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

GIB Capital

22/03/2015 16:14

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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 Enterprise 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 Kohl's 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 agriculture 
materials platform. The Internet company signed an agreement with -- , the name 
literally meaning "cloud farmland."