Here's Myles Udland with a look ahead at what will be making headlines on Wednesday.Read More »
Investors in Sunac China Holdings Ltd. have had no qualms pushing shares of China’s most indebted property developer up more than 460 percent this year, but have they finally reached their limit? While the rally in Chinese stocks powered on, Sunac was a notable decliner Wednesday, retreating for the first time in nine sessions after Bloomberg reported a state-owned lender was temporarily suspending new project financing to the real estate firm. Sunac denied the claim, saying its cooperation with the lender continues as normal. The shares pared a slide of as much as 6.4 percent to remain down about 2.8 percent late-afternoon in Hong Kong, the biggest loss on a Bloomberg Intelligence index of Chinese developers.
Singapore Press Holdings Ltd. saw its market value fall below that of its better known U.S. peer for the first time in 12 years, with outstanding shares at S$4.2 billion ($3.13 billion), about $7.1 million less than the publisher of the New York Times. Trading near levels last seen during the 1997 Asian currency meltdown and the 2008-2009 Global Financial Crisis, Singapore Press shares are the year’s worst performers on the country’s benchmark index, down more than 26 percent. The drop comes as New York Times’ stock gained 45 percent gain amid a surge in online subscriptions following President Donald Trump’s election victory in November. Short interest in Singapore Press, which prints the Straits Times newspaper, is close to its highest level in 18 months.
According to a recent note by equity research firm Jefferies, there's evidence that mass-market retailers like Target are now lowering prices to compete with Lidl, which has 10,000 global stores but just came to the US.