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On January 28th, a research report from Hai Securities pointed out that China Merchants Bank (03968.HK) is expected to see a 0.01% year-on-year increase in revenue and a 1.21% year-on-year increase in net profit attributable to shareholders in 2025. The positive contribution of net interest income is expected to increase, deposit growth is stable year-on-year, and the non-performing loan ratio is basically stable year-on-year. The report maintains a "buy" rating. Both revenue and profit are accelerating. The companys revenue in Q4 2025 increased by 1.6% year-on-year, and net profit attributable to shareholders increased by 3.4% year-on-year, both improvements compared to the first three quarters of 2025. Deposit growth is stable year-on-year, and the "deposit migration" effect may still need to be observed. The bank estimates that the net non-performing loan ratio is basically stable year-on-year, indicating that the company maintains a prudent risk appetite.Morgan Stanley raised its price target for Boeing (BA.N) from $235 to $245.Morgan Stanley raised its price target for General Motors (GM.N) from $90 to $100.Morgan Stanley lowered its price target for UnitedHealth Group (UNH.N) from $409 to $375.On January 28th, the China Association for Public Companies (CAPC) released its December 2025 statistical report. As of December 31, 2025, based on closing prices at the end of 2025, the total market capitalization of listed companies in China approached 109 trillion yuan, the highest point in the past five years. Among them, the market capitalization share of hard technology industries such as optical modules and chips further increased. Zhongji Xuchuang and Cambricon entered the top ten privately-owned listed companies by market capitalization, with year-to-date market capitalization growth exceeding 100%. In 2025, one new company had a market capitalization exceeding one trillion yuan, 44 new companies had a market capitalization exceeding one hundred billion yuan, 427 new companies had a market capitalization exceeding one hundred billion yuan, and 379 fewer companies had a market capitalization below two billion yuan. At the end of 2025, the median market capitalization of listed companies was 6.508 billion yuan, an increase of nearly 30% year-on-year.

NZD/USD finds support near 0.6220; a decline appears more probable due to China's Covid concerns

Alina Haynes

Nov 28, 2022 15:04

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China's anti-Covid shutdown protests have weakened commodity-linked currencies, resulting in a gap-down start of roughly 0.6220 for the NZD/USD pair. During the previous week, the New Zealand dollar dropped after failing to surpass the round-level barrier of 0.6300.

 

Individuals have taken to the streets in China to demonstrate their opposition against the zero-tolerance policy, leading to a rise in civil unrest. Due to Chinese leader Xi Jinping's conservative posture and authoritarian framework, global markets have become more risk-averse. This has created an economic expansion risk and may worsen the already shaky housing market. Increasing apprehensions about societal risks may also result in political instability, which may have long-lasting detrimental effects on economic structure.

 

Notably, New Zealand is one of China's most important trading partners, and instability in China could damage the New Zealand Dollar.

 

In the meantime, the US Dollar Index (DXY) is profiting from investors' liquidity as the demand for safe-haven assets surges. The USD Index is hovering around 106.20 and attempting to reduce volatility as China's anti-locking protests restrict the upside and predictions of a slowdown in the Federal Reserve's larger rate hike cycle limit the downside (Fed).

 

S&P500 futures are under heavy pressure from market players due to a risk-averse market mentality. In anticipation of Fed chief Jerome Powell's address on Wednesday, yields on 10-year US Treasuries have decreased to approximately 3.68 percent. The Fed Chair's speech could dispel suspicions about a pause to the Fed's current rate-hiking program.