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☆ China's Singles Day shopping festival is more than halfway over. Here's how consumers are spending
▼ + stars: | 2024-11-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

China's e-commerce giants stopped reporting Singles Day GMV in 2022 during the pandemic. Singles Day GMV this year as of Oct. 30 was 845 billion yuan ($119.1 billion), according to research firm Syntun. Subsidies boost appliancesHelping boost sales this Singles Day are China's subsidies for trade-ins of home appliances, launched in late July. They predict 4% to 5% growth in Singles Day GMV, with sales in the home appliance category supported by the trade-in program. "Something that kind of came out of nowhere, into all of a sudden really, really big numbers."

Persons: Alibaba, Jacob Cooke, JD's, ByteDance's Douyin, Cooke, Louis Vuitton, we've, UOB Kay Hian, JD.com, Dave Xie, Oliver Wyman, Xie, There's, Liang, Chiikawa, Taobao, Tmall Organizations: Visual China, Getty, Alibaba, Technologies, CNBC, Louis Locations: Lianyungang, Jiangsu Province, China, BEIJING, Asia, Alibaba, British

☆ Global institutional investors not back in Hong Kong yet: CIO
▼ + stars: | 2024-10-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGlobal institutional investors not back in Hong Kong yet: CIOQi Wang, Chief Investment Officer of UOB Kay Hian Wealth Management, says "big money" hasn't returned to Hong Kong yet, despite recent strength and new listings on the market.

Persons: Qi Wang, UOB Kay, hasn't Organizations: Global, UOB Kay Hian Wealth Management Locations: Hong Kong

☆ Dollar rides 'Trump trade' toward third weekly rise, markets brush off China GDP
▼ + stars: | 2024-10-18 | by ( ) www.cnbc.com time to read: +5 min

The onshore yuan ticked 0.06% higher to 7.1199 per dollar, while its offshore counterpart rose 0.12% to 7.1282. Data on Thursday showed U.S. retail sales growth was higher than expected and the ECB cut interest rates by 25 basis points. "All of that has played in to a stronger dollar," said Jason Wong, senior strategist at BNZ in Wellington. The New Zealand dollar was similarly eyeing a 0.75% fall for the week and was little changed at $0.6063 in the Asia session. The U.S. dollar index hit a 2-1/2 month high of 103.87 on Thursday and is up nearly 0.8% forthe week thus far.

Persons: Donald Trump, Ho Woei Chen, Jason Wong, There's, Yahya Sinwar, Israel's, Benjamin Netanyahu, Sterling Organizations: European Central Bank, People's Bank of China, Securities, Fund, Insurance, ECB, Reuters, Trump, New Zealand, Bank of England, U.S Locations: Asia, China, Wellington, U.S, Israel, Gaza

☆ Chinese government has made 'crucial' improvements to its property destocking policies: Analyst
▼ + stars: | 2024-10-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChinese government has made 'crucial' improvements to its property destocking policies: AnalystJieqi Liu, Senior Property Analyst at UOB Kay Hian, shares her views on the latest measures of the Chinese housing ministry to bolster the property market, and explains why she thinks it will become a market-oriented industry in the future.

Persons: Jieqi Liu, UOB Kay Hian

☆ The backdrop is 'really stable' for U.S. stocks, UOB says
▼ + stars: | 2024-10-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe backdrop is 'really stable' for U.S. stocks, UOB saysAnthony Raza, head of multi-asset strategy at UOB Asset Management, says continued growth and the interest rate cuts that are likely to come make for a "great backdrop for investing, for both stocks and bonds."

Persons: UOB, Anthony Raza Organizations: UOB Asset Management

☆ Beyond Novo: Fund manager likes this under-the-radar pharma stock with a weight loss drug in the works
▼ + stars: | 2024-10-04 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

"Maybe that weight loss product (by United Laboratories) works, maybe it doesn't. United Laboratories' price-to-earnings of 5.8 times is a fraction of the 34.3 times that Novo Nordisk is trading at, Peche added. [United Laboratories] is making smooth progress in R & D and targets to launch Liraglutide in 2024. Their comments follow United Laboratories' "faster than expected earnings" growth in the first half of the year. Analysts' average price target on United Laboratories is 12.95 Hong Kong dollars, giving it 28.2% potential upside.

