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In focus as Hong Kong sees IPO activity, with Kaifeng Millennium City Park filing and RedNote operator Xiaohongshu reportedly preparing a listing.

International

Persian Gulf, Tech Outlooks Fuel Asian Stock Markets

Asian stock markets rallied on Friday, on prospects that the Strait of Hormuz may soon open to oil-tanker traffic, pursuant to a pending Iran-US ceasefire arrangement.Hong Kong and Tokyo finished in the green, while Shanghai lagged. Other regional exchanges largely gained ground, with new all-time highs set on equity indices in Seoul and Taiwan.Brent crude oil futures traded near $91.38 a barrel, off 1.3%, during Asian trading hours.In Japan, the Nikkei 225 opened higher and rose to the close, finishing up 2.5% on media reports that Tehran and Washington have tentatively agreed to extend a ceasefire for 60 days.The benchmark Nikkei 225 rose 1,636.38 to 66,329.50, to strike a fresh all-time zenith, as gaining issues outnumbered losers 162 to 61.Leading the upside was silicon-wafer maker Sumco, up 19.3%, while Mitsubishi Motors declined 8.5%.In economic news, Tokyo's consumer price index-core (CPI-core) that strips out fresh food bills, rose 1.3% on year in May, reported the Statistics Bureau.The nation's unemployment rate fell to 2.5% in April from 2.7% in March, added officials.The nation's retail sales in April grew 2.1% on-year, and industrial production in Japan increased by 2.3% in April on year, reported the Ministry of Economy Trade & Industry (METI).In Hong Kong, the Hang Seng Index opened higher and held ground, finishing up 0.7% on strength in property issues.The broad gauge Hang Seng rose 176.23 to 25,182.39, as gaining issues outnumbered losers 64 to 25. The Hang Seng TECH Index lost 0.1% on the day, while the Mainland Properties Index rose 2%.Leading the upside was computer-maker and AI-hardware maker Lenovo, gaining 22%, while Semiconductor Manufacturing International declined 7.5%.On the mainland, the Shanghai Composite fell 0.7% to 4,068.57.On the other regional exchanges, the S. Korean KOSPI rose 3.6%; the Taiwan TWSE inclined 2.5%; the Australian ASX 200 inclined 1.6%; the Singapore Straits Times Index rose 1%, and the Thai Set was steady. In late trading in Mumbai, the Sensex was down 1.4%.The MSCI All Country Asia Pacific Index rose 1.7% on the day.

Hang SengNikkei 225Shanghai Composite
Asia

Hong Kong Stocks Rebound on U.S.-Iran Truce Talks; Creality 3D Technology Jumps on Debut

Hong Kong stocks ended higher Friday as investors awaited further details on a proposed agreement to reopen the Strait of Hormuz and extend the ceasefire between the United States and Iran.The Hang Seng Index rose 0.7%, or 176.23 points, to close at 25,182.39, while the Hang Seng China Enterprises Index gained 0.7%, or 61.41 points, to finish at 8,425.82.Sources told Reuters that U.S. and Iranian negotiators reached a preliminary agreement Thursday to extend their ceasefire and ease restrictions on shipping through the Strait of Hormuz.The proposal has yet to receive approval from U.S. President Donald Trump, while Iranian state media said a final agreement has not been reached.The plan would extend the truce by 60 days and allow commercial traffic to resume through the strategic waterway as both sides continue negotiations, Reuters said, citing four sources familiar with the matter.In corporate news, Shenzhen Creality 3D Technology (HKG:3388) made its Hong Kong debut, closing over 21% higher at HK$22.80, compared with the offer price of HK$18.80.Innovent Biologics (HKG:1801) advanced 11% after securing an oncology licensing deal with New York-based pharmaceutical giant Pfizer that could potentially be worth up to $10.5 billion.

