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☆ India's stock markets erase $371 billion after ruling BJP falls short of election expectations
▼ + stars: | 2024-06-05 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

The All India Market Capitalization index , tracked on the Bombay Stock index, lost over 31.06 trillion rupees, or about $371 billion on June 4 alone. India's markets saw their worst one-day loss in about four years as the electoral performance of Prime Minister Narendra Modi's ruling Bharatiya Janata Party fell short of expectations. The BJP-led National Democratic Alliance (NDA) coalition, however, clinched 294 seats, managing to retain the parliamentary majority, crossing the 272 required to form the government. In the previous general election in 2019, the BJP secured 303 seats, and the NDA won 353 seats. A Goldman Sachs report issued early Wednesday said that "even with a reduced majority, we don't think macro stability will be compromised."

Persons: Narendra Modi's, Modi, Goldman Sachs, — Organizations: Bombay Stock Exchange, Bombay, BSE, Bharatiya Janata Party, BJP, National Democratic Alliance, Developmental Inclusive Alliance coalition, Indian National Congress, Goldman Locations: Bombay, Mumbai, India, INDIA, Lok

Indian Prime Minister Narendra Modi gestures as he arrives at Bharatiya Janata Party (BJP) headquarters in New Delhi, India, June 4, 2024. Asia-Pacific markets were mixed as investors assessed India's election results after Prime Minister Narendra Modi's Bharatiya Janata Party fell short of an outright majority in the lower house of parliament. Still, Modi is set for a third term in power after the BJP-led National Democratic Alliance secured 294 seats, more than the 272 needed for the coalition to form the government. Elsewhere, first-quarter gross domestic product figures are expected out of Australia.

Persons: Narendra Modi, Narendra Modi's, Modi Organizations: Indian, Bharatiya Janata Party, BJP, Narendra Modi's Bharatiya Janata Party, National Democratic Alliance Locations: New Delhi, India, Asia, Pacific, Australia

☆ Ukraine's Zelenskyy accuses China of helping Russia to disrupt upcoming peace summit
▼ + stars: | 2024-06-02 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Ukraine's President Volodymyr Zelensky speaks during the 21st Shangri-La Dialogue summit at the Shangri-La Hotel in Singapore on June 2, 2024. SINGAPORE — Ukrainian President Volodymyr Zelenskyy on Sunday accused China of helping Russia to disrupt an upcoming peace summit by pressuring other countries not to attend. Zelenskyy, speaking at the Shangri-La Dialogue in Singapore, said that Russia is using Chinese influence in Asia to disrupt the summit. "Unfortunately, regrettably, Russia, using Chinese influence on the region, using Chinese diplomats, does everything to disrupt the peace summit," he said, according to a translation of his remarks, without giving specific examples. Zelenskyy also accused Russia of threatening other nations with blockades of goods such as agricultural exports, chemical products and high energy prices.

Persons: Volodymyr Zelensky, Volodymyr Zelenskyy, Vladimir, Putin, Zelenskyy Organizations: SINGAPORE —, CNBC, Chinese Foreign Ministry Locations: Singapore, SINGAPORE, China, Russia, Ukraine, Switzerland, Asia, regrettably, Moscow

☆ China's defense chief warns those seeking to separate Taiwan from China face 'self-destruction'
▼ + stars: | 2024-06-02 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +4 min

China's Defense Minister Dong Jun speaks during the 21st Shangri-La Dialogue summit in Singapore on June 2, 2024. Nhac Nguyen | AFP | Getty ImagesSINGAPORE — China's defense minister, Adm. Dong Jun, vowed that anyone who aims to separate Taiwan from China will face "self-destruction." "Anyone who dares to separate Taiwan from China will only end up in self-destruction," he said. In response to questions, Dong reiterated China's position that Taiwan is part of China and said Beijing is committed to peaceful reunification. "These kinds of behavior sends very wrong signals to the Taiwan independence forces and make them become very aggressive.

