https://www.scmp.com/rss/48320/feed Standard & Poor’s is best known for stock market indices such as the US-based S&P 500 and for its credit ratings, competing against Moody's Investors Service and Fitch Ratings. Rating agencies came under fire for issuing top ratings to pools of mortgages which included subprime loans and in February 2013, the US Justice Department filed a civil lawsuit against S&P, seeking US$5 billion in civil damages. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Anthony Rowley Anthony Rowley Financial markets, stock markets especially, appear able to defy gravity despite the global geopolitical and economic situation. A plethora of institutional and individual explanations have been offered as to why, but most seem to miss the point. Which is, at least in part, that we have created a kind of monster in the asset management industry, which channels a glut of global savings into a limited number of investment areas and which, by virtue of these captive inflows, is able to maintain... https://www.scmp.com/opinion/world-opinion/article/3351213/real-reason-stock-markets-are-still-flying-high-despite-grave-risks?utm_source=rss_feed https://www.scmp.com/opinion/world-opinion/article/3351213/real-reason-stock-markets-are-still-flying-high-despite-grave-risks?utm_source=rss_feed Sat, 25 Apr 2026 08:30:08 +0000 Daniel Ren Daniel Ren One in every six Asia-Pacific companies would face credit pressure from a prolonged energy shock arising from the Middle East conflict, as they deal with higher costs from rising oil prices and supply disruptions, according to S&P Global Ratings. Companies in the fields of downstream oil and gas, aviation, automotive, engineering and construction, and building materials would bear the brunt of the pain brought on by the war that has already sent crude prices up more than 30 per cent since the... https://www.scmp.com/business/banking-finance/article/3350357/one-six-asia-pacific-firms-faces-credit-pressure-iran-war-energy-shock-sp-says?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3350357/one-six-asia-pacific-firms-faces-credit-pressure-iran-war-energy-shock-sp-says?utm_source=rss_feed Thu, 16 Apr 2026 23:00:13 +0000 Yulu Ao Yulu Ao Chinese e-commerce major JD.com has priced a 10 billion yuan (US$1.5 billion) dual-tranche offshore bond offering, as issuers from mainland China return to the currency amid improving funding conditions. The Beijing-based e-commerce giant said in a filing to the Hong Kong stock exchange on Thursday that the dim sum bond – yuan-denominated notes issued outside the mainland – comprises 7.5 billion yuan of five-year senior unsecured notes carrying a 2.05 per cent coupon, and 2.5 billion yuan of... https://www.scmp.com/business/china-business/article/3348747/chinas-jdcom-returns-dim-sum-bond-market-10b-yuan-offering?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3348747/chinas-jdcom-returns-dim-sum-bond-market-10b-yuan-offering?utm_source=rss_feed Thu, 02 Apr 2026 04:30:09 +0000 Associated Press Associated Press An Iranian missile attack on Friday left at least 10 US service members wounded and damaged several planes at a military base in Saudi Arabia, according to two US officials familiar with the situation. The attack on Prince Sultan Air Base damaged several US refuelling aircraft, said the officials, who spoke on condition of anonymity to discuss sensitive military matters. One of the officials said two of the troops were seriously wounded. Satellite imagery that appeared to show the damage to the... https://www.scmp.com/news/world/middle-east/article/3348220/iran-strike-wounds-us-troops-and-damages-planes-saudi-airbase?utm_source=rss_feed https://www.scmp.com/news/world/middle-east/article/3348220/iran-strike-wounds-us-troops-and-damages-planes-saudi-airbase?utm_source=rss_feed Fri, 27 Mar 2026 23:25:51 +0000 Zhu Wenqian Zhu Wenqian Sunshine 100 China Holdings, a mainland Chinese developer facing debts amid China’s property sector downturn, said on Thursday that it plans to oppose a winding-up petition filed against it in Hong Kong. HTI Financial Solutions and Haitong International Financial Products filed the winding-up petition against the developer at the High Court of Hong Kong over an unpaid redemption sum of about US$205 million, including accrued interest, due on March 19, 2025, according to a Sunshine 100 filing... https://www.scmp.com/business/article/3346360/chinese-developer-sunshine-100-oppose-hong-kong-winding-petition-over-us205m-debt?utm_source=rss_feed https://www.scmp.com/business/article/3346360/chinese-developer-sunshine-100-oppose-hong-kong-winding-petition-over-us205m-debt?utm_source=rss_feed Thu, 12 Mar 2026 10:00:28 +0000 Resty Woro Yuniar Resty Woro Yuniar Indonesia could face a sharp fiscal squeeze if the US-Israel war on Iran pushes oil prices higher, analysts warn, as this risks inflating the country’s fuel subsidy bill at a time when global ratings agencies and investors are already scrutinising Jakarta’s budgetary discipline. A prolonged war could force policymakers into a difficult choice: maintain fuel subsidies and risk breaching the legal deficit ceiling – potentially unsettling investors further – or cut funding to keep the budget within... https://www.scmp.com/week-asia/economics/article/3345705/indonesia-faces-fiscal-squeeze-iran-war-drives-oil-prices?utm_source=rss_feed