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Asia

Market Chatter: Chinese Metal Exports Get Boost from Middle East War

Chinese metal exports, including aluminum and copper, are expanding amid the war in the Middle East, Bloomberg News reported Wednesday, citing the China Nonferrous Metals Industry Association.Aluminum exports are on track to reach a record high this year, while copper is also seen to benefit from demand for clean tech products, the report said.However, Chinese aluminum is not always available for global buyers, as the government imposes "unbelievably" high tariffs on the metal, keeping large volumes within the country, the report said.Despite the tariffs, aluminum manufacturers have received more overseas orders since late March, Bloomberg 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.)

Shanghai Composite^SZSE
Asia

Market Chatter: China Aims for Over 70% of Silicon Wafers to Be Locally Produced by 2026

China is looking to have more than 70% of silicon wafers used by domestic chipmakers to be locally made by 2026, Nikkei Asia reported Tuesday, citing sources.The target has been an unspoken rule among chipmakers, compelling them to use locally made 12-inch wafers, according to the report, citing sources.Some Chinese chip manufacturers are aiming to produce more advanced chips, which still requires the help of foreign makers, who will occupy the remaining 30% of the market, the report said, citing a chip industry executive.Local chipmakers are already capable of meeting the demand for legacy chips, 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.)

Shanghai Composite^SZSE
Asia

Chinese President Seeks Probe into Fatal Fireworks Factory Blast

Chinese President Xi Jinping called for an investigation into an explosion at a fireworks factory in Hunan that killed at least 26 people and injured 61 others.The blast took place at the Huasheng Fireworks Manufacturing and Display in Liuyang city, according to the Hunan provincial government.

Shanghai Composite^SZSE
US Markets

Private Reading of China Services PMI Expands in Contrast with Government Figures

China's service sector expanded faster in April as the country's service companies saw heightened activity and new business, according to a private reading released Wednesday.The RatingDog China General Services Business Activity Index accelerated to 52.6 in April from 52.1 in March, surpassing forecasts of 52, according to Seeking Alpha.The faster expansion came as new business grew, with new orders increasing for the 40th straight month, according to RatingDog.The private reading contrasts with the official non-manufacturing Purchasing Manager's Index, which contracted to 49.4 in April.New work came amid improved market conditions, business innovation, new projects, and the launch of new products and other promotional activities, RatingDog said.Outstanding workloads also grew during the month, while average input prices also increased in line with rising fuel prices.Despite the rise in oil prices, overall pressure stayed "modest," the report said, citing founder Yao Yu."In this environment, service providers continued to reduce their charges slightly to boost competitiveness, with the selling prices index, remaining in contraction territory for the second month running. Service demand was strongest in the domestic markets, with new export business falling for the second straight month," Yao said in a statement.The rate of inflation surged to the highest in 2026 but stayed "below the long-run survey trend," according to RatingDog.The Composite Output Index also grew to 53.1 in April from 51.5 in March, the second-fastest since May 2024, according to RatingDog.

Shanghai Composite^SZSE
Asia

Market Chatter: China Calls on US to Scrap Alleged Excess Capacity Probe

China called on the U.S. to cease its investigations into China's alleged excess capacity ahead of the meeting between Presidents Donald Trump and Xi Jinping, the South China Morning Post reported Wednesday.The U.S. Trade Representative launched the probe in March, which looked into the structural excess capacity of 16 trading partners, including China. The probe aligns with Section 301 of the Trade Act of 1974, according to the media outlet.Michelle Zang, who spoke in behalf of state-backed China Chamber of International Commerce, told the hearing that the probe does not have enough "statutory basis and supporting evidence" and urged the U.S. to "terminate the investigation", SCMP said.A number of Southeast Asian countries, Japan, India, South Korea, the European Union and Mexico were also covered in the probe, 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.)