Persons: Dong Jun, Nhac Nguyen, Dong, Lai Ching, —, Bastian Giegerich, Ferdinand Marcos Jr, Thomas Shoal Organizations: China's, AFP, Getty, SINGAPORE, Democratic Progressive Party, Abrams, U.S, International Institute for Strategic Studies, Liberation Army Locations: Singapore, Taiwan, China, Beijing, U.S, Philippine, South, Philippines, Manila

☆ Austin reaffirms U.S. commitment to Indo-Pacific, says region is 'more prosperous when we work together'
▼ + stars: | 2024-06-01 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +3 min

US Secretary of Defence Lloyd Austin speaks at the 21st Shangri-La Dialogue summit in Singapore on June 1, 2024. Speaking at the Shangri-La Dialogue in Singapore, Austin said that Washington's enduring commitment to the region has been a "springboard" that has enabled transformative growth in the region. Austin said that the region is seeing a "new convergence" around nearly all aspects of security in the Indo-Pacific. It's about notions of goodwill, uniting around the interests that we share and the values that we cherish," Austin said. "I respectfully disagree with your point that the expansion of NATO caused the Ukraine crisis," Austin replied, drawing applause from the room.

Persons: Defence Lloyd Austin, Nhac Nguyen, Lloyd Austin, Austin, we're, Lai Ching, Lai, Cao Yanzhong, Vladimir Putin, Putin Organizations: Defence, Afp, Getty, SINGAPORE, U.S, NATO Locations: Singapore, United States, U.S, Philippines, Australia, Japan, China, Taiwan, Beijing, NATO, Europe, Russia, Ukraine

☆ Philippine president says killing of a Filipino in South China Sea clash would be ‘very close’ to act of war
▼ + stars: | 2024-05-31 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

Philippines' President Ferdinand Marcos Jr. delivers a speech during the 21st Shangri-La Dialogue summit in Singapore on May 31, 2024. The president said should such an incident happen by willful action, it would "increase the level of response [by the Philippines]," and come "very, very close to what we define as an act of war." In late March, the Philippines accused a China Coast Guard vessel of utilizing its water cannon on a Filipino ship travelling to the Second Thomas Shoal, injuring three Filipino sailors. Earlier that month, the China Coast Guard was accused of a water cannon attack that left four Filipino crew members injured by broken glass. Beijing claims almost all of the South China Sea as its waters, despite a 2016 ruling by the Permanent Court of Arbitration that said that China's claims has no basis under international law.

Persons: Ferdinand Marcos Jr, Marcos, Thomas Shoal Organizations: Chinese Coast Guard, Guard, U.S ., Philippines Mutual Defense, China Coast Guard, China's coastguard Locations: Philippines, Singapore, South, U.S, Manila, South China, China

☆ Austin expresses 'concern' over China's activities in South China Sea
▼ + stars: | 2024-05-31 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

CNBC witnessed the two delegations walking out of the meeting venue, but neither Dong nor Austin responded to reporters' questions. According to a readout from the Pentagon, Austin said that the U.S. remains committed to its "one China" policy. He also added that more communication is necessary and will help to stabilize the military to military relations. The Pentagon readout mentioned Austin and Dong discussed North Korea's provocations, such as its contributions to Russia's war in Ukraine. Friday's meeting follows a video teleconference call between Austin and Dong in April.

Persons: Defense Lloyd Austin, Lloyd Austin, Dong Jun, Dong, Austin, Joe Biden, Xi Jinping, Wu Qian, Wu, CNBC's Lin Lin Organizations: Defense, SINGAPORE — U.S . Defense, CNBC, Pentagon, U.S, U.S . Department of Defense, PRC Locations: Singapore, Taiwan, SINGAPORE, China, U.S, Ukraine, Gaza, Austin

Commercial and residential buildings are illuminated at dawn in Seoul, South Korea, on Saturday, Oct. 21, 2023. South Korea has prepared a financial support program of 75.9 trillion won ($56.97 billion) for companies increasing investment in key sectors as well as small businesses struggling with the impact of high interest rates. Asia-Pacific markets extended losses on Thursday, tracking Wall Street's moves ahead of a slew of economic data from the region on Friday. Japan's Nikkei 225 fell more than 2%, while the broader Topix dropped 1.4% in early trading. Japan and South Korea will release industrial production figures on Friday, and China will release the official purchasing managers index for May.

