June 27, 2022

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Samsung estimates 50% jump in first-quarter profit

2 min read

SINGAPORE — Japan led declines in Asia-Pacific markets but Hong Kong stocks rose on Thursday following two days of declines on Wall Street.

The Nikkei 225 in Japan fell 1.69%, while the Topix slid 1.83%. Shares of Fast Retailing dropped 2.84%.

Hong Kong’s Hang Seng index rose 0.55% and the Hang Seng tech index rose 1.12%.Mainland Chinese stocks were mixed. The Shanghai composite was up 0.17%, while the Shenzhen component slipped 0.18%.

Australia’s S&P/ASX 200 was down 0.33%.

In Korea, the Kospi slipped 0.98% while the Kosdaq declined 1.22%.

Samsung Electronics reported its operating profit for the first quarter of 2022 likely jumped around 50% as compared to a year ago. The memory chip and smartphone maker posted an estimated 14.1 trillion won ($11.6 billion) profit, it said in its earnings guidance.

The company’s stock was down 0.44%.

Arguably, the aggressive balance sheet run-off likely stole the show to deliver a much larger hawkish jolt to markets.

Vishnu Varathan

Head of economics and strategy, Mizuho Bank

Nasdaq and Hong Kong-listed JD.com announced that Xu Lei will succeed founder Richard Liu as CEO of the company effective immediately. Liu will remain chairman of the board of directors, while Xu will be an executive director.

Last year, Liu stepped back from day-to-day operations, and Xu was named president of JD. The company’s shares listed in Hong Kong declined 0.43% on Thursday.

MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.33%.

In central bank news, the Reserve Bank of India will continue its monetary policy meeting on Thursday.

Overnight in the U.S., major stock indexes fell for a second day as investors reacted to Fed guidance on tightening monetary policy.

Fed meeting minutes showed that officials are looking to shrink the balance sheet by $95 billion a month. Interest rates are also expected to rise more quickly.

“Arguably, the aggressive balance sheet run-off likely stole the show to deliver a much larger hawkish jolt to…

2022-04-06 19:41:00

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