https://www.scmp.com/week-asia/economics/article/3345705/indonesia-faces-fiscal-squeeze-iran-war-drives-oil-prices?utm_source=rss_feed Fri, 06 Mar 2026 08:03:50 +0000 Lucy Quaggin,Mark Magnier,Xinmei Shen Lucy Quaggin,Mark Magnier,Xinmei Shen US President Donald Trump called on Iran’s armed forces on Thursday to surrender or face the consequences and urged the nation’s diplomats to request asylum at their postings around the world. “I’m once again calling on all members of the Iranian Revolutionary Guard, the military and the police, to lay down their arms,” Trump said. “So you’ll be perfectly safe with total immunity, or you’ll face absolutely guaranteed death, and I don’t want to see that.” Speaking at the White House at a sports... https://www.scmp.com/news/world/middle-east/article/3345628/trump-says-he-must-be-involved-picking-irans-new-leader-khameneis-son-unacceptable?utm_source=rss_feed https://www.scmp.com/news/world/middle-east/article/3345628/trump-says-he-must-be-involved-picking-irans-new-leader-khameneis-son-unacceptable?utm_source=rss_feed Thu, 05 Mar 2026 17:14:18 +0000 Nicholas Spiro Nicholas Spiro Canadian Prime Minister Mark Carney does not mince his words. Writing for The Economist last November, Carney argued the post-Cold War had collapsed and said the world was “entering an era of ‘variable geometry’” involving “pragmatic coalitions, built around shared interests, and occasionally shared values, rather than shared institutions”. The essay, it turns out, was the prelude to a hard-hitting speech at the World Economic Forum in Davos, Switzerland, on January 20. Carney told attendees... https://www.scmp.com/opinion/world-opinion/article/3341634/what-ruptured-globalisation-means-international-finance?utm_source=rss_feed https://www.scmp.com/opinion/world-opinion/article/3341634/what-ruptured-globalisation-means-international-finance?utm_source=rss_feed Thu, 29 Jan 2026 08:30:10 +0000 Zhu Wenqian Zhu Wenqian Distressed Chinese property developer Vanke’s potential debt restructuring constitutes a one-off, technical default, and was not likely to result in contagion effects, according to an HSBC report. The leading mainland developer before it got caught up in the property crisis, Vanke has not yet registered a material default on its domestic bonds. However, two of its key medium-term notes have entered grace periods, and S&P downgraded the company’s long-term issuer credit rating from “CCC-” to “SD”... https://www.scmp.com/business/article/3339624/expect-no-systemic-shock-chinese-developer-vankes-technical-default-hsbc?utm_source=rss_feed https://www.scmp.com/business/article/3339624/expect-no-systemic-shock-chinese-developer-vankes-technical-default-hsbc?utm_source=rss_feed Tue, 13 Jan 2026 00:30:10 +0000 Bloomberg Bloomberg Hong Kong is marketing a new set of “digitally native” bonds denominated in multiple currencies, intensifying the city’s drive to become a global hub for digital assets. The government was looking to sell digital green bonds denominated in US dollars, Hong Kong dollars, euros and offshore yuan, according to people familiar with the matter. The deal could be priced as early as Monday, said the people, asking not to be identified discussing a private matter. If successfully priced, it would mark... https://www.scmp.com/business/markets/article/3332197/hong-kong-extends-digital-bond-ambitions-third-offering?utm_source=rss_feed https://www.scmp.com/business/markets/article/3332197/hong-kong-extends-digital-bond-ambitions-third-offering?utm_source=rss_feed Mon, 10 Nov 2025 09:04:43 +0000 Zhang Shidong Zhang Shidong Meituan expects to raise US$3 billion from a dual-currency bond offering, as the Chinese on-demand delivery giant looks to bolster its war chest to stave off the challenge from rivals led by Alibaba Group Holding and JD.com. The Beijing-based company will offer US$1.99 billion in greenback-denominated bonds and 7.08 billion yuan (US$1 billion) of notes in the local currency, according to its statement to the Hong Kong stock exchange on Wednesday. Meituan said it had signed an agreement with... https://www.scmp.com/business/china-business/article/3330895/chinese-delivery-giant-meituan-eyes-us3-billion-bond-issue-amid-intense-competition?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3330895/chinese-delivery-giant-meituan-eyes-us3-billion-bond-issue-amid-intense-competition?utm_source=rss_feed Thu, 30 Oct 2025 08:56:29 +0000 Cao Li Cao Li A depreciating US dollar could have an immediate impact on export-focused sectors in many countries, as well as banks with significant lending to them, according to S&P Global Ratings. “The most immediately exposed sectors and geographies are those where a weaker US dollar could strain volumes and revenues or compress margins, especially if they are exposed to US tariffs and lack a production footprint in the US,” said credit analyst Xavier Jean. “Financial institutions with meaningful corporate... https://www.scmp.com/business/money/article/3328951/us-dollar-slide-could-pressure-export-driven-sectors-and-banks-sp-warns?utm_source=rss_feed https://www.scmp.com/business/money/article/3328951/us-dollar-slide-could-pressure-export-driven-sectors-and-banks-sp-warns?utm_source=rss_feed Tue, 14 Oct 2025 10:00:26 +0000 Danielle Popov Danielle Popov The blistering summer in Europe, which was marked by unbearable heatwaves, boosted air conditioner sales for Midea Group, as consumers across the continent looked for inexpensive and durable cooling options. In a part of the world unaccustomed to installing ACs due to the temperate climate and high costs, Midea’s air conditioners were a hit in Germany for a second year in a row, according to Manuel Seethaler, head of public relations and strategy for Midea in Germany. “Now more users recognise... https://www.scmp.com/business/china-business/article/3326594/mideas-ac-sales-surge-35-europe-amid-heatwaves-offsetting-slowdown-china?