Organizations: Nikkei Locations: Seoul, South Korea, Asia, Pacific, Japan, China, Tokyo

Reserve Bank of Australia (RBA) at the central bank's building in Sydney, Australia on May 2, 2022. Asia-Pacific markets are mixed on Wednesday as the Nasdaq Composite hit another new record high on Wall Street to surpass 17,000 for the first time, powered by a 7% gain in tech darling Nvidia. Investors will be assessing Australia's inflation numbers for April, with the weighted inflation rate expected to ease to 3.4% from 3.5% in March. Two more, and we may consider adding a rate hike." The Australian S&P/ASX 200 started the day down 0.29%, ahead of the CPI announcement.

Organizations: Bank of Australia, Nasdaq, Nvidia, Investors, ING, [ Reserve Bank of Locations: Sydney, Australia, Asia, Pacific, [ Reserve Bank of Australia

☆ Top K-pop stocks fall after reports that Hybe may sell $50 million stake in SM Entertainment
▼ + stars: | 2024-05-28 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Shares of two of South Korea's largest K-pop companies fell on Tuesday after industry giant Hybe is said to be pushing for a $50 million sale of its stake in SM Entertainment. Kospi-listed Hybe's stock slid as much as 2.4%, while SM Entertainment — which is listed on the Kosdaq —saw its shares plunge as much as 5.74%. That puts the sale price per share at between 91,968 to 90,531 won. This means the total transaction value would come up to about 68 billion won, or about $50 million. Before the transaction, Hybe held a 12.45% stake in SM.

Persons: Hybe Organizations: SM Entertainment, Chosun Ilbo, South Korean, SM, CNBC Locations: Korean

The Melbourne skyline is reflected in the Maribyrnong River in the early morning light on April 18, 2023. Asia-Pacific markets were range bound on Tuesday as investors assess comments from the European Central Bank officials signaling that rate cuts may be on the horizon for the world's largest economic bloc. Japan's Nikkei 225 also was trading close to the flatline, with the broad based Topix also near flat. In a speech Monday, Olli Rehn, ECB governing council member and head of Finland's central bank, stressed inflation in the euro area was falling in a "sustained way." Inflation in the euro zone held steady at 2.4% in April, marking the seventh straight month it has been below 3%, despite a slight rebound in December.

Persons: Kospi, Olli Rehn Organizations: European Central Bank, Nikkei Locations: Melbourne, Maribyrnong, Asia, Pacific, Australia

Aerial view of skyscrapers standing at the Lujiazui Financial District at sunrise on June 8, 2022 in Shanghai, China. Asia-Pacific markets rose Monday as industrial profits in China rose during the first four months of the year, according to official data. China's industrial profits rose 4.3% year on year in the January to April period, data from the National Bureau of Statistics showed. More economic data from China and India is also due later this week. Australia will also announce its inflation data for April on Wednesday, with analysts from ING expecting a "modest dip."

Persons: Hong Organizations: National Bureau, Statistics, ING Locations: Shanghai, China, Asia, Pacific, India, Australia

☆ JPMorgan is 'positive' on China stocks and 'constructive' on real estate as Beijing props up markets
▼ + stars: | 2024-05-24 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

JPMorgan is "positive" on China stocks and "constructive" on its real estate sector as the world's second-largest economy strives to prop up its equity and property markets. JPMorgan's view on China stocks is "tilted in the positive direction," said Wendy Liu, the firm's chief Asia and China equity strategist. Liu, who expects the index to hit 3,900 by the end of the year, said that China market was still "among the cheapest" in Asia Pacific. Mainland China's CSI300 was the third worst performing stock market in Asia, losing 11.38% last year. When asked about the Chinese real estate sector, Liu said it was at an "inflection point," and that JPMorgan was "constructive" on the sector.

