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<rss version="2.0"><channel><title>rthk.hk - Express News: Finance</title><link>https://news.rthk.hk</link><description>rthk.hk - Express News: Finance</description><language>en</language><copyright>Radio Television Hong Kong</copyright><webMaster>webmaster@rthk.gov.hk (webmaster)</webMaster><pubDate>Wed, 20 May 2026 15:20:28 +0800</pubDate><lastBuildDate>Wed, 20 May 2026 15:02:15 +0800</lastBuildDate><category>News</category><docs >http://blogs.law.harvard.edu/tech/rss</docs ><ttl>10</ttl><image><url>http://rthk.hk/include2010/homepics/images/home_logo.png</url><title><![CDATA[rthk.hk - Express News: Finance]]></title><link>https://news.rthk.hk</link></image><item><title><![CDATA[AI will destroy and create finance jobs: HSBC boss]]></title><guid>https://news.rthk.hk/rthk/en/component/k2/1855367-20260520.htm</guid><link>https://news.rthk.hk/rthk/en/component/k2/1855367-20260520.htm</link><description><![CDATA[HSBC's chief executive George Elhedery said on Wednesday that the lender is calling on its staff to embrace artificial intelligence-driven changes as it aims to retrain its workforce to navigate the advanced technology and expand services.

The remarks came a day after rival Standard Chartered announced it will slash thousands of jobs in the coming years as it increases the adoption of AI.

At HSBC's investor day event, Elhedery said generative AI will destroy and create jobs in the financial industry, but will also serve as an "accelerator" for the group to reach its ambitious business goals.

He added that the bank has already appointed a chief AI officer to redesign workflows, calling on employees to upskill themselves rather than resisting change.

"My initial mission is I need 200,000 colleagues with us on this journey. However many will be left at the end of the journey isn't the problem.

"The problem is how can we make sure that those 200,000 colleagues have been given all the capabilities, the training, the tools to make themselves future-ready," he told investors.

"Importantly, how can they be on the journey with us, not fighting us, not disenfranchised, not anxious, overwhelmed, and resisting the change.

"Everyone will be given training capabilities, productivity tools, specialised tools, coding assistance, so that they can become a better, more productive, higher performing version of themselves," he added.

Appointed in March as the group's first chief AI officer, David Rice is also tasked with using AI to deliver the lender's wider strategic goals of increasing returns through savings from automating and streamlining processes.

Eldehery noted the bank is deploying AI across multiple functions and business segments and creating more personalised banking services for its customers.

"Imagine we're on-boarding in real time, credit card application approval in real time, wholesale revolving credit facility approval in real time, capital allocation in real time. That's the moonshot," he said.

"And this is where it's not anymore about productivity or cost gains. It's going to be about acquisition of more customers and more revenue."

On Tuesday, Standard Chartered chief executive Bill Winters said at an investor day event that the bank will cut 15 percent, or around 7,800, of its back-office roles by 2030, becoming the first among global lenders to explicitly reveal the impact of AI on labour.

Winters said the jobs affected are mostly non-client facing. 

Separately, Elhedery said the group will be able to achieve its goal of saving US$1.5 billion by June this year, six months ahead of the original plan. (Additional reporting by Reuters)



Edited by Thomas McAlinden]]></description><pubDate>Wed, 20 May 2026 15:02:15 +0800</pubDate></item><item><title><![CDATA[China announces purchase of 200 Boeing aircraft]]></title><guid>https://news.rthk.hk/rthk/en/component/k2/1855373-20260520.htm</guid><link>https://news.rthk.hk/rthk/en/component/k2/1855373-20260520.htm</link><description><![CDATA[China will buy 200 Boeing jets, the Ministry of Commerce announced on Wednesday, days after President Xi Jinping and his US counterpart Donald Trump held talks in Beijing.

Washington will guarantee Beijing a sufficient supply of engines and spare parts under the deal, the ministry said in a statement providing details on the preliminary outcomes of recent China-US economic and trade consultations.

On tariffs, the Ministry of Commerce said the two countries have agreed in principle to discuss a reciprocal tariff reduction framework arrangement on products of equivalent scale worth US$30 billion or more on each side.

The products of respective concern as agreed by both sides are expected to enjoy most-favoured-nation tariff rates or even lower rates, a ministry official said.

Beijing also called for an extension to their tariff truce.

China and the US reached an agreement in Kuala Lumpur last year that extended their truce for a year.

On the supply of rare earths, "both sides will work together to study and resolve each other's legitimate and lawful concerns," the Commerce Ministry statement said. 

"China is willing to work with the United States to jointly create favourable conditions for promoting mutually beneficial cooperation between enterprises of the two countries and ensuring the security and stable operation of global industrial and supply chains," an official added. (Xinhua & agencies)


Edited by Edmond Fong]]></description><pubDate>Wed, 20 May 2026 14:14:09 +0800</pubDate></item><item><title><![CDATA[HK stocks open lower following global bond sell-off]]></title><guid>https://news.rthk.hk/rthk/en/component/k2/1855354-20260520.htm</guid><link>https://news.rthk.hk/rthk/en/component/k2/1855354-20260520.htm</link><description><![CDATA[Hong Kong stocks opened lower on Wednesday, as war-driven inflation fears hammered global bond markets while prompting investors to raise bets of higher interest rates later this year.

The Hang Seng Index opened down 88 points, or 0.3 percent, at 25,709.

The Hang Seng Tech Index lost around 0.3 percent, opening at 4,840.

The declines came as a sell-off in global bond markets persisted overnight with the benchmark US 10-year Treasury yield hitting a 16-month high of 4.687 percent, while the 30-year yield climbed to 5.198 percent, levels not seen since 2007.

Across the border, mainland shares also declined, with the Shanghai Composite Index losing around 0.4 percent to open at 4,152.

The Shenzhen Component Index opened 0.5 percent lower at 15,487.  

