USBpH

U.S. Bancorp Depositary Shares repstg 1/1000th Pfd Ser B

19.5700
USD
-0.41%
19.5700
USD
-0.41%
18.5500 25.2476
52 weeks
52 weeks

Mkt Cap 782.80M

Shares Out 40.00M

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Lower Open Anticipated For Hong Kong Stock Market

(RTTNews) - The Hong Kong stock market has finished lower in two straight sessions, plunging more than 600 points or 3 percent along the way. The Hang Seng now rests just above the 20,110-point plateau and it's looking at continued consolidation again on Wednesday. The global forecast for the Asian markets is broadly negative, with oil and technology stocks expected to lead the way lower. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference. The Hang Seng finished sharply lower on Tuesday following losses from the financials, properties, oil companies and technology stocks. For the day, the index plummeted 357.96 points or 1.75 percent to finish at 20,112.10 after trading between 19,989.62 and 20,509.62. Among the actives, AAC Technologies and Hengan International both slumped 3.31 percent, while Alibaba Group lost 1.76 percent, Alibaba Health Info skidded 3.25 percent, ANTA Sports shed 2.22 percent, China Life Insurance slipped 0.52 percent, China Mengniu Dairy declined 4.09 percent, China Resources Land dropped 2.94 percent, CITIC added 0.23 percent, CNOOC dipped 0.71 percent, Country Garden cratered 5.56 percent, CSPC Pharmaceutical sank 2.27 percent, Galaxy Entertainment tumbled 5.23 percent, Hang Lung Properties eased 0.14 percent, Henderson Land was down 0.46 percent, Hong Kong & China Gas slid 0.93 percent, JD.com tanked 5.26 percent, Lenovo stumbled 4.66 percent, Li Ning retreated 3.51 percent, Meituan surrendered 4.83 percent, New World Development fell 1.19 percent, Techtronic Industries plunged 5.46 percent, Xiaomi Corporation weakened 2.96 percent, WuXi Biologics plummeted 5.60 percent and China Petroleum and Chemical (Sinopec), Industrial and Commercial Bank of China and CLP Holdings were unchanged. The lead from Wall Street is mixed to lower as the major averages opened in the red on Tuesday and spent most of the day there, although the Dow crept above the unchanged line at the end. The Dow added 48.38 points or 0.15 percent to finish at 31,928.62, while the NASDAQ plummeted 270.83 points or 2.35 percent to close at 11,264.45 and the S&P 500 sank 32.27 points or 0.81 percent to end at 3,941.48. A steep drop by shares of Snap Inc. (SNAP) weighed on the tech sector after the company warned of weaker than expected second quarter results. The pullback also reflected lingering concerns that aggressive interest rate hikes by the Federal Reserve could lead to a recession; the Fed is due to release the minutes from its latest monetary policy meeting later today, which may shed additional light on the outlook for rates. Adding to the negative sentiment, the Commerce Department reported a much steeper than expected drop in new home sales in April. Crude oil futures slipped on Tuesday on concerns about the outlook for energy demand due to China's increased Covid-19 curbs. Markets are also worried that aggressive monetary policy tightening by central banks to control inflation could tip the global economy into a recession. West Texas Intermediate Crude oil futures for July fell $0.52 or 0.5 percent at $109.77 a barrel. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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