Real-time News

On March 2nd, Citigroup reported that Xiaomi (01810.HK) will announce its fourth-quarter results on March 24th, which are expected to fall short of market expectations due to lower-than-expected sales and gross margins, higher operating expenses, and lower revenue. The bank expects Xiaomi's adjusted net profit to fall 35% year-on-year to RMB 5.4 billion, lower than the RMB 6 billion to 7 billion expected by institutional investors and also lower than its previous estimate of RMB 7.4 billion, based on lower gross margins in smartphones and electric vehicles, higher operating expenses, and lower non-operating income. Citigroup lowered its earnings per share forecasts for Xiaomi from last year to 2027 by 5% to 7%, and reduced its target price from HKD 43 to HKD 42, using a comprehensive valuation approach to reflect lower smartphone and IoT revenue, lower electric vehicle gross margins, and lower non-operating income.

Ericsson and Intel have joined forces to accelerate the path to commercialization of native AI 6G technology.

Hong Kong Chief Executive John Lee will travel to Beijing tomorrow (March 3) to attend the opening session of the Fourth Session of the 14th National People's Congress, which will be held on March 5. Lee will return to Hong Kong on March 5. During his absence, Chief Secretary for Administration Chan Kwok-ki will act as Chief Executive.

The yield on Japan's 40-year government bonds fell 3.0 basis points to 3.530%.

Berenberg: Raised Total Energy's target price from €57 to €62.

Royal Bank of Canada: Lowered its target price for Broadcom (AVGO.O) to $340 from $370.

On March 2nd, Hong Leong Investment Bank analysts stated in a report that the current US-Israel-Iran conflict is expected to be short-lived, similar to last year's 12-day conflict. Oil prices are expected to rise temporarily before returning to the $60-70 per barrel range. While higher oil prices may increase Malaysia's fuel subsidy expenditures, the government is unlikely to change its 3.5% fiscal deficit target for 2026. The conflict could strengthen the US dollar and weaken the ringgit, putting pressure on the local stock market in the short term. Upstream oil and gas and petrochemical companies may benefit, while airlines like AirAsia X and Westports Holdings may face headwinds.

According to Israel's Channel 12: Missile launches against Israel are expected to decrease in the next 48 hours as Israel expands its strikes against targets of the Iranian regime.

On March 2nd, Canadian Prime Minister Mark Carney met with Indian Prime Minister Narendra Modi in New Delhi, aiming to repair bilateral relations. Both leaders hoped to reach an agreement to boost trade and supply chains. They are expected to announce an agreement to expand Canadian uranium exports to India and finalize the scope of negotiations for a trade agreement, highlighting their efforts to diversify their trade partnership and reduce reliance on the United States. Carney's four-day visit to India marks an attempt by both countries to repair bilateral relations, which have been severely strained in recent years. Over the past year, the two sides have engaged in closed-door cooperation to strengthen cooperation and information exchange on security-related issues. The two leaders have also been working to enhance cooperation in trade and technology. Canada has previously stated that it expects a trade agreement between the two countries to double bilateral trade to C$70 billion by 2030.

March 2nd - The Ministry of Transport released data on the smooth operation of national logistics from February 23rd to March 1st. National railways transported 72.102 million tons of freight, a 9.77% increase compared to the previous period; 32.717 million trucks traveled on national expressways, a 229.69% increase; monitored ports handled 234.892 million tons of cargo, a 25.2% increase, and 5.952 million TEUs of containers, a 6.42% increase; civil aviation handled 137,000 flights (including 3,087 cargo flights, comprising 2,162 international and 925 domestic cargo flights), a 4.31% increase; postal and express delivery volume reached approximately 4.231 billion pieces, a 424.94% increase; and delivery volume reached approximately 3.543 billion pieces, a 462.38% increase.

On March 2nd, Qatar's air defense system was activated again to intercept incoming aerial threats. Several explosions were heard southwest of Doha, the Qatari capital. The Qatari Ministry of the Interior issued another nationwide emergency alert, urging all citizens to remain indoors or in safe locations and avoid going out except for absolute necessity until the situation stabilizes. This is the fourth nationwide emergency alert issued by the Ministry of the Interior since Qatar was attacked by Iranian missiles and drones on February 28th. The U.S. Al Udeid Air Base in Qatar is located approximately 35 kilometers southwest of Doha and about 200 kilometers from the Iranian border. It houses approximately 10,000 U.S. troops and is one of the largest U.S. military bases in the Gulf region.

March 2nd - Analysts say the US dollar strengthened against most currencies in Asian trading hours as potential conflicts in the Middle East could trigger demand for immediate liquidity. Vishnu Varatan, head of macro research at Mizuho Securities, stated that the dollar is likely to maintain its buying advantage due to the "cash is king" mentality. This could be further reinforced by the greater weakness of the euro and most other non-oil currencies, which are increasingly vulnerable to Middle East geopolitical risks and have greater susceptibility to negative impacts on energy security under high energy costs.

New car registrations in France fell 15% in February to 120,764 vehicles.

Bank of Japan Deputy Governor Ryozo Himino: Even if the overall inflation rate falls below 2%, we may still raise interest rates to a neutral level if we judge that underlying inflation is accelerating toward our price target.

Bank of Japan Deputy Governor Ryozo Himino: Japan's consumer inflation rate is expected to remain below 2% for some time.

A Japanese oil exploration company will withdraw from a liquefied natural gas terminal project in northern Vietnam.

Bank of Japan Deputy Governor Ryozo Himino: Even with market volatility and numerous uncertainties, we will still make the necessary decisions.