Hang SengHKG:1801HKG:3388
Asia

Market Chatter: US, Iran Reach Tentative 60-Day Ceasefire Extension

The U.S. and Iran have tentatively agreed to extend a ceasefire for two months while initiating new negotiations over Tehran's nuclear program, fueling optimism that the ongoing three-month conflict may soon end, Bloomberg News reported on Thursday, citing a source familiar with the discussions.The anonymous source confirmed a prior Axios report, though President Donald Trump has not yet signed off on the terms, the newswire said.While both sides have previously celebrated progress and Trump has often claimed a deal was imminent, the impasse has repeatedly persisted, the publication said.Vice President JD Vance told reporters that the two nations are exchanging proposals on specific language regarding Iran's nuclear capabilities, and noted that Iran appears to be engaging in good faith, with tangible progress underway, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

^BSE^HNX^HOSE^Hang Seng^JKSEFTSE Bursa Malaysia KLCI^KOSDAQKOSPINikkei 225^NSE^PSEI^SETShanghai Composite^STI^SZSETaiwan Weighted
International

Higher Crude, Persian Gulf Outlooks Lowers Asian Stock Markets

Asian stock markets largely fell back on Thursday, as crude prices again rose on a dimming outlook for a resolution to Persian Gulf hostilities and a consequent reopening of the Strait of Hormuz.Hong Kong and Tokyo finished in the red, while Shanghai inched into the green. Other regional exchanges closed lower.Brent crude futures rose to $94.03 a barrel, up 1.9%, during Asian trading hours.In Japan, the Nikkei 225 opened evenly, wobbled and finished off 0.5% as traders weighed rich equity valuations and fresh uncertainties regarding Middle East peace talks.The benchmark Nikkei 225 fell 306.29 to 64,693.12, as losing issues outnumbered gainers 132 to 90.Leading the upside was tech-components maker Taiyo Yuden, up 17%, while advanced materials manufacturer Furukawa Electric declined 7.3%.In Hong Kong, the Hang Seng Index opened lower and could not recover, closing off 1.3% on reports of new US military strikes on Iranian targets.The broad gauge Hang Seng fell 322.07 to 25,006.16, as losing issues outnumbered gainers 75 to 15. The Hang Seng TECH Index lost 0.4% on the day, while the Mainland Properties Index fell 1.5%.Leading the upside was toymaker Pop Mart International, gaining 4.7%, while Hansoh Pharmaceutical declined 7.1%.On the mainland, the Shanghai Composite rose 0.1% to 4,098.64.On the other regional exchanges, the S. Korean KOSPI fell 0.5%; the Taiwan TWSE declined 1.4%; the Australian ASX 200 declined 1.4%; the Singapore Straits Times Index fell 0.8%, and the Thai Set declined 0.1%. Exchanges were closed in Mumbai.The MSCI All Country Asia Pacific Index fell 0.8% on the day.

Hang SengNikkei 225Shanghai Composite
International

Hong Kong's Goods Exports, Imports Climb in April

Hong Kong's goods export value for April increased 42.9% year over year to HK$620.9 billion, accelerating from a 35.8% jump in March, data from the city's Census and Statistics Department showed.Imports rose by 44.4% to HK$650.4 billion during the month, following a 41.2% increase in the prior month.The visible trade deficit stood at HK$29.5 billion in April, equivalent to 4.5% of the value of goods imports.Exports to markets in Asia and the U.S. rose year over year, with Switzerland and the U.K. also registering sharp increases.Imports from major supplies including Korea, India, Vietnam, the U.K., Malaysia, and the Mainland also increased.For the four months ended April 30, export and import values climbed 35% and 38.9%, respectively, with a visible trade deficit of HK$198 billion.Looking ahead, a government spokesperson said international demand for AI-related electronic products will support merchandise trade performance.However, the Hong Kong Government will monitor the situation amid risks, including supply chain disruptions and high transportation costs, due to the Middle East conflict.

Hang Seng
Asia Markets

Hong Kong Stocks Tumble as U.S.-Iran Tensions Escalate; Nio Advances on SUV Launch

Hong Kong stocks slumped Thursday as renewed U.S. military action against Iran and reports of fresh missile attacks in Kuwait rattled sentiment and undermined hopes for a peace deal.The Hang Seng Index fell 1.3%, or 322.07 points, to close at 25,006.16, while the Hang Seng China Enterprises Index dropped 1.2%, or 98.61 points, to finish at 8,364.41.The U.S. military launched fresh strikes targeting an Iranian drone operation that Washington said threatened U.S. forces and commercial shipping in the Strait of Hormuz, Reuters reported, citing a U.S. official.The strikes came hours after President Donald Trump dismissed Iranian reports suggesting a deal had been reached to restore traffic through the strategic waterway.Meanwhile, oil prices climbed more than 2% after Iran's Revolutionary Guards said they had targeted a U.S. airbase in response to an earlier U.S. attack on the port city of Bandar Abbas.In corporate news, Nio (HKG:9866, SGX:NIO) closed over 6% higher after unveiling its flagship ES9 electric SUV in China.CIG Shanghai's (HKG:6166, SHA:603083) Hong Kong shares advanced 11% after unveiling plans to raise about HK$1.98 billion through a stock offering.