Investors have ramped up bets that the US Federal Reserve might need to raise interest rates later this year as inflationary concerns persist with global oil prices staying above US$110 a barrel.

The Strait of Hormuz remained effectively closed and US President Donald Trump said that he might need to strike Iran again, one day after he said he was postponing an imminent attack to allow for more negotiations with Tehran. (Xinhua/Reuters)



Edited by Thomas McAlinden]]></description><pubDate>Wed, 20 May 2026 11:58:49 +0800</pubDate></item><item><title><![CDATA[Oil dips, stocks mixed after Trump delays Iran attack]]></title><guid>https://news.rthk.hk/rthk/en/component/k2/1855309-20260520.htm</guid><link>https://news.rthk.hk/rthk/en/component/k2/1855309-20260520.htm</link><description><![CDATA[Oil prices eased and stocks wavered on Tuesday, with investors tracking a potential deal between the United States and Iran and rising bond yields sounding the alarm on interest rate expectations.

The yield on 30-year US Treasury bonds hit its highest level since during the global financial crisis 19 years ago, hitting as high as 5.19 percent during the session, compared to around 4.6 percent before the US-Israel war on Iran began in February.

The move indicated growing market unease over inflation, energy prices and fiscal worries.

US President Donald Trump said he had held off a major new assault against Tehran as he saw hope for securing an agreement to end the conflict.

Stocks did not get much of a boost from Trump's announcement, however, with Wall Street's major indices closing in the red.

European indices ended the day mixed.

"Investors are showing relief that tensions haven't escalated," said Russ Mould, investment director at AJ Bell.

He added, however, that "oil prices remain at high enough levels to weigh on the global economy."

Brent crude, the international benchmark, hovered at around US$110 a barrel, down from Monday's prices but still up more than 50 percent since the outbreak of the Middle East war.

Investors are also nervously eyeing rising yields for government bonds in major economies, including the United States and Japan, indicating that investors are selling amid fears inflation will hinder economic growth.

"It's really just inflation worries, particularly given that the Strait of Hormuz is still closed," said Sam Burns of Mill Street Research about the drivers of the bond yields.

Burns pointed to US inflation data last week that hit multi-year-highs as being of concern to investors.

Still, with markets not expecting the US Federal Reserve to hike rates until at least next year, Burns said he expected bond yields to have a ceiling on how high they will go.

The divergence between bond investor worries and stock market enthusiasm for strong corporate earnings and the AI-fuelled tech boom is increasingly prompting caution.

Higher bond yields point towards expectations of higher borrowing costs, which could make it more difficult for many firms, in particular for those needing to finance massive investments into AI.

Investors will now be looking to Wednesday's quarterly results from US chip titan Nvidia to see whether huge spending on AI data centres is justified by potential returns.

"The chip giant's outlook for sales and its assessment of the uptake of enterprise AI will be vital for the next stage of the tech trade," said Kathleen Brooks at XTB.

In other corporate news, shares in Standard Chartered slid 2.2 percent after the British bank revealed plans to axe thousands of jobs with a deployment of AI to replace employees in a range of administrative roles.

The Nasdaq fell 0.8 percent, to 25,870, the S&P 500 fell 0.7 percent, to 7,353, while the Dow fell 0.6 percent to 49,363. (AFP)



Edited by Cecil Wong]]></description><pubDate>Wed, 20 May 2026 06:51:31 +0800</pubDate></item><item><title><![CDATA[HK, mainland stocks rise on nuclear deal hopes]]></title><guid>https://news.rthk.hk/rthk/en/component/k2/1855238-20260519.htm</guid><link>https://news.rthk.hk/rthk/en/component/k2/1855238-20260519.htm</link><description><![CDATA[Mainland and Hong Kong stocks rose after US President Donald Trump paused a planned attack on Iran and said there was a good chance of a nuclear deal.

The benchmark Hang Seng Index rose 122 points, or 0.5 percent, to 25,797 on turnover of HK$272.17 billion.

The China enterprises index was 41 points, or 0.5 percent, higher at 8,639 while the tech index was 12 points, or 0.3 percent, up at 4,857. 

Across the border, the Shanghai Composite Index reversed losses to rise 38 points, or 0.9 percent, to 4,169.

The Shenzhen Component Index gained 39 points, or nearly 0.3 percent, to close at 15,569 while the ChiNext was six points, or 0.16 percent, lower at 3,908.

The combined turnover of the two main Shanghai and Shenzhen indexes amounted to 2.89 trillion yuan. 

Semiconductor, electricity, robot and computing power leasing sectors led gains while those related to sports suffered the biggest losses.

In Tokyo, the Nikkei share average surrendered early gains to end 265 points, or 0.44 percent, lower at 60,550 as, like with the Nikkei, technology heavyweights tracked overnight declines in US peers even as positive data prompted investors to buy economically sensitive stocks.

In Seoul, the benchmark Kospi closed down 244 points, or 3.25 percent, at 7,271 as overnight losses in US chip stocks caused investors to book profits from a recent chipmaker-driven rally while their focus was also on Samsung Electronics' pay talks. (Xinhua & Reuters)



Edited by Thomas McAlinden]]></description><pubDate>Tue, 19 May 2026 17:18:36 +0800</pubDate></item><item><title><![CDATA[Samsung Electronics in talks to break strike stalemate]]></title><guid>https://news.rthk.hk/rthk/en/component/k2/1855206-20260519.htm</guid><link>https://news.rthk.hk/rthk/en/component/k2/1855206-20260519.htm</link><description><![CDATA[Samsung Electronics and its South Korean labour union began another round of government-mediated talks on Tuesday to break an impasse in negotiations over pay and bonuses and avert the biggest strike in the tech conglomerate's history.

The two sides are under mounting pressure to prevent an imminent strike by 45,000 workers that could hurt the Korean economy and global supply chains by disrupting chip production. South Korea's prime minister threatened over the weekend to step in through emergency arbitration to resolve the crisis.

