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Friday Nov 22 2024 09:38
3 min
Asian Market Update: Hang Seng Index dips amid earnings weakness: Baidu plunges 8.23% as stimulus uncertainty weighs on Chinese markets.
On Friday morning, the Hang Seng Index fell by 0.33%, impacted by corporate earnings reports and ongoing concerns regarding U.S. tariffs on China.
The Hang Seng Mainland Property Index (HSMPI) decreased by 0.86%, while the Hang Seng Tech Index saw a slight increase of 0.03%. Notably, Baidu (9888) dropped 8.23% following disappointing Q3 earnings, and Alibaba (9988) fell by 1.90%. In contrast, Sunny Optical Technology Group (2382) surged by 5.80%, and BYD Electronic International (0285) rose by 5.79%.
Mainland China's equity markets also experienced declines, with the CSI 300 and the Shanghai Composite both down by 0.53%.
Chinese tech giant Baidu reported a 3% year-over-year decline in third-quarter revenue on Thursday, yet managed to exceed market expectations, thanks in part to growth in its AI cloud services.
For the quarter ending September 30, Baidu's revenue totaled $4.78 billion, while net income rose by 14% to $1.09 billion.
The company highlighted a 12% increase in non-online marketing revenue, reaching approximately $1.1 billion, primarily driven by its artificial intelligence cloud business.
For the third quarter of 2023, Baidu reported revenue of 34.45 billion yuan (approximately $4.75 billion) and net income of 6.68 billion yuan.
Based in Beijing, Baidu operates one of China's leading web search engines and a widely used mapping application. The company also offers cloud computing services, with online marketing contributing significantly to its overall revenue.
On Friday morning, Japan's Nikkei Index rose by 1.02%, reflecting the positive momentum from Wall Street's overnight performance. Tech stocks led the charge, with Softbank Group Corp. (9984) up 0.69% and Tokyo Electron (8035) achieving a notable gain of 2.55%. This rise in tech shares underscores the growing investor confidence in the sector.
However, not all stocks shared this upward trend. Nissan Motor Corp. (7201) experienced a decline of 0.56%. This drop is attributed to concerns regarding a potential rate hike by the Bank of Japan, as well as expectations for a stronger Japanese yen, which could impact the company’s export competitiveness.
Overall, the Nikkei's performance highlights a mixed bag of investor sentiment, with tech stocks thriving while automotive shares face challenges amid evolving economic conditions. Investors will be watching closely for further developments in both the domestic and global markets.
Risk Warning and Disclaimer: This article represents only the author’s views and is for reference only. It does not constitute investment advice or financial guidance, nor does it represent the stance of the Markets.com platform. Trading Contracts for Difference (CFDs) involves high leverage and significant risks. Before making any trading decisions, we recommend consulting a professional financial advisor to assess your financial situation and risk tolerance. Any trading decisions based on this article are at your own risk.
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