Chinese construction company Kaisa delays profit figures due to ban, shares soften

 Chinese construction company Kaisa delays profit figures due to ban, shares soften

Chinese construction company Kaisa delays profit figures due to ban, shares soften.

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European stocks closed higher Tuesday as investors continued to monitor the war in Ukraine and economic developments in the United States. The pan-European Stoxx 600 closed 0.9% higher, with banks leading the gains with a 2.5% gain, while most sectors and major bourses closed in positive territory. Investors continued to monitor the situation in Ukraine, as the ongoing peace talks between Moscow and Kiev make no progress.

U.S. stocks rallied on Tuesday as traders digested Federal Reserve Chairman Jerome Powell’s recent comments on raising interest rates. Bank stocks rose Tuesday along with interest rates. JPMorgan rose 2.1% and Bank of America rose 3.1%. Technology stocks, which struggled Monday after Powell’s comments, rebounded Tuesday. Major tech stocks Alphabet, Meta and Amazon all rose more than 2%, supporting the indexes.

Stocks in Japan and Hong Kong advanced in morning trading today as investors watched oil prices and continued to assess the outlook for Federal Reserve monetary policy. Shares of Chinese tech giant Tencent rose 3.35% ahead of its fourth-quarter and full-year earnings announcement. Shares of Xiaomi rose 6.76% after the company announced Tuesday that it plans to buy back shares on the open market “from time to time” for a total maximum price of 10 billion Hong Kong dollars ($1.28 billion).

Boeing jets under ‘surveillance’ after crash in China

The Civil Aviation Authority of India has placed the country’s Boeing 737 fleet under “enhanced surveillance” after a jet crashed in China. The agency said it had dispatched teams “to monitor flight procedures, airworthiness and operations.” On Monday, a China Eastern Airlines Boeing 737-800 with 132 people on board crashed in southern China. Rescue teams are working at the crash site, but it is not yet known what caused the crash. The plane was en route from Kunming to Guangzhou when it crashed to the ground and caught fire. China Eastern Airlines has grounded all of its 737-800 aircraft.

Chinese construction company Kaisa delays profit figures due to ban, shares soften

Cash-strapped Chinese construction company Kaisa Group said that due to a lockdown in Shenzhen, audit work could not be completed and the company will not be able to release its financial results by March 31. Due to the delay, the company’s shares will be suspended from trading starting April 1, as per Hong Kong Stock Exchange rules, it said in a statement late Tuesday night. Shares fell 4% this morning. Kaisa, the second-largest issuer of dollar bonds among China’s property developers after China Evergrande Group, is restructuring its $12 billion in offshore debt after failing to service some bonds last year.

Mandy Nunes

https://gvmarkets.com/

Mandy Nunes is the Chief Marketing Officer for GV Markets. With 15 years of experience in the Financial Services Industry within the South African market, she has held various responsibilities within the business development, marketing, operations and regulatory space – leading to a very fitting position within the Trading and Investment environment. Mandy has notably been the editor of 'The Ordinary Millionaire', along with having written numerous pieces within the industry at large. Holding both legal and wealth management qualifications, her goal is to bring about massive success for, and within, GV Markets. GV Markets is a South African forex and CFD broker that offers comprehensive trading solutions to both retail and professional traders. GV Markets prides itself in being a well-regulated and reputable STP brokerage that works according to a No-Dealing Desk trading model, offering traders access to some of the best liquidity providers in the country.

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