WORLDWIDE : HEADLINES
South Korea’s Kakao Games shares soar 30% in market debut
SEOUL – Kakao Games Corp shares soared 30% on debut on Thursday, boosted by investors betting on companies expected to benefit from people staying at home due to the coronavirus pandemic.
The stock debuted on Seoul’s junior stock market at 48,000 won, double the IPO price, valuing the company at 3.5 trillion won ($2.95 billion).
The gaming unit of South Korea’s biggest mobile messaging operator Kakao Corp priced its IPO last month at the top of its indicative range, reflecting strong demand for gaming stocks as people bunker down at home to avoid the virus.
In early morning trade, the stock rose as much as 30% from its opening price to 62,400 won, compared with a 1.4% rise in the junior KOSDAQ.
Full coverage: REUTERS
Yum China shares slide as much as 4.1% in Hong Kong market debut
HONG KONG – Shares of Yum China Holdings Inc 9987.HK fell by as much as 4.1% from their offering price in Hong Kong on Thursday as they made their debut in a secondary listing.
The operator of KFC, Taco Bell and Pizza Hut restaurants in China (YUMC.N) had sold 41.91 million shares at HK$412 each, raising $2.22 billion in the listing.
In early trade, Yum China hit a low of HK$395 ($50.97). The Hang Seng Index .HSI traded 0.24% higher.
The weaker opening reverses a recent trend of initial public offerings and secondary listings performing strongly in their Hong Kong debut.
Full coverage: REUTERS
WORLDWIDE : FINANCE / ECONOMY / MARKETS
Euro clings onto gains as traders hold breath before ECB meeting
TOKYO – The euro held onto gains against the dollar on Thursday as traders braced for a European Central Bank meeting to gauge policymakers’ views on the common currency’s recent appreciation and its impact on inflation.
While markets expect the ECB to keep policy steady, investors will closely watch President Christine Lagarde’s comments on how the euro’s rise to a two-year high this month affects the outlook for inflation and economic growth.
The euro EUR=D3 bought $1.1805, holding onto a 0.3% gain from the previous session.
The British pound GBP=D3 traded at $1.2990, recovering slightly from a dip to a six-week low of $1.2839 on Wednesday.
The pound EURGBP=D3 fell to 90.97 pence per euro, approaching a six-week low.
Full coverage: REUTERS
Asian markets seen firmer after Wall Street turns positive
NEW YORK – Asian markets are expected to swing higher on Thursday, after U.S. stocks reversed course from a three-day losing streak that led the technology-heavy Nasdaq into correction territory.
The U-turn in U.S. stocks, however, was already reflected in some markets, so the impact in Asia may be muted, said Rodrigo Catril, a senior FX strategist at National Australia Bank.
“We still expect markets to open with a positive turn, but we don’t expect a meaningful acceleration of it,” Catril said. “It should be a positive open but not a bombastic open.”
Australian S&P/ASX 200 futures YAPcm1 rose 1.28% in early trading and Japan’s Nikkei 225 futures NKc1 added 0.13%. Hong Kong’s Hang Seng index futures .HSI HSIc1 rose 0.85%.
MSCI’s gauge of stocks across the globe .MIWD00000PUS gained 1.44%.
Full coverage: REUTERS
Oil prices slip as growing stockpiles signal bumpy fuel demand recovery
MELBOURNE – Oil futures fell in early trade on Thursday, paring overnight gains, on worries about fuel demand after data showed U.S. crude stockpiles rose last week, rather than dropping as expected, and COVID-19 cases continued to rise around the world.
U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 20 cents, or 0.5%, to $37.85 a barrel at 0056 GMT, after climbing 3.5% on Wednesday.
Brent crude LCOc1 futures dropped 14 cents, or 0.3% to $40.65 a barrel, after rising 2.5% on Wednesday.
As coronavirus case surged in several U.S. states, the country’s crude stockpiles rose by 3 million barrels in the week to Sept. 4, data from the American Petroleum Institute showed on Wednesday. That compared with analysts’ forecasts of a draw of 1.4 million barrels.
Full coverage: REUTERS
