4 hours ago
Hong Kong-listed Chinese EVs under pressure
BYD Han EV sedan will be exhibited at the Shanghai International Automobile Industry Exhibition to be held in Shanghai, China on April 18, 2023.
Video Visual China Group | Getty Images
Shares of Chinese EV makers listed in Hong Kong fell in early trading on Monday.
Li Auto's stock led the decline, dropping nearly 11%, while Nio stock fell 4.6%, Xpeng stock fell 3.9%, and BYD stock fell 1.3%.
There are deep-rooted concerns about price competition in China's EV market, the world's largest. BYD on Monday launched a new version of its best-selling vehicle, the crossover Yuan Plus, also known overseas as Atto 3, at a lower price than its discontinued predecessor, Reuters reported.
Last week, Li Auto announced a new EV called “Mega.”
“Overall, domestic automakers appear to be increasingly concerned about missing out on price reduction opportunities (FOMO),” Morgan Stanley analysts said in a note.
— Shreyashi Sanyal
7 hours ago
Japan's Nikkei Stock Average exceeds 40,000 yen for the first time as record increases continue
Friday, February 16, 2024, at the Tokyo Stock Exchange (TSE), operated by Japan Exchange Group, Inc. (JPX), Tokyo, Japan. Kosuke Okahara/Bloomberg via Getty Images
Bloomberg | Bloomberg | Getty Images
Japan's Nikkei Stock Average hit another all-time high on Monday, exceeding the 40,000 yen level. The index had previously risen 0.8%.
The benchmark index continued its record rise, hitting a new high for the first time in 34 years.
Both the Nikkei Stock Average and the broader Topix index are among the top performers among major stock markets in the Asia-Pacific region. The Nikkei average is up more than 20% since the beginning of the year, and the TOPIX is up nearly 15%.
Strong earnings and investor-friendly policies from the Japanese government have fueled a ferocious rally in stock prices this year.
The broad-based Topix rose 0.1% on Monday after hitting a record high above the 2,700 mark last Friday.
— Shreyashi Sanyal
7 hours ago
South Korean factory production declines for second consecutive month, retail sales increase in January
Data showed that South Korea's industrial production in January fell for the second consecutive month, but retail sales increased in the same month.
Industrial production growth rate in January was 1.3%, down from the previous month's revised 0.5%. A Reuters poll had expected a 1% rise.
South Korea's retail sales rose 0.8% in January, after falling 0.8% the previous month.
— Shreyashi Sanyal
8 hours ago
Investor group raises Macy's takeover offer by nearly $1 billion
Arkhouse Management and Brigade Capital Management are increasing their offer to buy department store chain Macy's by nearly $1 billion, according to a press release on Sunday. Macy's had previously rejected the proposal, saying it did not “offer attractive value” to shareholders.
The proposal, which previously valued the retailer at $21 per share, or $5.8 billion, now values Macy's stock at $24 per share, or $6.6 billion. The new offer represents an increase of more than 37% from the stock's last closing price of $17.44.
— Peer Singh
8 hours ago
US stock futures little changed on Sunday
U.S. stock futures were mostly flat on Sunday after a record week for the Nasdaq Composite Index.
Nasdaq 100 futures rose slightly, while S&P 500 futures fell slightly. Dow futures fell 27 points, or 0.1%.
— Fred Imbert
9 hours ago
Stocks closed in the green on Friday.
U.S. stocks ended Friday trading higher, with the Nasdaq Composite and S&P 500 closing at new record highs.
The Nasdaq rose 1.14% to end at 16,274.94. The S&P 500 rose 0.80% to 5,137.08. The Dow Jones Industrial Average rose about 91 points, or 0.23%, to 39,087.38.
— Ha-Kyung Kim