Samsung and the labour union remained far apart during talks on Monday, the chairman of the National Labour Relations Commission said. But he said on Tuesday the two sides are narrowing some differences and there is still a possibility that they could reach an agreement.

South Korean business groups urged the union on Monday to drop its strike plan and the government to "immediately" invoke emergency arbitration to suspend the strike.

The strike is scheduled to start on Thursday and last for 18 days at Samsung, which is the world's largest memory chipmaker and accounts for nearly a quarter of Korea's exports.

The strike threat comes amid an acute global shortage in memory chips, which are essential components in artificial intelligence data centres, smartphones and laptops. The shortage has fuelled soaring profits at Samsung and its peers in recent months.

The dispute is the biggest clash between Samsung and its labour union since Samsung Electronics chairman Jay Y Lee pledged to shed its reputation of union-busting activities in 2020, months after the creation of its first labour union.

Samsung is one of the most sought-after workplaces in Korea, but employees were increasingly frustrated with a widening pay gap with smaller rival SK Hynix which took an early lead in supplying high-bandwidth memory for artificial intelligence chip units to Nvidia.

SK Hynix introduced overhauls in pay structure last year, resulting in bonuses more than three times higher than those offered to Samsung workers, accelerating talent defections to SK Hynix and sparking a surge in Samsung union membership, union members said.

Exacerbating workers' ire have been Samsung's record profits as the AI boom drives up demand for chips.

The union has demanded Samsung abolish a bonus cap of 50 percent on annual salaries, allocate 15 percent of annual operating profit to a bonus pool shared by workers and formalise this in contracts.

Samsung has proposed that memory chip workers receive "special" bonuses that would top those of SK Hynix employees, while maintaining the bonus cap.

On Saturday, Lee apologised to customers and the public over the labour dispute in his first public comments on the issue. Samsung's customers include Alphabet, Apple, Amazon and Nvidia.

A court on Monday partially granted Samsung's request for an injunction, ruling that essential staffing levels at some production facilities must be maintained during any industrial action. (Reuters)



Edited by Thomas McAlinden]]></description><pubDate>Tue, 19 May 2026 11:53:10 +0800</pubDate></item><item><title><![CDATA[HK stocks mixed as US chip losses take toll on region]]></title><guid>https://news.rthk.hk/rthk/en/component/k2/1855192-20260519.htm</guid><link>https://news.rthk.hk/rthk/en/component/k2/1855192-20260519.htm</link><description><![CDATA[Hong Kong and mainland stocks were mixed on Tuesday as overnight losses in US chip stocks triggered investors to book profits from a recent chipmaker-driven rally.

The benchmark Hang Seng Index opened up 18 points, or 0.07 percent, at 25,693.

The China enterprises index was down five points, or 0.07 percent, at 8,592 while the tech index was down six points, or 0.14 percent, at 4,838.

On the mainland, the benchmark Shanghai Composite Index opened down 0.21 percent at 4,122.

The Shenzhen Component Index opened 0.39 percent lower at 15,469 while the ChiNext Index was down 0.53 percent at 3,894.

In Tokyo, the Nikkei opened 387 points, or 0.64 percent, higher at 61,202 before reversing direction to be 386 points, or 0.64 percent, down at 60,429 at one point before noon.

In Seoul, the Kospi opened down 90 points, or 1.2 percent, at 7,425 and lost further ground to be 320 points, or 4.26 percent, in the red at 7,195 at one point before midday. (Xinhua & Reuters)



Edited by Altis Wong]]></description><pubDate>Tue, 19 May 2026 11:05:26 +0800</pubDate></item><item><title><![CDATA[Jury says Musk's blockbuster OpenAI suit 'too late']]></title><guid>https://news.rthk.hk/rthk/en/component/k2/1855150-20260519.htm</guid><link>https://news.rthk.hk/rthk/en/component/k2/1855150-20260519.htm</link><description><![CDATA[A federal jury ruled on Monday that Elon Musk waited too long to sue OpenAI and its co-founders, delivering a decisive victory to OpenAI CEO Sam Altman and ending one of Silicon Valley's most closely watched courtroom battles.

The jury in Oakland federal court found that Musk's claims against Altman, OpenAI President Greg Brockman, The OpenAI Foundation and Microsoft were barred by relevant statutes of limitations, rejecting the billionaire's core arguments.

Judge Yvonne Gonzalez Rogers, who had asked the jury to advise her on the matter, accepted and confirmed the verdict.

The three-week trial saw a parade of tech titans take the stand, with Musk arguing that OpenAI's pivot to a profit-driven business betrayed its original non-profit mandate.

The outcome spares OpenAI from a potentially existential legal threat.

Had Musk prevailed, he was seeking to force the company to revert to its non-profit structure – a move that would have derailed its planned IPO and unwound ties to major investors including Microsoft, Amazon and SoftBank, who have poured billions into the company amid the global AI race.

Musk, the world's richest person, had sued OpenAI over its transformation from a scrappy non-profit into the US$850 billion juggernaut behind ChatGPT, claiming Altman and Brockman improperly used a US$38 million donation he had intended to sustain OpenAI as a research lab devoted to developing AI for the benefit of humanity.

The jury first had to resolve a threshold issue: whether Musk, who filed suit in 2024 – four years after his last contribution – had done so within the statutory time limit.

It found he had not, ending the case before jurors could weigh the underlying merits.

The judge had ruled ahead of deliberations that the jury's verdict on the statute of limitations would be advisory, but said she would likely follow its recommendation.

Had the case proceeded, jurors – and ultimately the judge – would have determined whether OpenAI's co-founders misappropriated Musk's donations and broke promises to him in order to pursue a commercial path and enrich themselves.

Closing arguments had centred heavily on Altman's integrity and behind-the-scenes manoeuvring that rankled colleagues. Musk attorney Steven Molo attacked Altman's credibility, invoking OpenAI's founding vision.

