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Unisplendour Names Chairman

Unisplendour (SHE:000938) appointed Li Tao chairman, according to a Shenzhen bourse filing on a Shenzhen bourse filing on Tuesday.Li will take over from Yu Yingtao, who resigned due to personal reasons.The semiconductor company's shares jumped 10% at the close.

SHE:000938

Oil & Energy35d ago

EMEA Oil Update: Brent Extends Monthly Plunge Beyond 21% as Supply Glut Concern Looms

Brent crude futures declined more than 1% on Tuesday and were headed for their lowest in a month since 2020, pressured by optimism around renewed US-Iran peace talks, while supply glut concerns are starting to emerge.The Brent futures dipped 1% to $72.45 per barrel. Murban futures closed at $69.16/bbl on June 29 and were not trading by the time of publication of this oil price update."Oil prices traded within a relatively tight range near recent lows while remaining on track for their biggest quarterly decline since the pandemic," Saxo Bank analysts noted.The Brent futures lost more than 21% on a month-over-month basis so far in June and on a quarterly basis the contract has lost nearly 38%.The underlying catalyst for the steep correction is a notable acceleration of commercial shipping flows through the Strait of Hormuz following the easing of a military blockade."Flows through the Strait of Hormuz continue to accelerate, prompting warnings from Morgan Stanley that the release of previously stranded barrels could create a near-term supply glut and put additional downward pressure on prices," Saxo Bank analysts noted.On the diplomatic front, US Secretary of State Marco Rubio issued a stern warning, stating that Washington considers any maritime tolls or transit fees imposed on ships passing through the waterway to be completely unacceptable.In response, a senior Iranian official reportedly reaffirmed Tehran's baseline resolve to retain regulatory control over the Strait, keeping risk premiums sticky despite the broad downward price trend.Meanwhile, conflicting narratives have emerged regarding upcoming diplomatic engagement in Doha, Qatar.US President Donald Trump stated in a social media post that both sides were poised to hold fresh talks on Tuesday following a volatile weekend of hostilities, describing the Doha gathering to reporters at the White House as potentially important.However, Iran's Deputy Foreign Minister for Legal and International Affairs, Kazem Gharibabadi, explicitly refuted these claims, stating that no technical working group meetings or direct talks with US officials are scheduled for this week, highlighting a persistent diplomatic disconnect between Washington and Tehran.

International35d ago

Malaysia's Broad Money Growth Quickens to 5.8% in May

Malaysia's broad money supply (M3) expanded 5.8% year over year to 2.640 trillion ringgit in May, according to data from Bank Negara Malaysia on Tuesday.The pace of growth accelerated from 4.99% in April.On a month-over-month basis, M3 rose 0.47%, also speeding up from the 0.02% monthly increase in April.

FTSE Bursa Malaysia KLCI

Asia35d ago

Guangdong Fenghua Advanced Technology's Stock Fluctuates More Than 200% for 30 Straight Trading Sessions

Guangdong Fenghua Advanced Technology's (SHE:000636) stock fluctuated by more than 200% over the past 30 trading days from May 18 to June 29, according to a Tuesday disclosure to the Shanghai bourse.Since May, the company' stock price rose 219.93% cumulatively due to high market sentiment amid the construction of its resistor technology and inductor technology upgrade/expansion projects.The company also noted media reports regarding the suspension of orders for its chip resistors and multilayer ceramic capacitors, among other factors leading to its stock price surge.Shares closed 10% lower on Tuesday.

SHE:000636

Asia35d ago

Huayu Automotive Systems to Inject 300 Million Yuan into Partnership Fund

Huayu Automotive Systems (SHA:600741), through subsidiary Huayu Automotive Systems (Shanghai), plans to invest 300 million yuan into a partnership fund, according to a Shanghai bourse filing on Tuesday.The Shanghai Shangqi Shangcheng II Private Equity Investment Fund Partnership (Limited Partnership), which was established in 2012, will increase its committed capital to 3.39 billion yuan.Huayu will own 8.85% of the partnership fund.The Chinese automotive parts maker's shares dropped 3% at the close.