Hang SengHKG:6166HKG:9866SGX:NIOSHA:603083
Asia

Market Chatter: JPMorgan Says More International Investors Want to Invest in Chinese Stocks

Chinese equities continue to attract more foreign investors due to rising technological advancements and the stocks' low valuations, the South China Morning Post reported Thursday, citing JPMorgan Chase.A survey from the U.S.-based bank showed that the number of investors considering investing in China rose to 57% from 51% in the same period a year earlier, according to the media outlet.Global investors are looking into stocks in the technology space, including artificial intelligence, electric vehicles, renewable energy, robotics and biotechnology, due to their robust research and development capabilities, as well as their production costs, the report said.Kwang Kam Shing, JPMorgan's chairwoman for North Asia, said foreign investment in China and Hong Kong stayed at a historical low, but international investors are considering their valuation more attractive than their counterparts, according to the SCMP.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Hang SengShanghai Composite^SZSE
Asia

Market Chatter: Hong Kong Authorities Raid Local Offices of Chinese Brokerages on Suspected Wrongdoing

Hong Kong authorities raided the local offices of Chinese brokerages China Construction Bank (HKG:0939, SHA:601939) and CSC Financial (SHA:601066, HKG:6066) as part of a probe into misconduct during share offerings, Reuters reported Wednesday, citing sources.The investigation by the city's Securities and Futures Commission comes amid a boom in IPO activity that has pressured banks and exposed gaps in due diligence and listing practices, the report said.It was not yet clear which share offerings were the focus of the regulatory probe.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Hang SengHKG:0939HKG:6066SHA:601066SHA:601939
International

Asian Markets Mixed at Wednesday's Close Amid Tech Stock Rally, Uncertain US-Iran Peace Deal

Asian markets were mixed at Wednesday's close as Wall Street's technology rally overnight matched ongoing uncertainty over a potential US-Iran peace deal.Hong Kong stocks fell sharply on Wednesday as elevated oil prices and uncertainty over the durability of the US-Iran ceasefire weighed on sentiment.In Japan, the Nikkei 225 gained 3.32 points, marginally increasing to 64,999.41 at Wednesday's close.Leading the upside was SHIFT with a 6.1% gain, while bottom performers include SoftBank Group, which lost 7.3% on the day.In regional news, Bloomberg News reported that Japan's 40-year government bonds attracted greater demand compared with its 12-month average as investors flocked to higher yields. Wednesday's sale saw the bid-to-cover ratio reaching 2.70, greater than the 2.54 at the last auction, the report said.Hong Kong's Hang Seng Index fell 1.1%, or 271.22 points, to close at 25,328.23. The Hang Seng TECH Index was down 0.8%.Top movers include Contemporary Amperex Technology, with a 6.4% increase, while CSPC Pharmaceutical Group fell by 5.4% after the session.On the mainland, the Shanghai Composite declined by 1.3% or 51.65 points, to 4,093.73.In economic news, Chinese industrial profits jumped 24.7% year over year in April, rebounding to another record high during the month, led by technology-related goods, according to data from the National Bureau of Statistics.For other regional exchanges, the S. Korean KOSPI rose 2.3%; the Taiwan TWSE advanced by 1.7%; the Australian ASX 200 was up 0.7%; the Singapore Straits Times Index fell 0.8%, and the Thai Set inclined 1.1%.MSCI All Country Asia Pacific Index was up 0.7%.

