investments and joint projects, as well as coordinate on any supply disruptions by countries like China. The two sides are additionally seeking other “like-minded partners” to join a multicountry accord to help create these new critical mineral supply chains, which feed into
Elon Musk’s lieutenants have reached out to chip industry suppliers, including Applied Materials Inc, Tokyo Electron Ltd and Lam Research Corp, for his envisioned Terafab, early steps in an audacious and likely arduous attempt to break into the production of cutting-edge chips. Staff working for the joint venture between Tesla Inc and Space Exploration Technologies Corp (SpaceX) have sought price quotes and delivery times for an array of chipmaking gear, people familiar with the matter said. In past weeks, they’ve contacted makers of photomasks, substrates, etchers, depositors, cleaning devices, testers and other tools, according to the people, who asked not to
Japan approved ￥631.5 billion (US$3.97 billion) in additional subsidies to hasten Rapidus Corp’s entry into the high-stakes artificial intelligence (AI) chipmaking arena, ramping up support for a project widely regarded as a long shot. The capital is intended to bankroll Rapidus’ work for information technology firm Fujitsu Ltd, one of the initial customers that Tokyo hopes would get the signature endeavor off the ground. The new money raises the fees and investments that the government is injecting into the start-up to ￥2.6 trillion by the end of the current fiscal year to March next year, the Japanese Ministry of Economy, Trade and
The founder of Chinese property giant Evergrande Group (恆大集團) has pleaded guilty to charges of fraud and bribery, a court said yesterday, the latest blow for what was once the country’s leading developer. Evergrande’s rise was propelled by decades of rapid urbanization and rising living standards, but in 2020, its access to credit dramatically narrowed when the government introduced curbs on excessive borrowing and speculation. The company defaulted in 2021 after struggling to repay creditors. Founder Xu Jiayin (許家印), 67, known as Hui Ka Yan in Cantonese, was reportedly held by police in 2023, with Evergrande saying he had been subjected to
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