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Hong Kong Stocks Close Lower; Topsports, Pou Sheng Slide on Nike Move

Hong Kong stocks ended lower Wednesday as investors awaited earnings from major U.S. technology companies, while renewed trade concerns weighed on sentiment.The Hang Seng Index fell 239.63 points, or 1%, to close at 24,892.66, while the Hang Seng China Enterprises Index lost 109.61 points, or 1.3%, to finish at 8,251.07.Investors looked ahead to quarterly results from Alphabet and Tesla, with the reports expected to test whether AI-driven valuations can withstand heightened scrutiny after recent volatility in global technology stocks.Markets also monitored U.S. trade policy after President Donald Trump said imported generic drugs would remain tariff-free for two years from Aug. 1 before facing a 100% tariff for one year and a 200% tariff thereafter.In corporate news, Topsports International (HKG:6110) fell over 24%, and Pou Sheng International (HKG:3813) lost nearly 9% after reports that Nike will stop selling its products online through key Chinese retailers from January, shifting instead to its branded storefronts.Meanwhile, Zhongji Innolight (HKG:3308, SHE:300308) is seeking to raise up to HK$55.1 billion in Hong Kong's largest share sale since Alibaba's 2019 listing.

Hang SengHKG:3308HKG:3813HKG:6110SHE:300308

International10h ago

UK Average House Prices Up 0.3% MoM in May

House prices in the UK edged up 0.3% on average in May compared with the previous month's 3.8% increase, according to government data published Tuesday.The house price index was up 2.7% on an annual basis, with the average property valued at 271,000 pounds sterling. Analysts expected an annual increase of 3.2%.

FTSE 100

Equities10h ago

Equinor Q2 Adjusted Earnings, Revenue Rise

Equinor (EQNR) reported Q2 adjusted earnings Wednesday of $1.33 per diluted share, up from $0.64 a year earlier.Analysts polled by FactSet expected $1.38.Revenue for the quarter that ended June 30 was $35.18 billion, up from $25.15 billion a year earlier.Analysts surveyed by FactSet expected $34.03 billion.The board has decided on a cash dividend of $0.39 per share for Q2.The board has decided to initiate a third tranche of the share buy-back program of up to $1.13 billion for 2026. The tranche will commence on July 23 and end no later than Oct. 26.Shares of the company traded 3.8% higher in premarket activity.

$EQNR

Oil & Energy10h ago

EMEA Natural Gas Update: Futures Rally Amid Escalating US-Iran Conflict, Low Storage Inventories

European natural gas futures rose sharply on Wednesday, as the conflict between the US and Iran escalated, while regional inventories languish below seasonal averages.The front-month Dutch TTF contract rose 2.97% to 61.435 euros ($70.07) per megawatt-hour, while the front-month UK NBP contract climbed 2.63% to 149.210 British pence ($1.99) per therm.On Wednesday, in a post on X, US Central Command said that it had completed the 11th consecutive day of strikes against Iran, targeting the country's military infrastructure, to diminish Tehran's ability to target commercial vessels along the Strait of Hormuz.In retaliation, Tehran launched more strikes against US bases and military installations located across Bahrain, Kuwait and Jordan, according to a report by Al Jazeera.Meanwhile, traffic along the strategically crucial strait, which accounted for one-fifth of global LNG flows, held steady at 16 transits on Tuesday, according to data from ShipFinder.Daniel Hynes, a senior commodity strategist at ANZ, said Europe's supply outlook was becoming increasingly precarious as hotter weather across Asia revived Chinese demand, intensifying competition for cargoes and making it more difficult for EU countries to refill gas reserves ahead of winter.European gas inventories stood at 54.20% of capacity, compared to 65.08% during the corresponding period a year ago, according to data from Gas Infrastructure Europe.Inventories were also significantly below the five-year average for the period, at 69.7%, according to the Swiss Federal Office of Energy.

Equities10h ago

Eni Reaches First Power Milestone at Kazakhstan Hybrid Energy Project

Eni (E) said Wednesday it generated first industrial electricity from the 120-megawatt gas power plant at the 247-MW Mangystau Hybrid Power Plant in Kazakhstan.The company said the project, developed with KazMunayGas and Eni subsidiary Plenitude, is Kazakhstan's first large-scale hybrid power plant, combining solar, gas and planned wind generation.Eni said the project's 50-MW solar plant began operating in September 2025, while the gas plant is expected to be fully commissioned in Q3.A 77-MW wind farm is scheduled to begin operations in 2027, completing the hybrid facility, it added.