Hang SengNikkei 225Shanghai Composite
Asia

Hong Kong Stocks Fall on Persian Gulf Ceasefire Doubts; Three Firms Shine on Debut

Hong Kong stocks fell sharply on Wednesday as elevated oil prices and uncertainty over the durability of the U.S.-Iran ceasefire weighed on sentiment.The Hang Seng Index fell 1.1%, or 271.22 points, to close at 25,328.23, while the Hang Seng China Enterprises Index dropped 1.3%, or 113.87 points, to finish at 8,463.02.Iran said Tuesday that the U.S. had violated the ceasefire by launching strikes near the contested Strait of Hormuz, raising fresh doubts over prospects for ending the conflict.Meanwhile, Israel launched more than 120 airstrikes across Lebanon on Tuesday in one of the heaviest waves of bombardment in weeks, according to Lebanese security sources, Reuters reported.Tehran has demanded an end to Israeli operations in Lebanon as part of any broader agreement.Meanwhile, oil prices retreated from recent highs, giving back part of the previous session's gains as traders looked for clearer signals on U.S.-Iran negotiations after renewed hostilities disrupted efforts to reopen the Strait of Hormuz.In corporate news, three companies made their debut on the Hong Kong bourse.Viewtrix Technology (HKG:3310) closed nearly 92% higher at HK$39.90, compared with its offer price of HK$20.81.Shenzhen SDMC Technology (HKG:0901) gained 87% to close at HK$61.20, versus its offer price of HK$32.80.Beijing DeepZero Technology (HKG:2723) advanced nearly 266% to end the session at HK$203, compared with its offer price of HK$55.50.

Hang SengHKG:0901HKG:2723HKG:3310
Asia Markets

Major Asian Stock Markets Fall Amid Renewed Middle East Tensions

Major Asian stock markets closed lower Tuesday as new US military strikes on Iran dampened optimism over a possible peace deal and the reopening of the Strait of Hormuz.In Japan, the Nikkei 225 closed down 162.10 points, or 0.3%, at 64,996.09.Top gainers included SoftBank Group, which jumped nearly 11%, and Taiyo Yuden, with a 7.9% increase. Among the bottom performers are Archion and Chugai Pharmaceutical, falling by 8.7% and 6.5% respectively.In economic news, Japan slipped behind China to become the world's third largest creditor nation last year even as it set a new all-time record for its tally of overseas assets, Bloomberg News reported, citing finance ministry data.Hong Kong's Hang Seng Index lost 6.58 points, closing with a slight decline to 25,599.45. The Hang Seng TECH Index gained 1.6% on the day.Leading the upside was Lenovo Group, up 16%, while WH Group lost 5.1%.On the mainland, the Shanghai Composite Index slipped 0.2, or 7.2 points, to finish Tuesday's trade at 4,145.37.On the other regional exchanges, the S. Korean KOSPI rose 2.6%; the Taiwan TWSE declined 0.3%; the Australian ASX 200 fell by 0.4%; and the Singapore Straits Times Index was down 0.8%.MSCI All Country Asia Pacific Index advanced by 0.2%.

Hang SengNikkei 225Shanghai Composite
Asia

Hong Kong's Northern Metropolis Tech Hub to Expand Government-Related Entities' Roles, S&P Says

Hong Kong's Northern Metropolis tech hub could usher in transformation within its traditionally conservative government-related entities (GREs), S&P Global Ratings said in a Tuesday release.The GRE sector will expand in size and number, pushing for greater debt and leverage at the same time, S&P said.The tech hub will be Hong Kong's largest investment project to date, with a price tag of HK$360 billion, S&P said.GREs will contribute about HK$140 billion in the hub, potentially raising debt and equity funding in capital markets to reach the amount, according to S&P.The approach could lead to private investment and create a credit multiplier, S&P credit analyst Ricky Tsang said.S&P expects GREs to lead several major projects as Hong Kong increases its focus on its linkages to the Greater Bay Area's tech value chains.Hong Kong's sector support will anchor credit strength even under weaker financial performances from the GREs in the investment phase, S&P said.

