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

Shares of electric vehicle maker Leapmotor plunge on Hong Kong debut

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

Onewo, a subsidiary of property developer China Vanke, has also started operations in Hong Kong. It fell 7.9% from its offer price of HK$48, but recovered slightly and was last down around 5%.

Read the full story here.

—Abigail Ng

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

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

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

Professional subscribers can read more.

— Zavier Ong

China’s central bank warns against betting on the yuan

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

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

This is based on reading a speech by Vice Governor Liu Guoqiang during a video conference meeting on foreign exchange that day.

— Evelyn Cheng

Two of Hong Kong’s biggest IPOs for 2022 will debut on the stock market

China Vanke’s Onewo subsidiary and Zhejiang electric vehicle maker Leapmotor Technology are expected to start marketing in the Hong Kong market.

The two companies each raised more than $700 million in IPOs that were undersubscribed by retail investors.

Reuters reported that Shares of Onewo and Leapmotor fell on the gray market on Wednesday.

—Abigail Ng

Stocks could continue this ‘oversold bounce’ over the next few days, according to Wells Fargo’s Harvey

Wells Fargo’s Chris Harvey expects stocks to continue their upward move.

“The spike in short-term interest, the retail bias and the BOE action all suggest stocks will continue their oversold bounce over the next few days,” he said in a statement on Wednesday. note to customers.

Stocks hit new lows earlier in the week, with the S&P 500 recording another bear market. The selloff was triggered by the Fed’s latest rate decision last week, which some investors said sent the market into oversold conditions.

As the cost of capital rises and prices approach record highs, the consensus is growing that a Fed-led recession is inevitable, Harvey said.

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

— Samantha Subin

10-year Treasury yield falls the most since 2020

The return of the benchmark index 10-year cash flow The rating fell the most since 2020 on Wednesday, despite briefly overshooting 4% earlier in the session, after the Bank of England announced a bond-buying plan to stabilize the pound.

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

It hit a high of around 4.019%, a key level that was the highest since October 2008, earlier in the day before erasing those gains.

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

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