The latest Market Talks covering the Covid pandemic. Published exclusively on Dow Jones Newswires throughout the day.
2315 ET - JPY weakens against other G-10 and Asian currencies as gains across most regional equity markets support an appetite for risky assets. However, investor sentiment in Asia could be on the defensive this week following news about the latest Covid-19 outbreak in China, UOB says. Local reports have confirmed the spread of more than 100 locally transmitted cases across 11 provincial areas, UOB says. USD/JPY edges 0.1% higher to 113.73, AUD/JPY gains 0.4% to 85.10 and SGD/JPY is up 0.3% at 84.55. (ronnie.harui@wsj.com)
2222 ET - Shanghai International Airport's earnings are likely to be weighed by a slower-than-expected recovery in passenger demand amid uncertainty on the reopening of China's borders, Daiwa Capital says. The Japanese bank expects SHA to post a net loss for 2021-2022 and lowers its 2023 EPS forecast by 92%. It notes that international passenger volume in 3Q was only 3% of the same period in 2019, while higher operating expenses from Covid-19-related measures helped widen the airport's 3Q adjusted net loss by 68% on quarter. Daiwa cuts the stock's target price to CNY50 from CNY59 and maintains a hold rating. Shares are 0.8% lower at CNY49.68. (justina.lee@wsj.com)
