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☆ Evergrande Chairman Hui kept in special detention center in Shenzhen
▼ + stars: | 2024-09-13 | by ( ) www.cnbc.com time to read: +1 min

Hui Ka Yan, the chairman of China Evergrande Group — the company at the center of the country's property sector crisis — has been moved to a special detention center in Shenzhen, two sources with knowledge of the matter said. After China's securities regulator found Evergrande's flagship unit had inflated earnings and committed securities fraud, Hui was fined $6.6 million in March and barred from the securities market for life. Chinese authorities have detained many former high-flying business executives and some have remained in detention for years with little or no information about their fate. He was transferred to Shenzhen a few months ago to allow him to more easily communicate with top Evergrande executives, said the second source. Evergrande is headquartered in the neighboring southern city of Guangzhou and its wealth management unit is based in Shenzhen.

Persons: Hui Ka Yan, Hui, Evergrande Organizations: China, — Locations: Shenzhen, Beijing, Guangzhou

☆ I'm a former divorce attorney. I was shocked at how much grief I felt after my friends got divorced.
▼ + stars: | 2024-09-12 | by ( Kelsey Eisen | ) www.businessinsider.com time to read: +5 min

Related stories"I think it's very understandable to feel grief while experiencing a friend's divorce," Hui told Business Insider. With divorce or separation, the members may have to renegotiate their relationship not only to the partner that is separating but to the partner's friends or family," Hui said. A friend's split can make us "think of our own relationship to divorce, changes, and endings in relationships" and bring up feelings of loss, sadness, anger, or betrayal. AdvertisementI was able to move forwardTaking Hui's advice, I ruminated on what exactly this divorce was bringing up for me. AdvertisementOur friend group has rallied around our friend and each other, creating a new chosen family built on honesty, empathy, and support.

Persons: —, I'm, Cassandra, Troy, They're, shamefully, Aaron Hui, Hui, it's Organizations: Service, Business

☆ Harris or Trump: Does it matter for China who wins the election?
▼ + stars: | 2024-09-12 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +3 min

Casanova's view is shared by other experts who have said that both the Republican and the Democratic presidential nominees — Donald Trump and Kamala Harris — will remain tough on China. U.S. trade ties with China will remain tense no matter who wins the election in November, according to Carlos Casanova, senior economist at Swiss private bank UBP. Stronger tariffs by Harris cannot be ruled out either, given Biden not only retained Trump's tariffs, he piled on more. During the debate, Harris did not give specifics on her China policy, but said that "a policy about China should be in making sure the United States of America wins the competition for the 21st century." So it doesn't matter who wins the election," Casanova told CNBC's "Squawk Box Asia."

Persons: Donald Trump, Kamala Harris —, Carlos Casanova, Trump, Harris, Eswar Prasad, Biden, Casanova, CNBC's, Janet Yellen, Yellen, Marko Papic, it's Organizations: Republican, Democratic, CNBC, U.S, Cornell University, America, BCA Research Locations: Yantai, China, China . U.S, Swiss, U.S, United States, Europe, Beijing

☆ Seven & i Holdings' shares slide 3% on likely U.S. probe into a potential M&A deal with Couche-Tard
▼ + stars: | 2024-09-11 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

A 7-Eleven convenience store, operated by Seven & i Holdings Co., in Kawasaki, Japan, on Monday, Aug. 19, 2024. The FTC was concerned that the companies' defense attorneys were advising them to get rid of documents linked to the potential merger ahead of antitrust investigations, Reuters reported. In June, the FTC and the Justice Department launched antitrust investigations into Microsoft, OpenAI and Nvidia. Other recent antitrust investigations include cases against Amazon and Google. Seven & i revealed that Couche-Tard had offered to acquire all outstanding shares of Seven & i for $14.86 per share.

Persons: Canada's Alimentation, Tard, Tokutaka Ito, O Shearman, Ito, — CNBC's Lim Hui Jie Organizations: Seven, Holdings Co, Holdings, U.S . Federal Trade Commission, Reuters, FTC, Justice Department, Microsoft, Nvidia, Amazon, Google, CNBC Locations: Kawasaki, Japan, Asia, .

