HSBC Proposes $13.6 Billion Privatization of Hang Seng Bank
HSBC has proposed a $13.6 billion offer to acquire 100% control of Hong Kong-based lender Hang Seng, aiming to strengthen its presence in the region.
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"Strategists and Analysts Predict Once-in-a-Generation Buying Opportunity in Bear Trap Market"
Evercore ISI recommends buying Chinese equities, particularly those listed in Hong Kong, as they believe the market is at a bear trap and poised for a rebound. They suggest buying U.S. stocks with large exposure to China and the iShares China Large-Cap exchange traded fund. The strategy team at Evercore also recommends buying FXI March 28 calls at a strike price of $23.5 and lists U.S. listed China ADRs for consideration. The week ahead will see earnings reports from major companies, a Federal Reserve policy decision, and geopolitical tensions, making it a challenging time for investors.
"Asia Stocks Slump as Hang Seng Leads Selloff After Mixed China Data and Fed Bets"
Asian shares slid after a decline on Wall Street and disappointing China growth data, with Japan's Nikkei hitting a 30-year high before reverting lower, while Hong Kong's Hang Seng tumbled 4% and China's Shanghai Composite shed 2%. Wall Street slipped in a lackluster return to trading, with the S&P 500 falling 0.4%, the Dow dropping 0.6%, and the Nasdaq sinking 0.2%. Expectations for interest rate cuts by the Federal Reserve have helped the S&P 500 rally, while Treasury yields have sunk on expectations for upcoming cuts. Traders are anticipating more rate cuts through 2024 than the Fed has indicated, leading to potential market swings around each Fed official's speech or economic report.
Investor Confidence in Chinese Markets Wavers Amid Tech Stock Gains and Factory Slowdowns
Hong Kong's Hang Seng index rose 3% in early trade, led by gains in the technology sector, with Baidu, JD.com, and Alibaba all up about 4%. Meanwhile, oil prices traded slightly above the flatline ahead of an OPEC+ meeting this weekend, and South Korea's consumer inflation for May cooled to a 19-month low. Additionally, economists expect Friday's jobs data to highlight the challenges the Fed faces heading into the June policy meeting.
Stocks Rise on Positive Economic Indicators and Strong Performances from Tech Giants.
Dow Futures are up, boosted by a rally in Alibaba, which has also led to gains in the Hang Seng index.
Asian Stocks Surge Ahead of Fed's Key Rate Decision.
The Hang Seng index led gains in the Asia-Pacific region on Wednesday, powered by health-care and consumer cyclical stocks. Nike reported sales in China fell 8% during the holiday quarter even as the country ended its zero-Covid policies. Shares of First Republic soared by more than 38% on Tuesday morning. CEOs from big banks, including JPMorgan's Jamie Dimon and Bank of America's Brian Moynihan, are meeting in Washington Tuesday for a two-day scheduled gathering. Insight Investment believes that inflation will continue to remain high in 2023.