PRE-MARKET CHINESE STOCK NEWS: HSBC earnings disappoints, CK Hutchison sells stake in VodafoneThree, SAIC and Seres report softer vehicle sales and production
HSBC's earnings disappointment, alongside weaker vehicle sales reported by SAIC and Seres, signals a potential slowdown in both banking and automotive sectors within China.
PBoC sets USD/CNY mid-point at 6.8562 vs exp. 6.8160 (prev. 6.8628)
RBNZ Governor Breman says banks are resilient under stress tests
PRE-MARKET CHINESE STOCK NEWS: HSBC earnings disappoints, CK Hutchison sells stake in VodafoneThree, SAIC and Seres report softer vehicle sales and production
Australia sells AUD 1.0bln 4.25% 2036 AGBs: b/c 3.86x, average yield 4.9735%
Australia's PM Albanese says that they are to lift minimum stockpiles of every type of fuel by around 10 days, the fuel reserve is to be around 1 billion litres and the package is to cost more than AUD 10bln
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China
Budweiser Brewing Co (1876 HK) - Co. Q1 net USD 226mln (prev. USD 224.5mln Y/Y), normalised net USD 234mln, adjusted EBITDA USD 463mln (prev. USD 586mln Y/Y), rev. USD 1.49bln (exp. USD 1.47bln). (Newswires)
CK Hutchison (1 HK) – Co. agreed to sell its 49% stake in VodafoneThree, the UK’s largest mobile operator, in a GBP 4.3bln buy-out deal, Bloomberg reports. VodafoneThree, jointly owned by CK Hutchison and Vodafone (VOD LN), will pay CK Hutchison in cash for cancellation of the stake.
HSBC (5 HK) - Q1 2026 (USD): Revenue 18.6bln (exp. 18.49bln). CET1 ratio 14% (exp. 14%), Pretax profit 9.38bln (exp. 9.59bln). Raises FY26 NII to USD 46bln (prev. "at least USD 45bln"); Declares first interim dividend of USD 0.10/shr. Net interest income 8.945bln (prev. 8.302bln Y/Y). Expected credit losses rose by USD 400mln (to USD 1.3bln), driven by an unexpected fraud-linked loss tied to secondary securitisation exposure with a UK financial sponsor, alongside pressure from the US-Israel war with Iran, and a weaker economic outlook. (HSBC)
Meitu (1357 HK) - Co. Q1 (CNY) core business rev. rose 34.3% Y/Y to 852mln. Co. stated other businesses remained stable overall. (Newswires)
SAIC Motor Corp (600104 CH) - Co. Apr vehicle unit sales 328.8k (prev. 376.5k Y/Y), YTD vehicle unit sales fell 1.5% Y/Y to 1.30mln, and vehicle production 345.7k (prev. 403.2k Y/Y). (Newswires)
Seres Group Co (601127 CH) - Co. Apr vehicle production fell 4.2% Y/Y to 37.2k, vehicle sales fell 0.8% Y/Y, and NEV production rose 0.6% Y/Y to 34.5k. (Newswires)
TCL Technology Group (000100 CH) - Co. is seeking up to USD 800mln in talks with several Indian companies for the sale of a 51% stake in an Indian plant. (Economic Times)
Xiaomi (1810 HK) - Co.'s founder says the Co. has received over 80k orders for its SU7 cars.
Wuliangye Yibin Co (000858 CH) downgraded to Sell from Buy at Goldman Sachs
The rise in expected credit losses amid geopolitical tensions indicates increased risk for banks, while decreasing vehicle sales could impact consumer sentiment and economic growth, suggesting a cautious outlook for the markets today.
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