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3326594/mideas-ac-sales-surge-35-europe-amid-heatwaves-offsetting-slowdown-china?utm_source=rss_feed Wed, 24 Sep 2025 23:30:08 +0000 Salina Li Salina Li New World Development (NWD) and CK Asset Holdings on Thursday became the first two developers to announce property sales after interest rates were lowered, with analysts saying the move would boost transactions but not prices due to elevated supply. NWD said all 120 units at House Muse in Kowloon City would go on sale on Friday. It is the first new residential project to be launched after the Hong Kong Monetary Authority (HKMA) cut rates for the first time this year, bringing down the cost of... https://www.scmp.com/business/article/3325987/nwd-and-ck-asset-launch-sales-hoping-hkmas-first-rate-cut-year-revives-sentiment?utm_source=rss_feed https://www.scmp.com/business/article/3325987/nwd-and-ck-asset-launch-sales-hoping-hkmas-first-rate-cut-year-revives-sentiment?utm_source=rss_feed Thu, 18 Sep 2025 09:15:12 +0000 Cao Li Cao Li Chinese companies will increasingly shift towards offshore yuan bonds and away from US dollar bonds for their offshore financing, according to panellists at S&P Global Ratings’ China Credit Spotlight forum on Wednesday. Over the next five years, Chinese companies will issue more offshore bonds to fund their expansion overseas, but “it doesn’t necessarily have to be in the US dollar space, it can well be in the [offshore yuan] space,” said Hua Cheng, senior vice-president and director of Asia... https://www.scmp.com/business/markets/article/3325850/dim-sum-bonds-chinese-companies-set-dish-out-record-servings-hunger-expansion?utm_source=rss_feed https://www.scmp.com/business/markets/article/3325850/dim-sum-bonds-chinese-companies-set-dish-out-record-servings-hunger-expansion?utm_source=rss_feed Wed, 17 Sep 2025 09:30:15 +0000 Aileen Chuang Aileen Chuang Standard Chartered has advised more than 2.5 million of its affluent clients to diversify their portfolios and stick to core investment principles as fresh capital pours into bullish markets. A risk-on mentality over the summer benefited some wealthy clients, but market corrections could lie ahead, said Judy Hsu, the bank’s CEO of wealth and retail banking, in an interview last week. “In July and August, we [saw] more clients across the board deploying more cash into investment products and they... https://www.scmp.com/business/banking-finance/article/3324488/standard-chartered-wealth-and-retail-head-urges-diversification-amid-correction-risks?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3324488/standard-chartered-wealth-and-retail-head-urges-diversification-amid-correction-risks?utm_source=rss_feed Mon, 08 Sep 2025 00:30:08 +0000 Associated Press Associated Press US stocks wobbled lower on Friday as Wall Street questioned whether the US job market has slowed by just enough to get the Federal Reserve to cut interest rates to help the economy, or by so much that a downturn may be on the way. After rising to an early gain, the S&P 500 erased it and fell 0.3 per cent below the all-time high it set the day before. The Dow Jones Industrial Average dropped 220 points, or 0.5 per cent, after swinging between an early gain of nearly 150 points and a loss of 400.... https://www.scmp.com/news/world/united-states-canada/article/3324562/wall-street-climbs-new-highs-hopes-interest-rate-cuts?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3324562/wall-street-climbs-new-highs-hopes-interest-rate-cuts?utm_source=rss_feed Fri, 05 Sep 2025 13:57:23 +0000 Nicholas Spiro Nicholas Spiro In China’s stock market, the influence of the “national team” – the term for a group of state-backed institutional investors set up in 2015 to support share prices, mainly via purchases of exchange-traded funds (ETFs) – has been particularly apparent since US President Donald Trump launched his assault on the global trade order in early April. Central Huijin Investment, a unit of China’s sovereign wealth fund that has been described as a “stabilisation” fund, ploughed 197.5 billion yuan (US$27.6... https://www.scmp.com/opinion/china-opinion/article/3321413/chinas-commercial-property-market-has-its-own-version-national-team?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3321413/chinas-commercial-property-market-has-its-own-version-national-team?utm_source=rss_feed Mon, 11 Aug 2025 08:30:07 +0000 Associated Press Associated Press Stocks are drifting on Wall Street Thursday after US President Donald Trump’s latest tariffs took effect on dozens of countries. The S&P 500 added 0.2 per cent after climbing earlier to within a whisper of its record, which was set late last month. The Dow Jones Industrial Average was down 147 points, or 0.3 per cent, as of 10.45am Eastern, and the Nasdaq composite was 0.7 per cent higher. Worries are still high that Trump’s tariffs are damaging the economy, particularly after last week’s... https://www.scmp.com/news/world/united-states-canada/article/3321137/wall-street-rises-global-stock-markets-take-trumps-new-tariffs-stride?