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    1508   CNE100002342


Delayed Hong Kong Stock Exchange  -  03:08:41 2023-01-30 am EST
0.6100 HKD   -4.69%
01/19China Reinsurance Logs 46 Billion Yuan Premium Income in 2022
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01/12Nomura Adjusts China Reinsurance's Price Target to HK$0.56 From HK$0.65, Keeps at Neutral
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

World stocks upbeat on hopes for China re-opening, inflation peaking

11/30/2022 | 07:53am EST


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


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

LONDON, Nov 30 (Reuters) - World equity markets rallied on Wednesday lifted by hopes that inflation is peaking and a re-opening of China's economy is near, with focus turning to U.S. Federal Reserve chief Jerome Powell who speaks later in the day.

The pan-European STOXX 600 index rallied 0.7% higher after three straight sessions in the red, while U.S. stock futures pointed to a firm open for Wall Street .

Data showed euro zone inflation eased far more than expected in November, raising hopes that sky-high price growth is now past its peak and

bolstering the case

for a slowdown in European Central Bank rate hikes next month.

A Santa rally appeared to come early for some markets, with Asian shares set for their strongest month since 1998 and emerging market stocks poised for their biggest monthly surge since 2009.

But the dollar, hit by expectations that a peak in U.S. interest rates is near, was set for its biggest monthly loss in more than 20 years.

Fed chief Powell will speak on the economy at the Brookings Institution in Washington later. These are likely to be his last public comments on monetary policy ahead of the blackout period before the Fed's Dec 13-14 meeting.

"I'm not sure if markets are looking for a pivot but we think he will stress the Fed is nowhere near the end of its tightening cycle," said James Rossiter, head of global macro strategy at TD Securities in London.


Investors looked past disappointing business activity data from China and an escalation of protests in some parts of the country over stringent COVID-19 lockdowns, pinning hopes instead on a quicker reopening of the world's No.2 economy.

MSCI's broadest gauge of Asia Pacific stocks outside Japan rallied more than 1% to its highest since September. It was set for its best month since 1998.

Hong Kong's Hang Seng Index rallied more than 2%, although Japan's blue-chip Nikkei fell 0.2%.

Investors appeared to view protests in China as a catalyst for the economy opening up again after stringent COVID lockdown moods. Chinese officials on Tuesday said the country would speed up COVID-19 vaccinations for elderly people. "Markets are cheering the fact that the government is close to pivoting on COVID-19," Raphaël Gallardo, chief economist at Carmignac said in a webinar on the firm's 2023 outlook.

"We can say with confidence that a reopening is coming but it's because the authorities will be overwhelmed with the number of (COVID) cases in the coming months."

Hopes for a China reopening alongside an expectation that inflation and central bank interest rates may be close to peaking meant that November looks set to end as great month for many markets.

China property stocks are up 70% this month, poised for their best ever month. They had dropped over 80% since start of 2020.

And a rally in emerging markets was in full swing, with MSCI's emerging market stock index up around 14% in November and set for its best month since May 2009 and.

Optimism that demand from China will improve also helped lift Brent crude futures up 2.5% to $85.09 per barrel. U.S. West Texas Intermediate crude futures climbed 1.78% to almost $80 per barrel.


Signs that U.S. inflation is peaking, meaning the Fed can slow the pace of its aggressive rate hikes, has boosted government bond markets but dented the robust dollar.

The yield on the U.S. 10-year Treasury yield was down 2.5 basis points at around 3.72% and has fallen over 30 bps this month - set for its biggest monthly drop since March 2020.

"Even if the surprise slowdown in inflation is good news, it is only the first in a long series of conditions the Fed needs to see before it pauses its hiking cycle," said ING senior rates strategist Antoine Bouvet.

"Longer-term, the direction of travel is indeed towards lower inflation and an end to this tightening cycle but we expect the Fed to take Fed Funds rates some 100 bps higher than currently, just under 5%, before this is the case."

The U.S. dollar index, which measures the performance of the greenback against six major currencies, fell 0.4% to 106.44.

It has lost around 4.5% in November, making this its biggest one-month drop since 2010.

The euro was up 0.3% at $1.0363, while sterling was 0.5% firmer at $1.2016.

(Reporting by Dhara Ranasinghe; additional reporting by Kane Wu in Hong Kong and Marc Jones and Amanda Cooper in London, Editing by Jane Merriman and Chizu Nomiyama)

ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / EURO (AUD/EUR) -0.68% 0.64909 Delayed Quote.2.69%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.42% 0.70754 Delayed Quote.4.32%
BRENT OIL -0.68% 86.47 Delayed Quote.0.12%
BRITISH POUND / EURO (GBP/EUR) -0.34% 1.13622 Delayed Quote.0.96%
BRITISH POUND / US DOLLAR (GBP/USD) -0.10% 1.23855 Delayed Quote.2.50%
CANADIAN DOLLAR / EURO (CAD/EUR) -0.44% 0.688364 Delayed Quote.0.25%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.14% 0.75018 Delayed Quote.1.72%
CHINA REINSURANCE (GROUP) CORPORATION -4.69% 0.61 Delayed Quote.29.29%
DOW JONES FXCM DOLLAR INDEX 0.04% 12683.74 Real-time Quote.-1.28%
EURO / US DOLLAR (EUR/USD) 0.27% 1.0899 Delayed Quote.1.57%
INDIAN RUPEE / EURO (INR/EUR) -0.20% 0.011266 Delayed Quote.-0.06%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.06% 0.012278 Delayed Quote.1.48%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.09% 0.64837 Delayed Quote.2.27%
NIKKEI 225 0.19% 27433.4 Real-time Quote.4.94%
S&P GSCI BRENT CRUDE INDEX 0.03% 735.5753 Real-time Quote.0.57%
STOXX EUROPE 600 (EUR) -0.62% 452.39 Delayed Quote.7.13%
STOXX EUROPE 600(EUR)(TR) -0.62% 1045.98 Delayed Quote.7.20%
US DOLLAR / EURO (USD/EUR) -0.27% 0.917524 Delayed Quote.-1.51%
WTI -0.72% 79.695 Delayed Quote.-1.29%
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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%
Duration : Period :
China Reinsurance (Group) Corporation Technical Analysis Chart | MarketScreener
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Income Statement Evolution
Mean consensus HOLD
Number of Analysts 6
Last Close Price 0,55 CNY
Average target price 0,59 CNY
Spread / Average Target 6,16%
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