SHA:600741

Equities35d ago

Equinor Signs Assets Swap Deal with Vår Energi

Norway-listed energy companies Equinor (EQNR.OL) and Vår Energi (VAR.OL) agreed to a swap of assets on the Norwegian continental shelf.Equinor will transfer a 32.5% stake in the Peon discovery and operatorship to Vår Energi, and will receive stakes in producing assets and development licenses in return, according to a Tuesday release.Vår Energi's transfers to Equinor include a 5% share in the Fram field and its positions in the Grosbeak and Mulder discoveries and Grønngylt prospect.The transfers remain subject to customary approvals, transfer of operatorship and carve-out.

$EQNR.OL$VAR.OL

Asia35d ago

South Korean Shares Close Higher on Overnight Wall Street Gains, Potential US-Iran Negotiations Ahead

South Korean shares closed higher on Tuesday, in line with overnight gains on Wall Street after the US and Iran agreed to cease attacks in and around the Strait of Hormuz and are expected to hold talks in Qatar.The benchmark Korea Composite Stock Price Index, or Kospi, rose by 1%, or 81.83 points, to close at 8,476.48. The Kosdaq, however, fell by 0.5%, or 4.39 points, to end at 916.18.Wall Street rebounded on Monday amid a rally of technology stocks. The Dow Jones Industrial Average added 0.59% to close at a record high, while the Nasdaq Composite rose 2.07%, and the S&P 500 increased 1.18%.U.S. President Donald Trump said U.S. and Iranian officials will meet in Qatar on Tuesday after Tehran "requested" talks following days of reciprocal attacks that strained their interim agreement, according to AL Jazeera.However, Iran's Foreign Ministry denied any scheduled meeting with the US but said that it will send a special delegation to Doha to secure the release of frozen assets.On the corporate front, Samsung Group and SK Group announced investment plans totaling 2,655 trillion won and 1,100 trillion won, respectively, to build regional semiconductor hubs and nationwide AI infrastructure, according to statements from the firms on Monday.Samsung Electronics (KRX:005930) plans to invest 2,030 trillion won in semiconductor clusters, which comprise the Pyeongtaek Campus and Yongin National Industrial Complex, while allocating 625 trillion won to projects in the Honam, Chungcheong and Yeongnam regions. These will focus on AI chips, robots, batteries, and IT components.Of that regional allocation, 425 trillion won will be concentrated in the Honam region, where Samsung Electronics will deploy 400 trillion won to build a new semiconductor fabrication plant and a digital-twin-based innovation hub in Gwangju.Meanwhile, chipmaker SK Hynix (KRX:000660) will invest 1,100 trillion won to build an AI memory production network across Yongin, Cheongju and southwestern Korea. The company aims to complete the fourth fab at its Yongin Semiconductor Cluster by 2033, 12 years ahead of schedule, with total investment in the semiconductor cluster expected to hit 600 trillion won.Alongside these corporate investments, South Korea unveiled a 550 trillion won joint private-public initiative involving internet firm Naver (KRX:035420) to build 8.4 gigawatts of AI data center capacity by 2029.Naver did not immediately respond to' request for comment.Shares of Samsung Electronics added 4% at market close, those of SK Hynix added 2%, while those of Naver fell over 2%.In other news, Samsung Electro-Mechanics (KRX:009150) secured a supply agreement for multi-layer ceramic capacitors (MLCC) from an undisclosed client, according to a Monday filing with the Korea Exchange.The contract, valued at 454 billion won, is valid till Dec. 31, 2027.Shares of Samsung Electro-Mechanics rose nearly 8% at market close.

