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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  China Evergrande Group    3333   KYG2119W1069

CHINA EVERGRANDE GROUP

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Stocks pull back as acrimonious U.S. debate stokes caution

09/30/2020 | 01:47am EST

* No clear winner in chaotic Trump-Biden debate

* Uncertainty about election outcome sinks S&P 500 futures, AUD

* China stocks boosted by PMI data

* Asian stock markets: https://tmsnrt.rs/2zpUAr4

SINGAPORE/HONG KONG, Sept 30 (Reuters) - U.S. equity futures fell and safer assets like the yen and dollar found buyers on Wednesday after a chaotic first U.S. presidential debate turned investors cautious, though strong factory surveys gave a boost to Chinese shares.

President Donald Trump and Democratic rival Joe Biden sparred over Trump's leadership on the coronavirus pandemic, the economy and the integrity of November's election in exchanges marked by Trump's repeated interruptions.

U.S. stock futures ground higher in Asian time during the debate but then retreated after Trump cast doubt on whether he would accept the election's outcome.

S&P 500 futures were last 0.6% lower, with Dow Jones and Nasdaq 100 futures down by as much as 1%.

European markets looked set to follow, with FTSE futures falling 0.4% and Euro STOXX 50 futures down 0.6%.

The U.S. dollar crept higher and is set for its best monthly gain since July 2019, while the yen rose 0.2% to 105.50 per dollar, its strongest daily rise in nearly two weeks.

"The share market normally prefers the incumbent (president) to win," said Shane Oliver, head of investment strategy at AMP Capital in Sydney. "U.S. futures initially rose, as perhaps Trump delivered some punches, but it wasn't enough," he said.

"Investors have gone back to worrying about a contested election, a delay in the outcome and whether Trump will go peacefully if he loses."

Markets in Asia, most of which are headed for their worst month since March, either deepened losses or pulled back from highs made after data showed China's economic recovery remains on track.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2%, led by a 1.2% gain in Hong Kong . Japan's Nikkei fell 1% and Australia's S&P/ASX 200 fell nearly 2%.

Chinese property developers gained, led by a 15% jump in Evergrande shares after the heavily-indebted giant reached a deal to ease cash crunch concerns.

China's factory activity expanded at a faster pace in September, helped by rising export orders.

The official manufacturing Purchasing Manager's Index (PMI) rose to 51.5 in September from 51.0 in August. Analysts had expected it to pick up slightly to 51.2.

CONTESTED RESULT

The presidential debate yielded no clear winner and barely moved the needle in betting markets, which project a narrow Biden victory. Odds maker Smarkets slightly lowered Trump's chance of re-election to 40% after the debate, compared with 42% beforehand.

But as the election draws closer, investors are increasingly expecting a bumpy final lap and are bracing for the possibility that the result is unclear on polling day.

Options trade points to a volatile November. Two-month dollar/yen volatility, a gauge of expected moves in the yen, is elevated, and its premium over one-month volatility is near record levels.

On Wednesday major currencies slipped a tad on the dollar after the debate, knocking the euro from a one-week high to $1.1736. The risk-sensitive Australian dollar fell 0.2% to $0.7118 and is headed for its worst month since March.

Biden said in the closing stages of the debate that he would accept defeat if he lost at the ballot box and would not claim victory prematurely.

Trump, who has refused to commit to a peaceful transfer of power if he loses the election, repeated unfounded allegations that mail-in voting would lead to fraud.

"I don't think we were expecting anything else from Trump," said Chris Weston, head of research at Melbourne brokerage Pepperstone. "He continues to put that contested (result) risk premium back into the market."

Elsewhere, oil prices fell amid rising concerns about fuel demand as the coronavirus pandemic worsens.

Brent crude futures were last down 0.9% at $40.66 a barrel and U.S. crude futures were down 0.7% at $39.00 a barrel. Gold slipped 0.4% to 1,890 an ounce.