Persons: Sean Peche, it's, Peche, there's, that's, Eli Lilly, Amgen, Carol Dou, Sunny Chen, UOB Kay Hian, bode Organizations: Novo Nordisk, Ranmore Fund Management, United Laboratories, Pfizer, AstraZeneca, Global Equity Fund, Hong, Hong Kong bourse, HK Locations: Hong Kong, Novo, Europe, U.S

☆ PBOC's mortgage cut could 'really save' China's real estate, says UOB
▼ + stars: | 2024-09-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPBOC's mortgage rate cut is a measure that could 'really save' China's real estate, says UOBQi Wang, CIO, wealth management at UOB Kay Hian, discusses "two concerns" he has about the Chinese market and the recent slate of measures from the People's Bank of China.

Persons: Qi Wang, UOB Kay Hian Organizations: People's Bank of China

☆ Singapore's UOB maintains 2024 guidance even as second-quarter profit misses forecasts
▼ + stars: | 2024-08-01 | by ( ) www.cnbc.com time to read: +1 min

Singapore's United Overseas Bank (UOB) maintained earnings guidance for 2024 after posting on Thursday a 1% year-on-year rise in second quarter net profit that slightly missed expectations. Singapore's United Overseas Bank maintained earnings guidance for 2024 after posting on Thursday a 1% year-on-year rise in second quarter net profit that slightly missed expectations. However, we expect ASEAN to stay relatively resilient," said UOB Deputy Chairman and CEO Wee Ee Cheong in a statement. UOB maintained its 2024 projections of low single-digit loan growth, double-digit fee growth and positive growth in total income, according to Wee's presentation slides accompanying the earnings results. UOB said its April-June net profit rose to 1.43 billion Singapore dollars ($1.07 billion) from SG$1.42 billion a year earlier on the back of higher net fee income, a rebound in loan-related fees and wealth management fees, and double-digit growth in credit card fees.

Persons: Wee Ee Cheong, UOB Organizations: Singapore's United Overseas Bank, ASEAN Locations: Southeast

☆ China's economic situation is 'still mixed,' UOB says
▼ + stars: | 2024-07-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's economic situation is 'still mixed,' UOB saysTeck Kin Suan, head of research at UOB, discusses China's official purchasing managers' index data released over the weekend and compares it with the Caixin manufacturing PMI.

Persons: UOB, Suan

☆ UOB names potential 'pockets of growth' in the Southeast Asian market
▼ + stars: | 2024-05-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUOB names potential 'pockets of growth' in the Southeast Asian marketWai Fai, CFO at UOB, says it's optimistic about "semiconductors in Malaysia, commodities in Indonesia, [electric vehicles] in Thailand and manufacturing in Vietnam."

Persons: Fai Organizations: UOB Locations: Malaysia, Indonesia, Thailand, Vietnam

☆ UOB reports first-quarter profit fell less than expected, maintains 2024 growth outlook
▼ + stars: | 2024-05-08 | by ( ) www.cnbc.com time to read: +1 min

Singapore's United Overseas Bank, or UOB, reported a smaller-than-expected decline in first quarter net profit on Wednesday, squeezed by net interest margins, and maintained its outlook for income growth in 2024. Singapore's United Overseas Bank reported a smaller-than-expected decline in first-quarter net profit on Wednesday, squeezed by net interest margins, and maintained its outlook for income growth in 2024. "Despite heightened geopolitical tensions, our home region of Southeast Asia is relatively resilient," UOB CEO Wee Ee Cheong said in a statement. "We continued to see ongoing shifts in global supply chains and sustained tourism activities," he added. UOB, which is also Southeast Asia's third-largest bank by assets, also maintained its guidance for low single-digit loan growth and double-digit fee growth, according to Wee's presentation slides accompanying the results.

