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☆ Factbox: Five facts about missing star Chinese dealmaker and his firm
▼ + stars: | 2023-02-18 | by ( Xie Yu | ) www.reuters.com time to read: +2 min

HONG KONG, Feb 18 (Reuters) - Well-known Chinese dealmaker Bao Fan, founder of investment bank China Renaissance Holdings Ltd (1911.HK), has gone missing in the latest disappearance of a top business executive in the country, unnerving investors. Here are five facts about Bao and his firm --* Bao entered China's prestigious Fudan University in 1989, and later received his master's degree from the BI Norwegian School of Management. Its investment management business has assets worth around 48.6 billion yuan by the end of last June. * The firm is currently ranked ninth on China's equity capital markets league table for 2023, according to Refinitiv. It earned $20.6 million in Chinese related investment banking fees in 2022, down from $43.13 million a year earlier.

SYDNEY, Feb 17 (Reuters) - Shares of boutique investment bank China Renaissance Holdings Ltd (1911.HK) fell by as much as 50% on Friday after the firm said it had been unable to contact Chairman and Chief Executive Bao Fan. China Renaissance shares slid by 50% in early trade to hit a record low of HK$5 each. He started China Renaissance in 2005 and the exchange filing showed he is its controlling shareholder. China Renaissance was listed on the Hong Kong Stock Exchange in 2018 after it raised $346 million. China Renaissance is also an active investor in the tech sector.

Burry was featured in the 2010 nonfiction book "The Big Short" by Michael Lewis which was made into a popular movie five years later. Farallon, meanwhile, added 2,197,000 shares of Alibaba, while Coatue added 4,796,186 shares of Alibaba and 1,221,551 shares of JD.com. China began taking steps to end its zero-COVID policy, which was among the world's strictest anti-coronavirus regimes, in December. Hedge fund managers' positions were revealed in 13F filings that show what fund managers owned at the end of the quarter. While they are backward-looking, these filings are one of the few public disclosures of hedge fund portfolios.

Government bonds, which typically perform well when there is a dash for safe havens, sold off under intense pressure. The dollar rose to an almost one-month high of 132.85 yen while the euro fell 0.64% to $1.0726. Chinese equities fell on Monday, while the offshore yuan touched a one-month low against the dollar. European Central Bank and Bank of England policymakers will also be making appearances. Gold edged higher, with investors banking on the precious metal's safe-haven appeal as concerns about an economic slowdown linger.

☆ Retailers offering discounts on high-end iPhones in China
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Feb 6 (Reuters) - Third party retailers in China are offering discounts of as much as 10% on Apple Inc's (AAPL.O) iPhone 14 Pro amid sluggish demand for smartphones. Electronics vendors JD.Com Inc (9618.HK) and Suning (002024.SZ) are currently selling the iPhone 14 Pro basic model for 7,199 yuan ($1,062), checks of JD.com's app and Suning's website showed. That is 800 yuan cheaper than the standard price on Apple's official China website. A number of other authorised Apple third party sellers are offering similar discounts on the iPhone 14 pro and Pro Max, Reuters checks of promotions on social media showed. Apple will occasionally allow partner vendors in China to offer discounts on its phones to spur demand.

☆ Futures slip ahead of Goldman, MS earnings as China data hits sentiment
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures down: Dow 0.18%, S&P 0.22%, Nasdaq 0.31%Jan 17 (Reuters) - U.S. stock index futures started the week lower ahead of quarterly results from Goldman Sachs and Morgan Stanley, with downbeat economic data from China denting investor sentiment globally on Tuesday. Goldman Sachs (GS.N) and Morgan Stanley (MS.N) were set to wrap up a mixed season for big bank earnings with their fourth-quarter results due before the bell. Analysts expect year-over-year earnings from S&P 500 companies to decline 2.2% for the quarter, according to Refinitiv data as of Friday. The S&P 500 (.SPX) and the Nasdaq (.IXIC) indexes closed at one-month highs on Friday, with the former up 4.2% so far in 2023. ET, Dow e-minis were down 61 points, or 0.18%, S&P 500 e-minis were down 9 points, or 0.22%, and Nasdaq 100 e-minis were down 35.5 points, or 0.31%.

