Name: Asia-Pacific markets mixed; Cathay Pacific shares in Hong Kong jump after restructuring announcement
Brand: cnbc.com
SKU: cnbc-com-1073
Availability: OnlineOnly

critic

Asia-Pacific markets mixed; Cathay Pacific shares in Hong Kong jump after restructuring announcement

preview

Key PointsSINGAPORE — Stocks in Asia-Pacific were mixed on Wednesday as investors continued to watch for developments on U.S. stimulus talks.Mainland Chinese stocks were lower on the day, with the down fractionally to about 3,325.02 while the slipped 0.999% to around 13,467.91. Hong Kong's , on the other hand, advanced 0.75% to close at 24,754.42.In Japan, the added 0.31% to close at 23,639.46 while the Topix index gained 0.73% to finish its trading day at 1,637.60. South Korea's rose 0.53% to close at 2,370.86.Meanwhile, shares in Australia edged higher on the day, with the up 0.12% to 6,191.80.MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.35%.Shares of in Hong Kong jumped 2.27% after the that about 5,900 employees will be laid off as part of a restructuring plan. The airline's subsidiary Cathay Dragon will also cease to operate with effect from today."I think the cost cutting is massive," Kelvin Lau, head of auto, transportation and industrial at Daiwa Capital Markets, told CNBC's "Street Signs Asia" on Wednesday.Lau said the airline is set to have a "leaner cost structure going forward," though he acknowledged the restructuring costs and other impairments faced by Cathay Pacific in the short-term.Shares of other airlines in the region also saw gains on Wednesday: Australia's rose 0.23%, surged 2.93% while added 1.83% and Korean Air Lines gained 2.69%. In Singapore, shares of were up 0.57%, as of about 4:35 p.m. local time.Investor focus on Wednesday was likely on stimulus negotiations stateside. The Trump administration and Democrats made progress in negotiations on Tuesday but major differences remain, ."Even if a deal is not agreed to before November, there are high hopes there will be a package after the election," Tapas Strickland, director of economics at National Australia Bank, wrote in a note.On the coronavirus vaccine front, CEO Stephane Bancel expects interim results from the firm's Covid-19 vaccine trial in November, . Bancel also told the Journal that the U.S. Food and Drug Administration could issue an emergency use authorization before the end of the year.Oil prices were lower in the afternoon of Asia trading hours, with international benchmark down 1.44% to $42.54 per barrel. dropped 1.39% to $41.12 per barrel.The , which tracks the greenback against a basket of its peers, was last at 92.713 following its decline earlier this week from levels above 93.6.The traded at 104.94 per dollar after seeing an earlier low of 105.52 against the greenback. The was at $0.7081, having declined from levels above $0.707 earlier this week.— CNBC's Terri Cullen contributed to this report.

Key PointsSINGAPORE — Stocks in Asia-Pacific were mixed on Wednesday as investors continued to watch for developments on U.S. stimulus talks.Mainland Chinese stocks were lower on the day, with the down fractionally to about 3,325.02 while the slipped 0.999% to around 13,467.91. Hong Kong's , on the other hand, advanced 0.75% to close at 24,754.42.In Japan, the added 0.31% to close at 23,639.46 while the Topix index gained 0.73% to finish its trading day at 1,637.60. South Korea's rose 0.53% to close at 2,370.86.Meanwhile, shares in Australia edged higher on the day, with the up 0.12% to...

public

Eustance Huang

cnbc.com

Credible

Speculation

Anecdotal Evidence

Generalization

Stacking the Deck

Appeal to Authority

Straw Man

Slippery Slope

Emotional Appeal

Red Herring

False Dilemma

Illogical

Moral Equivalency

Ad Hominem

Correlation w/o Causation

Semantics

Begging the Question

Faulty Analogy

Non Sequitur

Bandwagon

Dogmatism

Failing Occam's Razor

Biased

Pure Opinion

Hit Piece

Racial Bias

National Bias

Religious Bias

Financial Incentive

Political Agenda

Gender Bias

Misused Image/Video

Study Misinterpreted

Mistake

Misused Term

Science Misrepresented

Factual Error

Satire

Surface Level

Lack of Reliable Sources

Sensational

Not Credible

Investigative

Balanced

Well Sourced

Great Context

sports

entertainment

U.S.

international

business

technology

science

culture

politics

media

health

Asia-Pacific markets mixed; Cathay Pacific shares in Hong Kong jump after restructuring announcement

No article scores yet.

CRITIC REVIEWS

PUBLIC REVIEWS