Persons: Wendy Liu, Liu, they'll, CSI300, Hong, malpractices . Liu, Wu Qing, Wu, JPMorgan Organizations: JPMorgan, JPMorgan Global China, China Securities Regulatory Commission, People's Bank of China Locations: China, Asia, Jegarajah, Asia Pacific

People enjoy food and drink at an izakaya bar near Yurakucho Station on June 05, 2020 in Tokyo, Japan. Hong Kong stocks led losses in Asia Pacific on Friday after Wall Street tumbled overnight on rate worries, while investors also digested inflation data from Japan. Hong Kong's Hang Seng index fell 1.71%, while mainland China's CSI 300 dropped 1.11% to end at 3,601.48. In South Korea, the Kospi ended 1.26% lower at 2,687.60, dragged by heavyweight Samsung Electronics, while the small-cap Kosdaq lost 0.85% to close at 839.41. Heavyweight chipmaker Samsung Electronics shares fell 3.07% after Reuters reported that the South Korean tech giant's latest high bandwidth memory (HBM) chips are not yet ready for use by U.S. chipmaker Nvidia.

Organizations: CSI, Samsung Electronics, Reuters, South, Nvidia Locations: Yurakucho, Tokyo, Japan, Hong Kong, Asia Pacific, Hong, South Korea, South Korean

☆ Asia markets in mixed territory after Fed raises concern over 'persistent' inflation
▼ + stars: | 2024-05-23 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

An inflatable bull during a ceremony marking the first day of trading of the year at the Korea Exchange (KRX) headquarters in Seoul, South Korea, Tuesday, Jan. 2, 2024. SeongJoon Cho/Bloomberg via Getty ImagesAsia-Pacific markets were mixed after minutes from the last U.S. Federal Reserve meeting revealed that Fed officials have grown more concerned about inflation, with members indicating they lacked confidence to move forward on interest rate reductions. In Asia, investors will assess flash business activity data from Australia and Japan, as well as Singapore's final first quarter gross domestic figures. South Korea's central bank will be announcing its policy rate decision today. Analysts polled by Reuters expect the Bank of Korea to hold its benchmark lending rate at 3.5%, although a note from ING last week said the meeting will still be closely watched, "as two new members have joined the [BOK's] board since the last meeting and it will be interesting to see if this has changed the view of the board."

Persons: SeongJoon Cho Organizations: Korea Exchange, Bloomberg, Getty Images, Federal Reserve, Reuters, Bank of, ING Locations: Seoul, South Korea, Getty Images Asia, Pacific, U.S, Asia, Australia, Japan, Korea's, Bank of Korea

☆ JPMorgan CEO Jamie Dimon says U.S. could see a 'hard landing,' stagflation will be 'worst outcome'
▼ + stars: | 2024-05-23 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

JPMorgan Chase 's chairman and CEO Jamie Dimon says the the U.S. economy could see a "hard landing." When asked by CNBC's Sri Jegarajah about the prospect of a hard landing, Dimon replied: "Could we actually see one? The CEO was speaking at the JPMorgan Global China Summit in Shanghai. Dimon said the worst outcome for the U.S. economy will be a "stagflation" scenario, where inflation continues to rise, but growth slows amid high unemployment. "I look at the range of outcomes and again, the worst outcome for all of us is what you call stagflation, higher rates, recession.

Persons: JPMorgan Chase, Jamie Dimon, CNBC's, Jegarajah, Dimon, we'll Organizations: JPMorgan, JPMorgan Global China Summit Locations: U.S, Shanghai

In this photo illustration the Nvidia logo is displayed on a smartphone screen and in the background. Asia-Pacific markets are set to extend gains from Monday as tech shares pushed the Nasdaq Composite to record highs. Nvidia shares gained more than 2% overnight on multiple bullish analyst calls that highlighted the company's preeminent market position. The tech-heavy Nasdaq gained 0.65% to reach an all-time intraday high and close at a record level at 16,794.87. Investors in Asia will be watching for any spillover effect on companies up and down Nvidia's value chain, such as Taiwan's TSMC and Foxconn , as well as South Korea's Samsung Electronics and SK Hynix.