Asia-Pacific markets were mixed on Tuesday, following gains on Wall Street that saw both the S&P 500 and Nasdaq Composite rebound from their worst week of the year. The S&P 500 gained 1.16%, after posting its worst week since March 2023. The Nasdaq Composite also jumped 1.16% following its worst week in more than two years. China's exports grew 8.7% year-on-year in August and imports grew 0.5%, customs data showed, compared to the forecast of 6.5% and 2%, respectively, in a Reuters poll. Apple just wrapped up an event at its headquarters in Cupertino, California, where it unveiled the iPhone 16 Pro and the iPhone 16 Pro Max, which join the iPhone 16 and iPhone 16 Plus the company announced earlier.

Organizations: Nasdaq, Traders, Apple Locations: Shanghai, China, Asia, Pacific, India, Cupertino , California

☆ 3 reasons China's economy is poised to break out of its long slump, according to Goldman Sachs
▼ + stars: | 2024-09-09 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +1 min

But the country could see growth pick up this fall, Goldman Sachs' chief China economist says. Hui Shan pointed to fiscal easing, strong export momentum, and subsiding weather-related risks. Go to newsletter preferences Thanks for signing up! AdvertisementAfter a long downturn, China's economy may be poised for a turnaround, Goldman Sachs says. Goldman's chief China economist Hui Shan pointed to fiscal easing, strong export momentum, and subsiding weather-related risks as reasons to believe the country's fortunes could soon change.

Persons: Goldman Sachs, Hui Shan, —, Shan Organizations: Service, Business Locations: China

☆ K-pop is more popular than ever, but that isn't helping agency stock prices
▼ + stars: | 2024-09-09 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +6 min

Hybe Corporation is the largest and listed on the blue-chip Kospi, while SM Entertainment, JYP Entertainment and YG Entertainment are on the small-cap Kosdaq. Physical sales have historically accounted for the lion's share of a label's revenue, Kim said, and has also been the most profitable segment. High physical sales, she explained, represent the number of fans, which, by extension, quantifies the addressable market for a company. watch nowDeclining physical album sales not only hits earnings, but also raises questions about whether the investment thesis of "continual high growth" has collapsed. "A physical album is useless and even a burden because it occupies space.

Persons: Jimmy Fallon, Hybe, Yoon Suk Yeol, Danielle, Hyein, NewJeans, Gary Miller, Blackpink, Kim Gyuyeon, Lisa, Jennie, Emma McIntyre, Emma Mcintyre, Kim, Simply, Mirae's Kim Organizations: NBC, NBCUniversal, Getty, Hybe, SM Entertainment, JYP Entertainment, YG Entertainment, SM, YG, YouTube, Spotify, CNBC, Park, Filmmagic, Coachella, London's, Big, Mirae Asset Securities, BTS, Valley Music, Arts Festival, JYP, Seoul Economic, South Locations: United States, Southeast Asia, Korean, CHICAGO , ILLINOIS, Chicago , Illinois, South, U.K, INDIO , CALIFORNIA, Indio , California, Seoul

☆ China's property market has 'not found a bottom' yet, Standard Chartered CEO Bill Winters says
▼ + stars: | 2024-09-09 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

watch nowChina's property market has still not found a bottom despite all the turmoil in the past year, according to Standard Chartered CEO Bill Winters. Speaking to CNBC's JP Ong, Winters described the investing environment in China as "difficult," explaining that consumer confidence and international investor confidence was relatively low. "We know that the underlying source of a lot of the confidence questions is the property market, and the property market has not yet completely bottomed out, so it's been a slow grind down," he added. The danger, he said, is that a property market bubble that bursts in other markets has usually portended a financial crisis, and that is normally accompanied with more significant falls in GDP. As such, he thinks that it will be a bit uncomfortable in the short term, but fiscally, "that's going to be a good thing."