Asia10h ago

Aofei Data Technology Secures Shenzhen Bourse Nod for Green Data Center ABS

Guangdong Aofei Data Technology (SHE:300738) received the approval of the Shenzhen Stock Exchange for its Green Data Center Asset-Backed Special Plan with a total issuance cap of 1.96 billion yuan.Formal listing applications must be submitted within 12 months, according to a Tuesday filing with the Shenzhen bourse.Shares of the data services provider closed 5% higher Wednesday.

SHE:300738

US Markets10h ago

Nike Ends Online Distribution Deals With China's Topsports, Pou Sheng

Chinese sportswear retailers faced a sharp selloff on Wednesday after Nike announced plans to overhaul its digital footprint in China, effective January 2027, terminating online sales partnerships for companies including Topsports International (HKG:6110) and Pou Sheng International (HKG:3813).Topsports and Pou Sheng received official notice from Nike that online sales of its products in mainland China will "terminate completely" starting in 2027, according to separate Hong Kong bourse filings on Wednesday.Near the close of the session, Topsports' stock plunged 24% to an all-time low, while Pou Sheng fell almost 9%, also trading near its lowest on record.Nike products accounted for about 22% of Topsports' revenue in the fiscal year ended Feb. 28, with the company saying it expects a "significant" negative impact, albeit short-term. Topsports also said it will continue working with Nike on offline sales arrangements.Pou Sheng, meanwhile, said Nike made up 15% of total revenue for 2025, with an "insignificant" contribution to group profit.Under Nike's revised plan, the sportswear maker will exclusively sell its products on its official Tmall, JD.com (HKG:9618) and Douyin storefronts."This is not about reducing access. It is about reducing fragmentation and strengthening the consumer journey. When the experience is consistent, the brand becomes stronger," Cathy Sparks, Nike's vice president and general manager for Greater China, said in a statement.Jefferies analysts noted that while the move strengthens Nike's direct-to-consumer ecosystem and pricing discipline, the transition will create short-term headwinds for wholesale business volumes across China.

HKG:3813HKG:6110HKG:9618

Commodities10h ago

Equinor Q2 Output Grows YOY; Power Generation Rises

Norwegian energy company Equinor (EQNR) Wednesday reported a 3% year-over-year rise in Q2 hydrocarbon production to about 2.2 million barrels of oil equivalent per day, driven by commissioning of new fields and wells.Production from new fields, including Eirin and Symra, resulted in a 4% rise in Norwegian Continental Shelf output. Combined with operations at Johan Sverdrup and new wells, these factors more than offset production declines from planned turnaround activities and the natural decline of fields, the company said.In the international oil and gas segment, a 4% year-over-year increase in production resulted from additional output from the Adura joint venture in the UK, the Bacalhau field in Brazil, and reduced turnaround activity.In the US, production remained steady year over year, the company said."Strong production in Q2 enabled us to capture value from higher prices, contributing to strong cash flow and financial results," said Anders Opedal, company president and chief executive.Equinor also posted a 6% increase in total power generation to 1.19 terawatt-hours in Q2, data showed. This compares with 1.12 TWh recorded in the year-ago period.Of the total generation, renewable energy contributed 910 gigawatt-hours. This represents an 11% growth from a year earlier.During the quarter, the company said it made a final investment decision for the Greater PAJ offshore oil project in Angola and conducted exploration activities on 10 wells, seven of which were completed.

$EQNR

Asia10h ago

Changling Hydraulic's Shareholder to Offload 5% of Company Stake for 595 Million Yuan

Jiangsu Changling Hydraulic (SHA:605389) said a shareholder plans to transfer his 5% stake to his son-in-law for 595.2 million yuan, according to a Shanghai bourse disclosure on Wednesday.Xia Jifa will offload 9,365,660 shares to Fan Chunxiao for 63.55 yuan per share.Xia's stake in the company will decline to 1.34% from 6.34% after the transaction.The hydraulic parts manufacturer's shares dropped 3% at the close.

SHA:605389

Asia10h ago

Jinko Power Technology Hong Kong Arm Lists $100 Million Green Bond Issuance

Jinko Power Technology (SHA:601778) subsidiary Jinko Power (Hong Kong)'s $100 million green bond issuance were listed in the Hong Kong bourse, according to a Wednesday filing with the Shanghai Stock Exchange.The company recently completed the pricing of the bonds.

SHA:601778

Equities10h ago

Update: Market Chatter: Shell Restarts Crude Unit at Pernis Refinery in Netherlands

(Updates to include Shell's response to' request for a comment in the last paragraph.)Shell (SHEL) resumed operations at a 200,000-barrel-per-day crude oil unit at its Pernis oil refinery in the Netherlands on Monday following a brief disruption, Reuters reported Tuesday, citing an alert from consultancy Wood Mackenzie.The crude unit closed Saturday along with a 25,600-barrel-per-day vacuum distillation unit, which remained offline, the report said.Shell declined' request for a comment.(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.)