Persons: Wee Ee Cheong Organizations: Singapore's United Overseas Bank Locations: Southeast Asia

DavidCallanAsia-Pacific markets are mixed on Wednesday, mirroring moves in Wall Street's Tuesday session. Investors in the region will parse through earnings reports including those of Japanese giants Toyota and Mitsubishi, as well as Singapore's UOB. Traders will also brace for key economic data out of China and Japan on Thursday, with China releasing its April trade data and Japan announcing its March pay statistics. Japan's Nikkei 225 slipped 0.33% on its open, while the broad based Topix was down 0.3%. South Korea's Kospi extended gains and rose 0.1% after leading Asian markets on Tuesday.

Persons: HSI Organizations: Toyota, Mitsubishi, Traders, Nikkei Locations: DavidCallan Asia, Pacific, Wall, China, Japan

☆ Inflation, operating costs had the biggest impact on Asian firms last year, survey shows
▼ + stars: | 2024-04-25 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +1 min

Higher costs had the biggest impact on Asian businesses in 2023, even as they continued to grapple with a global economic slowdown and rising borrowing costs, according to a survey by UOB. Of those polled, 32% said they were impacted by high inflation, another 32% said they faced increased operating costs, while 24% said rising labor costs hurt their business, UOB's 2024 Business Outlook Survey reported. Still, about four out of 10 companies said they felt "very positive" about the business environment in 2023, while 32% said they were "somewhat positive," the survey showed. Some 35% of the companies polled said the business environment in 2023 declined compared to the previous year. To combat future headwinds, 30% of the companies said reducing business costs will be their top priority in the next one to three years.

Organizations: UOB, Survey Locations: Southeast Asia, Greater China, China , Hong Kong, Thailand, Vietnam, Malaysia, Singapore, Indonesia

☆ Strategist: we are not yet at the tail end of Japan's stock market rally
▼ + stars: | 2024-04-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStrategist: we are not yet at the tail end of Japan's stock market rallyFrancis Tan of UOB Private Bank discusses his outlook for Japan, South Korea and China markets. He sees further upside for Japanese stocks, due to strong fundamentals and growth in semiconductor cycle.

Persons: Francis Tan Organizations: UOB Private Bank Locations: UOB, Japan, South Korea, China

☆ China's monetary policy will largely depend on when the Fed cuts rates
▼ + stars: | 2024-03-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's monetary policy will largely depend on how soon the U.S. Fed will cut rates, says analystQi Wang of UOB Kay Hian discusses his outlook on the consumer sector in China, the upcoming "two sessions" strategic meetings, and why the U.S. FOMC decision is a de-facto third session when it comes to Chinese monetary policy.

Persons: Qi Wang, UOB Kay Hian Locations: U.S, China

☆ Dollar waits on U.S. inflation reading, bitcoin tops $60,000
▼ + stars: | 2024-02-29 | by ( ) www.cnbc.com time to read: +3 min

The U.S. dollar was firm and the yen was headed for a monthly loss in the lead up to U.S. inflation data that could ruffle the interest rate outlook, while bitcoin surged above $60,000. The U.S. dollar was firm and the yen was headed for a monthly loss in the lead up to U.S. inflation data that could ruffle the interest rate outlook, while bitcoin surged above $60,000. Bitcoin is on a tear and topped $63,000 overnight as it rides a wave of cash rushing to new U.S. bitcoin exchange-traded funds. It is up more than 45% this month, its largest gain since December 2020 and a record high above $69,000 is within sight. The New Zealand dollar nursed losses on bets that rate hikes there are finished.

Persons: bitcoin, Masato Kanda, Sue Ann Lee, Kristina Clifton, Sterling Organizations: U.S, New Zealand, Reserve Bank of New, Federal, Commonwealth Bank of Australia Locations: Japan, U.S, Asia, Sao Paulo, Reserve Bank of New Zealand, Europe

☆ Singapore's UOB revises down 2024 loan growth, fourth-quarter profit beats forecasts
▼ + stars: | 2024-02-22 | by ( ) www.cnbc.com time to read: +1 min

A customer uses an ATM at an United Overseas Bank Ltd. (UOB) branch in Singapore, on Thursday, Feb. 23, 2023. Singapore's United Overseas Bank, or UOB, on Thursday cut its 2024 loan growth projections to low single-digits from mid-single digits after posting a stronger-than-forecast 22% jump in fourth quarter net profit. UOB maintained its 2024 guidance for double-digit fee growth while projecting total income to see positive growth, according to UOB CEO Wee Ee Cheong's earnings presentation slides. Credit costs for 2024 are expected to be at the lower end of its previous 25 to 30 basis points guidance range. "Global economic outlook remains uncertain in the near term, but Southeast Asia continues to be a bright spot," Wee said in a statement.