Goldman Sachs Group Inc (GS.N) fell 3.5% after the bank reported a bigger-than-expected drop in quarterly profit, weighing the most on the Dow Jones Industrial Average (.DJI). "Widely expected to be awful, Goldman Sachs' quarterly results were even more miserable than anticipated," said Octavio Marenzi, chief executive at consultancy Opimas. The S&P 500 energy (.SPNY) and consumer staples (.SPLRCS) sectors were up about 0.6% each, while financial stocks (.SPSY) fell 0.6%. Earnings from Goldman Sachs and Morgan Stanley wrap up a mixed reporting season for big banks, most of which have put aside rainy-day funds to prepare for a looming recession. Analysts expect year-over-year earnings from S&P 500 companies to decline 2.4% for the quarter, according to Refinitiv data.

☆ Futures edge higher ahead of Fed meeting minutes
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures up: Dow 0.20%, S&P 0.31%, Nasdaq 0.46%Jan 4 (Reuters) - U.S. stock index futures edged higher on Wednesday as hopes of an economic recovery in China lifted sentiment, while focus was also on minutes from the Federal Reserve's December policy meeting for clues on the outlook for interest rate hikes. Minutes from the Fed's previous meeting, when it raised interest rates by half a percentage point and cautioned rates may need to remain higher for longer, are due to be released at 2 p.m. "The minutes of the latest Fed meeting will be devoured later, in a search for clues about how much higher rates will go before policymakers consider pressing the pause button," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown. ET, Dow e-minis were up 65 points, or 0.2%, S&P 500 e-minis were up 11.75 points, or 0.31%, and Nasdaq 100 e-minis were up 50.25 points, or 0.46%. Reporting by Shubham Batra and Amruta Khandekar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Tesla Inc (TSLA.O) fell nearly 10% as the electric-vehicle maker missed Wall Street estimates for quarterly deliveries. Other rate-sensitive technology and growth stocks such as Alphabet Inc (GOOGL.O), Meta Platforms Inc (META.O), Microsoft (MSFT.O) and Amazon.com Inc (AMZN.O) were up between 0.6% and 2.0%. The S&P 500 shed 19.4% in 2022, marking a roughly $8 trillion decline in market cap, while the Nasdaq fell 33.1%, dragged down by growth stocks. The S&P index recorded no new 52-week high and one new low, while the Nasdaq recorded 73 new highs and 23 new lows. Reporting by Shubham Batra, Ankika Biswas and Amruta Khandekar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Futures climb as China eases COVID curbs
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures up: Dow 0.62%, S&P 0.65%, Nasdaq 0.56%Dec 27 (Reuters) - U.S. stock index futures rose on Tuesday after China further relaxed its COVID-19 curbs, fuelling hopes of a recovery in the world's second largest economy. U.S.-listed shares of Chinese firms such as JD.Com Inc , Alibaba Group Holding , Pinduoduo Inc (PDD.O) climbed between 2.5% and 3% in premarket trading. ET, Dow e-minis were up 208 points, or 0.62%, S&P 500 e-minis were up 25 points, or 0.65%, and Nasdaq 100 e-minis were up 62.5 points, or 0.56%. Southwest Airlines Co (LUV.N) dipped 3% after facing flight cancellations and delays a day after Christmas. Reporting by Amruta Khandekar Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

U.S.-listed shares of Chinese firms such as JD.Com Inc , Alibaba Group Holding Ltd and Pinduoduo Inc (PDD.O) climbed around 2% each in premarket trading. With a handful of trading sessions left this year, investors are hoping for a so-called "Santa rally" at the end of what has been a largely disappointing month for U.S. equities. Economic data so far has offered little hope that the Fed could hit the brakes on its interest rate hikes. ET, Dow e-minis were up 147 points, or 0.44%, S&P 500 e-minis were up 12.5 points, or 0.32%, and Nasdaq 100 e-minis were up 5 points, or 0.05%. Reporting by Amruta Khandekar and Ankika Biswas in Bengaluru; Editing by Vinay Dwivedi and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Beijing’s Parcel Pileup Shows Strain of Zero-Covid Exit
▼ + stars: | 2022-12-15 | by ( Austin Ramzy | ) www.wsj.com time to read: 1 min

