Cointime update: Iran’s Islamic Revolutionary Guard Corps said two oil tankers caught fire in the Strait of Hormuz on Wednesday night. The IRGC statement did not specify the vessels’ identities, flags, cargoes or the cause of the blazes, and gave no casualty figures. The Strait of Hormuz is the world’s most important oil chokepoint, and any disruption there affects global crude flows.
Cointime reports: Goldman Sachs said the US midterm election results amount to a “blue wave” that could significantly affect regulation of artificial intelligence and data centers. The bank wrote that Democrats won House and Senate majorities by a far wider margin than expected, and it expects them to use upcoming fiscal deadlines to seek policy concessions, particularly limits on the Iran war, reversal of some tariffs and rollback of recently implemented spending cuts.
Cointime reports: Spot gold climbed more than 2% during the session and was quoted at $4,145.01 per ounce. The move marks a sharp intraday gain for the precious metal, with the price holding above the $4,100 level.
Cointime update: Chinese Foreign Minister Wang Yi met a North Korean Workers’ Party delegation led by Kim Song Nam in Beijing on December 5. Wang said China is ready to work with North Korea to implement the consensus reached by the two countries’ top leaders and deepen bilateral relations. He also briefed the delegation on the Fifth Plenary Session of the 20th CPC Central Committee.
Cointime update: South Korea’s Ministry of National Defense said on the 5th local time that it will expand the operational area of the Cheonghae Unit, currently conducting escort missions in the Gulf of Aden, to southern Oman, bringing it closer to the Strait of Hormuz. The ministry is also deploying additional maritime patrol aircraft, explosive ordnance disposal teams and unmanned minesweeping equipment.
Cointime reports: The Shanghai Composite ended the morning session at 3,689.79, up 0.10%, while the Shenzhen Component rose 1.44% to 11,498.77. The ChiNext Index gained 1.24% to 2,576.28, the CSI 300 added 0.36% to 4,115.93, and the STAR 50 climbed 2.11% to 1,292.12. The CSI 500 rose 1.97% to 6,752.62 and the CSI 1000 gained 2.11% to 6,649.06.
Cointime reports: China’s STAR 50 Index rose more than 2% by the midday close on November 5 after briefly gaining over 5%, while the ChiNext Index climbed 1.24%. Solar equipment stocks led gains, with more than ten companies including Maxwell Technologies and JinkoSolar hitting the daily limit. Gold concept shares extended their rally, and lithium battery shares rose. More than 4,700 stocks advanced across the Shanghai, Shenzhen and Beijing markets, with half-day turnover at 1.48 trillion yuan.
Cointime update: Inner Mongolia issued a 20-year toll road special local government bond totaling 1.27 billion yuan at a coupon of 2.1200%, with a marginal bid-to-cover ratio of 5.22 times against an expected 2.11. The same session also saw a 15-year other special bond of 895 million yuan at 1.9300% and a 20-year other special bond of 1.835 billion yuan at 2.1200%, with marginal ratios of 3.66 and 4.13 times respectively.
Cointime reports: China’s overnight SHIBOR fell to 1.2630% on the latest fixing, down 0.20 basis points, while the 7-day rate dropped 0.60 basis points to 1.3230%. The 3-month SHIBOR also declined 0.20 basis points to 1.3980%, leaving all three key tenors slightly lower in the interbank market.
Cointime reports: Indonesia’s 5-year government bond yield fell 13 basis points, marking its largest decline in more than a month. The move reflects a sharp drop in yields on the shorter-dated sovereign debt.
Cointime reports: China’s Ministry of Finance awarded its 1-month treasury cash deposit at a 1.42% rate, down from 1.44% at the previous auction, while the 2-month tenor cleared at 1.47%, up from 1.46%. The commercial bank deposit rates for state treasury funds were set in the latest centralised operation by the ministry.
Cointime reports: Japan’s Nikkei 225 fell 0.4% at the morning session close, while the broader Topix gained 1.5%. The two benchmarks moved in opposite directions over the session, with the Topix outperforming the Nikkei by roughly 1.9 percentage points at the morning close.
Cointime reports: The MMLC battery-grade lithium carbonate midprice stood at 91,850 yuan per tonne in early trading, down 950 yuan per tonne from the previous day’s 16:30 price. The early-session quote reflects the latest benchmark for the key battery material.
Cointime reports: Combined turnover on the Shanghai and Shenzhen stock exchanges exceeded 1 trillion yuan within 50 minutes of the opening bell. The figure was more than 380 billion yuan higher than at the same point in the previous session, pointing to a sharp pickup in trading activity on mainland China’s two main bourses.
Cointime reports: China’s ChiNext Index rose more than 3% and the STAR 50 Index gained over 5%, while the Shanghai Composite added 0.34% and the Shenzhen Component climbed 2.34%. Solar, precious metals, consumer electronics, lithium batteries and semiconductor chips led the advance, with nearly 4,700 stocks across the Shanghai, Shenzhen and Beijing markets closing higher.
Cointime reports: Hong Kong’s Hang Seng Index widened its advance to 3% on the day, extending the benchmark’s rise as the session progressed. The move marks a further pickup in Hong Kong equities, though the material did not specify the drivers or the index level at which the 3% gain was reached.
Cointime update: Dalian issued 7-year other special local government bonds totaling 314 million yuan at a coupon of 1.4400%, with a marginal bid-to-cover ratio of 1.40 times against an expected 1.44 times. The city also priced a 7-year general bond of 4.5 billion yuan at the same 1.4400% rate, a marginal ratio of 1.95 times, and 10-year general and ordinary special bonds at 1.6300%.
Cointime update: The 9th China International Import Expo opened in Shanghai on November 5, drawing 4,142 overseas companies from 162 countries, regions and international organizations. The event’s total exhibition area exceeded 440,000 square meters for the first time, with the enterprise exhibition surpassing 370,000 square meters. More than 300 Fortune Global 500 and industry-leading companies are participating, and over 480 representative products are making global, Asian or China debuts, a record high.
Cointime update: Chinese prosecutors have filed a public prosecution against Ma Xingrui, former member of the Communist Party of China Central Politburo and former deputy head of the Central Rural Work Leading Group, on charges of accepting bribes. The case has been formally brought before a court, marking a rare prosecution of a figure at the highest level of the Party hierarchy.
Cointime reports: Morgan Stanley said the risk-reward for some Chinese equities has improved, citing stronger “national team” support, and screened 10 stocks with solid fundamentals that are oversold and offer buy-the-dip opportunities. The list includes Zhongji Innolight, Cambricon, Hygon Information, Luxshare Precision, GigaDevice, Sungrow Power, Zijin Mining, Innovent Biologics, China Jushi and Defu Technology.