(Reporting Tom Westbrook in Singapore and Scott Murdoch in Hong Kong. Additional reporting by Stanley White in Tokyo and Pete Schroeder in Washington. Editing by Shri Navaratnam, Simon Cameron-Moore and Kim Coghill)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AGGREKO PLC 1.53% 596.5 Delayed Quote.-29.44%
AUSTRALIAN DOLLAR / CANADIAN DOLLAR (AUD/CAD) 0.14% 0.95572 Delayed Quote.5.02%
AUSTRALIAN DOLLAR / JAPANESE YEN (AUD/JPY) 0.32% 77.236 Delayed Quote.0.67%
AUSTRALIAN DOLLAR / NEW ZEALAND DOLLAR (AUD/NZD) 0.32% 1.04727 Delayed Quote.0.02%
AUSTRALIAN DOLLAR / SWISS FRANC (AUD/CHF) -0.31% 0.66186 Delayed Quote.-1.43%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.09% 0.7388 Delayed Quote.4.86%
BERLI JUCKER -1.35% 36.5 End-of-day quote.-13.10%
BOX, INC. -7.17% 17.22 Delayed Quote.10.49%
BRITISH POUND / AUSTRALIAN DOLLAR (GBP/AUD) -0.64% 1.80634 Delayed Quote.-4.13%
BRITISH POUND / JAPANESE YEN (GBP/JPY) -0.33% 139.52 Delayed Quote.-3.52%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) 0.20% 80.8 Delayed Quote.-4.04%
CAST SA -1.91% 3.6 Real-time Quote.17.25%
CHINA ENTERPRISE COMPANY LIMITED 0.00% 3.75 End-of-day quote.-19.35%
CHINA EVERGRANDE GROUP -2.53% 16.16 End-of-day quote.-25.19%
CK HUTCHISON HOLDINGS LIMITED 2.59% 57.45 End-of-day quote.-22.68%
DJ INDUSTRIAL 0.00% 29822.31 Delayed Quote.3.86%
EURO / AUSTRALIAN DOLLAR (EUR/AUD) 0.06% 1.63647 Delayed Quote.1.49%
EURO / JAPANESE YEN (EUR/JPY) 0.40% 126.406 Delayed Quote.2.20%
EURO STOXX 50 -0.11% 3521.32 Delayed Quote.-5.87%
INVESTMENT HOLDING GROUP - Q.P.S.C. 1.04% 0.581 End-of-day quote.3.01%
JAPANESE YEN / SWISS FRANC (JPY/CHF) -0.74% 0.8559 Delayed Quote.-2.27%
LONDON BRENT OIL 2.16% 48.3 Delayed Quote.-27.74%
NASDAQ -0.56% 129.2 Delayed Quote.21.30%
NASDAQ 100 -0.05% 12448.662607 Delayed Quote.42.62%
NASDAQ COMP. -0.14% 12335.668704 Delayed Quote.35.96%
NEW ZEALAND DOLLAR / JAPANESE YEN (NZD/JPY) 0.02% 73.742 Delayed Quote.0.22%
NIKKEI 225 0.05% 26800.98 Real-time Quote.13.23%
S&P 500 0.06% 3664.63 Delayed Quote.13.36%
SOFTBANK GROUP CORP. -0.62% 7255 End-of-day quote.52.54%
US DOLLAR / JAPANESE YEN (USD/JPY) 0.22% 104.53 Delayed Quote.-4.04%
WTI 2.88% 45.445 Delayed Quote.-26.33%
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Financials
Sales 2020 647 B 83 469 M 83 469 M
Net income 2020 33 544 M 4 327 M 4 327 M
Net Debt 2020 619 B 79 800 M 79 800 M
P/E ratio 2020 6,36x
Yield 2020 6,78%
Capitalization 214 B 27 598 M 27 600 M
EV / Sales 2020 1,29x
EV / Sales 2021 0,89x
Nbr of Employees 131 615
Free-Float 14,9%
Chart CHINA EVERGRANDE GROUP
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China Evergrande Group Technical Analysis Chart | MarketScreener
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Technical analysis trends CHINA EVERGRANDE GROUP
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TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
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Buy
Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 20,16 HKD
Last Close Price 16,58 HKD
Spread / Highest target 92,3%
Spread / Average Target 21,6%
Spread / Lowest Target -8,41%
EPS Revisions
Managers
NameTitle
Hai Jun Xia Vice Chairman & Chief Executive Officer
Shou Ming Shi President
Ka Yan Hui Chairman
Da Rong Pan Chief Financial Officer & Executive Director
Dong Feng Chen Head-Information
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