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Alibaba Group's Hong Kong shares rose sharply on Wednesday, tracking an overnight jump in its American stock after the e-commerce giant said it plans to split into six units, with potential fundraising and listings for most of them. The stock (HK:9988) rose 13.5% to an over one-month high of HK$95.55 shortly after the open, and was set for its best day in 11 months. This also pushed the Hang Seng index up 2.2%. Alibaba’s American Depository Receipts (NYSE:BABA) jumped 14.3% in overnight trade. Shares of Japanese investment house SoftBank Group Corp. (TYO:9984), which holds a sizeable stake in the e-commerce firm, jumped over 5% on Wednesday. Softbank (OTC:SFTBY) had recently trimmed its stake in Alibaba to generate cash amid a severe downturn in its other technology investments. But the fi...

Gold prices retreated on Monday as traders locked in profits after a strong run of gains, but remained near key levels hit last week as fears of a global banking crisis kept safe haven demand high. Bullion prices surged to the over $2,000 last week amid concerns over the next domino to fall among U.S. and European banks, with the yellow metal largely outpacing the dollar as a safe haven asset this year. Gold saw some profit taking on Monday, also coming under pressure from a slight resurgence in the dollar after some Federal Reserve officials said the bank could hike rates at least two more times. Spot gold fell 0.2% to $1,974.54 an ounce, while gold futures expiring in June fell 0.4% to $1,994.76 an ounce by 20:42 ET (00:42 GMT). U.S. and European officials warned over the weekend that th...

Apple (NASDAQ:AAPL) CEO Tim Cook on Saturday used his first public remarks on his visit to China to praise the country for its rapid innovation and its long ties with the U.S. iPhone maker, according to local media reports. Apple CEO Tim Cook on Saturday used his first public remarks in China in recent years to praise the country for its rapid innovation and its long ties with the U.S. iPhone maker, according to local media reports. Cook is in Beijing to attend the China Development Forum, a government-organised event being held again in full force after the country ended its COVID controls late last year. Besides Cook, the event is being attended by senior government officials as well as CEOs of firms such as Pfizer (NYSE:PFE) and BHP. “Innovation is developing rapidly in China and I beli...

Financial sector headwinds are creating fresh openings for private equity investments in aerospace, as suppliers' need for capital to meet soaring demand for planes and parts risks further turbulence, executives said. Demand from aircraft manufacturing giants has soared on the back of surging global air travel following a pandemic-induced slump. Some of their suppliers rely on midsized banks for capital, and the collapse of Silicon Valley Bank and shocks to banks like First Republic Bank (NYSE:FRC) threatens tighter lending. "While the overall economy may see slower growth or enter into a recession, aerospace suppliers need capital now to support the significant increased demand," said Charlie Compton, partner at Boca Raton, Florida-based AE Industrial Partners, a private equity firm speci...

Major Chinese technology stocks rose on Thursday, with shares of Tencent up sharply after the internet giant logged stronger-than-expected annual earnings, while less hawkish signals from the Federal Reserve also aided sentiment. Tencent Holdings Ltd (HK:0700) rose over 6% to HK$368.40 a share, and was set for its best day since early-March, as easing COVID lockdowns in China and a less strict regulatory environment helped profit fall less than feared in 2022. The world’s largest videogame maker logged a net profit attributable to shareholders of 188.24 billion yuan ($1 = 6.8225 yuan) in 2022, down 16% from last year, but more than Refinitiv estimates of 114.19B yuan. The WeChat operator logged its first-ever revenue decline for the year, down 1% to 554.55B yuan. Tencent’s operations were ...

Major Chinese technology stocks rose on Thursday, with shares of Tencent up sharply after the internet giant logged stronger-than-expected annual earnings, while less hawkish signals from the Federal Reserve also aided sentiment. Tencent Holdings Ltd (HK:0700) rose over 6% to HK$368.40 a share, and was set for its best day since early-March, as easing COVID lockdowns in China and a less strict regulatory environment helped profit fall less than feared in 2022. The world’s largest videogame maker logged a net profit attributable to shareholders of 188.24 billion yuan ($1 = 6.8225 yuan) in 2022, down 16% from last year, but more than Refinitiv estimates of 114.19B yuan. The WeChat operator logged its first-ever revenue decline for the year, down 1% to 554.55B yuan. Tencent’s operations were ...

Most Asian currencies rose sharply on Thursday, while the dollar fell to a seven-week low after the Federal Reserve raised interest rates but hinted at a potential pause in its tightening cycle, although rates are likely to remain higher for longer. China’s yuan surged 0.7%, while the South Korean won was the best performer for the day with a 1.3% bounce. The Indian rupee rose 0.4%, while the Japanese yen jumped 0.5%, with focus also turning to key Japanese consumer inflation data due on Friday. On the other hand, the dollar retreated further against a basket of currencies in Asian trade, after tumbling 0.7% on Wednesday. The dollar index and dollar index futures fell about 0.2% each on Thursday. Treasury yields also sank after the Federal Reserve hiked interest rates as expected, and chan...

European stock markets are expected to trade in a mixed fashion at the open Wednesday as investors digest U.K. inflation data and nervously await the latest Federal Reserve decision on interest rates. At 03:00 ET (07:00 GMT), the DAX futures contract in Germany traded 0.2% higher, the FTSE 100 futures contract in the U.K. rose 0.1%, while CAC 40 futures in France dropped 0.2%. Sentiment has improved in equity markets across the globe, with U.S. Treasury Secretary Janet Yellen saying she was prepared to intervene to protect depositors in smaller banks helping to soothe nerves. This followed the rescue of troubled lender Credit Suisse (SIX:CSGN) by its Swiss rival UBS (SIX:UBSG), a deal that was brokered and supported by the Swiss government over the weekend. The focus now turns to a Federal...

Gold prices moved in a tight range on Wednesday, stabilizing after a sharp drop in the prior session as markets hunkered down ahead of a Federal Reserve interest rate decision, while easing fears of a banking crisis spelled lesser safe haven demand for the yellow metal. Bullion prices were nursing sharp losses from the prior session, as government intervention helped calm fears over a looming crisis in the U.S. and European banking system. This in turn saw markets dump gold at one-year highs, given that the yellow metal’s recent rally was largely driven by safe haven demand. Easing fears of a bank crisis also saw markets begin pricing in a greater possibility that the Fed will remain unwavering in its fight against inflation. The prospect of rising interest rates bodes poorly for zero-yiel...