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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Tencent Holdings Limited    700   KYG875721634

TENCENT HOLDINGS LIMITED

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China industrial data offsets trade jitters; oil rises

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08/10/2020 | 01:49pm EDT

* Tech stocks fall in U.S., Europe

* Oil climbs on hopes for U.S. stimulus package

* Graphic: 2020 asset performance http://tmsnrt.rs/2yaDPgn

* Graphic: World FX rates in 2020 http://tmsnrt.rs/2egbfVh

NEW YORK, Aug 10 (Reuters) - Stocks across the globe were little changed on Monday as upbeat industrial data out of China and hopes for more stimulus in the United States were offset by jitters over tensions between Washington and Beijing.

Technology stocks fell after a run of recent gains, while crude oil prices jumped.

Industrial output in China is returning to levels before the coronavirus pandemic halted huge swathes of the economy, driven by pent-up demand, government stimulus and surprisingly resilient exports.

On Wall Street, the Dow industrials touched a 5-month high but the Nasdaq fell as much as 1.5% after hitting a record high last week.

Tension between the United States and China ahead of scheduled trade talks at the weekend to review an agreement signed in January was being blamed for the lack of clarity in the market's direction.

Talks in Washington over a U.S. fiscal stimulus package caused further uncertainty for investors. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin on Sunday said they were open to resuming negotiations on aid for stricken businesses and workers.

President Donald Trump has sought to take matters into his own hands, signing executive orders and memorandums aimed, among other things, at unemployment benefits, although they were smaller than the package that had been in place for weeks.

The Dow Jones Industrial Average rose 277.86 points, or 1.01%, to 27,711.34, the S&P 500 gained 6.31 points, or 0.19%, to 3,357.59 and the Nasdaq Composite dropped 42.36 points, or 0.38%, to 10,968.62.

The pan-European STOXX 600 index rose 0.30% and MSCI's gauge of stocks across the globe gained 0.08%.

Emerging market stocks lost 0.35%. MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.07% lower, while Japan's Nikkei lost 0.39%.

Oil rose, supported by the Chinese factory data, rising energy demand and hopes for an agreement in the United States on more coronavirus-related economic stimulus.

"The oil complex is heavily reliant on that aid. We need people to be able to boost economic activity to spur demand," said John Kilduff, partner at Again Capital in New York.

U.S. crude recently rose 2.3% to $42.17 per barrel and Brent was at $45.16, up 1.71% on the day.

The greenback ticked up against a basket of peers after posting its seventh consecutive weekly loss on Friday. Traders focused on fiscal stimulus in the United States and U.S.-China tensions ahead of trade talks on Aug. 15.

The dollar index rose 0.103%, with the euro down 0.31% to $1.1749.

The Japanese yen strengthened 0.05% versus the greenback at 105.89 per dollar, while Sterling was last trading at $1.3083, up 0.25% on the day.

"The longer-term outlook continues to be great on the euro, so you'll probably see people buying on dips," said Ed Moya, senior market analyst at OANDA in New York.

Treasury yields ticked higher but remained close to recent lows.

“There is a growing recognition that the recovery has stalled,” said Jon Hill, an interest rate strategist at BMO Capital Markets in New York. “The question is, is that stall going to turn into more of a pause, or a more ominous retrenchment?”

Five-year yields last week fell to their lowest on record and benchmark 10-year yields dipped to their lowest since March as concerns about growth increased demand for the safe-haven debt.

Benchmark 10-year notes last fell 2/32 in price to yield 0.569%, from 0.562% late on Friday.

The 30-year bond last fell 13/32 in price to yield 1.2443%, from 1.229%.

Spot gold dropped 0.1% to $2,032.69 an ounce.

Trump also signed executive orders banning Chinese social media platforms WeChat - owned by Chinese tech giant Tencent - and TikTok starting next month, and imposed sanctions on 11 Hong Kong and Chinese officials.

(Reporting by Rodrigo Campos; Additional reporting by Tom Wilson in London, Laura Sanicola, Gertrude Chavez-Dreyfuss and Karen Brettell in New York; Editing by Dan Grebler)


Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -0.59% 26501.6 Delayed Quote.-7.14%
EURO / US DOLLAR (EUR/USD) -0.01% 1.1645 Delayed Quote.4.16%
INVESTORS HOUSE OYJ 0.00% 5.55 Delayed Quote.-13.95%
LONDON BRENT OIL 0.53% 37.86 Delayed Quote.-43.09%
NASDAQ 100 -2.62% 11052.94579 Delayed Quote.26.56%
NASDAQ COMP. -2.45% 10911.59093 Delayed Quote.21.61%
NIKKEI 225 -1.52% 22977.13 Real-time Quote.-2.87%
S&P 500 -1.21% 3269.96 Delayed Quote.1.21%
STOXX EUROPE 600 0.18% 342.36 Delayed Quote.-17.67%
STOXX EUROPE 600 NR 0.18% 753.21 Delayed Quote.-16.07%
TENCENT HOLDINGS LIMITED -2.31% 591 End-of-day quote.57.35%
WTI -1.29% 35.72 Delayed Quote.-41.06%
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Financials
Sales 2020 479 B 71 516 M 71 516 M
Net income 2020 120 B 18 006 M 18 006 M
Net cash 2020 93 252 M 13 935 M 13 935 M
P/E ratio 2020 41,0x
Yield 2020 0,25%
Capitalization 4 854 B 725 B 725 B
EV / Sales 2020 9,95x
EV / Sales 2021 7,99x
Nbr of Employees 70 756
Free-Float 60,4%
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Technical analysis trends TENCENT HOLDINGS LIMITED
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Income Statement Evolution
Consensus
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Buy
Mean consensus BUY
Number of Analysts 49
Average target price 534,74 CNY
Last Close Price 510,21 CNY
Spread / Highest target 38,3%
Spread / Average Target 4,81%
Spread / Lowest Target -30,8%
EPS Revisions
Managers
NameTitle
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau President & Executive Director
Yu Xin Ren COO & President-Interactive Entertainment Group
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
Sector and Competitors
1st jan.Capitalization (M$)
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SPOTIFY TECHNOLOGY S.A.60.41%49 994