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Hong Kong Stocks Fall as U.S.-Iran Hostilities Escalate; WuXi AppTec Gains on Buyback Plan

Hong Kong stocks declined on Wednesday as Iran and the United States engaged in their biggest exchange of hostilities since a ceasefire was agreed in April.The Hang Seng Index fell 0.6%, or 157.94 points, to close at 24,407.96, while the Hang Seng China Enterprises Index was little changed, slipping 5.86 points, to finish at 8,318.73.Iran's Revolutionary Guards said they launched missile and drone attacks on U.S. military facilities in Jordan, Kuwait, and Bahrain, describing the strikes as retaliation for Washington's recent attacks against Iranian targets near the Strait of Hormuz.The attacks followed comments by U.S. President Donald Trump that Iran had shot down an Apache helicopter near the strategic waterway a day earlier.Meanwhile, closer to home, China's producer price inflation accelerated to 3.9% in May from 2.8% in April, matching market expectations.Annual consumer inflation, however, remained at 1.2%, below the consensus forecast of 1.3%, while core inflation, which excludes food and energy prices, eased to 1.1% from 1.2% a month earlier.In corporate news, Laekna (HKG:2105) closed nearly 2% lower after granting Vasque Bio exclusive rights to develop and commercialize its cancer drug candidate LAE118 outside Greater China under a licensing agreement.WuXi AppTec (HKG:2359, SHA:603259) gained over 3% in Hong Kong after its board approved a proposed buyback of up to 1 billion yuan of A-shares.

Hang SengHKG:2105HKG:2359SHA:603259

Asia46d ago

Nanjing Well Pharmaceutical Completes Updating Business Scope Registration

Nanjing Well Pharmaceutical Group (SHA:603351) completed the process of updating its business registration after expanding its business scope, according to a Shanghai bourse filing on Wednesday.The company received the renewed business license from China's Nanjing Municipal Administration for Market Regulation.The pharmaceutical company's shares rose 2% at the close.

SHA:603351

Asia46d ago

Thailand, Vietnam Eye $50 Billion in Bilateral Trade, Deeper Ties

Thailand and Vietnam are aiming to boost bilateral trade to $25 billion initially, with a later target of $50 billion, Vietnam News Agency reported Wednesday citing Thai Prime Minister Anutin Charnvirakul.Thailand and Vietnam have agreed to boost ties through increased economic, political, and defense collaboration, according to a statement by the Thai Government's office Wednesday.The announcement came after Anutin met Vietnamese Party General Secretary and State President To Lam in Hanoi on Tuesday during a visit to Vietnam to attend the third Asean Future Forum.Anutin ordered commerce, transportation, resources, energy, industry, social development, and BOI and related agencies to expedite cooperation in numerous fields, according to the statement.

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Wire46d ago

Ming Shing Shares Surges 168% Premarket After Announcing PMA Nano Carbon Tech Acquisition Late Tuesday

$MSW

Oil & Energy46d ago

Market Chatter: Saudi Arabia June Jet Fuel Exports to Europe on Track to Exceed Pre-Iran War Levels

Saudi Arabia is set to send more jet fuel to Europe in June than prior to the Iran war when the Strait of Hormuz was open and ships were moving freely, data from analysts Kpler and Vortexa showed, Reuters reported on Tuesday, as the country leans heavily on its Red Sea export route.Imports of jet fuel to the EU and UK from Saudi Arabia's Yanbu port in Red Sea were 118,000 barrels per day for the first week of June, the highest since August last year, Kpler data showed, while Vortexa's estimate was 140,000 b/d, according to Reuters.The highest number this year according to Kpler data, was 77,000 b/d in January, prior to the Feb. 28 start of the Iran war.The Middle East was the main supplier of jet fuel to Europe at 300,000 b/d in 2025, leaving the origin through the Strait of Hormuz that pushed vessels close to the Iranian coast.Iran has threatened to attack vessels seeking to exit, effectively closing it since March.Europe supplemented those volumes with further imports from India, Nigeria and the U.S., Reuters reported, citing Kpler, with consumption of about 550,000 bpd.With Saudi Arabia's exports also flowing through the shuttered Strait, it is fortunate to have the Yanbu port on its western coast as a back-up and an east-west pipeline across the country to deliver supplies there for loading.The Reuters article said that if these exports are sustained, they can help Europe close a gap between import and consumption.This week however, Houthi rebels from Yemen, who had been attacking ships in the Red Sea prior to the Iran war, said they would seek to prevent exports of oil and gas leaving via this route.The article said that Europe has increased its jet fuel imports from the US and Nigeria, with those origins together providing about 200,000 b/d in May. It added that European airlines have sought to dispel fears of a shortage of fuel that would affect peak summer travel.The International Energy Agency previously said Europe could start seeing some of jet fuel by June, although European airlines have downplayed fears of a summer shortage.In April, Germany's Lufthansa said it would trim 20,000 short-haul flights from its timetables but the picture looked harder to decipher when a month later, Ireland's Ryanair said in media reports that it had almost no concerns about fuel shortages.(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.)