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3321137/wall-street-rises-global-stock-markets-take-trumps-new-tariffs-stride?utm_source=rss_feed Thu, 07 Aug 2025 14:00:13 +0000 David Chao David Chao As Greater China markets charge into the third quarter with the wind at their backs, there is increasing evidence that 2025 is the year Chinese intellectual property goes global. A month ago, I wrote about the peculiar appeal of the Labubu doll, which seemingly leapt out of nowhere to become a global pop culture phenomenon. This was the latest example of a successful Chinese entertainment IP – a unique asset with intangible social value – taking off. Meanwhile, China is also making huge progress... https://www.scmp.com/opinion/china-opinion/article/3320580/biotech-successes-helping-chinese-intellectual-property-go-global?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3320580/biotech-successes-helping-chinese-intellectual-property-go-global?utm_source=rss_feed Mon, 04 Aug 2025 21:30:08 +0000 Zhang Shidong Zhang Shidong The rotation to emerging markets in Asia that spurred the US dollar’s worst performance in more than five decades will probably continue, as a de-dollarisation trend outweighs a record rally in US stocks, according to Societe Generale. Global investors had turned cautious about their estimated US$62 trillion in dollar-based assets – equivalent to the size of the Nasdaq – as the Trump administration’s “reciprocal tariffs” eroded the status of the world’s reserve currency, analysts led by Frank... https://www.scmp.com/business/china-business/article/3316939/de-dollarisation-favours-asian-assets-despite-record-us-stock-run-societe-generale-says?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3316939/de-dollarisation-favours-asian-assets-despite-record-us-stock-run-societe-generale-says?utm_source=rss_feed Fri, 04 Jul 2025 06:53:04 +0000 Yulu Ao Yulu Ao Chinese onshore stocks rose for a second day to near a three-month high after private sector reports showed signs of recovery in manufacturing activity and home sales amid government efforts to shore up the economy. The CSI 300 Index, which tracks the biggest companies listed in Shanghai and Shenzhen, added 0.2 per cent to 3,942.76 on Tuesday. The gauge reached 3,960.07 on June 25, the highest level since March 20. The Shanghai Composite Index added 0.4 per cent. Financial markets in Hong Kong... https://www.scmp.com/business/china-business/article/3316454/chinese-stocks-trade-near-3-month-high-manufacturing-home-sales-rebound?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3316454/chinese-stocks-trade-near-3-month-high-manufacturing-home-sales-rebound?utm_source=rss_feed Tue, 01 Jul 2025 02:36:32 +0000 Salina Li Salina Li The improving sentiment in Hong Kong’s property market has spurred hope for a sustainable recovery in home prices, but analysts suggest the rebound is unlikely to come this year due to an uptrend in mortgage rates and a nagging supply glut. As of Friday, about 9,150 first-hand transactions had been recorded so far this year, a 3.9 per cent increase from a year earlier and a six-year high since 11,580 transactions were recorded in the first half of 2019, according to agents. Growth for lived-in... https://www.scmp.com/business/article/3316282/rebound-hong-kongs-home-prices-unlikely-come-year-analysts?utm_source=rss_feed https://www.scmp.com/business/article/3316282/rebound-hong-kongs-home-prices-unlikely-come-year-analysts?utm_source=rss_feed Mon, 30 Jun 2025 01:30:12 +0000 Yujie Xue Yujie Xue The rain and gloomy skies during the SNEC PV Conference – the biggest in China’s solar-panel manufacturing industry – summed up the mood in the market, whose major players congregated in Shanghai earlier this month for the four-day annual event. The scale was noticeably smaller this year. Several leading companies opted out for a variety of reasons, including tight budgets. More tellingly, CEOs from major producers Longi Green Technology and Tongwei – keynote speakers last year – gave it a... https://www.scmp.com/business/china-business/article/3316074/cloudy-chance-bankruptcy-us-tariffs-hurt-chinas-solar-firms?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3316074/cloudy-chance-bankruptcy-us-tariffs-hurt-chinas-solar-firms?utm_source=rss_feed Sat, 28 Jun 2025 03:00:11 +0000 Reuters Reuters The S&P 500 and Nasdaq Composite hit all-time highs on Friday as megacap stocks surged on renewed AI enthusiasm and the prospect of a looser monetary policy, powering a recovery in US stocks from a months-long rout. The benchmark index rose 0.2 per cent to 6,154.81 points, surpassing the previous peak of 6,147.43 on February 19, while the tech-heavy Nasdaq gained 0.3 per cent to 20,229.31 points, exceeding its record high of 20,204.58 on December 16. Markets rallied this week as an upbeat... https://www.scmp.com/news/world/united-states-canada/article/3316168/sp-500-nasdaq-hit-record-highs-renewed-ai-bets-rate-cut-hopes?