Persons: UOB, Wee Ee, Wee Organizations: United Overseas Bank Ltd, Singapore's United Overseas Bank Locations: Singapore, Southeast Asia

☆ UOB Kay Hian discusses outlook for China's stock markets
▼ + stars: | 2024-02-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUOB Kay Hian discusses outlook for China's stock marketsQi Wang, UOB Kay Hian chief investment officer for wealth management, says foreign money in onshore China markets isn't significant, but "it does have a big psychological effect."

Persons: UOB Kay Hian, Qi Wang Locations: China

☆ Gold soars past $2,100 to new record — and analysts don't expect it to stop there
▼ + stars: | 2023-12-04 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Gold prices notched a new record on Monday for a second day in a row — with spot prices touching $2,100 as the global rush for bullion appears set to continue. Gold prices are on course to hit fresh highs next year and could remain above $2,000 levels, analysts said, citing geopolitical uncertainty, a likely weaker U.S. dollar and possible interest rate cuts. Gold tends to perform well during periods of economic and geopolitical uncertainty due to its status as a reliable store of value. He estimated that gold prices could reach up to $2,200 by the end of 2024. "There is simply less leverage this time around vs 2011 in gold ... taking prices through $2,100 and putting $2,200/oz in view," said Nicky Shiels, head of metals strategy at precious metals firm MKS PAMP.

Persons: Heng Koon, Nicky Shiels Organizations: Markets, Global Economics, Markets Research, CNBC Locations: Israel

☆ Singapore bank UOB sees stronger 2024 outlook, third-quarter net profit trails estimate
▼ + stars: | 2023-10-26 | by ( ) www.cnbc.com time to read: +1 min

The United Overseas Bank (UOB) building is pictured in the Raffles Place financial district in Singapore on August 10, 2023. Singapore's United Overseas Bank , or UOB, expected a stronger outlook for next year including better loan and fees growth, as it reported on Thursday a weaker-than-expected 1% drop in third-quarter net profit from a year earlier. UOB, Singapore's third-largest bank by assets, projected mid single-digit loan growth and double-digit fee growth for its 2024 outlook, versus low-to-mid single-digit loan growth and high single-digit fees growth for this year's outlook. UOB said July-September net profit dropped to S$1.38 billion ($1 billion) from S$1.40 billion a year earlier, mainly on the back of higher allowances for credit and other losses, as well as Citigroup integration costs. The profit was lower than the mean estimate of S$1.46 billion from four analysts polled by LSEG.

Persons: Wee Ee Cheong, UOB's, UOB Organizations: United Overseas Bank, Raffles, Singapore's United Overseas Bank, Citigroup, LSEG Locations: Singapore, Southeast, ASEAN

☆ U.S. and China commercial property markets face headwinds but UOB is optimistic on Southeast Asia
▼ + stars: | 2023-10-26 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Commercial real estate markets in the U.S. and China are economic pain points to monitor in a higher-for-longer rate environment, said Singapore's United Overseas Bank. But the bank remains optimistic about one key region. "The U.S. commercial real estate remains a hotspot, especially with the low occupancy rates that we have," Lee Wai Fai, chief financial officer of UOB told CNBC's "Street Signs Asia." "The other hotspots will be China, there [are] worries about the quality and whether they can manage the property uncertainty in China," he added. Lee added the world is heading into a more "uncertain environment" and the impact of higher-for-longer interest rates is starting to filter through the economy.