Wire46d ago

Update: Lakeland Industries Swings to Fiscal Q1 Earnings, Revenue Rises; Shares Jump Premarket

(Updates with the stock move in the headline and the first paragraph.)Lakeland Industries (LAKE) shares were up over 7% in Wednesday's premarket activity after the company unexpectedly swung into the black in fiscal Q1.The company reported fiscal Q1 net income late Tuesday of $0.04 per diluted share, swinging from a loss of $0.41 a year earlier.Four analysts polled by FactSet expected a loss of $0.16.Revenue for the quarter ended April 30 was $47.4 million, up from $46.7 million a year earlier.Four analysts polled by FactSet expected $47.4 million.Price: $10.22, Change: $+0.68, Percent Change: +7.14%

$LAKE

Asia46d ago

Wave Exponential Chief Accountant Resigns

Wave Exponential (BKK:WAVE) said that Voranan Limpanyakul resigned as the chief accountant of the company.The resignation was effective June, according to a Wednesday filing on the Thailand Exchange.

BKK:WAVE

Research46d ago

Okasan Niigata Upgrades Ocean System to Buy from Neutral; Price Target is 2,000 Yen

TYO:3096

Research46d ago

Iwai Cosmo Upgrades Hankyu Hanshin Holdings to Outperform from Neutral Plus; Price Target is 5,600 Yen

TYO:9042

Research46d ago

SMBC Nikko Downgrades Toyo Suisan Kaisha to Neutral from Outperform; Price Target is 10,600 Yen

Toyo Suisan Kaisha (TYO:2875) has an average rating of overweight and mean price target of 12,588.89 yen, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

TYO:2875

Research46d ago

Tokai Tokyo Upgrades Mitsui Fudosan to Outperform from Neutral; Price Target is 2,400 Yen

Mitsui Fudosan (TYO:8801) has an average rating of buy and mean price target of 2,145.83 yen, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

TYO:8801

Research46d ago

Tokai Tokyo Upgrades Moriya Transportation Engineering and Manufacturing to Outperform from Neutral; Price Target is 2,900 Yen

TYO:6226

Asia46d ago

RHB Adjusts Thai Beverage Public Company's Price Target to SG$0.56 from SG$0.62, Keeps at Buy

Thai Beverage Public Company (SGX:Y92) has an average rating of overweight and mean price target of SG$0.52, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

SGX:Y92

Asia46d ago

Kehua Agrees to Adjust Price, Shares of Planned Share Placement

Kehua Holdings (SHA:603161) agreed to adjust the price and the number of shares for a planned share placement, according to a Shanghai bourse filing on Wednesday.The company signed a supplemental agreement with Lu Hongping and Tu Han.In the agreement, the company will place up to 30 million shares to certain investors, with the subscription amount not exceeding 326.1 million yuan.The Chinese turbocharger component manufacturer's shares fell 3% at the close.

SHA:603161

Research46d ago

Jefferies Upgrades Aegis Vopak Terminals to Buy From Hold, Adjusts Price Target to INR240 From INR255

BOM:544407NSE:AEGISVOPAK

Oil & Energy46d ago

EMEA Oil Update: Murban Futures Edge Higher as Brent Holds Steady

Murban crude edged higher on Tuesday while Brent futures were steady after data revealed a drop in US crude stockpiles as the Energy Information Administration said it was lowering its global demand forecasts for this year.Front-month Murban crude futures were up 0.8% to $88.90 per barrel, while Brent futures were steady at $91.45/bbl."Traders appear increasingly reluctant to chase prices higher despite the ongoing Middle East conflict, mindful that any reopening of the Strait of Hormuz could trigger a temporary flood of crude oil and fuel exports," Saxo Bank analysts said."The prospect of a sudden release of pent-up supply has tempered bullish sentiment and reduced the market's sensitivity to geopolitical headlines," they added.On the supply side, data from the American Petroleum Institute revealed Tuesday that US crude oil inventories dropped by 9.12 million barrels in the week ended June 5, according to a Bloomberg-compiled survey.The oil market now awaits the US Energy Information Administration's petroleum inventory report, scheduled for release on Wednesday.Meanwhile, the EIA released its June Short-Term Energy Outlook, trimming its 2026 global oil demand forecast by 1.1 million barrels per day relative to 2025, citing high fuel retail prices and reduced fuel availability.The agency models that restricted shipping flows through the Strait of Hormuz will begin incrementally resuming in the third quarter of 2026.However, the EIA warned that navigating back to pre-conflict traffic thresholds will take several months, projecting that a complete logistics recovery may drag into early 2027 while some regional production outages persist indefinitely.