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3316168/sp-500-nasdaq-hit-record-highs-renewed-ai-bets-rate-cut-hopes?utm_source=rss_feed Fri, 27 Jun 2025 14:09:39 +0000 Sylvia Ma,Alice Li Sylvia Ma,Alice Li Surging uncertainty in the Middle East has clouded the outlook for global markets, with analysts warning that a potential shutdown of the Strait of Hormuz could send crude prices higher, intensify US inflation and complicate the Federal Reserve’s rate-cut plans. Gold stands to benefit more directly from geopolitical shocks, while Chinese assets could remain relatively shielded, they added. “Looking ahead, we cannot rule out a rise and recurrence of risk aversion,” the China International Capital... https://www.scmp.com/economy/global-economy/article/3315463/trumps-strikes-irans-strait-hormuz-threat-fuel-global-economy-fears-analysts?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3315463/trumps-strikes-irans-strait-hormuz-threat-fuel-global-economy-fears-analysts?utm_source=rss_feed Mon, 23 Jun 2025 06:59:44 +0000 Yulu Ao Yulu Ao Hong Kong’s New World Development said talks with creditors about refinancing its HK$124 billion (US$15.8 billion) debt were “ongoing”, downplaying “market speculation and rumours” about an imminent deal while analysts said government support and bank leniency would help the company navigate the crunch. The city’s most indebted developer said in a stock-exchange filing on Monday that it was aware of speculation about the refinancing of its existing loans, adding that it remained “actively... https://www.scmp.com/business/china-business/article/3315454/hong-kongs-new-world-downplays-debt-deal-rumours-analysts-see-path-out-crunch?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3315454/hong-kongs-new-world-downplays-debt-deal-rumours-analysts-see-path-out-crunch?utm_source=rss_feed Mon, 23 Jun 2025 06:05:02 +0000 Cheryl Arcibal Cheryl Arcibal The liquidity crunch at New World Development (NWD), one of Hong Kong’s biggest developers, is a blemish on the resurgent housing market, threatening to shake confidence among homebuyers and trigger a “downside scenario” in home prices, according to S&P Global Ratings. The developer deferred coupon payments on four series of perpetual bonds after months of speculation about its finances, sending a poor signal to creditors about its default risk. It surprised investors last month by not redeeming... https://www.scmp.com/business/article/3314042/debt-crunch-new-world-stokes-risk-downside-scenario-hong-kong-home-prices-sp?utm_source=rss_feed https://www.scmp.com/business/article/3314042/debt-crunch-new-world-stokes-risk-downside-scenario-hong-kong-home-prices-sp?utm_source=rss_feed Wed, 11 Jun 2025 11:44:11 +0000 Carol Yang,Mandy Zuo Carol Yang,Mandy Zuo US President Donald Trump’s tariff threats, with some reaching what he considers to be “a ridiculous high” level before being drastically lowered or suspended, have given rise to an acronymic market trend that Trump lashed out at a reporter for mentioning: Taco trades. But despite Trump’s back-and-forth tariff whiplash that has roiled markets and left many investors scrambling to keep up, many still believe “there is no alternative”. So, when it comes to putting their money in US assets, it’s in... https://www.scmp.com/economy/global-economy/article/3312502/taco-vs-tina-which-acronym-will-win-out-when-market-has-taste-both?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3312502/taco-vs-tina-which-acronym-will-win-out-when-market-has-taste-both?utm_source=rss_feed Fri, 30 May 2025 12:30:08 +0000 Emily Hung Emily Hung Moody’s and S&P Global have maintained their “Aa3” and “AA+” credit ratings for Hong Kong, with both agencies citing the city’s substantial fiscal buffers and foreign exchange reserves, strong external balance sheet and high per capita income levels. Moody’s also upgraded the city’s outlook from “negative” to “stable”. Their grades on Tuesday came after Fitch maintained its “AA-” credit rating and “stable” outlook for Hong Kong last week. Aa3 is the fourth-highest rating on Moody’s scale, while... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3312016/moodys-and-sp-global-keep-aa3-and-aa-credit-ratings-hong-kong?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3312016/moodys-and-sp-global-keep-aa3-and-aa-credit-ratings-hong-kong?utm_source=rss_feed Tue, 27 May 2025 12:37:10 +0000 Enoch Yiu Enoch Yiu Fund managers participating in Hong Kong’s US$167 billion Mandatory Provident Fund (MPF) scheme may be forced to sell part of their holdings of US government bonds after the country lost its triple-A grade from three of the biggest rating companies. The Mandatory Provident Fund Schemes Authority (MPFA), the scheme’s regulator, has instructed MPF trustees and fund managers to prepare for a contingency plan if the last remaining credit agency downgrades the US government bonds. “Recently, the MPFA... https://www.scmp.com/business/banking-finance/article/3311854/hong-kongs-mpf-managers-told-prepare-us-bond-holdings-after-moodys-downgrade-mpfa?