-- The UK's new car registrations surged 24% year over year to 149,247 units in April, according to data from the Society of Motor Manufacturers and Traders published Tuesday.
SMMT said the reading indicates a recovery in the car market from the negative tax change impact in 2025, and marked the best outturn since 2019.
For the four months to April, new car sales in Britain totaled 764,101 units, up 9% annually.
Hong Kong equities fell Tuesday as bearish sentiment prevailed amid escalating tensions in the Middle East.The Hang Seng Index fell by around 197.27 points, or roughly 0.8%, to end at 25,898.61, while the Hang Seng China Enterprises Index decreased by 43.90 points, or around 0.5%, to close at 8,730.49.Fighting in the Middle East resumed as the U.S. and Iran vied for control of the critical Strait of Hormuz, after U.S. President Donald Trump said Washington would help ships stranded in the waterway, a key route that carried about one-fifth of global oil and LNG trade before the war.Iran had previously warned it would view any such action as a violation of a previously agreed ceasefire.The Middle East conflict will hit many Asia-Pacific corporate sectors through oil price hikes, shipping and supply chain disruptions, dampened demand, and delayed cyclical rebounds, Fitch Ratings said in a recent release.In corporate news, two firms filed to go public in Hong Kong.Metis TechBio (HKG:7666) is seeking to raise about HK$2.11 billion via the sale of 201.2 million shares at HK$10.50 per share. The Chinese AI-driven nanotechnology company will use funds to further research and development of AI infrastructure.Meanwhile, Impact Therapeutics (HKG:7630) launched its IPO to raise HK$913 million via the sale of 42 million shares at an indicative maximum price of HK$21.75 per share. The China-based biotechnology firm will use proceeds mainly to fund clinical development.Elsewhere, Star Sports Medicine (HKG:1609) had a stellar debut in Hong Kong. The medical device company's shares closed at HK$215 per share on their first day of trading, 118% above the offer price of HK$98.50.
Equinor (EQNR) said Tuesday the Eirin field has begun production, exporting gas to Europe via the Gina Krog platform and Sleipner A platform.The company said the subsea project, developed on a fast timeline, is expected to deliver about 27.6 million barrels of oil equivalent, mostly gas.The development cost about 4.5 billion Norwegian Krone ($485.7 million) and is expected to extend the life of the Gina Krog field to 2036, the company said.Equinor said the project uses existing infrastructure and electrification, resulting in relatively low emissions of around 3 kg of CO2 per barrel produced.
Boosted in part by government outlays, Indonesia's gross domestic product (GDP) expanded by 5.61% on year in the first quarter, reported the Central Statistics Agency on Tuesday.Southeast Asia's largest economy logged the biggest annual expansion since 2022, but some experts warned the growth could lag in coming seasons as the national government tempers outlays, and as higher energy bills sap businesses and consumers.Government outlays rose 21.8% on year in the first quarter as Jakarta ramped up flagship social-welfare programs, including a free-meal scheme and village cooperative funding, to spur household consumption.The national government also spent briskly during the first quarter to support outlays during the fasting month of Ramadan, and the Eid al-Fitr holiday, when many businesses are closed.Despite challenges, the Indonesian economy may still grow by a relatively robust 5% for the full 2026 year, said economists with Maybank (Malayan Banking Berhad), which is Malaysia's largest bank.Headwinds to Indonesian economic growth are likely to intensify in the second quarter, with exports hampered by cost pressures on international trade, said Brian Lee and Hak Bin Chua, analysts at Maybank, reported the Singapore-based The Business Times.Higher fuel prices and a weakening Indonesian currency, the rupiah, are likely to push up import bills going forward, added the analysts.There are also concerns that Indonesian national government is engaged in unsustainable spending."A team of economists from the Macroeconomic, Finance and Political Economy Research Group at University of Indonesia noted that the government is continuing to roll out fiscally costly flagship programs, including a nationwide free-meal initiative," reported The Business Times.Concerns over fiscal outlays and government borrowing have also unsettled financial markets, including negative comments from credit-rating agencies Moody's and S&P Global Ratings, noted The Business Times.In Mid-April, S&P Global assigned a "BBB/A-2" rating to Indonesian bonds, with BBB- being the lowest rating for an "investment grade" government bond.If Indonesia national debt levels continue to rise, the BBB rating could be lowered, said S&P Global.