Stocks

A record exit by overseas investors from mainland-China equities is putting a fresh focus on stocks with high foreign ownership. Statistics on foreign ownership was the primary client query at Bank of America Corp (BofA) after a leadership reshuffle — which tightened President Xi Jinping’s grip over the country’s ruling party — spurred a historic market rout. “The number one …

China’s lurch towards one-man rule has made it more important than ever for investors to align their portfolios with the priorities of President Xi Jinping. Some are deciding it’s not worth the trouble. Chinese stocks tumbled by the most since 2008 in Hong Kong and the yuan hit a 14-year-low after the confirmation that Xi’s policies of stronger state control …

  Bloomberg First came Snap Inc.’s disappointing results. Then news that US officials were discussing whether they should subject some of Elon Musk’s ventures to national security reviews, including the deal for Twitter Inc. Anxious investors are selling out of social media stocks, putting them on track to lose more than $47 billion in market value as they tumble in …

  Bloomberg A flurry of mergers and acquisitions in UK companies may be near as a plunge in the pound has made them more attractive to foreign buyers, according to investors participating in different spheres of the market. Private equity giant Blackstone Inc, $5 billion hedge fund Toscafund Asset Management LLP and strategists at Jefferies are united in calling a …

  Bloomberg Hong Kong stocks dropped, putting the benchmark on course for its lowest close since 2009, as Chief Executive John Lee’s maiden policy speech underwhelmed amid ongoing concerns about China’s Covid Zero policy. The Hang Seng Index slid as much as 2.6%, driven by losses in tech shares including Alibaba group Holding Ltd. and Meituan. The measure, down 31% …

Bloomberg Indonesia’s largest tech company GoTo group is in talks with its major owners for a controlled sale of roughly $1 billion of their stakes, aiming to avoid a potential stock crash when a lock-up on their holdings ends next month. The ride-hailing and e-commerce provider is gauging the interest of early backers including Alibaba group Holding Ltd. and SoftBank …

  Bloomberg Stocks retreated as investors weighed concerns about scorching inflation and a looming recession against a strong start to the earnings season. The pound fell after UK inflation rose faster than economists expected. Contracts on the S&P 500 and the Nasdaq 100 fell by about 0.7%. Netflix Inc. rallied in early New York trading after reporting a surge in …

  Bloomberg Nomura Holdings Inc strategists have joined their peers at Morgan Stanley in calling a bottom for battered Asian equities, including chipmakers. The Japanese broker said the asset class may bottom “in the next few weeks” after reviewing indicators on the last 12 US recessions and five chip cycles. Morgan Stanley strategists including Jonathan Garner made a similar call …

  Bloomberg Global investors slashed allocations to UK equities in the month after Liz Truss became prime minister, a Bank of America Corp. (BofA) survey showed. Exposure to British stocks “collapsed,” with allocations dropping by nine percentage points compared with the previous month, according to BofA’s global fund manager survey in October. A net 33% of investors are now underweight UK …

Bloomberg The yen took a further step towards the closely watched 150 per dollar level, keeping investors on high alert for possible intervention to support the currency. In volatile trade, Japan’s currency falls to as low as 149.29 yen in morning trading in London, its lowest since 1990, before bouncing back quickly. The move came after the country’s prime minister …