Hong Kong's share market declines due to varied profit reports and the potential for China's fiscal stimulus. Investors are preparing for the upcoming meeting of the National People's Congress Standing Committee next week.

The Hang Seng Index experienced a 1.6 per cent decline, ending at 20,380.64, and wiped out all progress from the previous three days. This drop was the most significant since October 21.

The Hang Seng Tech Index experienced a decrease of 2.4 percent. Mainland indicators also showed a downturn: the CSI 300 Index fell by 0.9 percent and the Shanghai Composite Index lost 0.6 percent.

"Currently, the Hong Kong market doesn't possess substantial growth potential and is expected to remain steady, owing to the unpredictability of the earnings season and increasing US Treasury yields," explained Yan Zhaojun, an analyst at Zhongtai Securities. "However, there's optimism about potential fiscal stimulus, although there's some caution about its extent and reach."

Home repossessions in Hong Kong increase and are set to stay high in the last quarter, according to Centaline.

The number of seized homes in Hong Kong will continue to be high during the final quarter, says Centaline.

Centaline states that the rate of home foreclosures in Hong Kong is expected to stay high through the fourth quarter.

Residential property repossessions in Hong Kong have seen an upward trend for two consecutive quarters, with further surges predicted in the near future, according to Centaline Property. This comes as real estate dealings are on the rise.

During the third quarter, the count of repossessed private homes, taken over by banks due to mortgage payment defaults, reached 189. This is an 11.2% increase from the previous quarter's 170, as reported by Centaline on Tuesday. The number of foreclosures in the third quarter was the second highest in the last two years. The property agency's data revealed that out of these foreclosed homes, 82 were new additions and 63 were either sold or reclaimed by the banks.

The number of repossessed properties worth HK$10 million (US$1.29 million) or less increased by 45%, which is equivalent to 66 units. This rise occurred because sales couldn't keep pace with the influx of new units, leading to an overall increase of 21% in the total number of these units.

Centaline reported an increase in foreclosure sales in the price range of HK$10 million to HK$20 million and above. They announced the addition of 16 new properties and the sale of 21, which resulted in a 15 per cent decrease in inventory for this price category.

Of the 82 fresh foreclosure additions, 43 were located in the New Territories, 26 in Kowloon, and the remaining 13 in Hong Kong Island.

Standard Chartered plans to concentrate on the wealth sector and offload divisions following positive earnings reports. The net profit from June to September significantly exceeded the analysts' predictions of US$886 million.

The net earnings for the quarter ending in September were reported at US$931 million, as per international accounting standards, surpassing the predicted amount of US$886 million.

The bank situated in London, earning a significant portion of its revenue from Asia, announced a pre-tax profit of US$1.7 billion, surpassing the US$1.5 billion prediction made by analysts. The operating income, equivalent to revenue in American accounting language, increased by 11% to reach US$4.9 billion.

"Our third quarter results have been robust, fueled by an unprecedented quarter in wealth solutions and significant expansion in our international markets division," CEO Bill Winters announced in a communication to the Hong Kong stock exchange on Wednesday.

"We are significantly increasing our investments in our steadily expanding and profitable wealth management sector. Moreover, we will persistently refine our broad retail business to concentrate on nurturing our prospective affluent and international banking clientele."

The bank's wealth solutions sector saw a 32% increase in operating income, reaching $694 million, which can be attributed to sustained solid momentum and a rise in wealthy new customers. The operating income of the global markets also experienced a 16% increase, amounting to $840 million.

The first Saudi Arabian ETF monitoring Hong Kong shares has a steady start on its Tadawul premiere. Albilad ETF, that follows 30 sharia-compliant stocks listed in Hong Kong, experienced a stable opening.

The Albilad CSOP MSCI Hong Kong China Equity ETF (Albilad ETF) has made a successful first appearance as the inaugural index fund in Saudi Arabia to track Hong Kong stocks. This significant listing has paved the way for investors from the Middle East to trade Hong Kong shares.

The ETF experienced a slight increase of 0.002 percent, reaching 10.02 Saudi riyals per unit during initial trading on the Saudi Stock Exchange (Tadawul).

The fund, which trades under the ticker symbol 9410, successfully generated over US$1.2 billion, as reported by CSOP Asset Management located in Hong Kong, who has formed an alliance with Albilad Capital. Bloomberg data confirms it as the biggest ETF ever listed in the Middle East.

