PRE-MARKET CHINESE STOCK NEWS: CK Hutchison considering further sales, CITIC looking to sell Alcoa stake
CK Hutchison's consideration of further telecom asset sales indicates a strategic retreat from a highly competitive sector, which may pressure related stocks and signal a broader trend in corporate divestitures.
PBoC sets USD/CNY mid-point at 6.8487 vs exp. 6.8087 (prev. 6.8562)
[MARKET UPDATE] Modest downside in oil prices has spurred USD weakness, G10s against the greenback has formed new session highs/lows, despite no clear driver; spot gold regains USD 4700 handle
PRE-MARKET CHINESE STOCK NEWS: CK Hutchison considering further sales, CITIC looking to sell Alcoa stake
US President Trump's advisers are increasingly worried about the political fallout from spiking jet fuel prices, with many advisers eager to end the war in Iran before November's midterm elections, WSJ reports citing sources
Australia sells AUD 150mln 0.25% 2032 I/L bonds: b/c 3.97x, average yield 2.172%
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China
CK Hutchison (1 HK) – Co. is considering further sales of its telecoms assets following the USD 5.8bln disposal of VodafoneThree, in an attempt to exit an increasingly competitive sector. (Bloomberg)
CITIC Resources Holdings Ltd. (1205 HK) - Co. is seeking shareholder approval to sell its stake in Alcoa and may initially dispose of a 0.86% holding at a minimum price of USD 50 per share. (Dow Jones)
Midea Group (300 HK) – Co. has raised USD 2.2bln from the upsized sale of its dual-tranche convertible bonds with zero coupon, according to Bloomberg. (Bloomberg)
Other Chinese News:
- China has reportedly asked banks to pause new loans to US-sanctioned refiners, Bloomberg reports citing sources.
Meanwhile, CITIC's potential sale of its Alcoa stake reflects a tactical shift in resource management, especially given Alcoa's performance under current market conditions. Market participants will likely assess these moves for implications on stock performance and sector dynamics, particularly in metals and telecommunications.
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