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3311854/hong-kongs-mpf-managers-told-prepare-us-bond-holdings-after-moodys-downgrade-mpfa?utm_source=rss_feed Mon, 26 May 2025 11:15:48 +0000 Zhao Ziwen Zhao Ziwen US President Donald Trump threatened sweeping 50 per cent tariffs on the European Union starting June 1, citing a breakdown in trade talks with the bloc, and simultaneously took aim at Apple, warning of a 25 per cent levy on iPhones made outside the US. The moves hit stock markets hard, with the S&P 500 shedding 0.67 per cent and Apple down 3.02 per cent at the close amid a broad downturn in European markets. Trump on Friday took to social media to explain his targeting of Apple. “I have long... https://www.scmp.com/news/world/united-states-canada/article/3311610/trump-cranks-trade-threats-again-targeting-apple-european-union?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3311610/trump-cranks-trade-threats-again-targeting-apple-european-union?utm_source=rss_feed Fri, 23 May 2025 12:40:58 +0000 Nicholas Spiro Nicholas Spiro US President Donald Trump has a fixation with imports into the country. His aggressive trade policies are designed to revitalise American manufacturing by curbing cheap imports and encouraging companies to reshore their operations. In Trump’s view, countries with the biggest bilateral trade surpluses with the United States are the ones that should be punished severely. This is why Asian economies – which account for seven of the 10 economies with the largest trade surpluses with the US – bore... https://www.scmp.com/opinion/world-opinion/article/3311310/why-time-now-americas-asian-creditors-flex-their-muscles?utm_source=rss_feed https://www.scmp.com/opinion/world-opinion/article/3311310/why-time-now-americas-asian-creditors-flex-their-muscles?utm_source=rss_feed Thu, 22 May 2025 08:30:08 +0000 Reuters Reuters Bitcoin rose to its highest level on record on Wednesday, eclipsing the previous high from January, as risk sentiment continues to improve after last month’s tariff-induced sell-off. The world’s largest cryptocurrency touched a high of US$109,760.08, and was last up 1.1 per cent at US$108,117. Its ascent was driven by a combination of factors including easing trade tension between the US and China and Moody’s downgrade of US sovereign debt which has prompted investors to seek alternative... https://www.scmp.com/tech/blockchain/article/3311297/bitcoin-hits-record-high-us-china-trade-tensions-ease-crypto-sentiment-improves?utm_source=rss_feed https://www.scmp.com/tech/blockchain/article/3311297/bitcoin-hits-record-high-us-china-trade-tensions-ease-crypto-sentiment-improves?utm_source=rss_feed Thu, 22 May 2025 01:51:03 +0000 Bloomberg Bloomberg US dollar-based assets have “enduring advantages” and remain virtually irreplaceable in the global financial system despite the United States losing its top triple-A credit rating, according to Singapore’s central bank chief. “They are the dominant, safe assets for use in the financial system, deeply embedded,” Monetary Authority of Singapore Managing Director Chia Der Jiun said at the Qatar Economic Forum on Tuesday. “The US$28-trillion Treasury market is fundamental and systemic to the global... https://www.scmp.com/news/asia/southeast-asia/article/3311149/singapores-central-bank-chief-sees-no-alternative-us-dollar-assets-despite-downgrade?utm_source=rss_feed https://www.scmp.com/news/asia/southeast-asia/article/3311149/singapores-central-bank-chief-sees-no-alternative-us-dollar-assets-despite-downgrade?utm_source=rss_feed Wed, 21 May 2025 02:16:30 +0000 Bloomberg Bloomberg Investors faced yet another bumpy start to the trading week with US assets coming under fresh pressure, although it’s mounting concern over American debt rather than tariffs generating volatility this time. Longer-dated Treasuries dipped with US equity futures and the dollar in early Asia trading after Moody’s Ratings announced on Friday evening it was stripping the American government of its top credit rating, dropping the country to Aa1 from AAA. The company, which trailed rivals, blamed... https://www.scmp.com/business/markets/article/3310872/moodys-downgrade-us-debt-fears-unsettle-markets-reviving-mini-sell-america-trade?utm_source=rss_feed https://www.scmp.com/business/markets/article/3310872/moodys-downgrade-us-debt-fears-unsettle-markets-reviving-mini-sell-america-trade?utm_source=rss_feed Mon, 19 May 2025 04:45:42 +0000 US stock futures tumbled as much as 4.1 per cent on Friday, as strong labour data did little to mitigate the anxiety about the impact of a trade war on domestic economy. Contracts on the S&P 500 Index plunged and Nasdaq 100 Index futures sank as much as 4.6 per cent as China imposed a 34 per cent tariff on all American imports starting April 10, in addition to targeted actions against poultry producers and weapons makers, according to the official Xinhua News Agency. Technology megacaps... https://www.scmp.com/news/world/united-states-canada/article/3305295/us-market-extends-drop-strong-jobs-report-fails-soothe-tariff-fears?