"A non-profit devoted to the safe development of artificial intelligence, open sourced as practical, for the benefit of humanity. You know, we're supposed to buy that," Molo said on Thursday.

OpenAI attorney Sarah Eddy countered with an attack on Musk himself, pointing to testimony from Shivon Zilis – a business associate of Musk with whom he has four children – who had served as an intermediary between the tech executives.

"Even the people who work for him, even the mother of his children, can't back his story," Eddy said.

As Judge Gonzalez Rogers noted during the trial, the case had in many ways come down to a simple question: who to believe among the bickering billionaires.

Musk left OpenAI in 2018 and has since pursued AI projects through his rocket company SpaceX, while his AI start-up xAI has struggled to gain traction against OpenAI and Anthropic, another prominent California-based company.

Altman, who was fired unexpectedly by OpenAI's board in November 2023 for a lack of candour before being reinstated under pressure from employees, emerged from the trial with allegations of manipulation and a toxic work culture largely unresolved by the verdict.

Microsoft, OpenAI's largest private backer with US$13 billion committed, was also spared.

Musk's accusation that the Windows-making giant was liable for aiding and abetting the alleged breach of charitable trust fell away once the underlying case was ruled invalid. (AFP)



Edited by Cecil Wong]]></description><pubDate>Tue, 19 May 2026 07:01:37 +0800</pubDate></item><item><title><![CDATA[Shaky day on Wall Street leaves stocks down, oil up]]></title><guid>https://news.rthk.hk/rthk/en/component/k2/1855155-20260519.htm</guid><link>https://news.rthk.hk/rthk/en/component/k2/1855155-20260519.htm</link><description><![CDATA[The Nasdaq and the benchmark S&P 500 closed lower on Monday as investors took some profits in technology stocks while surging Treasury yields and high oil prices fuelled concerns that inflation and borrowing costs could stay elevated.

The 10-year Treasury yield, the benchmark for global borrowing costs, climbed to its highest level since February 2025 earlier in the day on worries that high inflation would keep borrowing costs elevated due to the disruption of oil shipping through the Strait of Hormuz. 

US crude settled up more than 3 percent after a volatile session. But oil pared gains after settlement and US stocks trimmed losses after US President Donald Trump said he had paused a planned attack against Iran to allow for negotiations to take place on a deal to end the US-Israeli war on Iran, after Iran sent a new peace proposal to Washington. But he added the United States was ready to resume attacks in the absence of a deal.

"It seems like the one issue that's been moving markets on a day-to-day basis is oil prices. The main variable is the blockade on the Strait of Hormuz that pushes oil higher and increases the risk in the longer run of inflation expectations becoming unanchored," said Burns McKinney, portfolio manager at NFJ Investment Group in Dallas, adding that high yields put pressure on long-duration sectors like the technology and "high-flying chip stocks."

Equity investors seem "more optimistic and trusting of the president than bond investors," according to McKinney, who said: "It seems like every other day there might be some rumour of a deal being struck in Iran and stocks rally again. They believe it and they kind of have the rug yanked out from under them because it just continues to be a stalemate."

The Nasdaq fell 0.5 percent, to 26,090, the S&P 500 fell 0.1 percent, to 7,403, while the Dow rose 0.3 percent, to 49,686. (AFP)



Edited by Cecil Wong]]></description><pubDate>Tue, 19 May 2026 06:52:55 +0800</pubDate></item><item><title><![CDATA[Weaker activity weighs on HK, mainland markets]]></title><guid>https://news.rthk.hk/rthk/en/component/k2/1855100-20260518.htm</guid><link>https://news.rthk.hk/rthk/en/component/k2/1855100-20260518.htm</link><description><![CDATA[Mainland and Hong Kong stocks ended lower on Monday as investor focus shifted from US-China talks to escalating tensions in the Middle East and a global bond selloff, while a string of weaker-than-expected activity data also weighed on sentiment.

The benchmark Hang Seng Index ended 287 points, or 1.1 percent, down at 25,675 on turnover of HK$292.71 billion.

The China enterprises index was 93 points, or 1.1 percent, down at 8,597 while the tech index was 96 points, or 1.9 percent, down at 4,844.

Up north, the benchmark Shanghai Composite Index ended down almost four points, or 0.09 percent, at 4,131 on turnover of 1.32 trillion yuan.

The Shenzhen Component Index closed 31 points, or 0.2 percent, lower at 15,530 on turnover of 1.58 trillion yuan while the ChiNext Index lost 14 points, or 0.36 percent, end at 3,914 on turnover of 757.35 billion yuan.

In Tokyo, the benchmark Nikkei 225 Index fell 593 points, or 0.97 percent to close at 60,815 while the broader Topix slid 37 points, or 0.97 percent, to 3,826.

In Seoul, the benchmark Kospi closed up 22 points, or 0.31 percent at 7,516 after falling up to 4.68 percent earlier in the day, triggering a "sidecar" trading curb.

Market sentiment weakened after data showed China's growth lost momentum in April, with industrial output and retail sales both missing expectations as the world's second-largest economy grappled with higher energy costs from the Iran war and persistently weak domestic demand.

Fresh attacks in the Gulf pushed oil prices and bond yields higher, further dampening investors' risk appetite.

A drone strike caused a fire at a nuclear power plant in the United Arab Emirates, while Saudi Arabia said it intercepted three drones. 

US President Donald Trump also warned Iran to move "fast" on a deal.

Investors are increasingly concerned that central banks may tighten policy further to contain inflation pressures, overshadowing the Trump-Xi summit, which produced limited concrete outcomes.

"In our view, the summit delivered short-term stabilisation for both leaders," Nomura economist Lu Ting said, referring to a new paradigm described by Washington as a pragmatic arrangement and by Beijing as a "constructive strategic stability US-China Relationship".