Pedestrians wore protective gear in Beijing on Thursday. A lack of data has made it difficult to gauge the size of the wave of Covid infections. HONG KONG—Chinese e-commerce giant JD.com Inc. said it would dispatch 1,000 workers to Beijing to clear a backlog of deliveries, adding to mounting evidence that China’s exit from its zero-Covid policies has been bumpy and uncertain. A lack of data, after China abandoned widespread testing, has made it difficult to gauge the size of the wave of infections that experts said was bound to follow, as well as the impact on the economy.

SummarySummary Companies Apple down, Morgan Stanley cuts Dec shipment estimateCarvana tumbles, Wedbush slashes PT to Street lowFutures down: Dow 0.25%, S&P 0.48%, Nasdaq 0.82%Dec 7 (Reuters) - U.S. stock indexes were set to open lower on Wednesday after warnings of a looming recession from major Wall Street bankers offset optimism around China relaxing its strict zero-COVID rules. Fears of a recession due to the U.S. Federal Reserve's aggressive rate hikes to curb inflation pulled the S&P 500 (.SPX) lower for a fourth straight session on Tuesday, with all major Wall Street indexes ending down 1%-2%. "From the bigger picture, the Fed has hiked rates to a point where markets are expecting monetary policy to be restrictive enough to cause a mild recession." The CBOE volatility index (.VIX), also known as Wall Street's fear gauge, rose to a two-week high at 23.01 points amid increased investor anxiety. ET, Dow e-minis were down 85 points, or 0.25%, S&P 500 e-minis were down 19 points, or 0.48%, and Nasdaq 100 e-minis were down 94.75 points, or 0.82%.

☆ Futures fall on growing fears of recession
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Futures down: Dow 0.11%, S&P 0.21%, Nasdaq 0.30%Dec 7 (Reuters) - U.S. stock index futures edged lower on Wednesday after warnings of a looming recession from major Wall Street bankers offset optimism around the easing of China's strict zero-COVID rules. Fears of a recession due to the U.S. Federal Reserve's aggressive rate hikes to curb inflation pulled the S&P 500 (.SPX) lower for a fourth straight session on Tuesday, with all major Wall Street indexes closing down 1-2%. ET, Dow e-minis were down 36 points, or 0.11%, S&P 500 e-minis were down 8.25 points, or 0.21%, and Nasdaq 100 e-minis were down 34.75 points, or 0.3%. Among other stocks, GameStop Corp (GME.N) jumped 1.1% ahead of its third-quarter results where it is expected to report a 4.5% rise in revenue. Reporting by Shubham Batra and Ankika Biswas in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

SummarySummary Companies Investors look to Powell speech for interest rate cluesU.S. consumer confidence slips in NovemberS&P 500 -0.16%, Nasdaq -0.59%, Dow +0.01%Nov 29 (Reuters) - The S&P 500 ended down on Tuesday, with losses in Apple and Amazon ahead of an upcoming speech by U.S. Federal Reserve Chair Jerome Powell that could provide hints about magnitude of future interest rate hikes. Investors will be looking for clues about when the Fed will slow the pace of its aggressive interest rate hikes. The S&P 500 energy sector index (.SPNY) rallied 1.3%, while gains in oil prices on expectations of a loosening of China's strict COVID controls were later offset by concerns that OPEC+ would keep its output unchanged at its upcoming meeting. The S&P 500 declined 0.16% to end the session at 3,957.60 points. The S&P 500 posted three new highs and two new lows; the Nasdaq recorded 68 new highs and 183 new lows.

Powell is due to speak at a Brookings Institution event on Wednesday about the outlook for the U.S. economy and the labor market. Investors will be looking for clues about when the Fed will slow the pace of its aggressive interest rate hikes. In afternoon trading, the S&P 500 was down 0.03% at 3,962.83 points. Advancing issues outnumbered falling ones within the S&P 500 (.AD.SPX) by a 1.1-to-one ratio. The S&P 500 posted one new high and two new lows; the Nasdaq recorded 46 new highs and 149 new lows.

