Asia markets rise, Hang Seng index up 2% after Wall Street rebound


Shares of EV maker Leapmotor plunge on Hong Kong debut

Shares of Chinese electric vehicle manufacturer Leapmotor fell more than 32% from its bid price of 48 Hong Kong dollars ($6.29) per share on its first trading day in the city.

Onewo, a subsidiary of real estate developer China Vanke, also began trading in Hong Kong. It fell a whopping 7.9% from its bid price of 48 Hong Kong dollars, but rebounded slightly and last dropped about 5%.

Read the full story here.

— Abigail Ng

CNBC Pro: Analyst Says This FAANG Stock Is An Evergreen Winner – And Investors Should Buy The Dip

Technology stocks have had a tough year so far, but a Rosenblatt Securities analyst thinks the selloff is an opportunity for long-term investors to buy the dip.

“Stay away from the losers,” he said, recommending “winners in the various secular battles and evolutionary battles” in the technology.

Pro subscribers can read more.

— Zavier Ongo

Chinese central bank warns against betting on yuan

The People’s Bank of China has warned against betting on the yuan in both directions following the rapid decline against the US dollar this week.

“Don’t bet on a unilateral appreciation or depreciation of the renminbi exchange rate,” the central bank said in a Chinese statement on its website late Wednesday, according to a CNBC translation.

That is based on a speech by Vice Governor Liu Guoqiang at a video conference meeting on foreign exchange that day.

— Evelyn Cheng

Two of Hong Kong’s Biggest IPOs for 2022 Make Stock Market Debuts

China Vanke’s subsidiary Onewo and EV maker Zhejiang Leapmotor Technology will begin trading in the Hong Kong market.

Both companies have each raised more than $700 million in initial public offerings signed by private investors.

Reuters reported that shares of Onewo and Leapmotor fell in gray market trading on Wednesday.

— Abigail Ng

Stocks could continue this ‘oversold bounce’ in the coming days, says Harvey of Wells Fargo

Wells Fargo’s Chris Harvey expects the stock to continue its upward movement.

“The spike in short-term interest rates, retail skew and BOE’s action all suggest equities will continue their oversold bounce in the coming days,” he said in a note to customers on Wednesday.

Stocks hit new lows earlier in the week with the S&P 500 hitting a new bear market. The sell-off was triggered by the Fed’s latest rate decision last week, which some investors believe has sent the market into oversold conditions.

With the cost of capital rising and prices nearing record highs, the consensus is growing to believe that a Fed-induced recession is inevitable, Harvey said.

“We see a recession as a car accident,” he wrote. “You never know how bad it will be, but there is almost no ‘better than expected’ outcome – so policymakers have to be careful what they wish for.”

— Samantha Subin

Ten-year government bond yields fall most sharply since 2020

Yields on the 10-year Treasury benchmark fell the most since 2020 on Wednesday, despite a brief 4% gain earlier in the session after the Bank of England announced a bond-buying plan to stabilize the British pound.

10-year Treasury yields last fell 23 basis points to 3.733%, the highest drop since 2020.

It peaked at about 4.019%, a significant level that was the highest since October 2008, earlier in the day before those gains were wiped out.

Yields and prices move in opposite directions. One basis point is equal to 0.01%.

The Valley Voice
The Valley Voice
Christopher Brito is a social media producer and trending writer for The Valley Voice, with a focus on sports and stories related to race and culture.


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