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

TENCENT HOLDINGS LIMITED

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Dollar gains, stocks ebb after labor report

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08/07/2020 | 04:27pm EDT
The German share price index, DAX board, is seen at the stock exchange in Frankfurt

(Adds oil, gold settlement prices)

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

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

NEW YORK, Aug 7 (Reuters) - The dollar bounced off two-year lows and a gauge of global equity markets stopped marching toward a record high on Friday, as slightly better-than-expected data on U.S. job growth in July also snapped big rallies in gold and the euro.

A U.S. Labor Department report showed employment growth slowed considerably from June amid a surge in COVID-19 cases. Though the job numbers topped expectations, the report highlighted the need for the White House and Congress to reach an agreement on a new stimulus bill.

Gold slid 2% to snap its record surge this week above $2,000, the euro fell from highs against the dollar last seen in May 2018 and U.S. Treasury yields rose, halting a downward move that had the benchmark 10-year note poised to fall below 0.5%.

The sell-off was due to profit-taking after the record peaks this week in gold and the tech-driven Nasdaq, as the value of the dollar ebbed, said Axel Merk, president and chief investment officer of Merk Investments LLC in San Francisco.

"We've had such a dramatic move. It's been dollar-centric, call it a profit-taking reversal. I don't think there is a change in environment," said Merk, adding: "I can tell you what's causing this. It's Friday."

European equities eked out modest gains, with the pan-regional FTSEurofirst 300 index adding 0.27%. But the euro's sharpest sell-off since April helped Germany's export-heavy DAX index to close up 0.66%.

Stocks on Wall Street at first meandered, with the S&P 500 and Nasdaq trying to turn positive, without luck.

The Dow Jones Industrial Average fell 0.13%, the S&P 500 lost 0.23% and the Nasdaq Composite dropped 1.15%.

MSCI's benchmark for global equity markets fell 0.55% to 562.04.

The dollar index rose 0.662%, with the euro down 0.8% to $1.178. The Japanese yen weakened 0.37% versus the greenback at 105.93 per dollar.

Financial markets remain focused on the potential passage of another stimulus bill in Congress, but the White House and Democrats appear far apart after nearly two weeks of talks that have failed to produce substantial progress.

Democrats in Congress said on Friday they offered to reduce a proposed coronavirus aid package by a trillion dollars if Republicans would add a trillion to their counter-offer, but the idea was flatly rejected by the White House.

Also weighing on markets was U.S. President Donald Trump's sweeping ban, unveiled late Thursday, on U.S. transactions with the Chinese owners of messaging app WeChat and video-sharing app TikTok.

In response, China said the companies complied with U.S. laws and warned Washington would have to "bear the consequences" of its action.

Chinese stocks led losers in Asia and the yuan slumped after Trump issued executive orders to purge "untrusted" Chinese apps from U.S. digital networks.

Hong Kong's Hang Seng fell 1.6%. Tencent, Asia's second-biggest company by market capitalization, dropped as much as 10.1% and closed down 5.0%.

Mainland China's CSI 300 Index fell 1.15% despite strong export data, while Japan's Nikkei slipped 0.4%.

The latest Bank of America fund flow statistics also confirmed the undercurrent of caution in global markets, with investors flocking to cash, gold and investment-grade bonds and switching out of equities.

Gold hit a record high of $2,072.5 an ounce overnight in Asia, before succumbing to profit-taking.

Spot gold prices fell -1.47% to $2,032.96 an ounce.

U.S. gold futures settled down 2% at $2,028.

Silver dropped 1.7% to $28.452 per ounce following its rise to a seven-year high of $29.838.

Oil prices fell more than 1%, pulling back from a week of gains.

Brent crude futures slid 69 cents to settle at $44.40 a barrel, while U.S. crude futures settled down 73 cents at $41.22 a barrel.

(Reporting by Herbert Lash; additional reporting by Kate Duguid and Saqib Iqbal Ahmed in New York; Editing by Dan Grebler and Tom Brown)


Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA CORPORATION 0.30% 23.54 Delayed Quote.-33.36%
DAX 0.32% 11598.07 Delayed Quote.-12.74%
DJ INDUSTRIAL 0.52% 26659.11 Delayed Quote.-7.07%
EURO / US DOLLAR (EUR/USD) -0.64% 1.1673 Delayed Quote.4.77%
GOLD -0.67% 1867.78 Delayed Quote.25.56%
HANG SENG -0.43% 24606.54 Real-time Quote.-12.34%
LONDON BRENT OIL -4.43% 37.56 Delayed Quote.-38.33%
NASDAQ 100 1.87% 11350.743252 Delayed Quote.32.82%
NASDAQ COMP. 1.64% 11185.592838 Delayed Quote.27.40%
NIKKEI 225 -0.37% 23331.94 Real-time Quote.-0.72%
S&P 500 1.19% 3310.11 Delayed Quote.1.25%
SILVER -0.75% 23.312 Delayed Quote.36.36%
TENCENT HOLDINGS LIMITED 0.67% 605 End-of-day quote.61.08%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.25% 6.70888 Delayed Quote.-3.36%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) -0.22% 6.714 Delayed Quote.-3.68%
WTI -3.96% 36.165 Delayed Quote.-36.69%
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Financials
Sales 2020 479 B 71 286 M 71 286 M
Net income 2020 120 B 17 927 M 17 927 M
Net cash 2020 85 692 M 12 763 M 12 763 M
P/E ratio 2020 48,4x
Yield 2020 0,22%
Capitalization 5 756 B 742 B 857 B
EV / Sales 2020 11,8x
EV / Sales 2021 9,53x
Nbr of Employees 70 756
Free-Float 60,4%
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Technical analysis trends TENCENT HOLDINGS LIMITED
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 48
Average target price 534,10 CNY
Last Close Price 605,00 CNY
Spread / Highest target 16,6%
Spread / Average Target -11,7%
Spread / Lowest Target -41,6%
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
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