Hong Kong property stocks fall, Australian inflation soars

Hong Kong property stocks fall, Australian inflation soars
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SINGAPORE — Real estate stocks in Hong Kong dragged the market down Wednesday as Asia-Pacific trade was mixed. Australia’s inflation rose and investors were eagerly awaiting the Fed’s policy decision.

real estate firm Country Garden the stock fell nearly 14% on Wednesday It said it will raise Hong Kong dollars 2.8 billion ($360 million) by selling 870 million new shares.

Shares were priced at Hong Kong dollars 3.25, down approximately 12.63% from Country Garden’s close Tuesday.

The Hang Seng Mainland Properties index was 5.55% lower.

of Hong Kong Hang Seng index It fell 1.51% and the Hang Seng Tech index fell 1.65%. Heavy Alibaba fell 3.83% after emerging on Tuesday after announcing plans to dual primary listing in Hong Kong.

elsewhere in Asia, Nikkei 225 The Topix index was partially higher in Japan, up 0.18%.

Mainland Chinese markets were slightly lower. this Shanghai Composite decreased by around 0.1% and Shenzhen Component lost 0.19%.

in Australia, S&P/ASX 200 hovered around the straight line after the inflation report.

We expect any impact on the AUD from today’s CPI to be short-lived as the darkening global outlook will put more weight on the AUD.

Christina Clifton

Economist, Commonwealth Bank of Australia

South Korea’s Kospi It fell 0.48%, but the Kosdaq rose 0.38%.

MSCI’s largest index of Asia-Pacific shares outside Japan fell 0.75%.

Australian CPI

Stock buying and investment trends from CNBC Pro:

US stocks fell overnight After Walmart lowered its earnings forecast.

The Dow Jones Industrial Average fell 228.50 points, or 0.71%, to 31,761.54. The S&P 500 fell 1.15% to 3,921.05, while the Nasdaq Composite Index fell around 1.87% to 11,562.57.

The Federal Open Market Committee began its meeting statewide on Tuesday and will continue Wednesday.

Expectations for a 75 basis point move remained at 75.1 percent. CME Group’s FedWatch Tool.

In corporate news, chip maker SK Hynix reported that in the second quarter of 2022, operating profit reached 4.2 trillion Korean won ($3.2 billion), up 56% from a year ago. The company said in a statement that revenue rose 34% to 13.8 trillion won, aided by the “continuing rise of the US dollar.”

However, SK Hynix predicted that memory demand will slow in the second half of the year as PC and smartphone shipments are expected to be lower than initial estimates.

The company’s shares recently lost 1.69%.

Automaker Mitsubishi Motors and miner Rio Tinto will also report earnings.

Currencies and oil

this US dollar indexTracking the dollar against a basket of peers, it traded at 107,018, higher than Tuesday’s levels.

this Japanese Yen It fell to 136.96 per dollar.

US West Texas Intermediate crude oil Futures rose 0.23% to $95.20 a barrel. Brent crude oil Futures were flat at $104.40 a barrel.

– CNBCs Tanaya Macheel, Sarah Min and Karen Gilchrist contributed to this report.

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