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Hang Seng Bank (00011.HK) cancelled 0.2 million shares on September 19th.
On September 19, 2024, hang seng bank (00011.HK) announced the cancellation of 0.2 million shares.
Hang Seng Bank: The expected enhancement of a soft landing in the USA and global economy will significantly benefit Asian risk assets.
Hang Seng Bank expects asian risk assets to benefit significantly from the Federal Reserve's substantial interest rate cut this time, especially the Hong Kong and mainland China stock markets and the ASEAN region, which are highly correlated with global interest rates, global economic cycles, and global trade. The valuations of these stock markets are expected to be adjusted upwards.
Hang Seng: The Federal Reserve officially starts an interest rate cut cycle.
Hang Seng Bank's Chief Economist and Director of Economic Research, Xue Junsheng, said that the Fed's decision indicates that the United States has officially entered an interest rate cut cycle. Chairman Powell's remarks at the press conference after the interest rate meeting also reflect a change in the Fed's policy stance. The Fed believes that inflation risks have declined and that the labor market is not the source of inflationary pressures. Instead, the risk of unemployment is rising. However, as seen from the forecasts of various members of the authorities, the Fed still has confidence in the U.S. economy. Even though they are implementing interest rate cuts, there is no indication of an accelerated pace of rate cuts in the next two years. Next year's rate cut is expected to be 1 basis point, the same as previous forecasts, and 50 basis points in 2026, which is less than previously expected.
Hong Kong banks may not necessarily follow the pace of the US in lowering interest rates, according to the Hong Kong Monetary Authority.
Acting CEO of the Hong Kong Monetary Authority, Eddie Li, said to reporters that the adjustment of bank deposit and loan interest rates depends on a series of factors. In addition, the best lending rate (P) in Hong Kong did not follow the increase in US interest rates during the interest rate hike cycle, so the speed of reducing P may not be completely synchronized with the United States. Li also mentioned that the interest rate cut brings a looser financial environment globally, hoping to provide more flexibility for businesses and individuals with loans. As for whether the interest rate cut will attract more capital inflow into the Hong Kong market, Li pointed out that the interest rate level is just one factor, and the impact and transmission of the interest rate cut on the overall economy and capital trend still depend on other circumstances.
The Hong Kong Monetary Authority: The US interest rate cut cycle has just begun, and it is expected that interest rates will remain at a relatively high level for some time.
Acting Chief Executive of the Hong Kong Monetary Authority, Eddie Yue, said to reporters that the US interest rate cut cycle has just begun. It is expected that the interest rates will remain relatively high for a visible period of time. He reminded citizens to carefully consider and manage the interest rate risks when making decisions on home purchases and borrowing. Eddie Yue stated that the Federal Reserve's rate cut of half a percentage point roughly meets market expectations, and the Monetary Authority has adjusted the base rate to 5.25% in line with the linked exchange rate. The dot plot after the meeting shows that the Federal Reserve will cut interest rates by 50 basis points this year and 100 basis points next year. The pace of future interest rate cuts in the US still has many variables, depending on inflation data and other factors. Investors should pay attention to global market risks. As for Hong Kong, he pointed out that the...
The Hong Kong Monetary Authority lowered the base interest rate by 50 basis points to 5.25%.
The Hong Kong Monetary Authority announced that the basic interest rate will be lowered by 50 basis points to 5.25%, effective immediately. The Hong Kong Monetary Authority stated that the current basic interest rate is set as the lower limit of the current range of the US federal funds target rate plus 50 basis points, or the average of the overnight and 1-month Hong Kong interbank offered rates for the 5-day moving average, whichever is higher. In response to the 50 basis point reduction in the US federal funds target rate range, the current lower limit of the US federal funds target rate range is 5.25%, and the average of the overnight and 1-month Hong Kong interbank offered rates for the 5-day moving average is 3.21%, so according to the default formula, the basic interest rate is set.
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