US Markets46d ago

Sanofi Terminates Late-stage Trial for Rare Neurological Disorder Treatment; 2026 Guidance Maintained

Sanofi (SAN.PA) confirmed its full-year 2026 outlook after announcing its decision to discontinue a late-stage clinical study of riliprubart in chronic inflammatory demyelinating polyneuropathy.The French drugmaker said Tuesday it does not expect "any significant financial cost" from the termination of its Mobilize phase 3 study. For 2026, the company expects high single-digit sales growth at constant exchange rates, with constant-currency business EPS projected to outpace sales prior to share buybacks.The study was evaluating riliprubart in patients with the rare neurological condition who are refractory to standard-of-care treatment. An independent data monitoring committee triggered the shutdown after its interim analysis found that the trial was "unlikely to provide sufficient efficacy."However, Sanofi noted that the data revealed no safety issues. The company added that it plans to assess the remaining studies for riliprubart, including a late-stage Vitalize study in patients receiving intravenous immunoglobulin therapy."Sanofi will work closely with investigators and site teams to ensure a wind-down of the MOBILIZE study, with appropriate transition of care for all enrolled patients. Sanofi will conduct a thorough analysis of the MOBILIZE data to inform future research directions and contribute to the broader scientific understanding of CIDP," the company said in its press release.Sanofi's Paris-listed stock was down 1% by Wednesday midday trade.

$SAN.PA

International46d ago

Italy's Monthly Industrial Output Up 0.5% in April

Italy's seasonally adjusted industrial production increased 0.5% month over month in April, after a revised 0.6% gain in March, statistics agency Istat said Wednesday.Analysts expected zero growth for the month, according to Investing.com.On a yearly basis, the calendar-adjusted industrial output rose 1.3%, against the revised 1.4% growth earlier.

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Asia46d ago

Asics Board Approves Absorption-Type Split for Onitsuka Tiger Business

Asics' (TYO:7936) wholly owned subsidiary, OT GROUP Corporation, will succeed its Onitsuka Tiger brand business through an absorption-type company split, effective Jan. 1, 2027, according to a Tokyo bourse filing on Wednesday.The sports equipment manufacturer acknowledged media reports of separation and said that the board approved the plan the same day, and the split agreement is scheduled to be executed on Oct. 1.The split, subject to shareholder approval on Nov. 16, is expected to give the business a more independent operating structure with faster decision-making, strengthening its governance framework.

TYO:7936

US Markets46d ago

WH Smith Shares Slide as Challenging Market Conditions Prompt Outlook Cut

WH Smith (SMWH.L) shares fell sharply in early Wednesday trading in London after the travel retailer lowered its fiscal 2026 profit outlook, citing weaker consumer spending, an expected decline in passenger traffic and margin pressures stemming from uncertainty surrounding the Middle East conflict.The British travel retailer reduced its expectations for 2026 headline group profit before tax and non-underlying items to a range of 75 million pounds sterling to 90 million pounds, compared with its previously provided range of 90 million pounds to 105 million pounds.The stock plunged more than 18% after the revised outlook was announced.In its fiscal third-quarter trading update, the company cited the ongoing geopolitical uncertainty in the Middle East, a recent deterioration in its North America division, and pressures on its gross margins as reasons for the outlook change. Management added it does not expect consumer confidence to recover in the near term or jet fuel prices to stabilize.The retailer also expects to record a significant non-underlying non-cash impairment charge of up to 150 million pounds for fiscal 2026 related to its store exit program and restructuring in North America.To mitigate the impact of the challenging market conditions, the company on the same day announced plans to raise fresh capital through the issuance of 26 million new shares under a share placement, a subscription offer and a retail offering."There is no doubt that current economic uncertainty and its effect on consumer appetite for spending has created headwinds. In this environment, sorting legacy issues while investing in the core model requires the financial flexibility of a stronger balance sheet in lock-step with self-help," said WH Smith Executive Chair Leo Quinn. "This placing is a prudent and proactive step to accelerate our transformation of what is, at heart, a good business with some great people and clear opportunity for profitable growth."For the 14 weeks ended June 6, the company recorded a 5% year-over-year increase in its total revenue on a constant currency basis.

$SMWH.L

Showing 22541-22560 of 60960

Oil & Energy46d ago