Shanghai Composite^SZSE
Asia

Chinese Stocks Rise On Positive Service Sector Data, Suspension of US' Project Freedom

Chinese equities gained after the market resumed following the Labor Day holiday, with sentiment being uplifted over the expansion of the service sector.The Shanghai Composite Index rose 1.2%, or 48.02 points, to close Wednesday's trade at 4,160.17. The Shenzhen Component Index jumped 2.3%, or 352.06 points, to 15,459.62.The RatingDog China General Services Business Activity Index accelerated to 52.6 in April from 52.1 in March due to new business growth, which was driven by new orders increasing for the 40th straight month.Adding to the positive sentiment was U.S. President Donald Trump's announcement to cease "Project Freedom", a plan to escort ships stranded in the Strait of Hormuz, amid efforts to strike a deal with Iran to end the war.In corporate news, Shenzhen Zhongjin Lingnan Nonfemet (SHE:000060) jumped 10% after completing the registration and establishment of a new subsidiary, Shaoguan Zhongjin Lingnan Wanhou Nonferrous Mining.Guangdong HEC Technology (SHA:600673) also climbed 10% after its unit, Dongyangguang Yunzhisuan, signed a framework computing power services contract valued between 16 billion yuan and 19 billion yuan.CCOOP Group (SHE:000564) inched 3.4% higher amid plans to sell its wholly-owned subsidiary, Changchun Meilifang Minsheng Shopping Center, via public bidding.

Shanghai Composite^SZSESHA:600673SHE:000060SHE:000564
Asia

Market Chatter: China 'Big Fund' Eyes to Lead DeepSeek Funding

China's state-backed "Big Fund" is in talks to lead DeepSeek's next fundraising round at a $45 billion valuation, Financial Times reported Tuesday.China Integrated Circuit Industry Investment Fund, which already backs SMIC and other semiconductor chip players, aims to spearhead the financing though final details remain unconfirmed, according to the report.(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.)

Shanghai Composite^SZSE
Asia

Market Chatter: China Overtakes Japan in Perovskite Solar Patent Race

China overtook Japan in total perovskite solar cell patent applications filed globally, based on the latest patent landscape analysis, Nikkei Asia reported Tuesday.About 2,000 applications were public, with China leading valid filings as of 2023, according to the report. This ended Japan's lead from 2015 to 2022.CATL (HKG:3750, SHE:300750) topped company rankings in 2025, followed by Panasonic (TYO:6752), Nikkei Asia wrote.(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.)

Nikkei 225Shanghai Composite^SZSEHKG:3750SHE:300750TYO:6752
Asia

Ireland's Data Watchdog Launches Probe into Shein Over Consumer Data Transfers

Ireland's Data Protection Commission opened an inquiry into Chinese online retailer Shein over personal data transfers, the regulator said in a press release on Tuesday.The inquiry will look into whether the company complied with regulations when it comes to the transfer of European consumers' personal data to China.Shein said it has been "actively engaging" with the regulator in recent months regarding data protection, and it is "fully committed" to complying with regulations. The company added that it is taking its data protection obligations "extremely seriously," Reuters reported Tuesday, citing an emailed statement from the company.

Shanghai Composite^SZSE
Asia

China Service Sector Expands Faster in April, RatingDog Says

China's service sector expanded faster in April as the country's service companies saw heightened activity and new business.The RatingDog China General Services Business Activity Index accelerated to 52.6 in April from 52.1 in March, according to data released Wednesday.The faster expansion came as new business grew, with new orders increasing for the 40th straight month, according to RatingDog.Outstanding workloads also grew during the month, while average input prices also increased in line with rising fuel prices.Service demand was strongest in the domestic markets, with new export business falling for the second straight month.The Composite Output Index also grew to 53.1 in April from 51.5 in March, the second-fastest since May 2024, according to RatingDog.

Shanghai Composite^SZSE
Asia

Market Chatter: Yuan Payments Surge as Iran, Russia Ditch Dollar for Oil Trade

Yuan-based trade settlements surged 50% in March on China's Cross-border Interbank Payment System to 1.46 trillion yuan, triple the 2021 levels, Nikkei Asia reported Monday.With Iran tolling Hormuz tankers in yuan and crypto, and Russia locked out of SWIFT, demand for China's currency is soaring, according to the report. Saudi Arabia also now settles 41% of oil deals in yuan.However, the yuan's global share as settlement currency is just 3% versus the U.S. dollar's 51%, Nikkei Asia wrote.(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.)