"We believe the summit is overall a success, though it might disappoint some people who had too high expectations right before the summit."

China-listed agriculture stocks fell more than two percent after the White House said Beijing committed to buying at least US$17 billion worth of US agricultural products annually from 2026 to 2028.

In contrast, Chinese chipmakers rose after US officials indicated during the two-day summit in Beijing last week that semiconductor export controls were not a key issue, suggesting any breakthrough on Nvidia's H200 chip sales to China remained distant. (Reuters/Xinhua)


Edited by Tony Sabine]]></description><pubDate>Mon, 18 May 2026 16:46:56 +0800</pubDate></item><item><title><![CDATA[China factory output up 5.6pc, retail sales up 1.9pc]]></title><guid>https://news.rthk.hk/rthk/en/component/k2/1855065-20260518.htm</guid><link>https://news.rthk.hk/rthk/en/component/k2/1855065-20260518.htm</link><description><![CDATA[China's value-added industrial output increased by 5.6 percent year on year in the first four months of 2026, official data showed on Monday while retail sales of consumer goods, a major indicator of the country's consumption strength, expanded 1.9 percent.

In April alone, output grew 4.1 percent year on year and 0.05 percent compared to the previous month, according to data released by the National Bureau of Statistics.

Industrial output is used to measure the activity of large enterprises each with an annual main business turnover of at least 20 million yuan.

In terms of sectors, the value added output of the mining sector increased by 5.5 percent year on year in the first four months of the year, while that of the manufacturing sector grew by 5.8 percent.

The value-added output of the electricity, heat, gas and water production and supply sectors went up by 4.5 percent.

On consumer price increases, a statistician from the bureau said they were affected by fluctuations in international crude oil prices but that the will and capacity of people to spend needed improvement.

Fixed-asset investment dropped 1.6 percent in the first four months to 14.13 trillion yuan.

Infrastructure investment grew 4.3 percent while manufacturing investment increased 1.2 percent.

Excluding the property sector, fixed-asset investment rose 1.3 percent while investment in property development slumped 13.7 percent.

The surveyed urban unemployment rate in China stood at 5.2 percent in April, 0.2 percentage points lower than that in March. (Xinhua)


Edited by Tony Sabine]]></description><pubDate>Mon, 18 May 2026 11:42:39 +0800</pubDate></item><item><title><![CDATA[HK stocks slip as new drone attacks weigh on markets]]></title><guid>https://news.rthk.hk/rthk/en/component/k2/1855058-20260518.htm</guid><link>https://news.rthk.hk/rthk/en/component/k2/1855058-20260518.htm</link><description><![CDATA[Asia share markets slipped on Monday as fresh drone attacks in the Gulf pushed up oil prices and bond yields, while the AI boom is set to be tested by earnings from tech diva Nvidia this week.

In Hong Kong, the benchmark Hang Seng Index opened down 123 points, or 0.48 percent, at 25,838.

The China enterprises index was down 43 points, or 0.5 percent, at 8,647 while the tech index was down 43 points, or 0.88 percent, at 4,897.

On the mainland, the benchmark Shanghai Composite Index opened down 0.37 percent at 4,120.

The Shenzhen Component Index was 0.62 percent lower at 15,465 while the ChiNext Index was down 0.87 percent at 3,895.

In Tokyo, the Nikkei opened down 109 points, or 0.2 percent, at 61,299 before its losses widened to 573 points, or 0.93 percent, at 60,835 at one point before noon.

In Seoul, the Kospi opened down almost 50 points, or 0.67 percent, at 7,443 before regaining ground to hover 83 points, or 1.11 percent, at 7,576 at one point before noon.

The opening losses came after a drone strike caused a fire at a nuclear power plant in the United Arab Emirates, while Saudi Arabia reported intercepting three drones, as US President Donald Trump warned that Iran must act "fast" to reach a deal.

Meanwhile, the vital Strait of Hormuz remains closed to all but a trickle of shipping as Tehran tries to formalise its control of the waterway that used to carry 20 percent of the world's oil trade.

"The closure is draining global oil inventories fast," warned analysts at Capital Economics. 

"Inventories could reach critical levels by end-June, setting the stage for Brent at US$130-US$140 per barrel, if not higher."

"If the strait is closed through year-end and oil stays around US$150 per barrel into 2027, that would push inflation to near 10 percent in the UK and euro zone, send rates back to their recent peaks and lead to global recession." (Reuters/Xinhua)


Edited by Tony Sabine]]></description><pubDate>Mon, 18 May 2026 11:15:42 +0800</pubDate></item><item><title><![CDATA[Stocks and bonds fall on Iran war inflation fears]]></title><guid>https://news.rthk.hk/rthk/en/component/k2/1854878-20260516.htm</guid><link>https://news.rthk.hk/rthk/en/component/k2/1854878-20260516.htm</link><description><![CDATA[The US stock market fell from its records on Friday and joined a worldwide drop for stocks after higher oil prices sent a shiver through the bond market. Stocks that had been caught up in the euphoria around artificial-intelligence technology led the way lower.

The S&P 500 fell 1.2 percent from its all-time high set the day before. The Dow Jones Industrial Average dropped 537 points, or 1.1 percent, and the Nasdaq composite sank 1.5 percent from its own record.

Technology stocks tumbled in a sharp turnaround from their meteoric rises for much of the year, which had carried markets worldwide to records but also raised criticism that they had gone too far.

Nvidia, the stock that quickly became the face of the AI revolution, dropped 4.4 percent and was the heaviest weight on the S&P 500. It had come into the day with a gain of more than 26 percent for the year so far.

Micron Technology was another one of the heaviest weights on the market after falling 6.6 percent. It’s nevertheless still up nearly 154 percent for the year so far.

