News article in McDonald’s website confirms that after more than 30 years of operations in the country, McDonald’s Corporation...

Economy

McDonald’s To Exit from Russia after 30 Years of Service in the Country

The dollar slipped against other major currencies for a third straight day on Tuesday, tempering a long rally as investors cashed out and trimmed bets on U.S...

Stock Markets

Dollar Slipped against other Major Currencies as Focus turns to Growth

Asian shares rise on Tuesday, boosted by technology majors, as hopes expectation grow for an easing of China's regulatory crackdown on...

Stock Markets

Asian Shares Rise on High Expectation of Easing China Tech Crackdown

On Friday, Elon Musk revealed that his $44 billion takeover deal for Twitter Inc. has been put “temporarily on hold”, triggering a share plunge...

Stock Markets

Musk’s $44 Billion Twitter Acquisition Deal ‘on Hold’ Causing Shares to Plunge

His Highness Sheikh Khalifa bin Zayed Al Nahyan, the President of the United Arab Emirates and Ruler of Abu Dhabi, has passed away on Friday, May 13, aged 73...

World

RIP: UAE’s Sheikh Khalifa Bin Zayed Al Nahyan Passes Away

Stock Markets

27 Sept 2021

HSBC Shares Rise after Huawei Exec Released

HSBC Shares Rise after Huawei Exec Released

The Index Today

HSBC shares listed in Honk Kong stock exchange rose on Monday after four months of fall. The share rise was seen as a result of the release of Huawei executive and the easing tensions between US and China.

Meng Wanzhou, CFO at Huawei was freed by Canadian authorities after a three year extradition case. In return, Chinese officials allowed two detained Canadians to finally fly home after forming an agreement with prosecutors.

HSBC stocks rose by 3.5% to HK$41.10, recording their first biggest intraday percentage since May. The firm had the biggest gain on the Hang Seng Finance Index with stocks going up 2.1% during the afternoon trade.

Linus Yip, chief strategist at First Shanghai Group commented, “Anticipation that the bank’s mainland business may benefit from the easing tension provides an additional support to HSBC.” In addition to this, the rising U.S Treasury bills have added to bank stocks.

Mainland operations of HSBC account for 39% of its $50.4 billion revenue recorded for last year. Due to the ongoing extradition case, relations between Washington and China deteriorated and were forced to end the stalemate.

©Photo: kuwaittimes