Shanghai Composite^SZSE
International

Beijing Tourism Revenue Up 7% During May Day Holiday

Beijing generated 22.4 billion yuan in tourism revenue during the five-day May Day holiday, a 6.6% year-on-year increase, according to the Beijing Municipal Bureau of Culture and Tourism.China's capital city received 18.8 million tourist visits, up 5.1%. Inbound visits rose 22.3% to 128,000, with spending reaching 1.38 billion yuan.Beijing hosted over 2,000 cultural activities, including 1,684 live performance sessions, generating 260 million yuan in box office revenue.

Shanghai Composite^SZSE
International

China Railway Holiday Trips Exceed 100 Million

China's railway network carried over 100 million passengers during the May Day holiday, according to China State Railway Group.As of May 4, trips reached 117 million over the holiday period, which ended Tuesday.A single-day record of 20.4 million passengers traveled on May 4.With return journeys surging, 23 million trips are expected Tuesday, supported by 2,225 additional services.Popular destinations include Beijing, Guangzhou, Shanghai, Chengdu and Shenzhen.

Shanghai Composite^SZSE
Asia

Middle East War Weighs on Asia-Pacific Corporates' Credit Profiles, Fitch Says

The Middle East 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.The war could have a lingering economic and business impact in the second half of 2026 even if it ends earlier, since it would take time for markets to normalize, the rating agency said.Corporates in the region also face other developments that are credit-impacting, such as geopolitical tensions, sanctions, and tariff uncertainties, according to Fitch.Meanwhile, growth varies within the region, with China exhibiting declining domestic demand, lingering price competition, and excess capacity that weigh on companies in the consumer, industrial, building materials, and automotive sectors, Fitch said.India and some Southeast Asian countries have solid domestic growth and infrastructure spending as well as robust household consumption, anchoring credit trends in local demand-tied sectors, according to the rating agency.Fitch still sees EBITDA margins to remain strong and rise above 15% on aggregate for its issuers in the region, supporting improved free cash flow generation.