☆ Wall Street dips as growth shares offset energy gains
▼ + stars: | 2022-11-29 | by ( Shreyashi Sanyal | ) www.reuters.com time to read: +3 min

SummarySummary Companies Energy stocks rise, oil prices come off session highsU.S. consumer confidence slips in NovemberIndexes down: Dow 0.32%, S&P 0.41%, Nasdaq 0.57%Nov 29 (Reuters) - Wall Street's main indexes fell on Tuesday as growth stocks extended declines, overshadowing a rise in energy shares after oil prices pared back gains on OPEC+ output concerns. Gains in growth stocks earlier in the day proved short-lived, while U.S. Treasury yields rose. The S&P 500 energy sector index (.SPNY) was up only 0.6%, after rising as much as 2% earlier in the session. Oil prices pared gains on concerns that OPEC+ would keep its output unchanged at its December meeting. The S&P index recorded no new 52-week high and one new low, while the Nasdaq recorded 43 new highs and 123 new lows.

Rare protests in major Chinese cities over the weekend against the country's strict zero-COVID curbs have hit growth expectations in the world's second-largest economy. U.S.-listed shares of Chinese companies such as Bilibili Inc , Alibaba Group Holding Ltd , JD.com Inc , Baidu Inc and Nio Inc , however, eked out gains, rising between 1% and 2.2%. Declining issues outnumbered advancers for a 2.47-to-1 ratio on the NYSE and for a 1.95-to-1 ratio on the Nasdaq. The S&P index recorded 11 new 52-week highs and two new lows, while the Nasdaq recorded 74 new highs and 102 new lows. Reporting by Ankika Biswas and Shreyashi Sanyal in Bengaluru; Editing by Shounak Dasgupta and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Wall St set to open lower on China's anti-lockdown protests; Apple slips
▼ + stars: | 2022-11-28 | by ( Ankika Biswas | ) www.reuters.com time to read: +3 min

As China's strict zero-COVID policy aimed at stamping out COVID-19 with lockdowns and quarantines has become a lightning rod for frustrations, protests erupted over the weekend as a show of solidarity with rare displays of defiance. Although there were no signs of new protests in Beijing or Shanghai on Monday, the curbs so far have led to concerns over China's economic growth and its trickle-down effect on global companies. ET, Dow e-minis were down 216 points, or 0.63%, S&P 500 e-minis were down 33.75 points, or 0.84%, and Nasdaq 100 e-minis were down 99 points, or 0.84%. On Friday, the Nasdaq closed lower, weighed down by Apple in a subdued holiday-shortened trading session for Wall Street. Reporting by Ankika Biswas and Shreyashi Sanyal in Bengaluru; Editing by Savio D'Souza and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ China's Pinduoduo beats quarterly revenue estimates
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

Nov 28 (Reuters) - China's Pinduoduo Inc (PDD.O) beat Wall Street estimates for third-quarter revenue on Monday, helped by COVID-related lockdowns in the country that forced consumers to shop online, sending its shares up 10% in U.S. premarket trade. The intermittent lockdowns and a recovery in consumer spending helped Pinduoduo and other online retailers gain business in the by-gone quarter. Pinduoduo's revenue increased 65% to 35.50 billion yuan ($4.99 billion) in the quarter ended Sept. 30, surpassing estimates of 30.94 billion yuan, according to Refinitiv data. JD.com Inc (9618.HK), posted an 11.4% rise in third-quarter revenue last week and said that it was seeing signs of a consumption recovery. ($1 = 7.19 Chinese yuan renminbi)Reporting by Yuvraj Malik in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Wall St futures slip on China COVID woes; Apple falls
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +2 min

