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Alibaba to Attract Chinese Investors via Hong Kong Listing
Chinese e-commerce leader Alibaba intends to add a primary listing in Hong Kong to its New York presence, targeting mainland Chinese investors as the first major corporation to take advantage of a rule change in the financial center to attract high-tech Chinese firms.
Alibaba’s decision, which was made public on Tuesday, comes as Washington and Beijing increase their scrutiny of Chinese companies' listings, as well as following a devastating regulatory crackdown in China which cost Alibaba a $2.8 billion fine and prevented the initial public offering (IPO) of its affiliate Ant Group.
The Alibaba stock (NYSE: BABA) ended Monday’s trading session in the green, up 0.45% to value at a $101.06 price tag.
MACROECONOMIC DATA ANALYSIS
New Zealand's central bank is evaluating its most recent monetary policy performance, Governor Adrian Orr said on Tuesday, following criticism of its and other central banks' pandemic initiatives in a recent report. New Zealand residents are being forced to deal with growing as a result of inflation which is near three-decade highs.
In further efforts to cool down heated inflation, the governor of the Philippines central bank on Tuesday ruled out any off-cycle action on tightening monetary policy while indicating a rate hike of less than 75 basis points at its August 18 meeting. "One thing I can say is you can surprise people only once, so there will be no more off-cycle (policy move)," Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla said.
CURRENCIES
The dollar declined on Tuesday morning ahead of the Federal Reserve's policy decision in the United States. The Fed's two-day meeting remained the market's predominant focus, with investors pricing in a 75 basis-point rate hike. The U.S. Dollar Index, which measures the greenback against a basket of other currencies, inched 0.07% lower to 106.285.
GOLD
Gold prices were higher on Tuesday’s early hours due to a weaker dollar, which typically boosts the value of the bullion. But, as investors' attention turned to a potential U.S. interest rate hike, prices remained in a narrow range and gains have been capped. Gold futures rose by 0.19% to $1,722 per ounce.
OIL
Tuesday witnessed a surge in oil prices for a second day due to growing fears about a tightening of the European crude supply after Russia, a significant supplier of natural gas and oil to the region, halted supply via a significant pipeline. Brent crude futures jumped by 1.77% to $101.96 per barrel, while WTI crude barrels soar by 1.63% to $98.28 a barrel.
INDICES
USA: S&P500 +0.13%, Dow Jones Industrial Average +0.28%, Nasdaq Composite -0.55%
Europe: FTSE 100 +0.41%, DAX -0.33%, CAC 40 +0.33%
Asia: Nikkei 225 -0.24%, Hang Seng +1.95%, CSI 300 +0.76%, Nifty 50 -0.54%
Newest
The operator of Dubai International Airport said on Wednesday that over 14 million passengers passed through the airport in the second quarter, raising its forecast for the year to 62.4 million. The number of passengers increased for the seventh consecutive quarter as demand for international travel rises as pandemic restrictions around the world loosen.
According to a statement from Dubai Airports, the airport in Dubai processed 14.2 million passengers from April to June, more than tripling the 4.9 million that passed through security during the same period last year.
Pandora, the globe’s largest jewelry manufacturer, announced on Tuesday that it shall proceed with its bet on lab-created diamonds, following its statement last year to stop selling mined diamonds.
In an effort to attract younger customers with less expensive, more sustainable stones that are guaranteed not to have come from war zones, the Copenhagen-based jewelry giant will introduce a collection which utilizes unmined diamonds in North America this month.
Following a smaller experimental launch in Britain last year, 269 locations are now open across the United States, Canada, and via the web.
