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    1508   CNE100002342

CHINA REINSURANCE (GROUP) CORPORATION

(1508)
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Delayed Hong Kong Stock Exchange  -  03:08:03 2023-01-27 am EST
0.6400 HKD   +3.23%
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Stocks gain ground, Treasury yields pull back after Powell statement

11/30/2022 | 02:24pm EST

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Graphic: Global asset performance http://tmsnrt.rs/2yaDPgn

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Graphic: World FX rates http://tmsnrt.rs/2egbfVh

LONDON, Nov 30 (Reuters) - Wall Street equities rose on Wednesday while U.S. Treasury yields pared gains and the dollar lost ground after Federal Reserve Chair Jerome Powell said the central bank could slow the pace of interest rate hikes "as soon as December", even as he cautioned that inflation was still too high.

His words appeared to soothe investors who were fearing a more hawkish statement even as Powell warned that the fight against inflation was far from over and that key questions remain unanswered, including how high rates will ultimately need to rise and for how long.

"The market is taking this glass-half-full, it could've been worse approach. Powell didn't really say anything that new," said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute in Charlotte, North Carolina.

"The path of least resistance since the last inflation number has been higher. There's momentum to the upside in place until something outright stops it," said Samana.

"Policy continues to tighten. People are just not appreciating it," he added, noting that even if the Fed were to pause rate hikes it is still shrinking the balance sheet which he sees as "almost as important if not more important than the level of rates."

The Dow Jones Industrial Average rose 210.82 points, or 0.62%, to 34,063.35, the S&P 500 gained 48.55 points, or 1.23%, to 4,006.18 and the Nasdaq Composite added 228.54 points, or 2.08%, to 11,212.32.

MSCI's gauge of stocks across the globe gained 1.19%. Emerging market stocks rose 2.06%.

In Treasuries, Benchmark 10-year notes were down 3.9 basis points to 3.709%, from 3.748% late on Monday. The 30-year bond was last down 1.1 basis points to yield 3.7912%, from 3.802%. The 2-year note was last down 4.5 basis points to yield 4.4277%, from 4.473%.

In currencies, the dollar index fell 0.533%, with the euro up 0.46% to $1.0374.

The Japanese yen strengthened 0.35% versus the greenback at 138.23 per dollar, while sterling was last trading at $1.2011, up 0.49% on the day.

Oil prices were rallying on Wednesday on signs of tighter supply, a weaker dollar and optimism about a potential recovery of demand in China.

U.S. crude rose 3.04% to $80.58 per barrel and Brent was at $85.41, up 2.87% on the day.

(Reporting by Sinéad Carew in New York, Dhara Ranasinghe, Marc Jones and Amanda Cooper in London; additional reporting by Kane Wu in Hong Kong, editing by Chizu Nomiyama and Elaine Hardcastle)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / EURO (AUD/EUR) 0.03% 0.6537 Delayed Quote.2.57%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.07% 0.71 Delayed Quote.4.40%
BRENT OIL -1.57% 86.05 Delayed Quote.1.71%
BRITISH POUND / EURO (GBP/EUR) 0.01% 1.1405 Delayed Quote.0.87%
BRITISH POUND / US DOLLAR (GBP/USD) -0.07% 1.2388 Delayed Quote.2.63%
CANADIAN DOLLAR / EURO (CAD/EUR) 0.04% 0.691754 Delayed Quote.-0.04%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.01% 0.7506 Delayed Quote.1.73%
CHINA REINSURANCE (GROUP) CORPORATION 3.23% 0.64 Delayed Quote.29.29%
DOW JONES FXCM DOLLAR INDEX 0.03% 12678.98 Real-time Quote.-1.28%
DOW JONES INDUSTRIAL 0.08% 33978.08 Real-time Quote.2.51%
EURO / US DOLLAR (EUR/USD) -0.05% 1.0861 Delayed Quote.1.78%
INDIAN RUPEE / EURO (INR/EUR) 0.00% 0.011289 Delayed Quote.-0.13%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.11% 0.012271 Delayed Quote.1.60%
NASDAQ COMPOSITE 0.95% 11621.71 Real-time Quote.11.04%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.15% 0.64818 Delayed Quote.2.23%
US DOLLAR / EURO (USD/EUR) 0.06% 0.920726 Delayed Quote.-1.75%
WELLS FARGO & COMPANY 0.68% 46.12 Delayed Quote.11.70%
WTI 0.00% 79.45 Delayed Quote.0.75%
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Analyst Recommendations on CHINA REINSURANCE (GROUP) CORPORATION
More recommendations
Financials
Sales 2022 168 B 24 780 M 24 780 M
Net income 2022 4 690 M 691 M 691 M
Net cash 2022 25 602 M 3 774 M 3 774 M
P/E ratio 2022 5,29x
Yield 2022 5,92%
Capitalization 23 555 M 3 472 M 3 472 M
EV / Sales 2022 -0,01x
EV / Sales 2023 -0,01x
Nbr of Employees 55 965
Free-Float 14,9%
Chart CHINA REINSURANCE (GROUP) CORPORATION
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China Reinsurance (Group) Corporation Technical Analysis Chart | MarketScreener
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Technical analysis trends CHINA REINSURANCE (GROUP) CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 6
Last Close Price 0,55 CNY
Average target price 0,59 CNY
Spread / Average Target 6,16%
EPS Revisions
Sector and Competitors
1st jan.Capi. (M$)
CHINA REINSURANCE (GROUP) CORPORATION29.29%3 472
MUNICH RE9.21%50 037
SWISS RE LTD9.88%29 809
HANNOVER RE1.21%24 579
EVEREST RE GROUP, LTD.7.78%13 747
REINSURANCE GROUP OF AMERICA, INCORPORATED5.74%10 042