“To us, it looks like markets have pushed into overbought territory,” according to Brian Jacobsen, chief economic strategist at Annex Wealth Management. He said the strong corporate profits and durable US economy that launched US stocks to records remain intact, but “the path is unlikely to be smooth. Periods like this call for discipline more than hope.”

In the meantime, rising oil prices are raising the pressure after already worsening inflation by more than economists had feared. The war with Iran is continuing, and the Strait of Hormuz remains shut to oil tankers, which is preventing them from delivering crude to customers worldwide and driving up oil’s price.

The price for a barrel of Brent crude oil, the international standard, rose 3.3 percent to settle at US$109.26 and is well above its level of roughly US$70 from before the war.

Many big US companies have been saying their customers have been able to keep spending on their products and services despite having to pay higher prices for gasoline. But US households have also been telling surveys they’re feeling discouraged about the economy and the pressures building on them because of the war and tariffs.

The worries were most clear Friday in the bond market, where Treasury yields climbed. The yield on the 10-year Treasury rose to 4.59 percent from 4.47 percent late on Thursday. That’s a notable move for the bond market, and it’s well above its 3.97 percent level from before the war.

The yield on the 30-year Treasury reached 5.13 percent and is back to where it was in 2007, before the financial crisis sent yields crashing toward zero in the ensuing year.

Higher yields can make mortgages and other kinds of loans going to US households and businesses more expensive, which slows the economy. They also tend to push downward on prices for stocks and all kinds of other investments.

Stocks of smaller companies had some of Friday’s sharpest drops. Many of them need to borrow cash to grow, which means higher borrowing costs can hurt them more than their big rivals. The Russell 2000 index of the smallest US stocks fell 2.4 percent, double the S&P 500’s loss.

All told, the S&P 500 fell 92.74 points to 7,408.50. The Dow Jones Industrial Average dropped 537.29 to 49,526.17, and the Nasdaq composite sank 410.08 to 26,225.14.

Yields have been climbing since the war on worries about higher inflation and how it may tie the Federal Reserve’s hands when it comes to short-term interest rates. Not only have traders abandoned virtually all expectations that the Fed will resume its cuts to interest rates this year, they’ve been building some bets that it may even hike rates in 2026, according to data from CME Group.

A couple of reports on the US economy that came in better than expected also helped to lift yields. One said US industrial production improved by more last month than economists expected, while another said manufacturing in New York state is expanding at a faster rate.

In stock markets abroad, indexes fell by more than 1.5 percent across much of Europe and Asia.

South Korea’s Kospi dropped 6.1 percent for one of the biggest moves. It’s set records this year because of the influence of AI beneficiaries like SK Hynix. But it quickly reversed momentum Friday after briefly topping the 8,000 level for the first time.

Some on Wall Street have been warning about a possible break in momentum for tech stocks in general and AI winners in particular.

“If nothing else this should be a ‘shot across the bow’ for how volatility works both ways,” according to Jonathan Krinsky, chief market technician at BTIG.


Edited by Robert Kemp]]></description><pubDate>Sat, 16 May 2026 07:19:22 +0800</pubDate></item><item><title><![CDATA[HK stocks slip as summit ends with dearth of deals]]></title><guid>https://news.rthk.hk/rthk/en/component/k2/1854821-20260515.htm</guid><link>https://news.rthk.hk/rthk/en/component/k2/1854821-20260515.htm</link><description><![CDATA[Mainland stocks fell on Friday amid a broader market selloff as a two-day summit between President Xi Jinping and his US counterpart, Donald Trump, produced few deals between the world's top two economies to excite investors.

In Hong Kong, the benchmark Hang Seng Index dropped 426 points, or 1.6 percent, to 25,962 on turnover of HK$325.39 billion.

The China enterprises index was 167 points, or 1.9 percent, down at 8,691 while the tech index was 135 points, or 2.7 percent, lower at 4,941.

Up north, the benchmark Shanghai Composite Index ended down 42 points, or 1.02 percent, at 4,135.

The Shenzhen Component Index closed 184 points, or 1.17 percent, lower at 15,561 while the ChiNext closed 22 points, or 0.56 percent, at 3,929.

China’s blue-chip CSI300 Index too fell over one percent as investors' euphoria over tech stocks gave way to inflation fears amid rising wagers of US rate hikes this year.

In Tokyo, the Nikkei reversed early gains of up to 0.9 percent to end the day down 1,244 points, or two percent, sending the benchmark index to a weekly loss as traders took profits on high-flying tech shares heading into the weekend.

In Seoul, the Kospi fell sharply to end 488 points, or 6.12 percent, at 7,493, reversing early gains that had lifted the benchmark index to record highs, as falling chipmakers broke a five-week run of gains. 

The South Korean benchmark ended the week 0.1 percent lower.

The losses came as Trump and Xi concluded on Friday their two-day summit.

"I think we were optimistically looking at the meeting and maybe half expecting some huge trade agreement to be proposed or announced, and from that view, it has disappointed," said Nick Twidale, chief market analyst at ATFX Global.

It was undecided whether the October trade truce will be extended after it expires later this year, US Trade Representative Jamieson Greer told Bloomberg TV on Friday, but added that deals had been firmed up on Chinese purchases of farm goods and beef.

Investor attention will be on whether detailed agreements are announced now that the summit is over.

"This [summit] was not a meeting aimed at a full reset of US-China relations," said Cliff Zhao, chief economist at CCB International.

It was more about promoting high-level communication, reducing near-term uncertainty, and setting clearer boundaries for competition, he said. (Reuters/Xinhua)


Edited by Tony Sabine]]></description><pubDate>Fri, 15 May 2026 16:48:46 +0800</pubDate></item><item><title><![CDATA[HK and mainland stocks flat as summit draws to a close]]></title><guid>https://news.rthk.hk/rthk/en/component/k2/1854769-20260515.htm</guid><link>https://news.rthk.hk/rthk/en/component/k2/1854769-20260515.htm</link><description><![CDATA[Hong Kong and mainland stocks opened largely flat on Friday as a summit between President Xi Jinping and his US counterpart Donald Trump entered into its final day.