ASX 200Hang SengNikkei 225Shanghai Composite^SZSE
International

Asia Week Ahead: PMI Reports; Central Bank Decisions; and Inflation Prints

For the week ahead in Asia, the economic calendar is packed with S&P Global's monthly purchasing managers' index reports, inflation prints, and central bank decisions across the region.Monday brings a slate of S&P Global manufacturing PMI reports for April, alongside Indonesia's inflation and trade figures.On Tuesday, markets will turn to the Reserve Bank of Australia's interest rate decision, while Thailand and the Philippines release April inflation data.Wednesday features South Korea's April inflation print and New Zealand's first-quarter labor-market report, along with PMI readings from India, China, Hong Kong and Singapore.On Thursday, Malaysia's central bank decision will be in focus, alongside Taiwan's April inflation data and the Philippines' first-quarter GDP report.On Friday, Taiwan's April trade data and Malaysia's March industrial production figures will be due, before China closes out the week with April trade figures on Saturday.Here's what to watch in the week ahead.MONDAY, May 4The week kicked off with a slate of S&P Global purchasing managers' index reports covering manufacturing activity during April.Most economies in the region saw a rise in output despite the ongoing conflict in the Middle East which has pushed oil prices upwards.Malaysia's manufacturing sector expanded at its fastest pace in four years in April, supported by stronger output and a return to growth in new orders.The S&P Global Malaysia Manufacturing Purchasing Managers' Index rose to 51.6 in April from 50.7 in March, marking a second straight month of expansion.Output grew at the fastest pace since December 2021, while new orders increased as firms and clients built safety stocks amid uncertainty linked to the Middle East war.Output activity also expanded in South Korea, India, and Taiwan, according to S&P Global.Meanwhile, Vietnam's manufacturing sector also expanded, albeit at a slower pace.The S&P Global Vietnam Manufacturing PMI slipped to 50.5 in April from 51.2 in March, a seven-month low, signalling a tenth straight month of expansion but only marginal growth.In contrast, Indonesia's manufacturing sector slipped into contraction in April as cost pressures intensified due to material shortages and delays linked to the Middle East conflict.The S&P Global Indonesia Manufacturing Purchasing Managers' Index fell to 49.1 in April from 50.1 in March, dropping below the 50 mark for the first time in nine months.Manufacturing activity similarly slipped in the Philippines as new orders fell sharply and cost pressures intensified.Indonesia released inflation figures, noting a 2.4% year on year rise in prices during April -- slower than the 3.5% recorded a month prior.The island state also booked a trade surplus of $5.55 billion in the first quarter, supported by a strong non-oil and gas balance despite higher import growth, according to official data released by Statistics Indonesia.The Melbourne Institute released its monthly inflation gauge, noting another increase in April, mainly driven by higher recreation-related prices. The monthly cost of living also increased in April, especially for employees and self-funded retirees.TUESDAY, May 5An interest rate decision in Australia will capture headlines on Tuesday.The Reserve Bank of Australia is likely to rate hikes by 25 basis points to 4.35% as persistent inflation pressures and rising fuel costs linked to Middle East supply disruptions keeps the central bank on a hawkish path even as global peers hold steady.Thailand and the Philippines will release inflation data for April.Economists at ING said they expect the Philippines' headline inflation to rise above 5% as the government passes on the impact of higher global oil prices onto consumers. The Philippines' inflation climbed to 4.1% in March.Thailand is similarly expected to see a rise in consumer prices during April. According to a consensus compiled by Trading Economics, headline inflation could clock in at 1.7% on an annual basis, compared with a 0.08% decline in March.First-quarter gross domestic growth data will be due in Indonesia. DBS said it was forecasting 5.6% growth for the quarter thanks to government spending and festive spending during the period, the Wall Street Journal reported.Hong Kong will similarly release its first-quarter advance GDP growth estimate on Tuesday.Meanwhile, March retail sales figures will be expected in Singapore.On the activity front, S&P Global will release PMI reports manufacturing activity in Thailand and services and composite activity in Australia.WEDNESDAY, May 6Another inflation print, this time in South Korea.Economists at ING said they expect consumer prices to rise at a faster pace in April despite attempts by Seoul to rein in the impact of rising oil costs on consumers. A consensus compiled by Trading Economics indicated headline inflation could clock in at 2.6%.In March, South Korea's annual inflation rose to 2.2%, breaching the central bank's 2% target.First-quarter labor data from New Zealand will also be in the news.CommBank expects headline labor-market figures to remain weak, forecasting just 0.1% quarterly employment growth and a rise in unemployment to 5.5%, compared with Trading Economics consensus estimates of 0.3% employment growth and a 5.4% jobless rate for the first quarter."We do not envisage a labor market recovery until 2027, reflective of adverse impacts from geopolitical ructions," CommBank said in a preview.The Philippines will similarly release labor data for March, as well as industrial production figures.ING said it expects unemployment to edge higher. "On the industry side, weak soft construction activity should continue to weigh on growth," ING said.Additional S&P Global PMI reports covering services and composite activity in India and China, as well as overall activity in Hong Kong and Singapore, will be due.A business confidence report will be due in Thailand, while Hong Kong's March retail sales figures will also be on display.THURSDAY, May 7Malaysia's central bank will meet for its interest rate decision, with no change expected in the 2.75% policy rate.RHB Bank said it expects Bank Negara Malaysia to hold rates as growth remains steady and inflation remains in check, the Wall Street Journal reported.Taiwan's April inflation print will be due, with analysts looking for signs on how the Iran war was weighing in on prices. ING said it expects to see inflationary pressure picking up after limited pass through of energy prices in March.Australia will release March trade figures. The country's trade surplus could fall to A$4.45 billion from the A$5.69 billion recorded in the month prior, according to a consensus compiled by Trading Economics.CommBank said it expects the goods trade balance to decline due to rising fuel imports in the wake of the Iran conflict.The Philippines' first-quarter GDP growth figures will be expected. ING said the Philippines' economy could recover to a growth of 4.3% year on year thanks to favorable base effects and some pick-up in government spending.The Philippines' economy grew by 3% last quarter.Another confidence report covering consumer sentiment will be due in Thailand.FRIDAY, May 8Markets will be on the lookout for Taiwan's trade data for April.ING said it expects the island state's trade surplus to rise to $21.6 billion from $21.3 billion in the month prior. "We're looking for another strong month, with 59.3% YoY export growth and 35.5% import growth," ING said in a preview.In Malaysia, March industrial production figures will be due.S&P Global will release PMI reports covering services and composite activity in Japan.SATURDAY, May 9China will release its April trade data on Saturday.The world's second largest economy could record a surplus of $82.4 billion for the month, rising from $51.13 billion in March, according to a consensus compiled by Trading Economics.Analysts at DBS expect a sharp uptick in surplus, with export growth more than doubling to 8.4% from the 2.5% rise seen in March, the WSJ reported.