Persons: Bill Winters, CNBC's JP Ong, Winters, it's, homebuyers Organizations: Bank of America Locations: China, Beijing

☆ 7-Eleven's parent company rejects $38.6 billion takeover bid, says offer 'grossly undervalues' company
▼ + stars: | 2024-09-06 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +4 min

Photographer: Soichiro Koriyama/Bloomberg via Getty Images Bloomberg | Bloomberg | Getty ImagesSeven & i Holdings has rejected the takeover offer from Canadian convenience store operator Alimentation Couche-Tard , saying the offer "is not in the best interest" of its shareholders and stakeholders. According to LSEG data, the offer price will value Seven & i at $38.55 billion. In April, Seven & i announced a restructuring plan for the company, aimed at growing 7-Eleven's presence globally as well as divesting its underperforming supermarket business. Herrick explained Artisan asked Seven & i to consider the offer because the fund feels that capital allocation overseas has been overlooked. "You have more than 50,000 stores, or about 50,000 stores that are generating about $100 million or just over $100 million of operating profit for for the company.

Persons: Alimentation, Soichiro Koriyama, Tard, Stephen Dacus, Dacus, Alain Bouchard, Ben Herrick, Herrick Organizations: Seven, Holdings Co, Tard Inc, Bloomberg, Getty Images Bloomberg, Getty, Holdings, Tokyo Stock Exchange, litigating, Artisan Partners, Partners, & $ Locations: Kobe, Japan, U.S, Tokyo, United States

☆ Is the Fed 'sleepwalking into a policy mistake?': Abrdn analyst calls for faster easing of rates
▼ + stars: | 2024-09-02 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

He pointed to economic data like non-farm payrolls, saying they were later revised to reflect a weaker economic picture. Akintewe said: "Is the economy already weaker than the headline data suggests and [the Fed] should already be easing?" "And once you've done that amount of easing, it takes six to eight months to transmit that." "The other question no one seems to ask is, why is the policy rate still at 5.5% when inflation is down [to] almost 2.5%? Like, do you need a 300 basis point real policy rate in this kind of environment with all the uncertainty that we're facing?"

Persons: abdrn, Kenneth Akintewe, Akintewe Organizations: U.S . Labor Department, of Labor Statistics, Fed, U.S, CNBC Locations: U.S

☆ Chinese scientists use lunar soil to produce water, state media reports
▼ + stars: | 2024-08-23 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +2 min

Chinese scientists have discovered a “brand-new method” of producing large quantities of water using lunar soil brought back from a 2020 expedition, state broadcaster CCTV reported on Thursday. Vials of lunar soil brought back from the moon by China's Chang'e-5 probe in Beijing, on Aug. 26, 2021. China hopes that recent and future lunar expeditions will set the foundations to build the International Lunar Research Station (ILRS), an initiative it is co-leading with Russia. The announcement of the discovery comes at a time when Chinese scientists are already conducting experiments on lunar samples brought back in June by the Chang’e-6 mission. The importance of lunar water goes beyond making permanent human presence viable.

Persons: China’s, “, ”, China's Chang'e, Ren Hui, Bill Nelson, NASA’s Nelson Organizations: Academy of Sciences, Getty, Lunar Research, Russia, NPR Locations: U.S, China, Beijing

☆ TikTok 'finfluencers' accurately called the AI rally, but credibility concerns dog them
▼ + stars: | 2024-08-16 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +5 min

The team then tracked the prices of the recommended stocks from the day the videos were posted up until June 21, 2024. The most profit that an investor could have generated from a single stock would have been Nvidia, which grew 63.08% in the period surveyed. If a person invested $1,000 in every stock recommended in the one video that got the most bets right, the gains would have amounted to $4,860. On the other hand, putting money into all the stocks recommended in the video that got most bets wrong would have led to a loss of $1,517. "Furthermore, a single period coincident result does not translate to a definitive conclusion of predictability in the long run."

Persons: Dado Ruvic, Let's, —, Gerald Wong, Wong, Jeremy Tan, Jiang Zhang, — Zhang, Tan Organizations: Reuters, Nvidia, Qualcomm, Google, Ginkgo, Holdings, CNBC, Tiger Fund Management, Management, Investor Locations: York, Singapore

☆ Reserve Bank of New Zealand cuts cash rate by 25 basis points, lowers rate forecasts
▼ + stars: | 2024-08-14 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

A security guard stands in the main entrance to the Reserve Bank of New Zealand located in central Wellington, New Zealand, July 3, 2017. The Reserve Bank of New Zealand lowered its cash rate by 25 basis points to 5.25% on Wednesday. The move surprised economists polled by Reuters, which were expecting the central bank to hold rates unchanged at 5.5%. This is the first time the central bank has cut the official cash rate since March 2020. In its release, the RBNZ noted that consumer price inflation is returning to its target range of 1% to 3%.