As China's strict policy aimed at stamping out COVID-19 with lockdowns and quarantines has become a lightning rod for frustrations, protests erupted over the weekend as a show of solidarity with rare displays of defiance in China. ET, Dow e-minis were down 184 points, or 0.54%, S&P 500 e-minis were down 31.75 points, or 0.79%, and Nasdaq 100 e-minis were down 105.25 points, or 0.89%. However, street protests against zero-COVID policy in China underline a harsher reality that is undermining market sentiment, at least for now," said Rabobank analysts in a note. On Friday, the Nasdaq closed lower, weighed down by Apple in a subdued holiday-shortened trading session for Wall Street, as investors watched Black Friday sales and COVID-19 cases in China. Reporting by Ankika Biswas in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

Best Buy Co Inc (BBY.N) jumped 12.4%, leading gains on S&P 500 (.SPX) index, after forecasting a smaller drop in annual sales than previously estimated, confident that a ramp up in deals and discounts will lure more customers. "People are hopeful that consumers can still squeeze out a strong holiday season despite the headwinds they're facing," said Brandon Pizzurro, director of public investments at GuideStone Capital Management. "It would be an upside surprise if consumers really brought their full wallet to the table this year, probably what's driving Best Buy movement today." Gains in Best Buy boosted the S&P 500 retail (.SPXRT) sector index, but a 9.4% fall in Dollar Tree Inc (DLTR.O) capped the upside as the discount retailer lowered its annual profit forecast for the second time. Energy (.SPNY) led gains among the 11 major S&P 500 sector indexes, up 3.0%, as oil prices rose after top exporter Saudi Arabia said OPEC+ stuck with output cuts.

Dow component (.DJI) Walgreens Boots Alliance Inc (WBA.O) rose 1.9% after Cowen & Co upgraded the drug distributor stock, citing its healthcare services business push. Best Buy Co Inc (BBY.N) soared 9.4%, rising the most among S&P 500 (.SPX) components after forecasting a smaller-than-expected drop in annual sales. Energy (.SPNY) led gains among the 11 major S&P 500 sector indexes, bouncing off four-week lows by adding 2%. Advancing issues outnumbered decliners by a 2.70-to-1 ratio on the NYSE and by a 1.12-to-1 ratio on the Nasdaq. The S&P index recorded 19 new 52-week highs and two new lows, while the Nasdaq recorded 49 new highs and 122 new lows.

SummarySummary Companies Best Buy up, sees smaller annual sales dropMedtronic down, lowers FY profit outlookTesla attempts to recoup losses post slumpFutures up: Dow 0.44%, S&P 0.49%, Nasdaq 0.40%Nov 22 (Reuters) - Wall Street's main indexes were set to open higher on Tuesday, with gains in shares of Walgreens and Best Buy helping investors assuage worries around the economic fallout of stricter COVID-19 curbs in China. Leading gains among S&P 500 (.SPX) components trading before the bell, Best Buy Co Inc (BBY.N) jumped 9.1% after forecasting a smaller-than-expected drop in annual sales ahead of the crucial holiday season. Dow component (.DJI) Walgreens Boots Alliance Inc (WBA.O) rose 1.7% after Cowen & Co upgraded the drug distributor stock, citing its healthcare services business push. ET, Dow e-minis were up 148 points, or 0.44%, S&P 500 e-minis were up 19.25 points, or 0.49%, and Nasdaq 100 e-minis were up 46 points, or 0.4%. Analysts expect thin trading volumes as markets will be shut on Thursday for Thanksgiving holiday and will remain open for half day on Friday.

☆ JD.com Cuts Executive Pay as China’s Tech Firms Tighten Belts
▼ + stars: | 2022-11-22 | by ( Raffaele Huang | Yifan Wang | ) www.wsj.com time to read: 1 min

SINGAPORE–Chinese e-commerce giant JD.com Inc. told staff that it will cut executive salaries to improve employee benefits and ease financial pressure, as tech companies grapple with a weaker economy. Beijing-based JD.com will reduce the compensations of some 2,000 senior managers by 10%-20% from next year, with steeper cuts for higher-level executives, according to a letter Richard Liu , the billionaire founder of the company, sent to staff on Tuesday and seen by The Wall Street Journal. Mr. Liu in the letter apologized for cutting their pay and promised to restore it if JD.com could return to fast growth in the coming two years.

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