^KOSDAQKOSPIKRX:000660KRX:005930KRX:009150KRX:035420

Asia35d ago

Godrej Properties Acquires Land Parcel in South Chennai for Residential Project

Godrej Properties (NSE:GODREJPROP, BOM:533150) has acquired around 47 acres of land through an outright purchase near Old Mahabalipuram Road in South Chennai for a residential project.The proposed development will primarily include plotted units with a total developable potential of about 1.2 million square feet, according to a company statement on Tuesday. The project is estimated to generate revenue potential of around 5 billion rupees.Shares of the real estate developer rose over 2% in recent trade.

BOM:533150NSE:GODREJPROP

International35d ago

Swiss KOF Economic Barometer Climbs in June

The KOF Swiss Economic Institute's economic barometer increased to 101.2 points in June from the revised 98.6 points in May, according to a Tuesday release.Analysts expected 99 points for the month.KOF noted the figure rose slightly above the indicator's medium-term average, reflecting a "noticeable" improvement in the Swiss economy's outlook.

^SSMI

International35d ago

Thailand's Private Investment Recovers in May

Private investment in Thailand expanded 1.2% month over month in May, recovering from last month's slump, according to the Bank of Thailand on Tuesday.The reading, measured via the Private Investment Index, compared with a 5.0% month-over-month contraction recorded in April.However, the pace of expansion missed the Trading Economics forecast for a 4.3% increase.

^SET

Asia35d ago

Thailand's Private Consumption Recovers in May

Private consumption in Thailand expanded 0.6% month over month in May, according to data from the Bank of Thailand released Tuesday.The reading, measured via the Private Consumption Index (PCI), compared with a 2.1% month-over-month decrease recorded in the previous month.Analysts polled by Trading Economics predicted a 3% month-over-month expansion in May.

^SET

International35d ago

Thailand's Current Account Deficit Shrinks to $6.4 Billion in May

Thailand's current account position recorded a deficit of $6.4 billion in May from $7.6 billion in April, according to data from the Bank of Thailand (BOT) released on Tuesday.The reading missed the $1 billion deficit forecast by Trading Economics, and rebounded from the record low reported in April.

^SET

International35d ago

French Annual Industrial Producer Prices Increase 3% in May

French industrial producer prices for the home market rose 3% year over year in May, following a revised 2.3% growth in April, according to data from Insee published Tuesday.On a monthly basis, industrial producer prices were 0.3% lower, against a revised 2% decrease earlier.

^SXXP

Asia35d ago

Indonesian Corporates Face Rising Macro, Regulatory Risks, Fitch Says

Heightened macroeconomic and regulatory risks are increasing for Indonesian companies, Fitch Ratings said in a recent release.Consumer sectors face demand risk due to rising nonsubsidized fuel prices, interest rate hikes, and a weaker rupiah, which impact discretionary spending and credit financing, Fitch said.Import-reliant issuers that lack the capacity to transfer costs could see margin constraints given the weaker local currency, the rating agency said.The higher benchmark rate could also raise financing costs and make more leveraged issuers less flexible, Fitch said.Strategic sectors such as natural resources could see pressure from changing regulations, the rating agency said.Issuers with solid pricing power, defensive demand, diversified businesses, and prudent capital structures will fare better under the challenging conditions, Fitch said.

^JKSE

International35d ago

French Flash Annual Inflation Rate Softens to 1.8% in June

France's annual inflation eased to 1.8% in June, from 2.4% in May, provisional data from statistics agency Insee showed Tuesday.The consensus estimate for the period was 2.1%.On a monthly basis, consumer prices were 0.2% lower, against the prior 0.1% uptick and the expected flat reading.The flash annual harmonized inflation rate came in at 2%, against the previous month's 2.8% and the market forecast of 2.4%. Month over month, harmonized consumer prices edged down 0.3%, against the previous 0.1% rise and the expectation of no change.

^SXXP

Asia35d ago

AVIC Airborne Systems Completes Purchase of Investment Fund Stake; Shares Up 3%

AVIC Airborne Systems (SHA:600372) finalized its acquisition of a 59.18% stake in Hangtou Yuhua, an avionics industry investment fund, from AVIC Aviation Investment.Hangtou Yuhua recently completed the industrial and commercial registration changes and secured a new business license.AVIC Airborne Systems now holds 290.0 million yuan in partnership interests.Shares of the aircraft systems distributor rose 3% in recent trade.

