|Day's Range||27,843.54 - 28,004.89|
|52 Week Range||21,712.53 - 28,004.89|
Six Flags Entertainment Corp. said Monday it was raising its quarterly dividend to 83 cents a share from 82 cents, marking the 10th annual increase in the past 9 years. The theme park company's new dividend will be payable Dec. 9 to shareholders of record on Nov. 29. Based on Friday's stock closing price of $44.60, the new annual dividend rate of $3.32 a share implies a dividend yield of 7.44%, which is nearly 4-times the implied yield for the S&P 500 of 1.90%, according to FactSet. "We are committed to maintaining a healthy dividend and returning all remaining excess cash flow to shareholders in the form of share repurchases," said Chairman Richard Roedel. The stock, which slipped 0.5% in premarket trading, has dropped 20.6% over the past three months, while the S&P 500 has gained 8.0%.
The stock market rally is on a long winning streak, hitting fresh highs. But the CBOE volatility index shows a lack of fear. That raises the risk of at least a short-term pullback.
Stock-index futures point to a higher start for Wall Street on Monday, with equities set to build on last week’s push to records as investors remain optimistic over U.S.-China trade talks.
Neither corporate profits nor economic data have yet to corroborate the ongoing rally and rotation in U.S. stocks, so the market may be getting ahead of itself and be due for a pullback, analysts and investors told MarketWatch.
U.S. stocks climbed to record highs on Friday on rising hopes of a trade agreement between the U.S. and China — but the records could keep coming.
Warren Buffett’s Berkshire Hathaway Inc. may have sold some Apple Inc. shares during the third quarter, but its ownership stake in the technology giant actually increased, as the value of the investment swelled by more than $6 billion.
Boeing Co. said Monday that SunExpress is exercising options for 10 additional 737 MAX 8 airplanes, with a value of $1.2 billion according to list prices. The order adds to the previous 32 MAX planes ordered by SunExpress. Boeing's stock edged up 0.3% in premarket trading. The air carrier offers non-stop services between Europe and Turkey and other destinations in the Mediterranean, the Black Sea, North Africa and the Red Sea. "We regret the impact the MAX grounding has had on SunExpress and their passengers," said Stan Deal, CEO of Boeing Commercial Airplanes. "The Boeing team is working hard to safely return the airplane to service and providing the capacity for SunExpress to continue serving as the backbone of air travel in the Turkish tourism industry." Boeing's stock has gained 15.3% year to date through Friday, while the Dow Jones Industrial Average has climbed 20.1%.
European stocks on Monday held on to levels they reached after six straight winning weeks, with most of the movement occurring in merger situations.
Welcome to a fresh week, traders --The excitement is building about the Alibaba secondary listing in Hong Kong next week. We'll keep you up on how it's impacting the market. (The South China Morning Post is owned by Alibaba.)We'll keep you up on on all the main news and moves in mainland and Hong Kong markets.Please help us improve our blog by taking this quick -- under 2 minutes! -- survey. Your feedback will really help us make the blog better for you!Also, if you would like the Live Stocks Blog emailed to you each morning, shoot Deb a message at email@example.com.\--- Georgina Lee and Deb Price in Hong Kong Note: Information in this blog is on an "as is" basis and not a solicitation or offer to buy or sell any securities or otherwise; and is not investment/professional advice or services in this regard. It is subject to our T&C.; SCMP (as defined in T&C;) shall not be liable for any loss, damage and costs relating to any investments in securities or otherwise in this connection. Morning guidance Here's what we are watching this morning:Friday US markets/ What futures foretell\--The S&P; 500 rose 0.8 per cent, the Nasdaq climbed 0.7 per cent and the Dow Jones Industrial Average rose 0.8 per cent. \-- Hong Kong futures are up 0.3 per cent, the A50 are up 0.06 per centIPO debuts: Beijing Compass Technology Development (300803 CH), Beijing Kingsoft Office Software (688111 CH)Economic statistics/Central Bank action: October foreign direct investment in China Stock Connect had a tough start but, at 5 years old, is deemed a great successRead full story here on the Stock Connect. Hong Kong records worst weekend home sales since June amid protestsHong Kong residential property sales on Sunday recorded their worst performance since the social unrest started in June after buyers stayed away amid intensifying protests.Two weeks earlier, on November 2 and 3, only 35 per cent of 435 units offered by five developers found buyers.Read full story here. Tencent, AAC Technologies gain in rising Hang Seng The Hang Seng rose 0.5 per cent to 26,454.53, despite a Sunday of intense clashes between protesters and police. Tencent (700 HK) rose 0.5 per cent to HK$321.60, after being weighed down last week when its third quarter revenue and profit missed estimates. The other two heavyweights on the benchmark gained.AIA (1299 HK), the giant insurer and financial service provider, rose 1.4 per cent to HK$78.10, while HSBC (5 HK) climbed 0.3 per cent to HK$57.90.Apple supplier AAC Technologies (2018 HK) rose 0.7 per cent to HK$51.55.Meanwhile, BeiGene (6160HK), which got a big boost last week when it announced the US Food and Drug Administration had given it accelerated approval for its blood cancer drug, fell 1.8 per cent to HK$123.China benchmarks dip slightly lower after PBOC's weekend report expressing slowdown concernThe CSI 300, which tracks blue chips listed on Shanghai and Shenzhen, edged down less than 0.1 per cent after market opened, at 3,874.44.The Shanghai Composite Index also slipped down by the same fraction, at 2,889.55.China's central bank is expected to lower the loan prime rate (LPR) this week, the third time since the benchmark was introduced in August. LPR is a rate that captures the average of the 18 reporting banks' lending rate to the highest quality borrowers, and is used by banks in pricing new loans to households and businesses.On Saturday, the People's Bank of China said In its third quarter monetary policy report that it would "increase counter-cyclical adjustment" to ward off downward pressure on the economy, as GDP growth in the third quarter recorded the slowest rate in nearly three decades, at 6 per cent. The PBOC also renewed its concern about inflation risks, Bloomberg reported.The central bank has lowered the one-year LPR by 11 basis points through two cuts in August and September; while it left the 5-year LPR unchanged.\-- Georgina Lee Beijing Kingsoft Office Software surges on Star tech board trading debutBeijing Kingsoft Office Software (688111 CH) tripled in its debut on China's science and technology innovation board, the Nasdaq-style, tech-heavy market in Shanghai also dubbed the Star board.It rose to 139 yuan, up 203 per cent minutes after market opened, with a total 1.6 billion yuan turnover.The company, which was spun out from Hong Kong-listed Kingsoft Corp. (3888 HK), priced its IPO share offering at 45.86 yuan. In Hong Kong, Kingsoft (3888 HK) was up 1.3 per cent at HK$19.2.\-- Georgina Lee King Fook Holdings leads losses among jewellery and watch stocks Retailers continue to see their shares battered, as Sunday protests in Hong Kong erupted into fierce battles. Among jewellery and watch retailers , 23 stocks were down, four unchanged and only two posting gains, according to a gauge by Etnet.Chow Sang Sang (116) rose 0.1 to HK$8.95 and Chow Tai Fook (1929 HK) inched up by the same to HK$6.73.Luk Fook Holdings (590 HK) slipped 0.2 per cent to HK$20.45.King Fook Holdings (280 HK) was the top loser in the jewellery and watches sector, falling 4.6 per cent to HK$0.31.Retailers have seen their foot traffic plunge as mainland Chinese tourists stay away from the city and locals go out less due to the traffic disruptions and fear caused by the demonstrations.Chinese securities watchdog pushes 'H' share reformChina Securities Regulatory Commission's announcement on Friday that it would remove a limit on the public float of mainland companies listed in Hong Kong -- the so called "full circulation" reform of H shares -- would enable domestic unlisted shares of these mainland companies to be coverted into H shares for listing and trading on the Hong Kong bourse.These shares include those held by domestic shareholders prior to the stock listing, and those held by foreign shareholders. It applies to qualified companies already listed or planning for an IPO in Hong Kong.According to investment bank research cited by mainland media China Business Network, the reform is expected to enable issuers of 160 H shares, which are shares issued by mainland-incorporated enterprises that are listed and traded in Hong Kong, to fully convert their unlisted shares.The Hang Seng China Enterprise Index, or H share index, was up 0.8 per cent at 10,503.9. The Hang Seng bluechip index was up about 1 per cent at 26,575.81.Foldable screen makers surge in China after Huawei finally debuts foldable phone Mate XAfter much anticipation and several delays, Huawei's foldable Mate X 5G phone went on sale last weekend, becoming the second smartphone featuring a foldable screen after Samsung Galaxy Fold.The phone is powered by Huawei's Kirin 980 processor, although costing a jaw dropping 16,999 yuan (US$2,427). Currently the phone is available only on its own e-commerce site, Vmall. It is unclear if the Chinese tech giant will sell it to other countries amid the scrutiny on Huawei by several foreign governments.Shares linked to makers of flexible OLED (organic light-emitting diode), which is used in foldable phones, and other related technology in the supply chain surged to the daily 10-per cent up limit.These include Guangdong Senssun Weighing Apparatus Group (002870 CH), at 25.32 yuan; Dongguan Eontec (300328 CH) , at 12.89 yuan; NBTM New Materials Group (600114 CH) at 6.95 yuan; Shenzhen TXD Technology (002845 CH) rose 7.5 per cent at 18.58 yuan.Here's a vieo about this emerging sector of foldable phones. Hong Kong Airport Authority offers no relief to protest-battered airlinesThe Airport Authority in Hong Kong has rejected pleas for relief measures from a group of airlines who wrote to the authority asking for waivers of airport fees and charges.Hong Kong's anti-government protest intensified over the weekend as rioters occupied university campuses and continued violent, arson-filled standoffs with the police into Monday. The protests, now in their sixth month, have depressed passenger traffic in what has been one of the busiest airports in Asia.In September alone, Hong Kong Airport passenger