Organizations: Reserve Bank of New, Reuters Locations: Reserve Bank of New Zealand, Wellington , New Zealand, New Zealand

☆ Asia-Pacific markets continue winning run as U.S. producer prices rises less than expected
▼ + stars: | 2024-08-14 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Asia-Pacific markets have extended gains on Wednesday after producer prices in the U.S. came in lower than expected for July. In Japan, business sentiment at manufacturers turned slightly less confident in August compared with the month before, according to the Reuters Tankan survey. The Tankan survey — which tracks the Bank of Japan's quarterly survey of the same name — showed that the sentiment index for manufacturers slipped to +10 in August, while the non manufacturers index fell to +24. The Reserve Bank of New Zealand is also due to announce its latest decision on its official cash rate on Wednesday. Economist expectations are varied, with a Reuters poll forecasting the central bank will maintain rates at 5.5%.

Persons: Dow, — Organizations: Dow Jones, Reuters, Bank of Japan, Reserve Bank of New Locations: Ginza, Tokyo, Japan, Asia, Pacific, U.S, South Korea, China, Reserve Bank of New Zealand

On Thursday, investors in Asia will assess trade data from Japan and interest rate decision from the Reserve Bank of India. Global equities and currencies plunged earlier this week after the Bank of Japan hiked interest rates to their highest levels since 2008, and the U.S. released weaker-than-expected employment numbers. Asia-Pacific markets were mostly down in choppy trading on Thursday after U.S. stock benchmarks fell overnight, while investors assessed trade data from Japan and awaited India's rate decision. "Assuming that the price stability target will be achieved in the second half of fiscal 2025, the Bank should raise the policy interest rate to the level of the neutral interest rate toward that time," the summary read. Japanese technology investor SoftBank Group said in a statement on Wednesday that it would buy back up to 500 billion yen ($3.4 billion) of its shares as part of its efforts to boost shareholder returns.

Persons: Shinichi Uchida, Lasertec, Korea's Kospi Organizations: Reuters, The Reserve Bank of, Reserve Bank of India, Global, Bank of Japan, Dow Jones, Nasdaq, Nvidia, Nikkei, Bank, SoftBank, Semiconductor, Isuzu Motors, China's CSI, Cathay, Hong Kong's, Airbus Locations: The Reserve Bank of India, Asia, Japan, U.S, Pacific, Hong, Cathay Pacific

☆ Everyone from Starbucks to Chinese giants wants in on the boba tea craze. Meet the family who says they started it all.
▼ + stars: | 2024-08-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +11 min

Chun Shui Tang founder Liu Han-chieh and managing director Angela Liu at one of their company's teahouses in Taichung. Chun Shui Tang's executives appear unperturbed by the many shapes and forms boba tea takes these days — Heinz ketchup boba tea, anyone? AdvertisementIn 2008, Chun Shui Tang introduced a boba tea hot pot with a savory tea-infused broth. Huileng Tan/Business InsiderChun Shui Tang OG shop in Taichung is a tourist hotspotToday, Liu's OG Chun Shui Tang teahouse in Taichung is on many tourists' checklists. Chun Shui Tang founder Liu said he isn't worried about the competition, because the market is big enough for everyone.

Persons: —, Chui, Chui Shui Tang, Chun Shui Tang, Liu Han, Liu, It's, Lin Hsiu, Chun, Huileng Tan, Lin, Angela —, doesn't, he's, Tang, He's, boba, Tu, Liu's, Angela, Chun Shui, Angela Liu, Heinz, they've, Liu wasn't, Mark Anthony Villones, Villones, Filippino Mark Anthony Villones, Kayne Sy, China Chun Shui Tang, Jason Yu, Kantar, Aly Song, Yu, it's Organizations: Service, Business, Chun Shui, Starbucks, Purdue University, Chun Shui Tang, Liu's, BI Locations: Chui Shui, Taiwan, Taichung, Japan, Tainan, China, Huileng, —, Philippines, Central China, Hong Kong

Asia-Pacific markets extended gains on Wednesday, tracking Wall Street benchmarks that snapped a three-day losing streak overnight. It further sold 3.87 trillion yen worth of dollars on May 1, ministry data showed. Customs data showed on Wednesday that China's imports in July grew faster-than-expected, while export growth missed forecasts. Exports in U.S. dollar terms rose by 7% for the month compared to a year ago, missing economists' expectations for a 9.7% increase. Meanwhile, U.S. dollar-denominated imports rose by 7.2%, far more than the economist's forecast of 3.5%.