Hang Seng
Asia

Hong Kong Stocks Little Changed Amid China Offshore Investment Crackdown; WuXi Biologics Gains

Hong Kong stocks held near unchanged on Tuesday as China stepped up oversight of cross-border investment activity while tensions in the Middle East persisted.The Hang Seng Index slipped 6.58 points to end fractionally lower at 25,599.45, while the Hang Seng China Enterprises Index rose 0.3%, or 26.02 points, to finish at 8,576.89.Beijing announced a sweeping crackdown on cross-border investment on Friday and said it would penalize brokers accused of illegally channeling funds into overseas markets.The securities regulator said online brokers Tiger, Futu, and Longbridge would be subject to penalties for conducting business with mainland investors without domestic licenses.Meanwhile, geopolitical tensions in the Middle East remained elevated after U.S. forces carried out strikes in southern Iran in what Washington described as defensive action.The strikes came as Iran's top negotiator and foreign minister were in Doha for talks with Qatar's prime minister on a potential agreement with the United States to end the three-month conflict.U.S. Secretary of State Marco Rubio also said negotiations with Iran could "take a few days," dampening expectations for a near-term resolution to the conflict.In corporate news, WuXi Biologics (Cayman) (HKG:2269) closed over 5% higher after announcing plans to repurchase up to $400 million worth of shares from the open market.

Hang Seng
International

Asia Week Ahead: Policy Rate Decisions, Inflation Prints and GDP Reports

Asia's economic calendar this week features a mix of inflation data, interest rate decisions, GDP releases and industrial figures across the region.The week opens with Singapore's GDP and inflation data, plus Thailand's trade figures, followed on Tuesday by Taiwan's industrial production and retail sales reports.Mid-week, attention turns to the Reserve Bank of New Zealand's policy decision and Australia's inflation print. On Thursday, the Bank of Korea will announce its rate decision, while Hong Kong releases trade data and India reports industrial and manufacturing output figures.Friday will be the busiest day for macro releases, led by a batch of key indicators from Japan. The week wraps up with China's PMI readings on Sunday.Here's what to watch in the week ahead.MONDAY, May 25Singapore's economy grew 6.0% year over year in the first quarter, government data showed, beating the 4.6% flash estimate and accelerating from the 5.7% growth in Q4.The expansion was driven by strong performances in the wholesale trade, manufacturing, and finance and insurance sectors.Meanwhile, the city-state's annual inflation rate held steady at 1.8% in April, unchanged from March but below market expectations of 2%.Core inflation, on the other hand, eased to 1.4% in April from 1.7% a month prior.In Thailand, exports surged 23.1% year over year to $31.6 billion in April, accelerating from an 18.7% increase in March and beating forecasts of 16.2%.Imports likewise strengthened, expanding 45% in April to $41.6 billion, compared with a rise of 35.7% a month prior.As a result, the trade deficit ballooned to $10.02 billion in April from $3.3 billion a year earlier, far above forecasts of a $5.1 billion shortfall.TUESDAY, May 26Singapore will release its April industrial production data, while Taiwan is due to report both industrial production and retail sales figures for the month.WEDNESDAY, May 27New Zealand's central bank will hold its policy meeting, with analysts expecting no change to the country's official cash rate of 2.25%, according to a Trading Economics consensus.Australia is set to release inflation figures on the same day. Consumer prices rose 4.6% year on year in March, the fastest pace since September 2023, and are expected to accelerate to 5.1% in April as oil prices climb amid the Middle East conflict.Meanwhile, China will report its industrial profits for April. A pair of confidence reports covering business and consumer sentiment will be due in South Korea and Taiwan, respectively.THURSDAY, May 28The Bank of Korea is set to meet for its policy rate decision, with markets watching for any change to its current 2.5% benchmark rate amid inflation and growth pressures linked to the ongoing conflict in the Middle East.Hong Kong will release its monthly trade figures. The April reading could show a narrowing of the trade deficit to HK$46 billion from HK$89.1 billion in March, Trading Economics forecasted.Meanwhile, India will report its industrial and manufacturing production data for April.Markets will also watch New Zealand's ANZ Business Confidence report for May, after the index dropped to -10.6 in April -- its first negative reading since August 2023 -- as the Middle East conflict weighed on sentiment.FRIDAY, May 29Japan's usual end-of-month data deluge, which includes the release of inflation, unemployment rate, industrial production and retail sales, will provide insights into the country's economic health.Markets will also watch Taiwan's final Q1 GDP growth figures for any revision from the preliminary estimate, which showed the economy expanding by 13.7%.Other highlights include trade balance figures from Macau and the Philippines, and export and import price data from Singapore.Both South Korea and Thailand will report their monthly industrial production and retail sales stats, while Macau will report its unemployment rate for April.Lastly, a report capturing business confidence in April will be due in the Philippines.SUNDAY, May 31China, the biggest economy in Asia, will release its official May PMI data covering manufacturing, non-manufacturing and general activity.