traffic fell by 710,000 to 4.85 million, compared to 5.56 million in the same month last year. There were 802,000 fewer travellers using the airport in October, some 13 per cent down compared with the same month last year.There were 74.5 million travellers who used HKIA last year. This year's figure is likely to fall by 2 million, according to the airport operator's estimates.Cathay Pacific (293 HK), the city's flagship airline, climbed 0.3 per cent at HK$9.85 in a rising market. China Eastern Airlines (670 HK) declined 1 per cent to HK$4; China Southern (1055 HK) fell 1 per cent at HK$4.95.Read Danny Lee's story here. Beijing Compass Technology Development surges to first-day up limit in Shenzhen debutBeijing Compass Technology Development (300803 CH) shot up on its first rose to the first-day trading up limit at 44 per cent, at 9 yuan, on its debut on ChiNext board of the Shenzhen stock exchange.A total of 927,300 yuan turnover was recorded.Its offer price was at 6.25 yuan. The company develops investment software and solutions for securities, foreign exchange trading and analysis.\-- Georgina Lee Hang Seng gets boost as partial trade deal seems close, says Francis LunThe Hang Seng is having a solid morning, climbing 1.5 per cent to 26,627.97. "The US stock market was at a new high, and a trade deal between the US and China will be reached soon," Lun said of what is driving investor sentiment.The US and China had "constructive discussions" over the major concerns of two sides, after the representatives had a phone call on Saturday, Chinese state-owned Xinhua News reported, citing China's Ministry of Commerce."Plus, Alibaba is going public in Hong Kong, which is good news. So Hong Kong stocks are particularly good today."The world e-commerce giant Alibaba will be listed on Hong Kong's stock exchange on November 26.Property stocks are getting a boost today from the latest Centa-City Leading Index showing property prices rose 1.5 per cent last week, which was the second week in a row, on the heels of interest rate cuts. "Because of the latest report, Hong Kong property prices not only did not fall but rose a little bit. What a miracle," said Francis Lun Sheung-nim, chief executive of GEO Securities.The property stocks such as Henderson Land Development (12 HK) rose 1.6 per cent to HK$37.40, Sun Hung Kai Properties (16 HK) climbed 2 per cent to HK$109.60, and New World Development (17 HK) rose 1.5 per cent to HK$10.58.Sun Hung Kai, Wharf REIC rallySun Hung Kai Properties (16 HK), which ended its previous three straight days of losses, has climbed 2.4 per cent to HK$110. Wharf REIC (1997 HK), a leading retail property landlord with shopping malls in key tourist and commercial districts hit hard by the ongoing protest, also rose, by 3.3 per cent to HK$43.4.On Sunday, residential property sales showed poor performance, as only four out of 144 units at Chinachem Group's Sol City development in protest hot spot Yuen Long were sold as of 6pm, according to agents. This came a full day of intense, violent stand-off between protesters and police at a university city campus in Tsim Sha Tsui.However, some analysts said so long as there is no end game in sight on how the protest will end, property developers with sizable shopping malls portfolios in Hong Kong will continue to be weighed down by the political unrest.Battle for share of China's liquor market to intensify, Jefferies reports Competition in China's liquor market will intensify, with super premium brands gaining share, according to a new Jefferies report citing a liquor expert who is a distributor in southern China. "The expert is bullish on super premium liquor brands (retail price higher than Rmb600/bottle). Helped by their strong branding, super premium brands will continue to raise their retail prices, move up product mix, and deliver positive volume growth. The category is currently at Rmb120bn sales size and the expert forecasts it to achieve 20-25% growth next year," Jefferies writes."The expert expects competition to intensify between mid-high end liquor (retail price at Rmb300-600/bottle). Particularly, national mid-high end brands will see intensified competition with regional liquor leaders. Total demand for the segment will continue to expand, helped by consumers' trading up from low end; however, due to higher base, total growth might slow down in near term. The category is currently at Rmb50bn sales size and the expert forecasts it to achieve 20-25% growth next year," the analysts write.Liquor and beer stocks in China are posting losses today, according to a gauge by Xuanubao, falling 0.7 per cent and 1.2 per cent respectively. Kweichow Moutai (600519 CH) slipped 0.2 per cent to HK$1,222.96.Sofa maker Man Wah Holdings surges to over 15-month high after Citi upgradeShares of the sofa and mattress product maker rose to an over 15-month high, after Citi raised its target price to HK$6.80, saying the stock continues to remain on its China mid-cap top pick list, Bloomberg reported.The upgrade was driven by expected earning recovery in the fiscal year of 2021, due to a successful ramp up of its Vietnam factory, analyst Eric Lau wrote in a note. The new target price points to a 30 per cent upside from its close on last Friday.Man Wah (1999 HK) has shot up 8.6 per cent to HK$5.69, its highest price since end of July 2018.\-- Georgina Lee This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.
