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☆ MSCI China Index: 66 stocks cut from benchmark amid stock market rout
▼ + stars: | 2024-02-14 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Global stock index compiler MSCI is deleting dozens of companies from its benchmark China Index, which could further exacerbate fund outflows from Chinese equities after a massive stock market rout. The index provider announced this week that it would drop 66 securities from the MSCI China Index, one of its flagship China indexes, as part of the company’s latest quarterly review. The MSCI China Index is the compiler’s key index tracking the Chinese stock market, covering about 85% of the total market capitalization of Chinese companies listed globally. On Monday, MSCI also announced changes to its other China-related indexes, including deleting dozens of stocks from MSCI China A Onshore indexes and MSCI China All Shares indexes. Hong Kong’s stock market reopened on Wednesday after a long holiday weekend, with the benchmark Hang Seng Index up 0.9%.

Persons: MSCI, ”, Luca Paolini, Hong Organizations: Hong Kong CNN — Global, Investors, Greentown China Holdings, Gemdale Corp, Uni, President, China Southern Airlines, Lufax Holdings, Genomics, Midea, MGI Tech, Management Locations: China, Hong Kong, Shanghai, Shenzhen, Fuyang, China's, Anhui, AFP, Hangzhou, President China, Beijing, Geneva, Mainland

☆ China's troubled property sector to face more debt defaults
▼ + stars: | 2023-10-20 | by ( Xie Yu | ) www.reuters.com time to read: +3 min

HONG KONG, Oct 20 (Reuters) - More debt defaults are likely to emerge in China's property sector as troubled developers struggle with a weak home sales outlook, while fund raising remains challenging, according to credit analysts. Counting October, there is a total of $60.5 billion worth of Chinese property bonds due in the next 6 months, with offshore bonds taking up at least one third of it, according to Dealogic data. The company said it was also prepared to formulate a reasonable debt repayment plan if it fails to repay bonds as they are due. Ricky Tsang, an analyst with S&P Global Ratings, said apart from the weak cash flow from home sales, fund raising for developers, particularly the private ones, remains tight. Reporting by Xie Yu in Hong Kong, Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

Persons: Ting Meng, Ricky Tsang, Tsang, Xie Yu, Raju Gopalakrishnan Organizations: HK, Ocean Group, Hong Kong Exchange, Dalian Wanda Group, Bloomberg, ANZ Bank China, Developers, Thomson Locations: HONG KONG, China, State, HK, Hong Kong

☆ Take Five: Another curve ball for markets
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +5 min

The European Central Bank looks set to sit tight after a string of interest rate hikes, while there's a slew of U.S. earnings and Argentina's presidential election. ECB chief economist Philip Lane says the central bank was still "quite some distance" from easing monetary policy. Canada's central bank, meeting on Wednesday, is tipped to leave rates steady as inflation eases. 2 economy, property turmoil threatens China's 5% growth target - even after a consensus-smashing 4.9% quarterly expansion. Milei, surprise victor in the August primary election, has pledged to dollarise the economy and get rid of the central bank.

Persons: Brendan McDermid, Amanda Cooper, Naomi Rovnick, Kevin Buckland, Lewis Krauskopf, Rodrigo Campos, Philip Lane, hasn't, Javier Milei, Sergio Massa, Patricia Bullrich, Vineet Sachdev, Sumanta Sen, Dhara Ranasinghe, Simon Cameron, Moore Organizations: New York Stock Exchange, REUTERS, European Central Bank, Hamas, ECB, Reuters Graphics Reuters, Microsoft, Apple, Nvidia, Tesla, General Motors, Merck, United Parcel Service, Investors, International Monetary, Massa, Thomson Locations: New York City, U.S, London, Tokyo, New York, Israel, Palestinian, Russia, Ukraine, China, Beijing, ARGENTINA, Argentina, Pasir Kongkunakornkul

REUTERS/Thomas Peter/File Photo Acquire Licensing RightsHONG KONG/SHANGHAI, Oct 17 (Reuters) - China's Gemdale (600383.SS) saw its stocks and bonds plunge on Tuesday after the resignation of its chairman, as investors took no chances amid the debt crisis in the key real estate sector. However, investors concerned about the broader debt problems in China's property sector sold off the stock, which dropped by the daily 10% limit in afternoon trading in Shanghai. Gemdale has a total debt of 21.1 billion yuan ($2.88 billion) in the form of bonds due by the end of 2024, according to LSEG data. It ranked as China's 8th largest developer last year, according to private research firm China Real Estate Information Corp. It had sales of 221.8 billion yuan ($30.3 billion) last year and its financial fundamentals were stable, the company said in its annual report published in April.

Persons: Thomas Peter, Ling Ke, Gemdale, Huang Juncan, Ting Meng, Xie Yu, Li Gu, Edwina Gibbs, Miral Organizations: REUTERS, ANZ Bank China, Estate Information Corp, Thomson Locations: Beijing, China, HONG KONG, SHANGHAI, Shanghai, Hong Kong

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