ASX 200^BSEHang SengKOSPINikkei 225^NSE^NZ50^PSEI^SETShanghai Composite^STI^SZSETaiwan Weighted
Asia

Sizable Fiscal Support for SOEs Exposes Some Asia-Pacific Sovereigns, Fitch Says

Certain Asia-Pacific sovereigns could face constraints as they increase government fiscal support especially for state-owned entities, Fitch Ratings said in a recent release.Governments with higher government debt-to-GDP ratios compared to peer medians are especially vulnerable, Fitch said.Sovereigns carry out this support through capital additions or subsidies to state-owned enterprises (SOEs), the rating agency said.Many sovereigns in the region play a major role in fostering economic growth, but the levels of support, as seen in the share of combined SEO debt relative to GDP, also vary, the rating agency said.Meanwhile, some advanced economies have high SOE debt partly due to increased transparency in data reporting, according to Fitch.

ASX 200Hang SengNikkei 225Shanghai Composite^SZSE
International

Earnings, Tech-Strength and Persian Gulf Outlook Lift Asian Stock Markets

Asian stock markets gained ground on AI-sector optimism, earnings, and media reports on a possible Persian Gulf peace deal.Hong Kong, Shanghai and Tokyo finished in the green, as did most other regional exchanges.In Japan, the Nikkei 225 opened evenly and rose to the close, finishing up 2.7% on tech-sector gains, and piling onto a 3.1% rise on the index on Thursday.The benchmark Nikkei 225 rose 1,654.93 to 63,339.07, striking a fresh all-time high, as gaining issues outnumbered losers 119 to 100.Leading the upside was tech-financier SoftBank, up 11.9%, while insurer Tokio Marine declined 4.1%.In economic news, Japan's consumer price index-core (CPI-core), that strips out fresh food bills, rose 1.4% on year in April, decelerating from a 1.8% on-year gain in March, reported the Statistics Bureau.In Hong Kong, the Hang Seng Index opened higher and held ground, closing up 0.9% as tech gains more than offset property share declines.The broad gauge Hang Seng rose 219.51 to 25,606.03 as gaining issues outnumbered losers 52 to 36. The Hang Seng TECH Index gained 2.1% on the day, while the Mainland Properties Index fell 1.7%.Leading the upside was computer-maker Lenovo, gaining 19.8% after reporting earnings and citing AI-related revenue. Hot-pot dining chain HaiDiLao lost 4%.On the mainland, the Shanghai Composite rose 0.9% to 4,112.90.On the other regional exchanges, the S. Korean KOSPI rose 0.4%; the Taiwan TWSE inclined 2.2%; the Australian ASX 200 inclined 0.4%; the Singapore Straits Times Index rose 0.4%, and the Thai Set inclined 0.4%. In late trading in Mumbai, the Sensex was up 0.6%.The MSCI All Country Asia Pacific Index rose 0.9% on the day.

Hang SengNikkei 225Shanghai Composite
Asia

Emerging Asia Sees Strong Capital Flows, But Differentiation Emerges, Fitch Says

Solid Asia-Pacific corporate and financial institution credits continue to anchor capital flow and benchmark deals in the region, Fitch Ratings said in a Friday release.Global emerging market portfolio inflows reached $58.3 billion in April, a reversal of the $66.2 billion outflow in March, Fitch cited the Institute of International Finance as saying.Emerging Asia accounted for the largest share in debt investments for the month, indicating stable investor demand for Asian debt despite oil price pressure due to the Iran war, Fitch said.Emerging markets including India, Indonesia, the Philippines, Sri Lanka, and Thailand have observed depreciation in the 5% to 7% range due to the Iran conflict, reflecting oil import reliance and fuel buffers, the rating agency said.Investor appetite among emerging Asian markets exhibits differentiation, as seen in greater FX reserve drops for the Philippines and Sri Lanka compared to the others, Fitch said.The rating agency believes sovereign support anchors funding access for issuers, with debt markets gaining from countries' external positions, deeper domestic funding markets and better policy response to shocks.

