Stocks in China regained all the losing ground after dropping about 2% in the morning, as the yield on 30-year US Treasuries fell below 2% for the first time and the world’s pile of negative-yielding debt surpassed $16 trillion. IT and Electronic Component sectors led the gains, while Leisure and Household Appliance sectors led the falls. Combined turnover for both markets is CNY 389.4 billion, down 1.7% dod.
|Close||% Change||Vol (bn CNY)||%YTD|
|Sector||Top 1||Led by||Top 2||Led by|
*Morgan Stanley famously nabbed this year’s largest initial public offering, thanks partly to its top technology banker’s moonlighting job as an Uber driver. But the firm is nowhere to be found on what’s shaping up to be the year’s second-biggest IPO, WeWork. Morgan Stanley stepped back from a lesser role in the deal after WeWork rejected its pitch to be the top underwriter. (Bloomberg)
*Casino Giant Galaxy Entertainment’s H1 Profit Drops 7%. Galaxy Entertainment Group, one of the biggest casino operators in Macau, reported a profit drop of 7% in the first half of this year as China’s sluggish economy kept high-end customers away from the world’s richest gambling hub. The company posted a profit of HK$6.7 billion ($850 million) in the first six months on revenue of HK$26.2 billion. (Caixin)
Disclosure: Interactive Brokers
Information posted on IBKR Traders’ Insight that is provided by third-parties and not by Interactive Brokers does NOT constitute a recommendation by Interactive Brokers that you should contract for the services of that third party. Third-party participants who contribute to IBKR Traders’ Insight are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.
This material is from Guosen Securities Co., Ltd and is being posted with permission from Guosen Securities Co., Ltd. The views expressed in this material are solely those of the author and/or Guosen Securities Co., Ltd and IBKR is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.