Reuters Insider - Asia End of Day Market Update March 20, 2015

GIB Capital

20/03/2015 12:15

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 Source:             Thomson Reuters                                   
                                                                       
 Description:        An afternoon roundup of Asia market news          
 
 
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Transcript (May be auto-generated)

 Shares gave back yesterday's gains as Fed reserve-inspired rises petered out. 
Shares of China Resources Enterprises traded 0.1% higher. The Chinese 
conglomerate posted its first yearly loss in a decade. The company has been hurt
by start-up costs for a venture with Tesco that's looking to turn around the 
British firm's grocery stores in China. The chief executive of China Merchants 
Bank said it's considering spinning off its wealth management and credit card 
business adding that many of its units can exist as separate entities. Another 
top executive speaking out: China Mobile's chairman is optimistic on extending 
its 14-month old partnership with Apple. This as the US tech company prepares to
release its new wearable smart device in China. 

The bright spot is on China's sportswear maker Li Ning. Stocks climbed another 
14% for its second day in a row. Brokers raised the price target saying 
investors are bullish on the founder's return to lead a turnaround. Shares of Li
& Fung plunged after the company reported a 12% drop in 2014 profits. The 
company supplies clothes and toys for western retailers like Coles and Wal-Mart.
But the weak business environment in the US and Europe are weighing heavy on 
sales. The chairman of the company says it's going to have a tough time meeting 
its aggressive growth targets. And Xinhua reported that PC maker Lenovo is 
investing in an online agricultural materials platform. The Internet company 
signed an agreement with -- , the name literally meaning "cloud farmland."