Hang Seng^JKSE^PSEI^SETShanghai Composite^SZSE
Asia

Hong Kong Stocks End Higher After Roller Coaster Week; TenNor Therapeutics Soars in Debut

Hong Kong stocks zigzagged between gains and losses over the past four sessions, but managed to end the tumultuous week in positive territory.The Hang Seng Index rose by 219.51 points, or 0.9%, to end at 25,606.03, while the Hang Seng China Enterprises Index increased by 75.55 points, or 0.9%, to close at 8,550.87.U.S. Secretary of State Marco Rubio said there had been "some good signs" in talks between Washington and Tehran, but both sides remained at odds over Iran's uranium stockpile and controls on the Strait of Hormuz, Reuters reported.Meanwhile, analysts warned that the upcoming global initial public offering of Elon Musk's SpaceX could siphon off funds from the broader Asia-Pacific region, including Hong Kong, in preparation for subscriptions, the South China Morning Post reported.The aerospace company is reportedly seeking $75 billion in what could be the world's largest IPO, topping Saudi Aramco's $29.4 billion offering in 2019.In local development, Hong Kong's consumer inflation held steady at 1.7% year over year in April, unchanged from the previous month.Hong Kong financial markets will be closed on Monday, May 25, for a local holiday and reopen on Tuesday, May 26.In corporate news, Chinese biotech firm TenNor Therapeutics (HKG:6872) had a stellar debut in Hong Kong as its shares closed at HK$211, 179% higher than its IPO price of HK$75.70.

Hang SengHKG:6872
Asia

Lingyi iTech Guangdong Re-submits Hong Kong Listing Application; Shares Up 3%

Lingyi iTech Guangdong (SHE:002600) re-submitted its application to list H-shares on the main board of the Hong Kong Stock Exchange, according to a Friday fling with the Shenzhen bourse..Shares of the artificial intelligence hardware intelligent manufacturing platform operator rose 3% in recent trade.

Hang SengSHE:002600
International

Oil, Tech Outlooks Roil Asian Stock Markets

Asian stock markets turned in a mixed Thursday with powerful rallies in Tokyo and Seoul on tech strength and lower oil prices, while Hong Kong and Shanghai lagged on mainland China's uncertain macroeconomic outlook.The tech-centric South Korean KOSPI index rose 8.4% on the day, after semiconductor powerhouse Samsung Electronics sealed a labor deal, and following an upbeat earnings report from peer enterprise and chip colossus Nvidia (NVDA).Brent oil futures, after topping $110 a barrel on Wednesday, eased to near $104 on Thursday.In Japan, the Nikkei 225 opened higher and rose to the close, finishing up 3.1%, after US President Donald Trump on Wednesday again posited that a peace deal was possible in the Persian Gulf.The benchmark Nikkei 225 rose 1,879.73 to 61,684.14, as gaining issues outnumbered losers 139 to 85.Leading the upside was tech financier SoftBank, up 19.9% after reports that client OpenAI may file an initial public offering. The insurer Sompo declined 10.7% after reporting earnings.In economic news, the flash Japan composite purchasing managers index (PMI), a combination of the nation's manufacturing and services sectors, fell to 51.1 in May from 52.2 in April, marking the slowest pace of expansion this year, though still striking above the 50 threshold that separates growth from contraction.In Hong Kong, the Hang Seng Index opened evenly but lost ground, closing down 1% as traders mulled recent tempered economic releases from Beijing.The broad gauge Hang Seng fell 264.60 to 25,386.52, as losing issues outnumbered gainers 59 to 30. The Hang Seng TECH Index lost 2.1% on the day, while the Mainland Properties Index fell 1.1%.Leading the upside was smartphone components supplier Sunny Optical Technology, gaining 9.3%, while search engine giant Baidu declined 5.7%.On the mainland, the Shanghai Composite fell 2% to 4,077.28.On the other regional exchanges, the Taiwan TWSE rose 3.4%; the Australian ASX 200 advanced 1.5%; the Singapore Straits Times Index was flat, and the Thai Set gained 0.3%. In late trading in Mumbai, the Sensex was down 0.2%MSCI All Country Asia Pacific Index rose 2.2% on the day.

Hang SengNikkei 225Shanghai Composite

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