Adani shares volatile as group refutes short-seller reports, Chinese shares primed for bull market

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Adani Enterprises ticks on while group affiliates continue to collapse

shares of Adani Enterprises Shares rallied 10% after seeing sharp losses in previous sessions as its chief financial officer expressed confidence in its follow-on public offering that is set to close on January 31.

The stock is still down more than 20% in the first month the year.

China will ‘probably take a decade’ to catch up with advanced chip technology: analyst

Daniel Neumann, founding partner and principal analyst at Futurum Research, told CNBC it could take a decade for China to catch up on advanced chip technology, as the and Japan join the US in imposing sanctions.Street Signs Asia” monday.

Two advanced equipment makers agreed on Friday to join the US in restricting exports some chip-making machinery to China. Bloomberg reported,

A top China supplier is Dutch firm ASML, which makes the deep ultraviolet (DUV) lithography systems needed to make the most advanced chips.

Its CEO Paul Weinnick said China accounted for about 15% For sale in 2022.

“The advanced lithography machines made by ASML are the most advanced in the world. It’s not something any other company can start making right now. If China really sets its mind to it it will probably take a decade.” Newman said.

-Sheila Chiang

Adani Group CFO says ‘confident’ on secondary share sale

Adani Group Chief Financial Officer Jugshinder Singh said on Monday that he is confident Adani EnterprisesThe Follow-on Public Offering will be fully subscribed.

$2.5 billion in secondary share sales covered by a path The group’s affiliate shares fell for a second session in a row after short seller firm Hindenburg accused the group of “engaging in a brazen stock manipulation and accounting fraud scheme spanning decades.”

Singh said in an interview with CNBC affiliate CNBC-TV18 that the value Adani Enterprises has not changed “only because” the share price has fluctuated, instead linking it to “the potential to start new businesses”. Is contained.

He said that the Hindenburg report was “simply a lie” and that the timing the report was “malicious”.

Published by Adani Group long response In more than 400 pages Hindenburg’s report over the weekend, it said it would exercise its authority to “pursue measures” to protect its stakeholders “before all appropriate authorities”.

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Hindenburg Monday morning called the group’s response “bloated” and claimed it “ignores every major allegation” against the group that it raised.

– Jihye Li

Week ahead: China PMI release, Federal Reserve meeting

A batch economic data will be released this week in the Asia Pacific region, as the US Federal Reserve begins its two-day FOMC meeting on Tuesday. The central bank will announce its interest rate decision at the end of the meeting on Wednesday.

China’s National Bureau Statistics released its Purchasing Managers’ Index on Tuesday, which economists polled by Reuters expected to see a reading of 49.8, slightly below the 50 mark that separates growth from contraction.

Japan’s unemployment and industrial production prints are also due to be published on the same day. Readings South Korea’s industrial production will also be released.

On Wednesday, Malaysia has a market holiday, while Indonesia will release its latest inflation data.

Australia’s building approval print and South Korea’s inflation reading will be released on Thursday.

On Friday, Hong Kong will publish its latest retail sales data.

– Jihye Li

RBC Capital Markets estimates that oil will reach $100 a barrel by the second half of 2023

According to Michael Tran of RBC Capital Markets, oil prices could reach $100 a barrel in the second half of the year.

“The bottom line is that China is going to buy a lot of crude over the course of the next several months,” he said.

Brent Crude futures last traded at $86.85 a barrel, while the U.S. West Texas Intermediate Futures rose 0.09% to $79.75 a barrel.

Investors and OPEC+ will also be waiting to see if the European Union imposes sanctions on Russian oil products. that starts this sunday, Will cause some major disruption. The oil cartel is not expected to make any real changes to its quotas or production guidance in the upcoming meeting, according to Tran’s forecast.

-Lee Ying Shan

China’s A shares rise, consumer cyclicals and basic materials lead gains

China’s CSI 300 rose 2% at the open, led by consumer cyclicals, basic materials and industrials, according to Refinitiv data.

Mainland-listed shares of BYD jump of over 6%, lens technology gained more than 15%, and Yunnan Energy New Materials grew nearly 10%.

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Contemporary Ampirex Technology Co. Ltd. 5.9% more quecho mutai increased by 1.65%.

– Jihye Li

China shares ready to enter bull market on return from New Year holiday

China’s CSI 300, which tracks mainland-listed shares, looks set to enter a bull market as trading resumes later in the day.

According to data from Refinitiv, the CSI 300 gained 19.18% from its low seen on 31 October. It ended its last trading session on January 20 at 4,181.53.

a Bull market Defined as a market period where the stock has risen at least 20% from its most recent lows.

ChinaAMC CSI 300 Index ETFwhich tracks the performance of the index, was up 23% from last October’s low.

Out of stock after winning week

All the major averages ended the week on a winning note on Friday.

For the session, the Nasdaq Composite jumped 0.95% to close at 11,621.71, while the S&P 500 rose 0.25% to 4,070.56. The Dow Jones Industrial Average rose 28.67 points, or 0.08%, to close at 33,978.08.

-Samantha Subin

Michigan Consumer Sentiment Index came in higher than expected

Consumer sentiment data from the University of Michigan for January came in stronger than expected.

The January reading came in at 64.9, slightly above a consensus estimate of 64.6 from economists provided by Dow Jones. The index measures the outlook for current and future economic conditions.

— Alex Harring

The S&P 500 is up 62% from Friday’s 52-week high, also at an all-time high

Nearly two-thirds of the 13 stocks in the S&P 500 that hit 52-week highs early Friday were also trading at all-time highs. The list is expanding in recent times with a focus on energy/materials/resources. One of the 13 Caterpillar is also in Dow Industrials.

Other notable highs outside the 500:

– Scott Snyper, Christopher Hayes

Tesla on pace for best week since May 2013

Tesla Shares have gained more than 33% this week, propelling the electric vehicle stock to its best weekly performance since the week ended May 10, 2013, when it soared 40.72%.

If Tesla closes at these levels, it would be the stock’s second best weekly performance ever. Shares were trading about 33.8% higher on the week as of 12:40 p.m. EST.

Tesla shares gained after the company’s latest earnings report, which showed record revenue and beat earnings, Shares rose more than 11% on Friday.

Tesla stock rebounds sharply after shares plunge 65% in 2022 and had my worst month everquarter and year.

Gains in Tesla also lifted the S&P 500’s consumer discretionary sector by more than 2%.

Tesla is on pace for its best week since May 2013