Asian markets are mixed. Data from Australia and China have been closely watched this week

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21 minutes ago

Hong Kong property stocks rose as Country Garden extended its bond deadline

Hong Kong real estate stocks rose, leading the gains in the Hang Seng Index on Monday.

It comes after problem developer Country Garden Holdings won approval to extend inland private bond payments over the weekend and some Chinese banks cut mortgage rates on Friday.

Country Garden shares jumped 7.87%, while Evergrande shares rose 7.27%. Other gainers included Longfor Group, which rose 9.44%, and China Resources Land, which rose 9.8%.

At 10 am HK time, the mainland’s Hang Seng Property Index rose 7.32% from its last close, posting its biggest one-day gain since July 25.

one hour ago

New Zealand trade expands in the second quarter

New Zealand trade expanded in the quarter ending in June, with trade totaling NZD 51.8 billion, up 4.9% compared to June 2022.

Government data showed that exports of goods and services for the quarter were NZ$25.3 billion, up from NZ$23.1 billion last year.

Meanwhile, imports of goods and services for the quarter totaled NZ$26.6 billion, up from NZ$26.3 billion last year.

– Lim Hwi Ji

one hour ago

Arm targets $47 to $51 share in IPO: Reuters

Reuters reported, citing people familiar with the matter, that the semiconductor and software design firm Arm will seek a listing price of $47 to $51 per share.

That would translate to a valuation of between $50 billion and $54 billion.

Arm is set to begin marketing its initial public offering next week.

Sources told Reuters that SoftBank may raise this range ahead of IPO prices, if investor demand proves strong. Japanese investment holding company SoftBank is the parent company of Arm.

— Reuters, Lim Hwi Ji

2 hours ago

CNBC Pro: Fidelity’s Chinese fund beats the crowd. How do you plan to continue to do so

The Fidelity fund, which invests billions of dollars in China-related strategy, is on track to outperform its peers this year for the second year in a row, according to Morningstar.

“It is very fashionable or preferable to underweight in China. But we think there is a lot of negative news that is priced in and the sentiment is very bearish,” said Catherine Yeung, Hong Kong equity-focused investment director at Fidelity International.

She told CNBC that in general, it took different parts of the world about 15 months to fully recover from the Covid lockdowns.

“China only reopened in January,” she said.

CNBC Pro subscribers can read more here.

Friday, September 1, 2023 at 8:36 AM EST

Unemployment rose to 3.8% in August, and average hourly earnings rose less than expected

The US Labor Department said, on Friday, that the unemployment rate jumped to 3.8% in August, while wages rose less than expected, in signs of a slowing economy and easing price pressures.

The unemployment rate was expected to reach 3.5%, according to economists polled by Dow Jones, which is the same as it was in the previous month. Average hourly earnings rose 0.24% during the month, or 4.29% year over year. That was less than the 4.4% increase economists had expected.

Nonfarm payrolls rose by a seasonally adjusted 187,000 for the month, higher than the 170,000 expected by economists polled by Dow Jones. However, the first reported job numbers for June and July were revised downward by 110,000.

– Samantha Sobin

Friday, September 1, 2023 at 9:18 AM EST

Traders are increasingly betting that the Fed is done raising interest rates

Traders are becoming more confident that the Fed may raise interest rates this year after the unemployment rate in August indicated a slowdown in the labor market.

Markets are pricing in a 93% chance on Friday morning that the Fed will hold interest rates in September, according to CME FedWatch. This is higher than the probability of 88% on Thursday.

Meanwhile, the chances that the central bank will not raise interest rates in November also jumped to 65%. This is up from 58.9% the previous day.

– Sarah Maine

Friday, September 1, 2023 at 1:04 PM EST

Arm’s highly anticipated IPO may arrive later this month

The highly anticipated IPO of Softbank-backed Arm could hit this month, marking a major test of market sentiment, according to Wall Street firm Roth MKM.

“We believe ARM could launch its IPO roadshow as early as next week with a possible first day of trading before September 20,” Roth MKM said in a note.

The technology giant headquartered in Cambridge, England promotes advanced chip designs that can be found in almost all smartphones in the world. Roth MKM said Arm is benefiting from a secular tailwind with demand for artificial intelligence as well as penetrating non-intelligent semiconductors.

Its debut will be a big signal as to whether the IPO market is ready for a rebound after the drought due to interest rate hikes.

– Yun Lee

Friday, September 1, 2023 at 2:08 PM EST

VinFast’s explosive pool quickly fades away

Vietnamese electric car maker VinFast failed to boost meme stock status as its dizzying rise quickly faded. After an impressive six-day winning streak, VinFast has lost 60% this week, paring its gains since its market debut to around 170%.

VinFast’s retail share remains significantly lower than other popular Asian automakers during the peak of its popularity, according to Vanda Research.

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