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Asian stocks diverge as China adjusts prices for new loans

2019-08-20 06:44 am | Resource: News | No Views : 15

 Asian stocks diverge as China adjusts prices for new loans

Asian stocks rose on Tuesday after China officially announced the introduction of new loan interest rates (LPR), which should cut corporate borrowing costs. The trade war remained a hot topic, with US Vice President Mike Pence stipulating a trade deal between Washington and Beijing as "the integrity of Hong Kong."

Huawei also urged the United States to stop the "unfair treatment" it receives. Meanwhile, Hong Kong Chief Executive Carey Lam confirmed that there are no plans to revive the extradition bill that was behind the Hong Kong protests.

Baidu's revenue rose 1% to $ 3.8 billion in the second quarter
  • Baidu said on Monday its revenue for the second quarter of 2019 was $ 3.8 billion, an increase of 1% over the same period last year and topped market estimates.
  • China Internet Corporation's operating income rose 96% year on year to $ 34 million
  • Net income rose 62% from the second quarter of 2018 to $ 351 million
  • Earnings per share were $ 0.96, up 64% year on year.

Baidu shares rose 8.14% in after-hours trading on better-than-expected results.

Asian shares trading
  • The Shenzhen Composite Index was 0.03% in green at 7:46 am CET
  • The Shanghai Composite fell 0.07% at 7:47 CET.
  • Hang Sang was flat at 7:49 am CET.
  • Japan's Nikkei 225 rose 0.52% at 7:48 am CET.
  • Australia's S&P / ASX 200 jumped 1.01% as the Reserve Bank of Australia announced that it was ready to ease in the future, if needed.
  • Meanwhile, South Korea's Kospi rose 1.1% at 7:51 CET.

The dollar lost 0.09% against the yen to head at 106.54 at 7:53 CET.

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