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3305295/us-market-extends-drop-strong-jobs-report-fails-soothe-tariff-fears?utm_source=rss_feed Fri, 04 Apr 2025 13:56:27 +0000 The US stock market rout intensified on Monday on fears that President Donald Trump’s next tariff roll-out will deliver a shock to the global economy, with rising recession concerns leaving the S&P 500 Index on track for its worst quarter compared to the rest of the world since the 1980s. The benchmark equities gauge slumped more than 1 per cent soon after the open in New York, teetering on the brink of a correction. The Nasdaq 100 Index dropped 1.6 per cent, while a Bloomberg gauge of the... https://www.scmp.com/news/world/united-states-canada/article/3304628/uncertainty-trump-tariffs-trigger-worst-sp-500-quarter-1980s-amid-recession-fears?utm_source=rss_feed https://www.scmp.com/news/world/united-states-canada/article/3304628/uncertainty-trump-tariffs-trigger-worst-sp-500-quarter-1980s-amid-recession-fears?utm_source=rss_feed Mon, 31 Mar 2025 14:33:50 +0000 Cheryl Arcibal,Yulu Ao Cheryl Arcibal,Yulu Ao Hong Kong homebuyers flocked to secure new flats at two projects over the weekend, indicating improving sentiment on the city’s battered property market following a reduction in stamp duties and a buoyant stock market. On Sunday, Sun Hung Kai Properties sold 96 of 172 units offered at its Yoho West Parkside development in Tin Shui Wai as of 5.20pm, 3.5 hours after the second round of sales there began. The developer expected to reach a sellout by the end of the day. All 119 flats in the first... https://www.scmp.com/business/article/3301685/hong-kong-homebuyers-deliver-brisk-weekend-sales-developers-small-flats-favoured?utm_source=rss_feed https://www.scmp.com/business/article/3301685/hong-kong-homebuyers-deliver-brisk-weekend-sales-developers-small-flats-favoured?utm_source=rss_feed Sun, 09 Mar 2025 10:03:45 +0000 Natalie Wong Natalie Wong The Hong Kong government has disputed a report by an American credit rating agency that described the local property market as suffering from oversupply, as officials stressed that the data showed there was strong housing demand. Authorities responded on Thursday after S&P Global Ratings published its report that said the government was not aggressively addressing surplus housing supply. The company also considered the oversupply of office space to be the “most acute” problem facing the... https://www.scmp.com/news/hong-kong/society/article/3301368/hong-kong-rejects-us-credit-rating-agencys-report-property-market-oversupply?utm_source=rss_feed https://www.scmp.com/news/hong-kong/society/article/3301368/hong-kong-rejects-us-credit-rating-agencys-report-property-market-oversupply?utm_source=rss_feed Thu, 06 Mar 2025 14:14:58 +0000 Yuke Xie Yuke Xie Beijing-based Longfor Group is the latest firm to see its bonds downgraded further into junk territory, as weakening sales plague China’s beleaguered property developers despite the central government’s recent support measures to revive confidence. S&P Global Ratings on Wednesday downgraded Longfor’s long-term issuer credit rating to BB from BB+ and its senior unsecured notes to BB- from BB, citing concerns that the company’s contracted sales could remain under pressure through next year due to... https://www.scmp.com/business/article/3301153/chinese-developer-longfors-bonds-sink-deeper-junk-territory-home-sales-sputter?utm_source=rss_feed https://www.scmp.com/business/article/3301153/chinese-developer-longfors-bonds-sink-deeper-junk-territory-home-sales-sputter?utm_source=rss_feed Wed, 05 Mar 2025 08:30:15 +0000 Cheryl Arcibal Cheryl Arcibal Hong Kong banks were likely to be more selective in extending credit to developers amid a prolonged property slump that could pose a “major risk” to lenders, according to Moody’s Ratings. Banks’ property development and investment loans accounted for 16 per cent of their total lending as of June, the credit-rating agency said in a report on Wednesday. “Hong Kong banks have large exposures to commercial property and may face heightened asset risks,” Moody’s said. “Prominent Hong Kong developers,... https://www.scmp.com/business/article/3299294/hong-kong-banks-face-rising-risks-amid-prolonged-property-slump-moodys-warns?utm_source=rss_feed https://www.scmp.com/business/article/3299294/hong-kong-banks-face-rising-risks-amid-prolonged-property-slump-moodys-warns?utm_source=rss_feed Thu, 20 Feb 2025 00:30:08 +0000 Expressions such as “major distress event”, “credit squeeze” and “negative feedback loop” often denote a financial crisis. In Asia’s property sector, these terms are associated with the dramatic loss of confidence in China’s housing market, triggered by the default of China Evergrande Group in 2021 followed by its eventual collapse. However, in a report published by S&P Global Ratings on February 5, such alarming terminology was used to describe the risks in Hong Kong’s property market. S&P said... https://www.scmp.com/opinion/hong-kong-opinion/article/3298953/major-trouble-brewing-hong-kongs-housing-market-not-so-fast?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3298953/major-trouble-brewing-hong-kongs-housing-market-not-so-fast?utm_source=rss_feed Mon, 17 Feb 2025 08:30:08 +0000 Salina Li Salina Li Hong Kong developers will continue to price their swollen inventory of new flats at discount prices to attract buyers in 2025 as hopes of lower interest rates fade and concerns grow about a liquidity crunch among builders. “Expecting interest rate cuts to support the property market is unlikely for this year,” said Chau Kwong-wing, chair professor and director of the Ronald Coase Centre for Property Rights Research at Hong Kong University. Hong Kong’s benchmark interest rate, which has moved in... https://www.scmp.com/business/article/3298884/difficult-year-ahead-hong-kong-developers-dwindling-rate-cut-hopes-cloud-outlook?utm_source=rss_feed