$SHEL

Commodities10h ago

GreenX Metals Begins Fieldwork at Eleonore North Project in Greenland

GreenX Metals (GRX.L) said Wednesday fieldwork has started at its Eleonore North Project in East Greenland, with the exploration program targeting gold, tungsten and antimony.The program will include evaluating the antimony and intrusion-related gold potential at the Noa Pluton prospect and identifying drill targets.The UK-listed mineral explorer will also collect bulk samples of tungsten- and antimony-mineralized material at the North and South Margeries deposits to support scoping study-level metallurgical sighter test work assessing processing and metallurgy characteristics.

$GRX.L

International10h ago

Taiwan's Unemployment Rate Rises to 3.33% in June

Taiwan's seasonally adjusted unemployment rate rose to 3.33% in June, according to data from National Statistics, Republic of China (Taiwan), released on Wednesday.The reading compared with the 3.32% rate recorded in the previous month.The total number of unemployed persons increased by 9,000, or 2.26%, month over month to 402,000, while the number of employed persons grew by 3,000, or 0.02%, to over 11.6 million.Meanwhile, the labor force participation rate edged up by 0.06 percentage points to 59.56% compared with the prior month.

Taiwan Weighted

Asia10h ago

Jiangsu Yuyue Medical Equipment & Supply Gets China Device Registration Certificate for Defibrillator

Jiangsu Yuyue Medical Equipment & Supply (SHE:002223) received a medical device registration certificate from China's National Medical Products Administration for its semi-automatic external defibrillator, according to a Wednesday filing with the Shenzhen bourse.The product is indicated for cardiopulmonary resuscitation.

SHE:002223

Asia10h ago

Buchang Pharma to Raise Subsidiary's Capital by 4 Million Yuan

Shandong Buchang Pharmaceuticals (SHA:603858) plans to raise the capital of its subsidiary, Jinan Buchang Yingxi Trading, by 4 million yuan, according to a Shanghai bourse filing on Wednesday.After the capital increase, Buchang Yingxi's registered capital will rise to 5 million yuan from 1 million yuan.The pharmaceutical company's shares rose 1% at the close.

SHA:603858

Asia10h ago

Western Securities to Conduct Interest Rate Inquiry for 1.5 Billion Yuan

Western Securities (SHE:002673) plans to hold an offline interest rate inquiry for a 1.5 billion yuan bond on Wednesday, according to a Shenzhen bourse filing on Tuesday.The securities company's shares slipped 1% at the close of Wednesday's trade.The coupon rate will be decided between 1.20% and 2.20%.The planned issuance is part of a two-year 18 billion yuan bond program.Proceeds from the planned issuance will be used to supplement the company's working capital.

SHE:002673

Asia10h ago

Hangzhou Binjiang Real Estate Secures Zhejiang Two Land Parcels

Hangzhou Binjiang Real Estate (SHE:002244) secured two residential land parcels in Zhejiang, China.The 22,869-square-meter plot fetched 565.6 million yuan, while the 39,938-square-meter plot was 1.81 billion yuan, according to a Wednesday filing with the Shanghai bourse.The real estate developer's shares closed 3% higher Wednesday.

SHE:002244

Asia10h ago

Changchun High-Tech Industry Obtains China Marketing Approval for Gastric Cancer Drug

Changchun High-Tech Industry (SHE:000661) subsidiary Changchun Jinsai Pharmaceutical received marketing authorization from China's National Medical Products Administration for its Jintuximab Injection, according to a Wednesday filing with the Shanghai bourse.The drug is indicated in combination with paclitaxel for patients with advanced gastric or gastroesophageal junction adenocarcinoma.

SHE:000661

Insider Trading10h ago

Butterfly Network Insider Sold Shares Worth $20,748,309, According to a Recent SEC Filing

Jonathan M Rothberg, 10% Owner, Director, on July 17, 2026, sold 3,126,453 shares in Butterfly Network (BFLY) for $20,748,309. Following the Form 4 filing with the SEC, Rothberg has control over a total of 22,919,427 shares of the company, with 105,881 Class A common shares held directly, as well as 726,696 Class A common shares and 22,086,850 Class B common shares, which are both controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1804176/000110465926085497/xslF345X05/tm2621031-1_4seq1.xml

$BFLY

Asia10h ago

Vedanta's ESG Rating Remains Unchanged

Vedanta (NSE:VEDL, BOM:500295) said ESG Risk Assessments and Insights kept the company's ESG score unchanged at 57.The individual component scores were revised, with the environment score decreasing to 44.42 from 56.38 previously, according to a Wednesday Indian bourse filing.The social and governance scores were increased to 47.04 and 82.38, respectively, from 46.12 and 67.41.

BOM:500295NSE:VEDL

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