ASX 200^BSE^HNX^HOSEHang Seng^JKSEFTSE Bursa Malaysia KLCIKOSPINikkei 225^NSE^NZ50^PSEI^SETShanghai Composite^STI^SZSETaiwan Weighted
Asia

ADB Commits $70 Billion Investment in Asia Through 20235 to Boost Energy, Digital Infrastructure

The Asian Development Bank will inject $70 billion through 2035 to expand energy and digital infrastructure across the Asia-Pacific, with a focus on cross-border electricity trade and broader internet access.In the recent report on Monday, ADB President Masato Kanda said stronger regional connectivity will help lower costs and support growth. The bank plans to mobilize $50 billion under its Pan-Asia Power Grid Initiative to link national grids, scale up renewable energy use, and build transmission lines, substations and storage.A further $20 billion will go towards the Asia-Pacific Digital Highway, funding fibre networks, data centres and other digital systems. By 2035, the projects aim to connect 200 million people to power, widen broadband access, and generate jobs across the region, the report said.

^BSE^HNX^HOSEI^JKSEFTSE Bursa Malaysia KLCINifty 50^PSEI^SETShanghai Composite^STI^SZSETaiwan Weighted
US Markets

ADB Pledges $70 Billion For Energy, Digital Networks Across APAC as Middle East Conflict Batters Outlook