Organizations: Nasdaq, Samsung Electronics, SK Hynix Locations: Asia, Pacific

☆ The next North Korea crisis could come this year
▼ + stars: | 2024-05-21 | by ( Chris Panella | ) www.businessinsider.com time to read: +6 min

Read previewTensions are flaring between North Korea and South Korea, and it could lead to conflict sooner rather than later. If such a clash between North Korea and South Korea occurred, it could quickly spiral into wider conflict. SOPA Images via Getty ImagesA notable shift came earlier this year, when North Korea declared South Korea "our principal enemy" and threatened to "thoroughly annihilate" it along with the US if provoked. The move was alarming and likely partially influenced by the Yoon administration's harder stance against North Korea than South Korea's previous president, Moon Jae-in. Military members salute during a military demonstration involving tank units in North Korea.

Persons: —, Sue Mi Terry, Terry, Yoon Suk, Yoon, Kim Jong, Kim's, Moon Jae, Victor Cha, Andy Lim, Biden, Joe Biden, Donald Trump, Kim, Allison Hooker, Hooker Organizations: Service, South Korea's, Council, Foreign Relations, Foreign Affairs, Business, US, North, National Reunification, Government, KCNA, Reuters, Center for Strategic, Studies ' Capital, CSIS, REUTERS Times, Trump, National Security Council Locations: Korea, South Korea, North Korea, Korean, South, Japan, Asia, CSIS Korea, Hanoi, Russia, China, Ukraine, Taiwan

☆ Asia markets poised to climb ahead of China rate decision; key Japan data on deck this week
▼ + stars: | 2024-05-20 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

A man walks past the People's Bank of China (PBOC) building on July 20, 2023 in Beijing, China. (Photo by Jiang Qiming/China News Service/VCG via Getty ImagesAsia-Pacific markets mostly rose Monday to kick-start a week packed with economic data from across the region. China, which laid out measures on Friday to boost its property market, will announce its one- and five-year loan prime rates later in the day. The five year LPR is a key reference rate for housing mortgages. Later this week, investors will also look to trade, inflation and business activity data out from Japan, while Singapore will release its April inflation data and final figures for its first-quarter gross domestic product.

Persons: Jiang Qiming Organizations: People's Bank of China, China News Service, Getty Images Locations: Beijing, China, Getty Images Asia, Pacific, Japan, Singapore

☆ Asia-Pacific markets are mostly lower as investors await key economic data from China
▼ + stars: | 2024-05-17 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Asia-Pacific markets took a breather after rallying in the previous session, as investors await key China data to assess the state of the world's second largest economy. China data, including new house prices, urban unemployment and retail sales figures for April, is due later in the day. Russian President Vladimir Putin, who is on a two-day state visit to China, said at a press conference that discussions had been "warm and comradely" and had shown the importance of the two countries' relationship. Singapore will also release its non-oil domestic export figures for April, with NODX expected to fall 10% year on year.

Persons: Vladimir Putin, NODX Locations: Asia, Pacific, China, Singapore

☆ HSBC falls 3% amid reports that top shareholder Ping An is looking to trim its stake
▼ + stars: | 2024-05-17 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Customers use automated teller machines (ATM) at an HSBC Holdings Plc bank branch at night in Hong Kong, China, on Saturday, Feb 16, 2019. Despite the fall, HSBC's share price is still at its highest since August 2018, trading at about 68 Hong Kong dollars per share. Shares of HSBC Holdings fell over 3% in Hong Kong on Friday after reports that its top shareholder Ping An Insurance might be looking to cut its stake in the British bank. There are several options including "further share sales, similar to the $50 million sale it disclosed last week." Ping An sold HSBC shares worth 391.49 million Hong Kong dollars ($50.19 million) on May 7, cutting its stake from 8.01% to 7.98%.