SHA:600372

Asia35d ago

Japan's Nikkei Clocks Gains Tracking Positive Movement on Wall Street

Japanese shares closed with gains on Tuesday, tracking the positive momentum on Wall Street and taking cues from the yen weakening to its lowest level against the dollar in nearly four decades.The Nikkei 225 closed up 0.86%, or 594.21 points, to 70,062.32.The US stocks rose on Monday, lifted by the technology stocks, with the S&P 500 breaking a five-day losing streak.The yen slipped to its lowest point since 1986 at 161.98 per dollar, surpassing its 2024 intervention threshold and heightening market vigilance for possible official action, Bloomberg News reported Tuesday.Japan's Finance Minister Satsuki Katayama has said authorities are ready to respond appropriately at any time to the falling yen, as per news reports.Back home, Japan's industrial production fell 1.7% year over year in May, missing expectations of a 2.2% expansion, according to preliminary data from the Ministry of Economy, Trade and Industry (METI) released on Tuesday.Also, new housing construction starts in Japan rose 33.9% year over year in May to 57,877 units, beating the consensus forecast of a 31.8% increase, according to official data Tuesday.On the corporate side, Honda Motor (TYO:7267) is exploring raising over 400 billion yen through a euro-denominated bond sale to fund compensation payments to parts suppliers following its revised electric vehicle strategy, Nikkei Asia reported Tuesday.Also, Toyota (TYO:7203) posted its fourth consecutive decline in worldwide monthly sales for May, with group-wide volume falling 7.4% year over year to 885,207 vehicles, according to a statement on Tuesday.

Nikkei 225TYO:7203TYO:7267

Asia35d ago

Fosun Pharma to Offload Partnership Fund Stake for 1 Million Yuan; Shares Down 4%

Shanghai Fosun Pharmaceutical (HKG:2196, SHA:600196) and a subsidiary agreed to dispose of their stake in Jinan Fujian Partnership to Shanghai Fujian, according to a Shanghai bourse filing on Tuesday.Fosun will transfer its subscribed 7 million yuan interest in the partnership fund for 1.1 million yuan, while its subsidiary, Fosun Pingyao, will transfer its 1 million yuan stake for 150,000 yuan.After the transaction, the company will no longer own any equity in Jinan Fujian.The pharmaceutical company's Hong Kong shares dropped 4%, while Shanghai shares fell nearly 2% during the afternoon trade.

HKG:2196SHA:600196

Asia35d ago

JoulWatt Plans to Pledge Stake in Subsidiary for 120 Million Yan

JoulWatt Technology (SHA:688141) proposed to pledge its 61.32% stake in its subsidiary, Zhejiang Yucan Technology, for a 120 million yuan loan it will apply for, according to a Shanghai bourse filing on Tuesday.The loan will be used to replace the company's funds that were used to pay for the acquisition of Yucan Tech's equity.The semiconductor company's shares jumped 6% during the afternoon trade.

SHA:688141

Asia35d ago

JoulWatt Technology-Backed Fund Invests 40 Million Yuan in Chip Packaging Unit; Shares Jump 7%

JoulWatt Technology (SHA:688141) investee fund Huai'an Houwang will inject 40 million yuan for a 7.69% stake in the company's automotive-grade chip packaging and testing subsidiary, Wuxi Yixin.This will dilute JoulWatt Technology's direct holding to 40.83% from 44.23%, according to a Tuesday filing with the Shanghai bourse.Shares of JoulWatt Technology jumped 7% in recent trade.

SHA:688141

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Asia35d ago

South Korean Shares Close Higher on Overnight Wall Street Gains, Potential US-Iran Negotiations Ahead

^KOSDAQKOSPIKRX:000660KRX:005930KRX:009150KRX:035420