Persons: Canon, Shinichi Uchida Organizations: Nikkei, Mitsui, SoftBank, Bank of Japan, Bank, Japan's Ministry of Finance, China's CSI, . Locations: Qingdao Port, Shandong province, Qingdao, China, Asia, Pacific

Japan stocks rebounded sharply on Tuesday after the Nikkei 225 and the Topix dropped over 12% in the previous session. The Bank of Japan raising rates to their highest level since 2008 on July 30 caused the yen to strengthen to a seven-month high, pressurizing stocks. Markets globally were also spooked by fears of a U.S. recession stoked by a weaker-than-expected jobs report. Real wages in Japan also grew 1.1% in June compared with a year ago, the first time that wages have risen in 26 months. Strong wage growth offers more room for the Bank of Japan to tighten its monetary policy.

Persons: Topix, Korea’s Kospi, Hong, Australia’s, Brent, Dow Organizations: Nikkei, Bank of, Softbank Group Corp, U.S ., South Korean, Samsung Electronics, chipmaker SK Hynix, China’s CSI, . West Texas, Bank of Japan, Reserve Bank of Australia, Dow, Nasdaq Locations: Japan, Asia, Pacific, Bank of Japan, U.S

The upscale shopping district of Ginza in Tokyo, Japan, on Saturday, May 4, 2024. Japan stocks rebounded sharply on Tuesday after the Nikkei 225 and the Topix dropped over 12% in the previous session. Other Asia-Pacific markets also opened higher. Japan's Nikkei 225 — which saw its largest loss in the previous session since the 1987 Black Monday crash — and the broad-based Topix gained over 10%. The rebound comes after South Korean markets were halted temporarily on Monday after circuit breakers activated.

Persons: Topix, Korea's Kospi, Australia's, Brent Organizations: Nikkei, U.S ., Softbank Group Corp, South, South Korean, Samsung Electronics, chipmaker SK Hynix, . West Texas Locations: Ginza, Tokyo, Japan, Asia, Pacific

☆ Japan stocks plunge as much as 7%, hovering near bear market territory, as Asia shares extend sell-off
▼ + stars: | 2024-08-05 | by ( Lim Hui Jie | ) www.nbcnews.com time to read: +2 min

Japan’s markets led losses in the region as the Nikkei 225 and Topix dropped as much as 7% in volatile trading. At these levels, both the Nikkei and Topix are nearing bear market territory, having fallen almost 20% from their all-time highs on July 11. Monday’s decline follows Friday’s rout when Japan’s Nikkei 225 and Topix fell more than 5% and 6%, respectively. The broader Topix marked its worst day in eight years, while the Nikkei marked its worst day since March 2020. The Nasdaq was the first of the three major benchmarks to enter correction territory, down more than 10% from its record high.

Persons: Topix, “, Australia’s, Kospi Organizations: Nikkei, Mitsubishi, Mitsui, Co, Sumitomo, Topix, Reserve Bank of Australia, Reuters, CSI, Nasdaq, Dow, Dow Jones Locations: Asia, Pacific, China, Taiwan, Australia, India, U.S

☆ Nikkei 225 falls more than 5%, hovering near bear market territory, as Asia-Pacific sell-off continues
▼ + stars: | 2024-08-05 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Japan's markets led losses in the region as the Nikkei 225 and Topix dropped as much as 7% in volatile trading. At these levels, both the Nikkei and Topix are nearing bear market territory, having fallen almost 20% from their all-time highs on July 11. Stock Chart Icon Stock chart iconMonday's decline follows Friday's rout when Japan's Nikkei 225 and Topix fell more than 5% and 6%, respectively. The broader Topix marked its worst day in eight years, while the Nikkei marked its worst day since March 2020. The Reserve Bank of Australia kicks off its two-day monetary policy meeting Monday.