There’s plenty for investors to get stressed out about in the coming year, and Deutsche Bank chief economist Torsten Slok’s latest list of the top 20 biggest risks will do little to ease those jitters.
Wall Street futures edged higher Monday, while global stocks recorded firm gains across the board, as investors extended bets on a near-term U.S.-China trade deal and reacted to a rare rate cut from from Beijing that lifted Asia markets.
World shares were close to a record high on Monday, after Beijing surprised markets by trimming a key interest rate for the first time since 2015. In the latest show of support for its economy, China's central bank cut rates on seven-day reverse repurchase agreements by five basis points to 2.50%.
Last month, the Fed began snatching up short-term Treasury debt to the tune of $60 billion per month in response to the repo mess that sent a chill through Wall Street back in September. While it might sound like another round of quantitative easing, Jerome Powell wanted to make it clear: It’s not. “In no sense is this QE,” he said. One blogger isn’t buying it.
While the U.S. stock market is soaring to new records, with the Dow Jones Industrial Average hitting 28,000 on Friday, farmers are having trouble paying their bills in the heart of America’s agricultural sector.
While economic data will influence, Beijing and Washington will likely have the greatest impact on risk appetite in the week ahead.
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. U.S. and Chinese trade negotiators held “constructive discussions” in a phone call on Saturday to address each side’s core concerns of phase one of the trade deal.China’s Vice Premier Liu He, the country’s key negotiator in the trade talks with the U.S., spoke with Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer, according to the Chinese Commerce Ministry. The call was held at the request of the U.S. negotiators, and the two sides agreed to remain in close communication, it said in a statement.The phone call came after President Donald Trump’s administration signaled talks with China over the first phase of a broad trade agreement are entering the final stages. That’s when the most contentious and complex issues are debated, with no guarantee that another breakdown will be averted.White House economic adviser Larry Kudlow told reporters late Thursday in Washington that “we are coming down to the short strokes” and are “in communication with them every single day.” Still, he acknowledged a deal was close though “not done yet.”The last stages of trade agreements are often where talks break down, and Trump still hasn’t publicly indicated his approval. The two sides were close to concluding a pact about six months ago, only for the U.S. to claim that China backed away from verbal commitments when the time came to sign the deal.The two sides have held working-level video conferences focused on issues ranging from the details and timeline of Chinese purchases of U.S. agricultural goods such as pork and soybeans to commitments to curtail theft of intellectual property that Trump is demanding from China, according to people familiar with the discussions.U.S. stocks rose to all-time highs and Treasuries edged lower Friday following Kudlow’s comments. The S&P 500 reached another record and gained for the sixth week in a row, the longest streak in two years. Both the Dow Jones Industrial Average, which past 28,000 for the first time, and the Nasdaq Composite also hit all-time highs.The dialog on Saturday followed a phone call between the trade negotiators earlier this month, where the two countries signaled they’re getting closer to agreeing on the first phase of a deal aimed at reducing tensions in a trade war that’s slowed the global economy. The three spoke by phone at the time and separately released statements describing the call as “constructive.”See the States Where Trump Trade War Is Hammering China ExportsTo contact Bloomberg News staff for this story: Shawn Donnan in Washington at firstname.lastname@example.org;Winnie Zhu in Shanghai at email@example.comTo contact the editors responsible for this story: Matthew G. Miller at firstname.lastname@example.org, Linus Chua, Shamim AdamFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The Dow Jones Industrial Average marks history on Friday— carving out its first breach of a psychological milestone since mid July, as equity benchmarks mounted an assault on records on the back of hope for progress in U.S.-China trade negotiations.
Stocks on Wall Street have soared to fresh record highs, but it’s not because the economy is flashing a big thumbs-up sign. Far from it.
A pair of ominous patterns are forming in the Nasdaq Composite, which could signal that a stock-market climb, fueled by a hoped-for tariff detente between the U.S. and China, may be starting to unwind—or at least stall out.
Henry Kissinger, the former U.S. Secretary of State and national-security adviser under Presidents Richard Nixon and Gerald Ford, had dire warnings about the inability of the U.S. and China to resolve their differences on international trade.