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On Thursday, June 18, the Hang Seng Index opened down 166.97 points, or 0.69%, at 24,145.19; the Hang Seng Tech Index opened down 41.0 points, or 0.88%, at 4,628.07; the H-share Index opened down 71.31 points, or 0.88%, at 8,072.72; and the Red Chip Index opened down 22.5 points, or 0.54%, at 4,149.33.The Peoples Bank of China (PBOC) announced today that it conducted 248 billion yuan of 7-day reverse repurchase operations, with both the bid and winning bids amounting to 248 billion yuan. The operating rate was 1.40%, unchanged from the previous rate.Hong Kong stocks opened lower, with the Hang Seng Index down 0.69% and the Tech Index down 0.88%. MINIMAX-W (00100.HK) rose more than 3.8%, Pop Mart (09992.HK) fell more than 3.3%, and NetEase (09999.HK) fell more than 2.8%.Gold prices rose in early Asian trading on June 18 after the Federal Reserve kept interest rates unchanged overnight. DBS Group strategist Sherilyn Chew stated that while peace efforts between the US and Iran since the beginning of the week have supported gold prices, partially offsetting the impact of the Feds hints at a rate hike later this year, gold prices have tended to trade within a narrow range. This suggests that the recent rally is largely event-driven rather than supported by macroeconomic changes. However, central bank gold purchases are expected to remain strong, and market surveys indicate continued demand for increased gold reserves over the next year, which should provide medium-term support for gold prices. DBS Group expects gold prices to fluctuate within a range in the short term, and further gains are possible if bond yields decline.Hang Seng Index futures opened down 0.14% at 24,228 points, a discount of 82 points.

Panasonic Anticipates A Rise in Global Automobile Production This Fiscal Year

Aria Thomas

Jun 01, 2022 14:49

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Panasonic (OTC:PCRFY) Holdings Corp, which manufactures batteries for Tesla (NASDAQ:TSLA) and other automakers, stated on Wednesday that it anticipates a recovery in global vehicle production this fiscal year, but that the two-year semiconductor shortage will persist.


Masashi Nagayasu, CEO of the Japanese conglomerate's automotive business, which manufactures in-car infotainment systems and other auto components, stated, "We will operate our business in consideration of the risks of fluctuations in vehicle manufacturing."


Nagayasu stated on the first day of Panasonic's annual investor event that the company has no plans to produce automobiles.


Panasonic, whose automotive division accounts for approximately 14 percent of its entire revenue, anticipates a 19 percent increase in sales for the fiscal year ending in March 2023. It anticipates an operational profit increase of roughly 17 percent.


Due to component shortages caused by COVID-19 lockdowns in China and higher commodity prices as a result of Russia's invasion of Ukraine, the company stated last month that it did not anticipate a profit increase for this fiscal year.


(This item corrects the firm name in paragraph 1 to Panasonic Holdings Corp from Panasonic Corp, and the sales growth forecast in paragraph 4 to 19 percent from 10 percent, and the operating profit forecast to nearly 17 percent from 15 percent decline.)


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