Persons: Topix, Australia's, Kospi Organizations: Bloomberg, Getty, Nikkei, Mitsubishi, Mitsui, Co, Sumitomo, Topix, P, Reserve Bank of Australia, Reuters Locations: Shibuya, Tokyo, Japan, Asia, Pacific, China, Taiwan, Australia, India, Hong Kong

☆ UBS says 'going into Japan now is like catching a falling knife,' warns stock sell-off will continue
▼ + stars: | 2024-08-05 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

watch nowGoing into the Japanese market at this moment is akin to catching "a falling knife," Kelvin Tay, regional chief investment officer at UBS Global Wealth Management, told CNBC's "Squawk Box Asia." Stock Chart Icon Stock chart icon"The only reason why the Japanese market is up so strongly in the last two years is because the Japanese yen has been very, very weak. It strengthened sharply after the BOJ raised its benchmark interest rate last week to around 0.25% and decided to trim its purchases of Japanese government bonds. A stronger yen pressurizes Japanese stock markets, which are heavily dominated by trading houses and export-oriented firms by eroding their competitiveness. Ueda also said the 0.5% interest rate level — Japan has not seen that since 2008 — was not a barrier, and rates could go even higher.

Persons: Kelvin Tay, CNBC's, Tay, Kazuo Ueda, Ueda, — Organizations: UBS Global Wealth Management, Nikkei, U.S, Bank of, Reuters Locations: Japan

☆ Singapore's monetary authority sets up review group in bid to revive its equities market
▼ + stars: | 2024-08-02 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Signage for the Monetary Authority of Singapore (MAS) is displayed outside the central bank's headquarters in Singapore. The Monetary Authority of Singapore announced that the review group will evaluate measures to "improve the vibrancy" of the Singapore equities market. MAS said on Friday the panel will focus on addressing market challenges, fostering listings, and facilitating market revitalization, as well as enhancing regulations to facilitate market growth and foster investor confidence. It said another key goal will be to identify methods for encouraging private sector participation, including from capital market intermediaries, investors and listed companies. "Improving the attractiveness of Singapore's equities market can therefore enhance Singapore's standing as a vibrant enterprise and financial hub," the MAS said, adding that this will also "[complement] Singapore's innovation and start-up ecosystem, private markets, as well as asset and wealth management sectors."

Organizations: Monetary Authority of Singapore, MAS Locations: Singapore, Singapore's

☆ Japan stock sell-off shows a 'fundamental shift' is underway, Goldman Sachs' equity strategist says
▼ + stars: | 2024-08-02 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

A pedestrian looks at an electronic stock board outside a securities firm in Tokyo, Japan, on Tuesday, Dec. 25, 2018. Japan's stock markets have hit a six-month low, declining for two straight days, after the Bank of Japan raised benchmark interest rates to their highest level since 2008. Speaking to CNBC's "Squawk Box Asia," Bruce Kirk, chief Japan equity strategist at Goldman Sachs said that the Japanese market rally had reached a "transitional phase." Yes, there's a fundamental shift taking place in the market, but it's not unusual," Kirk said. "I think people are now looking for areas that are more domestic demand focused, and that's really putting the interest back on Japan's small [and] mid-caps."

Persons: Bruce Kirk, Goldman Sachs, Kirk Organizations: Bank of Japan, Nikkei, CNBC Locations: Tokyo, Japan

☆ Japan stocks plunge 5% with Asia markets broadly lower after Wall Street sell-off
▼ + stars: | 2024-08-02 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

An electronic stock board displayed inside the Kabuto One building in Tokyo, Japan, on Thursday, June 27, 2024. Japan's Nikkei 225 nosedived almost 5% on Friday, with most Asia-Pacific markets lower after a sell-off on Wall Street overnight. The Nikkei extended its 2.62% slide on Thursday to lead losses in the region and reach its lowest level since February. Japanese government bond yields fell, with the yield on the benchmark 10-year JGB falling below the 1% mark and hitting it lowest level since June 20. Hong Kong's Hang Seng index futures were at 17,047, lower than the HSI's last close of 17,304.96.

Persons: Marubeni, Hybe, Australia's, Hong Organizations: Japan's Nikkei, Wall, Nikkei, Softbank, Mitsui, Reuters Locations: Tokyo, Japan, Asia, Pacific

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