Persons: Ping, Bloomberg Organizations: HSBC Holdings Plc, Hong, HSBC Holdings, Ping, Bloomberg, An, HSBC, Hong Kong Locations: Hong Kong, China, British, Asia

☆ Singapore’s Lawrence Wong sworn in as new prime minister — the first leadership change in 20 years
▼ + stars: | 2024-05-15 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +3 min

Lawrence Wong was sworn in on May 15 as Singapore's new prime minister, after Lee Hsien Loong stepped down following two decades in office. Edgar Su | Afp | Getty ImagesSINGAPORE — Singapore's Lawrence Wong was inaugurated as the city-state's fourth prime minister on Wednesday, taking over from former prime minister Lee Hsien Loong, who has led Singapore for 20 years. Trade and industry minister Gan Kim Yong will be promoted to deputy prime minister and work alongside current DPM Heng Swee Keat. Lee, the eldest son of Singapore's founding Prime Minister Lee Kuan Yew, announced last month he will hand over power to the new prime minister in mid-May. Wong also served as principal private secretary to then prime minister Lee Hsien Loong from 2005 to 2008.

Persons: Lawrence Wong, Lee Hsien Loong, Edgar Su, Singapore's Lawrence Wong, Lee, Gan Kim Yong, Heng, Kim Yong, Swee Keat, Wong, Gan, Ong Ye Kung, helming, Singapore's, Lee Kuan Yew Organizations: Afp, Getty, SINGAPORE, Trade, Monetary Authority of, Party Locations: Singapore, Monetary Authority of Singapore, Gan

Asia-Pacific markets were largely higher Tuesday even as stocks on Wall Street stumbled, with the Dow Jones Industrial Average snapping an eight-day winning streak. Investors in Asia assessed India's inflation numbers. Data released Monday showed consumer price index climbed 4.83% year on year, nearly in line with the 4.8% expected by economists polled by Reuters. India's wholesale inflation reading is due to be released later in the day. Data from the Bank of Japan showed that corporate inflation was steady in April compared with a year earlier, but import prices jumped 6.4% year over year last month, most likely due to the yen's sharp declines.

Organizations: Dow Jones, Reuters, Bank of Japan Locations: Jama, New Delhi, India, Asia, Pacific

☆ Asia markets largely lower as investors assess China inflation data, await Japan GDP print
▼ + stars: | 2024-05-13 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Federal Reserve regional presidents Neel Kashkari of Minneapolis and Austan Goolsbee of Chicago said they are taking a patient approach to monetary policy as they weigh surprisingly strong inflation data this year. Let's get a lot more data to see if this inflation is going to continue or if it's stalling," Kashkari said during a joint live interview on CNBC. "We are all committed to getting inflation back" to the Fed's 2% goal. Goolsbee noted the rapid disinflation that occurred in 2023 and said he is hopeful that can resume following the sticky upward trend seen so far this year. Or did we kind of use up all of our good luck and this bump of the beginning of the year is actually a sign of overheating?"

Persons: Neel Kashkari, Kashkari, Goolsbee, Jeff Cox Organizations: Reserve, CNBC Locations: Minneapolis, Chicago

☆ Japan stocks lead gains in Asia markets as renewed rate cut hopes lift sentiment
▼ + stars: | 2024-05-10 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Cherry trees in bloom near the Nippon Budokan in Tokyo, Japan, on Sunday, April 7, 2024. Bloomberg | Bloomberg | Getty ImagesJapan led gains in Asia-Pacific markets on Friday after stronger-than-expected, year-on-year consumer spending data, and as renewed rate cut hopes by the U.S. Federal Reserve bolster market sentiment. Japan's overall household spending in March fell 1.2% year on year, less than the 2.4% expected by a Reuters poll of economists. However, on a month-on-month basis, household spending rose 1.2%, compared with estimates of a 0.3% drop. Should the index reach the futures level, it would be its highest in about nine months.

Persons: Cherry, Kospi Organizations: Nippon Budokan, Bloomberg, Getty Images Japan, U.S . Federal Reserve, Nikkei Locations: Tokyo, Japan, Asia, Pacific

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