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Home » Hong Kong stocks fall as property sector sells off; Country Garden down 15%
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Hong Kong stocks fall as property sector sells off; Country Garden down 15%

News RoomBy News RoomAugust 14, 20230 Views0
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Shares of Country Garden continue to slide after it suspends trading of onshore bonds

Shares of Chinese real estate company Country Garden Holdings continued to tumble after it announced that it will suspend the trading of 11 onshore bonds. The stock reached a new all time low after it slid 10% on its open.

In a filing over the weekend, Country Garden said the suspension will take effect today, and the resumption of trading “will be determined separately.”

“During the suspension, the company will perform information disclosure obligations in strict accordance with the requirements of relevant laws and regulations, and will apply for resumption of corporate bonds in a timely manner after relevant matters are determined,” it said.

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CNBC Pro: Alibaba is doubling down on A.I. — Chinese stocks to watch

Fri, Aug 11 20234:42 PM EDT

Crude oil extends rally to 7th week for first time since June, 2022

September West Texas Intermediate crude oil contracts this week rallied for a 7th consecutive week for the first time since June 2022, while October Brent — the international benchmark — also rose for a 7th straight week.

September natural gas contracts climbed 7.5% this week — the biggest weekly increase since mid-June.

September gasoline added 6.5% this week, the most in a week since early March, and rising for a 4th week in five.

The S&P 500 Energy Index turned in the best performance of the 11 main sectors in the S&P 500, rising 3.5% this week versus the S&P 500 Health-Care Index’s 2.5% gain and the S&P 500’s 0.3% loss.

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S&P 500 Energy vs S&P 500 this week.

— Scott Schnipper, Gina Francolla

CNBC Pro: Goldman Sachs says this large automaker could be a ‘strong EV player’ – and take 10% market share

Goldman Sachs has said that a large global automaker’s aggressive plans to grow its electric vehicle sales could be a ‘strong EV player’ by 2030.

The Wall Street bank said the car maker’s cost-reduction strategy for EV sales could give it a 10% market share and drive a re-rating in its stock.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Fri, Aug 11 20232:48 PM EDT

Energy stocks are suddenly leading the market on the day, this week, this month and this quarter

Don’t look now, but the best performing sector in the S&P 500 on Friday, this week, this month and this quarter is — energy stocks. The group is outperforming both technology and the broader S&P 500 since June 30.

The S&P 500 Energy Index was recently ahead 1.4% on Friday, 3.4% for the week, 2.5% in August and 9.9% since the start of the third quarter.

The Energy Select Sector SPDR Fund is performing still better, rising about 1.6% Friday, 3.4% for the week, 2.7% in August and 10.7% in the third quarter-to-date.

Better still is the quarterly performance of the VanEck Oil Services ETF, which is higher by 1.4% on Friday, up 2% week-to-date, 1.4% in August, but 21.2% higher in the third quarter.

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Oil service stock ETF vs S&P 500 Tech Index since June 30, 2023.

CNBC Pro: Goldman Sachs says this large automaker could be a ‘strong EV player’ – and take 10% market share

Goldman Sachs has said that a large global automaker’s aggressive plans to grow its electric vehicle sales could be a ‘strong EV player’ by 2030.

The Wall Street bank said the car maker’s cost-reduction strategy for EV sales could give it a 10% market share and drive a re-rating in its stock.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Fri, Aug 11 20239:59 AM EDT

Dollar index headed for fourth straight positive week

The Dollar index gained around 0.3% at 102.78, nearing its highest level since Aug. 8, when the index traded as high as 102.796.

The measure of the U.S. dollar against a basket of major currencies is up 0.6% for the week. That means it’s on pace for its fourth straight week of gains for the first time since Feb. 24.

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Dollar index

— Hakyung Kim, Gina Francolla

Fri, Aug 11 20238:36 AM EDT

Producer price index rises more than expected in July

The producer price index, a gauge of how much wholesalers pay for raw goods, rose more than expected last month, advancing 0.3%. Economists polled by Dow Jones expected an increase of 0.2%.

— Fred Imbert

Read the full article here

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