Investors from Saudi Arabia are allowed to make a minimal investment of 10 riyals (equivalent to US$2.66) to purchase a unit of an ETF. This ETF monitors the top 30 companies in Hong Kong that adhere to the Islamic law regulations.

Contrary to the tradition at the Hong Kong stock exchange where a ceremonial gong is hit to announce a new listing, Tadawul prefers a more understated approach, where company leaders simply press a button to commemorate the event.

Paul Chan Mo-po, the Financial Secretary of Hong Kong, along with a significant delegation from the city, attended the listing ceremony. He is currently in Riyadh to participate in the FII summit which concludes on Thursday.

Commentary | The argument for a green replacement to GDP

There's a necessity for fresh measures that acknowledge the complete worth of biodiversity and the ecosystem, along with innovative fiscal instruments that incentivize preservation.

The consequences of diminishing biodiversity are not only affecting the environment but also making a substantial impact on the worldwide economy. The World Bank's study underlines a possible loss of $2.7 trillion in global GDP by 2030, resulting from the breakdown of ecosystem services provided by biodiversity, such as natural pollination, oceanic fisheries, and timber from original forests.

Researchers from Oxford University have suggested a higher projection that nature-based threats could lead to a global economic impact surpassing $5 trillion.

The world has been working together for some time to address these problems. In 2001, specifically in June, the United Nations initiated the Millennium Ecosystem Assessment, resulting in a number of reports. This initiative has had a substantial impact on public policy by offering a scientific basis for comprehending the connection between services provided by ecosystems and human welfare.

Even though significant strides have been made, we still face difficulties in correctly determining the financial worth of these services and turning that worth into solid investments. Overcoming these hurdles is vital for guaranteeing the enduring well-being of our world and the wealth of upcoming generations.

GDS, a Chinese data center company, has secured US$1 billion in funding for the expansion of their infrastructure abroad. This financial boost will support the creation of data centers with a total capacity of up to 1 gigawatt outside of China, as stated by GDS.

In conjunction with the current equity of GDS International, the Series B financing will be adequate to fund the growth of up to 1 gigawatt of overall data centre capacity. This capacity is more than double the size of the company's existing facilities that are operational or being built outside the mainland, as per the announcement.

Cloud computing technology allows businesses to handle or disseminate a variety of software and other digital resources as a service that can be used as needed, akin to electricity from a power grid. These resources are housed within data centers.

Xiaomi has revealed a luxury car, resembling a Ferrari, priced at US$114,000 as part of their new venture. The SU7 Ultra has garnered mixed reactions such as doubt and praise from customers in the world's biggest EV market.

From March onward, Xiaomi has successfully shipped 75,688 SU7 sedans, with its monthly shipment exceeding 20,000 units for the first time ever in October, as per the company's reports. These figures place the new player, Xiaomi, on an equal footing with veterans in the field like Tesla and BYD.

Xiaomi's electric vehicle sector produced a revenue of 6.4 billion yuan in the second quarter, as per the company's financial statement. However, due to continuous investment, it suffered a net loss of 1.8 billion yuan.

Xiaomi's stock saw a minor increase of under 0.6% to HK$26 by the end of trading on Wednesday. This followed an announcement by the Beijing-based firm that they had garnered over 3,600 pre-orders for the SU7 Ultra within the first 10 minutes of opening registration late Tuesday.

HSBC reveals Gen Z prioritizes saving for travel and short-term objectives, beginning to invest at a younger age. The survey indicates that almost 50% of Gen Z participants focus on saving for short-term aims, frequently associated with life enjoyment.

Brian Hui, who leads customer propositions and marketing for wealth and personal banking at HSBC Hong Kong, commented that each generation has its own unique lifestyle choices and economic requirements. He noted that almost 50% of the Gen Z participants in their study put a high priority on setting aside money for immediate objectives, which are frequently associated with life enjoyment.

The poll revealed that for 71% of Generation Z, the primary reason for working is to be able to travel, which they prioritize over buying a house or starting a family. Some participants expressed that buying a house seems like an unrealistic goal, showing a tendency towards jobs that provide personal satisfaction, especially those that involve travel.

In the last year, the participants reported they took trips approximately thrice, with an average expenditure of about HK$35,000 (US$4,504), which constitutes roughly 13% of their earnings.

Furthermore, individuals from Generation Z allocate almost 10 per cent more of their budget to leisure activities compared to other age groups. However, they also exhibit higher saving habits, putting away approximately HK$6,014 monthly, which represents 28 per cent of their earnings. This saving rate is the highest across all generations, as indicated by the survey.

