3 Hours Ago
China’s financial regulators urge support for resolving local debt risks
Chinese financial regulators at a central and regional government level held a video conference Friday to discuss the resolution of financial risks, according to a readout Sunday from the People’s Bank of China.
The meeting called for coordinating financial support to resolve local debt risks, and adjusting policy for real estate loans.
It also reflected a gathering of a new set of financial policymakers in China’s overhaul of its regulatory system this year.
4 Hours Ago
Country Garden Holdings to be removed from Hang Seng Index
Chinese real estate company Country Garden Holdings is set to be removed from Hong Kong’s Hang Seng Index after the benchmark’s latest quarterly review. In its place, pharmaceutical firm Sinopharm will be added.
Country Garden Services Holdings, which is a property management firm and Country Garden affiliate, will also be removed from the Hang Seng China Enterprises Index. It will be replaced by online travel agency Trip.com.
Shares of Country Garden have plunged over 70% from the start of the year and hit record lows after the company failed to meet bond coupon payments, issued a profit warning and suspended trading in 11 of its onshore bonds.
4 Hours Ago
China cuts one-year LPR, but leaves five-year rate unchanged
The People’s Bank of China cut its one-year loan prime rate by 10 basis points to 3.45%, but held the five-year LPR at 4.2%.
This is in contrast with expectations from economists polled by Reuters, which expected both rates to be cut.
The move also comes after the PBOC cut its short-term loan rates, as well as its medium-term lending facility rates last week.
The one-year MLF rate was lowered from 2.65% to 2.5%, while the 7-day reverse repurchase rate was cut from 1.9% to 1.8%.
— Lim Hui Jie
8 Hours Ago
Palo Alto Networks jumps 11% after latest earnings results
The cybersecurity company reported fourth-quarter adjusted earnings of $1.44 per share, greater than the $1.28 per share expected by analysts polled by Refinitiv. However, revenue was slightly lower. The company reported fourth-quarter revenue of $1.953 billion, lower than the $1.956 billion consensus estimate.
Palo Alto Networks also issued fiscal first-quarter guidance; it sees adjusted per-share earnings in the range of $1.15 to $1.17, which topped the estimated $1.11 per share. Again, however, revenue fell short. The company sees first-quarter revenue of $1.82 billion to 1.85 billion, lower than the expected $1.93 billion.
As of Friday’s close, the stock was down by 16% in August.
Palo Alto Networks shares 1-day
8 Hours Ago
S&P 500 futures open little changed
S&P 500 futures opened little changed Sunday night.
Dow Jones Industrial Average futures were flat. S&P 500 futures ticked up by 0.03%, while Nasdaq 100 futures rose 0.19%.
— Sarah Min