Persons: Lee Wai Fai, UOB, CNBC's, Lee Organizations: Singapore's United Overseas Bank Locations: U.S, China

☆ China and U.S. commercial real estate markets are 'hot spots,' UOB CFO says
▼ + stars: | 2023-10-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina and U.S. commercial real estate markets are 'hot spots,' UOB CFO saysLee Wai Fi, chief financial officer of UOB, says the bank is "less worried" about the Southeast Asian region.

Persons: Lee Wai Fi, UOB Organizations: China Locations: U.S

☆ Asian stocks bounce on China spending plans; inflation jolts Aussie
▼ + stars: | 2023-10-25 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.9% and the Hang Seng (.HSI) 2%. China's top parliament approved a 1 trillion yuan ($137 billion) bond issue, state media reported adding the funds would be spent rebuilding disaster zones and improving infrastructure. Investors pulled forward European rate cut expectations a little and the euro was nursing losses at $1.0594. The annual pace of inflation in Australia slowed in the third quarter, but at 5.4% was above forecasts of 5.3%. Oil fell in commodity trade on Tuesday, thanks to the weak economic data from Europe, and was nursing losses on Wednesday.

Persons: Dado Ruvic, hawkish, Bonds, Steven Leung, UOB Kay Hian, Leung, Glenn Yin, Lincoln Organizations: REUTERS, Japan's Nikkei, Treasury, Central, Central Huijin, Investors, 25bp, ANZ, Brent, AETOS Capital Group, U.S . Securities, Exchange Commission, Thomson Locations: China, SINGAPORE, Asia, Pacific, Japan, Tokyo, U.S, Hong Kong, Central, Australia, Europe, Melbourne, United States, Russia, Israel, Gaza, BlackRock

Investors were also excited by Tuesday's approval of an additional 1 trillion yuan ($136.76 billion) of sovereign bond issuance. Drawing investors back into China's $10.5 trillion stock market, particularly the foreign buyers that have fled in droves this year, would stem further slides in a market which fell to its lowest since 2019 earlier this week. "China's central government is endorsing the stock market," said Qi Wang, chief investment officer of UOB Kay Hian's wealth management division in Hong Kong. Huijin last bought ETFs during the 2015 stock market crash, and during the money market liquidity crunch in 2013. Still, China's stock markets have to overcome earlier heavy selling from foreigners, burnt by Xi's previous crackdowns on internet companies and other sectors, and its earlier stringent zero-COVID policy.

Persons: China's, Huang Yan, QiuYang, Huang, Pan Gongsheng, Qi Wang, UOB Kay, Huijin, Fabiana Fedeli, Fedeli, Goldman Sachs, Samuel Shen, Ankur Banerjee, Brigid Riley, Vidya Ranganathan Organizations: Central Huijin Investment, Shanghai QiuYang, People's Bank of China, Sino, CSI, Huijin, China Asset Management Co, Singapore's United Overseas Bank, G Investments, Thomson Locations: SHANGHAI, SINGAPORE, Shanghai, China, Hong Kong, Tokyo

☆ Yuan leads rally in Asian currencies on China's economic bounce
▼ + stars: | 2023-10-18 | by ( ) www.cnbc.com time to read: +2 min

Asian currencies caught a boost from better-than-expected Chinese economic data on Wednesday, driving the yuan to a one-week high and putting a dampener on the U.S. dollar which has rallied for weeks on end as U.S. yields have climbed. A blast at a Gaza hospital also kept moves modest and traders on edge at the prospect of a widening conflict. Official data showed China's economy grew 1.3% in the third quarter, accelerating from 0.5% in the previous quarter and topping market forecasts for an increase of 1%. On Tuesday U.S. yields had shot sharply higher after data showed retail sales increased strongly, which had helped the dollar pile pressure on the low-yielding Japanese yen. "Maybe it's hitting the limits of this stage of the rally, and needs a bit of a correction."

Persons: Joe Biden, Woei Chen Ho, It's, it's, Imre Speizer, Sterling Organizations: U.S ., Israel, Wednesday, New, Tuesday, Bank of Japan, greenback, Treasury, Westpac Locations: Gaza, Singapore, New Zealand, Asia

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