https://www.scmp.com/business/article/3298884/difficult-year-ahead-hong-kong-developers-dwindling-rate-cut-hopes-cloud-outlook?utm_source=rss_feed Mon, 17 Feb 2025 00:30:21 +0000 Cheryl Arcibal Cheryl Arcibal The default of a major Hong Kong property developer could send shock waves through the broader sector and scuttle a potential recovery in the residential market, according to S&P Global Ratings. “Hong Kong’s residential property recovery may be slipping out of view,” the credit-rating agency said in a report on Thursday. “S&P Global Ratings believes that any distress event involving major Hong Kong developers could trigger cascading effects, hitting the financial strength of rated entities... https://www.scmp.com/business/article/3297643/hong-kong-developers-default-could-send-shock-waves-through-property-market-sp?utm_source=rss_feed https://www.scmp.com/business/article/3297643/hong-kong-developers-default-could-send-shock-waves-through-property-market-sp?utm_source=rss_feed Thu, 06 Feb 2025 10:00:12 +0000 A rating agency has downgraded the creditworthiness of Hong Kong’s rail operator because of the city’s sluggish property market and the firm’s rising funding needs for future railway projects. S&P Global Ratings on Wednesday cut the MTR Corporation, majority owned by the Hong Kong government, from “aa-” to “a+”, for its stand-alone credit profile, despite affirming its “AA+/A-1” issuer credit ratings. According to the US agency, the profile is a component of a rating and refers to its opinion of... https://www.scmp.com/news/hong-kong/transport/article/3276306/hong-kong-mtr-corps-credit-rating-downgraded-soft-property-market-funding-concerns?utm_source=rss_feed https://www.scmp.com/news/hong-kong/transport/article/3276306/hong-kong-mtr-corps-credit-rating-downgraded-soft-property-market-funding-concerns?utm_source=rss_feed Wed, 28 Aug 2024 15:09:06 +0000 China’s rescue plan to resolve its local government debt crisis has thus far provided only temporary fixes, with default risks remaining significant and the debt pile set to grow in the coming two years, according to a new S&P Global Ratings report. A series of measures implemented a year ago after a meeting of the Politburo – the centre of power within the Communist Party – included a debt-swap programme and loan restructuring aimed at defusing what threatens to be a financial time bomb that... https://www.scmp.com/economy/economic-indicators/article/3272025/chinas-crippling-debt-levels-seen-worsening-government-measures-focus-buying-time?utm_source=rss_feed https://www.scmp.com/economy/economic-indicators/article/3272025/chinas-crippling-debt-levels-seen-worsening-government-measures-focus-buying-time?utm_source=rss_feed Fri, 26 Jul 2024 10:15:12 +0000 It should come as no surprise that it pays to climb your way to the top of the organisational hierarchy. The highest-paid CEOs in the US aren’t necessarily household names – even if their companies might be – but they’re enjoying some pretty sweet pay packages. But, to receive their hefty payouts, CEOs often have to achieve targets such as stock price thresholds. About halfway through this year’s proxy season, Equilar, the company that analyses data on executive compensation, has revealed that... https://www.scmp.com/magazines/style/entertainment/article/3263797/10-highest-paid-ceos-us-their-salaries-ranked-apples-tim-cook-ceos-microsoft-and-adobe-and-one?utm_source=rss_feed https://www.scmp.com/magazines/style/entertainment/article/3263797/10-highest-paid-ceos-us-their-salaries-ranked-apples-tim-cook-ceos-microsoft-and-adobe-and-one?utm_source=rss_feed Thu, 23 May 2024 10:00:23 +0000 If you would like to see more of our reporting, please consider subscribing. 1. ‘Substantial’ manufacturing increase China’s official manufacturing purchasing managers’ index (PMI) returned to expansion in March, hitting a one-year high of 50.8, up from 49.1 in February. The figure beat market estimates of 49.9 and landed above the watershed level of 50, an indication of expanding activity ending five consecutive months of contraction. The reading was the highest since March last year, when the... https://www.scmp.com/economy/economic-indicators/article/3257713/can-green-shoots-chinas-economic-recovery-be-sustained-4-takeaways-marchs-manufacturing-services?utm_source=rss_feed https://www.scmp.com/economy/economic-indicators/article/3257713/can-green-shoots-chinas-economic-recovery-be-sustained-4-takeaways-marchs-manufacturing-services?utm_source=rss_feed Wed, 03 Apr 2024 16:00:14 +0000 Hong Kong’s residential property market is poised for a rebound in 2025 with an anticipated 5 per cent increase in home prices after reaching a low point this year, Goldman Sachs said. The US investment bank said the sector will see a gradual recovery in the latter part of this year, when the US Federal Reserve begins to cut rates and Hong Kong mortgage rates are lowered from the second quarter of 2024 onwards. For now, the market continues to show weakness, with a slower pace of transactions,... https://www.scmp.com/business/companies/article/3251739/goldman-sachs-says-hong-kong-home-prices-will-rebound-2025-after-hitting-bottom-year-raises-office?utm_source=rss_feed https://www.scmp.com/business/companies/article/3251739/goldman-sachs-says-hong-kong-home-prices-will-rebound-2025-after-hitting-bottom-year-raises-office?utm_source=rss_feed Mon, 12 Feb 2024 08:30:14 +0000