The Asian Development Bank is committing $70 billion to support new energy and digital infrastructure initiatives across the Asia-Pacific region by 2035.ADB President Masato Kanda announced the pledge on Sunday during the lender's annual meeting in Uzbekistan."Energy and digital access will define the region's future," said Kanda. "These two initiatives build the systems Asia and the Pacific need to grow, compete, and connect. By linking power grids and digital networks across borders, we can lower costs, expand opportunity, and bring reliable power and digital access to hundreds of millions of people."The pledge comes as the ADB sharply downgraded its forecast for the APAC region, citing energy disruptions from the ongoing Middle East conflict.On Wednesday, the ADB slashed its GDP growth outlook for developing Asia and the Pacific to 4.7% in 2026 from the previous 5.1% forecast.Inflation for 2026 is projected to accelerate to 5.2% in 2026 from 3% in 2025, before easing to 4.1% in 2027."Our revised outlook is a significant downward revision for growth and a sharp increase in inflation following a special update to reflect the deepening crisis," Kanda said at the time.The bank's new outlook assumes that oil prices average around $96 a barrel in 2026, well above the $69 per barrel average in January and February before the Middle East conflict. The bank expects oil prices to ease to around $80 per barrel in 2027."We are confronting systemic, long-lasting disruptions to global energy and trade networks, not just temporary volatility. ADB will remain an agile partner in protecting the region's economy; tracking fast-moving risks, and moving with urgency to scale up our support," Kanda added.Diesel prices across several Southeast Asian countries have increased by more than 100% since late February, the ADB said in its updated outlook report.The ADB also noted in its Wednesday report that the energy shock is also affecting fertilizer prices, which it said could add to food inflation, particularly for economies most dependent on Middle East imports.Against that backdrop, the ADB is committing $70 billion to build new energy and digital infrastructure in Asia and the Pacific by 2035.The largest investment, worth $50 billion, will be allocated towards cross-border power infrastructure to unlock renewable energy at scale, the ADB said.The project will focus on transmission and grid integration, including cross-border lines, substations, storage, and grid digitalization, according to the lender.By 2035, the bank aims to integrate about 20 gigawatts of renewable energy across borders, connect 22,000 circuit-kilometers of transmission lines, and cut regional power sector emissions by 15%, while improving energy access for around 200 million people.The remaining $20 billion will fund the Asia-Pacific Digital Highway, targeting digital corridors, data infrastructure, and AI-ready economies.The project aims to bring first-time broadband access to 200 million people and cut connectivity costs in remote and landlocked areas by about 40%.The South Korean government will back a new Center for AI Innovation and Development in Seoul with a $20 million contribution. The center will aim to train about 3 million people in digital and AI-related skills by 2035.Separately on Sunday, the ADB also unveiled a Critical Minerals-to-Manufacturing Financing Partnership Facility designed to help the region move beyond mining into higher-value industries such as processing, manufacturing, and recycling.Japan committed $20 million to the grant window, the UK contributed $1.6 million, and the Korea Eximbank and the Korean Trade Insurance Corporation each signed $500 million memorandums as the facility's first partners.

ASX 200^BSE^HNX^HOSEHang Seng^JKSEFTSE Bursa Malaysia KLCIKOSPINikkei 225^NSE^NZ50^PSEI^SETShanghai Composite^STI^SZSETaiwan Weighted
Asia

China Central Bank to Carry Out 300 Billion Yuan in Reverse Repo Operations

The People's Bank of China will conduct a reverse repurchase operation for 300 billion yuan, it said Thursday.The operation will carry a fixed quantity and will be done through interest-rate bidding, with winning bids to be determined at multiple price levels.PBOC's reverse repo will carry a 91-day term.

Shanghai Composite^SZSE
Asia

Market Chatter: Irish Supreme Court Allows TikTok to Continue EU-China Data Transfers Amid Pending Appeal

Ireland's Supreme Court has allowed TikTok to continue transferring data from the European Union to China amid an appeal by the short video app against a regulatory order to halt the transfers due to privacy concerns, according to multiple media reports Thursday.In May, the Irish Data Protection Commission fined TikTok 530 million euros and ordered the app to suspend data transfers to China if the processing is not complied with in six months.Ireland's High Court implemented a stay on the fine and the data transfer ban, stating the risk to consumers is "limited and will be temporary," adding that the damage on TikTok would be "virtually impossible" to quantify.The Supreme Court said the stay should remain until Ireland's High Court renders judgment in the appeal against the penalties, Reuters reported Thursday.(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.)

Shanghai Composite^SZSE
Asia

Market Chatter: US Moves to End China's Role in Electronics Testing

The U.S. Federal Communications Commission voted unanimously to advance a proposal banning all Chinese labs from testing U.S.-bound electronic devices such as smartphones and computers, Reuters reported Thursday.Currently, about 75% of U.S. electronics are tested in China, according to the report. The plan would fast-track approval for devices tested in U.S. labs or allied nations.In a separate vote, the FCC moved to bar China Mobile (SHA:600941, HKG:80941), China Telecom (SHA:601728, HKG:0728) and China Unicom (HKG:0762) from operating U.S. data centers, Reuters wrote.The agency is also considering blocking interconnection with companies linked to national security risks, including Huawei and ZTE (SHE:000063, HKG:0763), according to the report.(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.)

Shanghai Composite^SZSEHKG:0728HKG:0762HKG:0763HKG:80941SHA:600941SHA:601728SHE:000063

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