Residential and commercial real estate in Hong Kong is reviving, whereas the office sector is grappling with an excess supply. According to recent reports, strong weekend property sales suggest that the housing market will rebound faster than office spaces by 2025, say industry consultants.

The availability of empty office space kept increasing last month in several commercial areas of the city such as Central, Wan Chai, Causeway Bay, and Tsim Sha Tsui, as mentioned in JLL's most recent study. The property consulting firm noted a 1.1 per cent decrease in rents since August.

"Exiting the slump would require time, particularly as businesses are currently struggling to enlarge their workspace," stated Martin Wong, the chief director and leader of research and consultancy for Greater China at Knight Frank.

The market is currently dealing with an excess supply issue, with vacancy rates remaining close to record levels, says real estate services firm CBRE. Developers and property owners in Hong Kong are projected to introduce approximately 3 million square feet of additional office space next year, which will further exacerbate the surplus, the company predicts.

Three thirty-nine

Store occupancy is rebounding in Hong Kong, however, empty shops continue to dot the cityscape.

The vacancy rates are expected to deteriorate further by the end of 2025, and rents could potentially drop by an additional 5 per cent, as projected by CBRE.

Hong Kong shares achieve the most extended series of victories in a month; HSBC soars to a level not seen in six years. HSBC climbed to a level not witnessed in six years following a quarterly profit that surpassed experts' projections, aiding in boosting the Hang Seng Index's most durable victorious run in a month.

The Hang Seng Index saw an increase of 0.5 per cent, closing at 20,701.14, marking a three-day rise of 1 per cent. HSBC reached its highest point in six years while Wuxi AppTec, a biopharmaceutical company, experienced a surge after its third-quarter earnings exceeded market predictions. Meanwhile, the Hang Seng Tech Index grew by 1.1 per cent.

Stock market indicators on the mainland experienced a drop; with the CSI 300 Index declining by 1 per cent and a 1.1 per cent decrease observed in the Shanghai Composite Index.

Shen Fanchao, a financial analyst at Zheshang International in Hong Kong, suggests that China will probably increase its budgetary aid for economic expansion, with additional measures expected. The government has repeatedly emphasized its aim to reach this year's growth objectives. These efforts are predicted to enhance the mood in the marketplace.

FII 2024: Saudi summit informed that inclusive strategies and adaptable work regulations encourage gender diversity

HSBC's former CEO Noel Quinn and ex-HKEX chairman Laura Cha were among the speakers at the HERizon Summit in Riyadh.

Currently, women make up 36 per cent of the kingdom's workforce, close to twice the rate in 2016, as per data from the Saudi government. The strides made in diversity have exceeded expectations, achieving the goal six years ahead of schedule. This is in line with the Vision 2030 plan, which was established to reduce the economy's reliance on oil and promote the use of innovative and environmentally-friendly technologies.

Quinn departed from HSBC in September. He noted that at the time he left, close to one-third of the bank's staff in Saudi Arabia were women, a significant increase from the past when the number of women employees was merely in the dozens.

Across the world, women constitute 52 percent of the bank's workforce and one-third of its top management, as stated on HSBC's website. Quinn noted that twenty years ago, women only represented about 20 percent of its high-level executives.

"He stated during a panel discussion in Riyadh that the transformation was brought about by establishing an environment where individuals could be represented and avail opportunities."

Housing prices in Hong Kong have plunged to an 8-year low, however, rental rates have increased. In September, the prices of secondary homes dropped by 1.7 per cent, yet there was a 0.1 per cent monthly increase in rental rates.

The cost of residential properties in Hong Kong dropped roughly 1.7 per cent in September, hitting its lowest point since August 2016, according to recent official figures. This comes as the property market struggles to recover, despite interest rate reductions, which have not yet had their intended effect.

Following a record peak in September 2021, housing prices have seen a decrease of approximately 28 per cent.

Simultaneously, the cost of residential rentals kept on climbing, going up by 0.1 per cent on a monthly basis and 5.8 per cent annually. The rental prices have seen an approximately 5.4 per cent hike this year. The present rental index stands at 196, a mere four points away from the highest point of 200.1 recorded in September 2019.

The economic relief efforts seem to be working, as new developments are receiving favorable feedback from property purchasers. This past Sunday saw the complete sale of all 198 apartments in Echo House, a collaborative project between Chinachem Group and Urban Renewal Authority situated in Cheung Sha Wan, on its opening day.