Hindenburg fall brings down Adani Enterprises; Asia shares mixed

Hong Kong’s new global promotion campaign will “kickstart” the city’s reopening to international travelers, the Hong Kong Tourism Board told CNBC.Squawk Box Asia” on Friday.

“We’re the last people in, but we’ve very clearly reopened without any restrictions,” said Dan Cheng, executive director of the tourism board. All international travelers still need to test negative in pre-departure testing.

As part of the “Hello Hong Kong” campaign, which was launched on Thursday, 500,000 air tickets will be given away over the next six months starting in March.

While the rest of the world steadily began to reopen early last year, it was only in late 2022 Hong Kong begins easing some of its restrictions,

“I think it’s very clear that the Hong Kong government … has been very prudent and they [made] It is very clear that everything wants to restart in an orderly and progressive manner,” he said.

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– Goh Chee Tong

Adani Enterprises will be removed from the Dow Jones Sustainability Index, effective February 7, S&P said in a Announcement,

The one-line notice said, “Adani Enterprises will be removed from the Dow Jones Sustainability Index following media and stakeholder analysis triggered by allegations of stock manipulation and accounting fraud.”

Adani Enterprises was added to the Dow Jones Sustainability Emerging Markets Index through December 19, 2022. Component on S&P Global’s website.

Adani did not respond to CNBC’s request for comment. Shares fell 30% during the Mumbai trading session on Friday.

Travel between mainland China and Hong Kong as well as Macao will fully resume on February 6, China’s Office of the State Council for Hong Kong and Macao Affairs said in a statement. Announcement,

Mandatory tests for most travelers will be removed and group travel between regions will also resume, the release said.

Latest measures come after China put an end to It eased its quarantine measures for international travelers and reopened its borders on January 8 in a necessary end to its zero-Covid policy.

– Jihye Li

China’s service sector shows rebound in first month of 2023 Caixin / S&P Global Services Purchasing Managers’ Index (PMI).

The reading rose to 52.9 in January, well above the 50-mark that separates growth from contraction – from a business activity index of 48 seen in December.

Overall new business grew for the first time in five months, the release said. It added that the increase in new work was supported by the lifting of Covid restrictions in the country as well as higher customer numbers.

Business confidence also improved to the highest level since February 2011, the release said.

Wang Zhe, senior economist at Caixin Insight Group, said, “Although COVID infections remained high, the easing of related control measures boosted supply and demand in the region.”

“The lifting of travel restrictions has also led to an increase in services exports, with the reading of new export orders coming into the expansionary zone.”

– Jihye Li

Hedge fund manager Dan Niles says there is an “unfortunate feeling” on the horizon for investors, with stock markets headed lower.

He explains why he’s so bearish — and when he expects the turnaround to be short.

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Ganesh Rao

According to Goldman Sachs, China is the world’s largest online gaming market and is growing at a rapid pace. The investment bank has named a Chinese tech giant it thinks is well placed to capitalize on the sector’s growth.

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Xavier Ong

The private sector of Hong Kong’s economy returned to growth in January S&P Global Purchase Manager’s Index Has shown.

The reading came in at 51.2, marking the first print above the 50-mark separating growth from contraction since August 2022.

S&P said in its release that business confidence in the economy has also reached a record high.

“The Hong Kong SAR notably saw renewed growth in demand for goods and services, driven by strong business activity expansion, input acquisition and private sector hiring,” said Jingyi Pan, economics associate director at S&P Global Market Intelligence.

“A survey record high rise in business confidence underscored expectations of improved performance in the near term,” Pan said.

– Jihye Li

Au Jibun Bank Japan The Services Purchasing Managers’ Index came in at 52.3 for the month of January, higher than the previous reading of 51.1 seen in December.

A PMI above 50 indicates expansion, while a lower score indicates contraction.

The latest report showed a sharp increase in activity and new orders as the nation continues its post-Covid recovery in January.

Input cost inflation accelerated for the second straight month in January and remains the sharpest on record, it said in its release.

Elevated levels of inflation may indicate less optimism for Japan’s economy, it said.

“Cost pressures also remained elevated, primarily due to higher fuel costs , These events, and the limits they could impose on growth, mean companies were a little less optimistic about the outlook recently, said Andrew Harker, director of economics at S&P Global Market Intelligence.

– Jihye Li

The number of first-time filers for unemployment benefits was lower than expected, according to US government data. Initial weekly jobless claims came in at 183,000, while economists polled by Dow Jones expected a print of 195,000. The data comes a day before the Labor Department releases its monthly nonfarm report, which is expected to add 187,000 jobs to the economy in January.

— Fred Imbert

meta’Shares of the company are up more than 19% in post-earnings trading Revenue beat Wall Street’s expectations And This includes announcing a $40 billion stock buyback., The company also gave a guidance for its first quarter that indicated revenue could increase in the year.

The solid quarterly performance was a surprise for Deepwater Management’s Gene Munster, but a sign that the Facebook parent is getting back on track, he said on CNBC’s “Fast Money”.

“The results essentially put investors at ease, and investors need to know that Facebook Meta is getting back on its feet,” Munster said.

He added that the company showed solid daily average users, especially in key markets, which is a good thing.

“It allows investors to see the way forward here,” Munster said. The top concerns outlined at the top of the earnings call show that the company is focused on what it needs to do to grow, he added.

The S&P 500 closed with gains on Thursday after climbing to its best level in five months. The broader market index jumped 1.47%, while the tech-heavy Nasdaq Composite advanced 3.25%.

Meanwhile, the Dow Jones Industrial Average declined 39.02 points or 0.11%.

-Sarah Min