Asia shares brace for worst month in 2 years on growth fears, dollar buoyant

29/4/2022 6:10:00 AM

Asia shares brace for worst month in 2 years on growth fears, dollar buoyant

Asia shares brace for worst month in 2 years on growth fears, dollar buoyant

HONG KONG : Asian shares clung on to small gains on Friday thanks to a solid Wall Street session, but were still set for their worst month in two years, as China growth fears and looming U.S. rate hikes dragged on sentiment and sent the safe-haven dollar soaring.MSCI's broadest index of Asia-Pacific shar

HONG KONG : Asian shares clung on to small gains on Friday thanks to a solid Wall Street session, but were still set for their worst month in two years, as China growth fears and looming U.S. rate hikes dragged on sentiment and sent the safe-haven dollar soaring.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent on Friday, after robust earnings from Facebook parent Meta Platforms had driven the Nasdaq 3 per cent higher overnight. [.N]Japanese markets are closed for a holiday.Overall sentiment was still fragile with Nasdaq futures off around 1 per cent in early Asia trade, pressured by disappointing earnings from Amazon after market close.

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LinkedIn HONG KONG : Asian shares clung on to small gains on Friday thanks to a solid Wall Street session, but were still set for their worst month in two years, as China growth fears and looming U.LinkedIn HONG KONG : Plans by Full Truck Alliance Co Ltd, China's 'Uber for trucks', to raise $1 billion in a Hong Kong listing this year have been paused as a Chinese cybersecurity regulator has yet to announce findings of a probe into the company, two people with knowledge of the matter told Reuters.Copy to clipboard https://str.Beloved veteran Hong Kong actor Kenneth Tsang was found dead in a hotel room in Tsim Sha Tsui on Apr.

S. rate hikes dragged on sentiment and sent the safe-haven dollar soaring. It raised $1. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0. "It will be a fresh start," said entertainment tycoon Allan Zeman, chairman of Lan Kwai Fong Group.2 per cent on Friday, after robust earnings from Facebook parent Meta Platforms had driven the Nasdaq 3 per cent higher overnight. But in July last year the Cyberspace Administration of China (CAC) said it was scrutinising two of Full Truck's apps as part of investigations aiming to"prevent national data security risks and safeguard national security". [. No answer from room According to Sina , staff from Hong Kong's department of health conducted regular checks on guests at The Kowloon Hotel.

N] Japanese markets are closed for a holiday. With limited updates from the regulator over the past few weeks, however, the company is unaware of when it could be given the findings or possible penalties, the person said, like other sources declining to be identified citing confidentiality constraints. Private-sector economic activity slid further into contraction last month, and the overall economic output is expected to contract in the first quarter. Overall sentiment was still fragile with Nasdaq futures off around 1 per cent in early Asia trade, pressured by disappointing earnings from Amazon after market close. Friday's gains were marginal compared to the brutal sell-offs in globally stocks in recent weeks. The CAC also did not respond to faxed questions. The Asian regional benchmark is heading for a 2 per cent decline this week and a 7. Mr Lee was security chief at the time of the social unrest, which often brought businesses to a standstill.3 per cent drop for the month, its worst month since March 2020. The company's listing in Hong Kong would have added to a growing list of New York-listed Chinese firms looking for a presence in bourses closer to home via second listings amid heightened scrutiny and stricter audit requirements from U. 26) had come back negative.

Shanghai stocks rose 0.2 per cent on Friday, but are set for an 8. regulators. But many businesses appreciate the stability it brought back to the city.1 per cent fall for the month, their worst since January 2016. "There are four near term catalysts driving the market at the moment: U.95 from $19 in its IPO.S. Mr Erik Yim, managing director of Hong Kong-based China Merchants Port Holdings and an elected lawmaker, said that"without a stable social environment, all business and development plans are ultimately castles in the air". Locally, Tsang also starred in drama series such as"The Teochew Family" and"The Unbeatables II".

earnings which we are about half way through, rising U. Due to a long-running Sino-U.S. Treasury yields and lots of hawkish speak from the Fed, the war Ukraine, and China policy," said Fook-Hien Yap, senior investment strategist at Standard Chartered Wealth Management. audit stand-off, the U. A survey released last month by the European Chamber of Commerce in Hong Kong found that half of its member firms planned to at least partially relocate out of the city within the next 12 months. One key focus is the upcoming meeting of China's Politburo, the nation's highest decision-making body, as markets look for more signs of economic support. But analysts say Beijing's zero-COVID strategy restrict policymakers' options as supply chains are in disarray, while operations in many factories and peoples' movements have been curtailed. authorities are moving towards kicking Chinese companies off American stock exchanges if the firms' audit work papers are unavailable for inspection for three years in a row.

Beijing closed some schools and public spaces on Thursday, as most of the Chinese capital's 22 million residents turned up for more mass COVID-19 testing aimed at averting a Shanghai-like lockdown. U. The probe into Full Truck came after the cyberspace regulator opened a similar investigation into Chinese ride-hailing app Didi Global Inc following its listing in New York in June against regulators' wishes.S. treasury yields were trading within their recent ranges, a little shy of their peaks hit last week. Didi did not respond to a request for comment. The benchmark 10 year yield finished the U.

S. Didi said this month that it will hold an extraordinary general meeting on May 23 to vote on its New York delisting plans. session at 2.8205 per cent, having reached as high as 2.981 per cent on April 20. The two year yield was at 2.

6132 per cent. [US/] They didn't trade in Asia on Friday due to the holiday in Tokyo. This week has also been a volatile one for currencies. The dollar index, which tracks the greenback against six major peers was a whisker softer at 103.56, having hit 103.

93 on Thursday, its highest level since late 2022. The index's current monthly gain of 5.2 per cent would be its best since 2012. On top of the safety-bid for the dollar, the rally has also been fed by market expectations for 150 basis points of rate hikes in just three Federal Reserve meetings. The aggressive Fed tightening path, mainly to curtail sky high inflation, far out paces other global central banks.

The dollar's recent gains have been most significant against the yen, and it swept past the key psychological 130 yen level on Thursday, setting a fresh 20 year high. The dollar also scored a five year high on the euro. [FRX/] Oil prices remained choppy as traders grappled with the supply issues stemming from the war in Ukraine as well as the demand impact of lockdowns in China. Brent crude fell 0.55 per cent on Friday to 107.

00 per barrel, but still set for its fourth straight month of gains. U.S. crude lost 0.6 per cent to $104.

68. [O/R] Spot gold rose 0.36 per cent to $1901.8 an ounce. [GOL/] (Editing by Shri Navaratnam) .