In Hong Kong, the benchmark Hang Seng Index opened up one point at 26,391.

The China enterprises index was down 23 points, or 0.26 percent, at 8,835 while the tech index was six points, or 0.13 percent, lower at 5,069.

On the mainland, the Shanghai Composite Index opened down three points, or 0.09 percent, at 4,174. 

The Shenzhen Component Index opened up seven points, or 0.05 percent, at 15,753 while the ChiNext Index opened up six points, or 0.17 percent, at 3,957.

Xi and Trump are scheduled to have tea and lunch before the US president flies home.

Trump was informed by Xi on Thursday that negotiations on trade issues had reached "balanced and positive outcomes".

Gary Tan, portfolio manager at Allspring Global Investments, said the summit could act as a strategic springboard for further engagement. 

"As market expectations for any immediate breakthrough entering the summit are already low, any signs of incremental progress should be taken positively by the market," Singapore-based Tan said.

Trump told Fox News Channel that China has agreed to buy 200 Boeing jets, a number that was far fewer than analysts had expected.

It was undecided whether the trade truce will be extended after it expires later this year, US Trade Representative Jamieson Greer told Bloomberg TV on Friday, but added deals had been firmed up on Chinese purchases of farm goods, beef and Boeing aircraft.

In Tokyo, the Nikkei was 767 points, or 1.23 percent, down at 61,886 at one point before midday. 

In Seoul, the Kospi was 176 points, or 2.21 percent, lower at 7,804 at one point before lunch after opening down 29 points, or 0.37 percent, at 7,951 and hitting a high past the 8,000 mark. (Reuters & Xinhua)

Edited by Robert Kemp]]></description><pubDate>Fri, 15 May 2026 10:36:33 +0800</pubDate></item><item><title><![CDATA[Tech stocks rally rolls on as US-China talks underway]]></title><guid>https://news.rthk.hk/rthk/en/component/k2/1854736-20260515.htm</guid><link>https://news.rthk.hk/rthk/en/component/k2/1854736-20260515.htm</link><description><![CDATA[US and European stock markets climbed on Thursday with Wall Street indices notching fresh records as a tech-fuelled rally rolled on while President Xi Jinping welcomed his US counterpart Donald Trump in Beijing.

In the latest sign of bullishness towards artificial intelligence, Cisco Systems surged 13.4 percent after lifting its earnings report while semi-conductor start-up Cerebras piled on 68.2 percent in its debut session on the Nasdaq.

"The sentiment remains predominantly bullish," said Briefing.com analyst Patrick O'Hare. "You have a market that continues to press ahead despite a lot of calls about it being over-extended on a short-term basis and due for a pull-back."

All three major US indices finished solidly higher, with the S&P 500 and Nasdaq ending at new all-time highs.

"Everybody's asking the same question: how much longer does this (rally) go on? There's a lot of people that are loving this rally, but they're also antsy at the same time," said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. "You have to be in it to win it, not just sitting on the sidelines watching the market go to all-time highs."

In Beijing, Xi greeted Trump with a red-carpet welcome at the opulent Great Hall of the People, with military band fanfare, a 21-gun salute and schoolchildren chanting "Welcome!"

Trump's entourage included Tesla CEO Elon Musk and Jensen Huang, chief executive of artificial-intelligence chipmaker Nvidia.

Nvidia's shares closed 4.4 percent higher after the US cleared the sales of the company's H200 chips to Chinese firms.

On the economic front, retail sales were in line with expectations, but propped up by rising gasoline prices resulting from the Iran war. Gasoline was largely responsible for the biggest jump in import prices since October 2022.

A series of inflation reports this week showed the risk of spiking energy costs metastasising to other goods and services, extinguishing hopes for near-term rate cuts from the US Federal Reserve.

European equities finished the day higher, with London advancing 0.5 percent after data showed the UK economy had a solid start to the year, though the Middle East war and political turmoil threatened to cloud the outlook.

The British pound fell against both the dollar and the euro as pressure builds on British Prime Minister Keir Starmer.

Britain's health minister Wes Streeting resigned while Greater Manchester mayor Andy Burnham unveiled a bid to return to parliament, as political manoeuvring increased to oust Starmer.

Frankfurt won more than one percent and Paris gained 0.9 percent, lifted by tech stocks.

The S&P 500 rose 0.8 percent, to 7,501, the Nasdaq rose 0.9 percent, to 26,635, while the Dow rose 0.8 percent, to 50,063. (Agencies)



Edited by Cecil Wong]]></description><pubDate>Fri, 15 May 2026 07:16:08 +0800</pubDate></item><item><title><![CDATA[Gas prices drive up US consumer spending in April]]></title><guid>https://news.rthk.hk/rthk/en/component/k2/1854722-20260514.htm</guid><link>https://news.rthk.hk/rthk/en/component/k2/1854722-20260514.htm</link><description><![CDATA[Rising gas prices drove up US consumer spending in April even as overall consumption slowed, according to official data released on Thursday.

Retail sales totalled US$757.1 billion in the United States in April, up 0.5 percent from the previous month and 4.9 percent year-on-year.

That represents a sharp slowdown from March, when spending rose 1.6 percent compared to February numbers. The data is nevertheless in line with market expectations.

The broad index of retail and food sales includes in-store purchases, dining out, gas purchases and more. It is not adjusted for inflation, which accelerated sharply over the period.

This implies that, while Americans spent more, they did not necessarily purchase more goods and services by volume.

US consumers are facing soaring prices at the pump due to the repercussions of the war in the Middle East. Their spending at gas stations increased by nearly 21 percent compared to last year, Thursday's data showed. (AFP)]]></description><pubDate>Thu, 14 May 2026 22:57:09 +0800</pubDate></item><item><title><![CDATA[BPA calls for IPO market reform]]></title><guid>https://news.rthk.hk/rthk/en/component/k2/1854720-20260514.htm</guid><link>https://news.rthk.hk/rthk/en/component/k2/1854720-20260514.htm</link><description><![CDATA[The Business and Professionals Alliance for Hong Kong (BPA) on Thursday called for reforms to boost the SAR's stock market, including raising the local subscription rate for IPOs to up to 10 percent and overhauling the listing mechanism, to attract global capital. 

In a report released on Thursday, the BPA outlined a series of recommendations spanning from attracting family offices and overseas investments to assisting mainland enterprises to go overseas and more.

The alliance's Priscilla Leung suggested loosening the IPO listing threshold, simplifying listing procedures and shortening handling times for applications and expanding channels to draw in more listings.

Additional proposals include developing Hong Kong as a stablecoin hub, developing green finance and fintech upgrades, further developing the offshore RMB market and improving Belt and Road ties.

Leung also pointed out that geopolitical tension in the Middle East can bring more capital and opportunities to Hong Kong.

Meanwhile, BPA chairman Jimmy Ng said the report aligns with the country's 15th Five-Year Plan.

He added that the report's suggestions could help cement the city's edge as an international capital safe haven.

Edited by Aaron Tam]]></description><pubDate>Thu, 14 May 2026 21:52:36 +0800</pubDate></item><item><title><![CDATA[HK stocks end flat as mainland retreats amid summit]]></title><guid>https://news.rthk.hk/rthk/en/component/k2/1854683-20260514.htm</guid><link>https://news.rthk.hk/rthk/en/component/k2/1854683-20260514.htm</link><description><![CDATA[Mainland stocks ended sharply down on Thursday while their Hong Kong counterparts were mixed as President Xi Jinping hosted his US counterpart Donald Trump for a key summit.

The benchmark Hang Seng Index ended flat with a meagre rise of less than a point to 26,389 on high turnover of HK$306.7 billion.

The China enterprises index was down 17 points, or 0.2 percent, at 8,858 while the tech index was down 17 points, or 0.35 percent, at 5,076.

On the mainland, the benchmark Shanghai Composite Index ended down 64 points, or 1.52 percent, at 4,177.

The Shenzhen Component Index was 344 points, or 2.14 percent, lower at 15,745 while the ChiNext Index lost 87 points, or 2.16 percent, to 3,951.

Investors had very low expectations from the summit, but hoped for at least reassurances about an extension of a Sino-US trade tariff truce and no surprise blowups.

"Beijing is adopting a wait-and-see mode, given the 'better than expected' first-quarter [economic] growth ... Beijing's focus for the summit is not on deliverables but on optics, aiming to project stability and predictability to both international and domestic audiences," said Larry Hu, chief China economist at Macquarie.

In Tokyo, the Nikkei hit a record high of 63,799 before falling into negative territory and ending down 618 points, or 0.98 percent, at 62,654 as concerns about inflation and rising interest rates overwhelmed enthusiasm over technology stocks.

In Seoul, the Kospi posted a record close of 7,981 on gains of 137 points or 1.75 percent as chipmaker Samsung Electronics touched an all-time high after the country's finance minister vowed efforts to prevent a labour strike. (Reuters/Xinhua)


Edited by Tony Sabine]]></description><pubDate>Thu, 14 May 2026 17:25:29 +0800</pubDate></item><item><title><![CDATA[AA in talks with New World on 11 Skies project]]></title><guid>https://news.rthk.hk/rthk/en/component/k2/1854691-20260514.htm</guid><link>https://news.rthk.hk/rthk/en/component/k2/1854691-20260514.htm</link><description><![CDATA[The Airport Authority (AA) on Thursday said it is in close contact with developer, New World Development, over the 11 Skies project, ahead of the opening of the new Terminal 2 later this month.

The 11 Skies project is a mega complex located near Hong Kong International Airport and the Hong Kong-Zhuhai-Macao Bridge and was launched by New World Development. 

It was originally designed to house over 800 stores as well as eight world-class themed attractions. 

It was set to become the city's largest shopping mall upon completion, covering a gross floor area of 3.88 million square feet.

Local media reports suggested that 70 percent of the project's space had been taken over by the Airport Authority, citing sources familiar with the matter.

But in a statement, New World Development said no agreement had been reached with the AA regarding the project, though it added discussions were still "ongoing".

"The company has been in discussions with AA to revisit and/or explore any possibility for changes in the contractual arrangements relating to the '11 Skies' project," it said in a filing.

It also said it is aware of the media speculation over the group's financial arrangements, as well as potential investment into the group and the 11 Skies project, but said there were no "material developments" and "no agreement has been reached with any potential investor".

The remarks came as earlier media reports noted the developer was exploring the sale of the retail and dining portion of the 11 Skies development to ease financial pressure on the group.

In reply to media inquiries, the Airport Authority also noted it is in close communication with the developer over the matter, adding the 11 Skies mall could offer synergies for the development of Skytopia.

Skytopia is a HK$100 billion mega project that aims to transform the area around the airport into a world-class destination for tourism as well as business activities, linking the city and the Greater Bay Area.

The AA said that it is going "full steam" ahead with the development of Skytopia, whose core components include the marina and the AsiaWorld-Expo extension, and it expects these to be completed by 2028.

The AA added that 2028 would also be a good timing for the 11 Skies to begin phased operations, in coordination with Skytopia.

Located adjacent to Terminal 2, 11 Skies was scheduled to open in phases between 2022 and 2025, but most of the storefronts are currently boarded up.

Terminal 2 is due to open on May 27th.

New World Development previously won the design, build and operate contract for the 11 Skies project in 2018, with total investment exceeding HK$20 billion.


Edited by Tony Sabine]]></description><pubDate>Thu, 14 May 2026 16:53:32 +0800</pubDate></item></channel></rss>
