Asian Stocks Tumble as Markets Eye Fed, China Omicron Conditions | Business News

By YURI KAGEYAMA, AP Enterprise Author

TOKYO (AP) — Asian shares sank in cautious investing Tuesday adhering to a decline on Wall Street amid continuing problems about the omicron coronavirus variant, specially growing conditions in China.

Japan’s benchmark Nikkei 225 fell .8% in morning investing to 28,242.46. South Korea’s Kospi was minimal transformed at 2,926.01. Australia’s S&P/ASX 200 dipped .8% to 7,391.50. Hong Kong’s Hold Seng lost .5% to 23,640.42, though the Shanghai Composite inched down fewer than .1% to 3,592.35.

Asian markets also have their eyes on the U.S. Federal Reserve, which is expected to tighten curiosity costs this year. What happens in China is also possible to have regional repercussions.

Main firms, together with automakers these types of as Toyota, had been counting on a recovery in the provide of semiconductor chips and other goods from China and the relaxation of Asia, as vaccinations and other coronavirus avoidance efforts advance. The modern surge in bacterial infections by omicron has thrown a wrench into this kind of hopes.

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“China proceeds to grapple with an uptick in COVID-19 situations, with restriction measures kicking in to comprise spreads in advance of the Winter season Olympics in February. Even though it may however be too early to say, the dangers on look at may well be from any disruptions in supply chains aggravating pricing pressures or a change in China’s zero-COVID tactic,” mentioned Yeap Jun Rong, market strategist at IG in Singapore.

On Wall Road, a wide wave of advertising experienced the S&P 500 down by 2% in early likely, but a late-afternoon burst of buying left the benchmark index with a decline of just .1%. The Dow Jones Industrial Normal fell .5% soon after having been down 1.6%, and the tech-large Nasdaq eked out a acquire of less than .1% following acquiring been down 2.7%.

The hottest pullback adopted a provide-off very last 7 days as traders shifted holdings in anticipation that the Federal Reserve will raise desire prices this yr, amid other moves aimed at lowering inflation. Wall Avenue is making an attempt to get a much better read on when and by how a great deal the Fed will carry costs.

“It has the market place a tiny little bit rattled from the uncertainty of it all,” explained J.J. Kinahan, main strategist with TD Ameritrade. “I would count on volatility to keep on to remain elevated for the rest of the very first quarter, at minimum, as we go on to grapple with this concern.”

The S&P 500 slipped 6.74 points to 4,670.29. The drop prolonged the index’s losing streak to 5 times. It is now about 2.6% below the all-time substantial it established a week ago.

The Dow fell 162.79 factors to 26,068.87, right after possessing been down 591 factors in the early heading. The Nasdaq rose 6.93 details to 14,942.83, snapping a 4-day getting rid of streak. Compact company shares also shed floor. The Russell 2000 fell 8.66 details, or .4%, to 2,171.15.

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Jianpu Technology Wins Top Fintech Innovation Award and Reveals Business Developments in New Categories and Markets

BEIJING, Oct. 29, 2021 /PRNewswire/ — Jianpu Technology Inc. (“Jianpu” or the “Company”)(NYSE: JT), a leading independent open platform for discovery and recommendation of financial products in China, is pleased to announce that it recently won the prestigious 2021 Top 10 Fintech Innovation Award (the “Award”). The Award, bestowed by “The Chinese Banker” recognizes Jianpu’s excellence in enabling the digitization of financial institutions.

As one of the most influential acknowledgements within China’s financial industry, the Award (in its 14th edition) is widely respected by the fintech industry, regulators and financial institutions. Winning the Award alongside banks such as WeBank, Pingan Bank and China Everbright Bank is a validation of Jianpu’s achievements and contributions in financial industry innovation. Jianpu remains committed to innovation-led growth, embracing artificial intelligence, data science, analytics, cloud computing, machine learning and other technologies to explore and seek breakthroughs across financial product categories and geographies.

As China’s largest independent credit card application online platform, the Company has facilitated the cumulative issuance of over 20 million credit cards. In addition to traditional content-driven traffic, the Company leverages social media to promote its platform via an initiative called Social Media and Partner Program (the “Program”). Launched in 2018, the Program has been highly effective in user acquisition and engagement, resulting in approximately two thirds of credit card application volume via this channel. Jianpu will continue to leverage the Program to expand into other financial product categories and new business verticals.

In diversifying the financial products offered on its platform, Jianpu has also entered into the insurance brokerage sector. With the mission and vision of “Making Insurance More Accessible via Technology”, the Company has developed a solution for individual brokers that enables intelligent deal management, insurance product matching and streamlined transaction processes.

Jianpu has also expanded its footprint into Southeast Asia markets by applying and adapting its successful formula and pioneering business models. Winning the trust and support from local regulators and partners, the Company has secured several important permits and registrations in the fintech sector, including financial product aggregator, credit scoring and transaction authentication. Going forward, Jianpu will continue to drive inclusive financial services overseas to benefit more populations around the world.

Mr. David Ye, Co-founder, Chairman and Chief Executive Officer of Jianpu, commented, “As a fintech pioneer, we have placed a high premium on technological innovation in the first decade since our founding. We strive to help financial institutions accelerate their digitalization, enhance accessibility of their products and services, and consequently better serve the real economy. Notably, we have helped small- and medium-sized enterprises to withstand the pandemic by making certain financial services and products more accessible.”

“We appreciate the recognition of ‘The Chinese Banker‘, as well as the industry participants. Down the road, we will continue to innovate in such realms as integrated digital capability, consumer education and protection, financial inclusion and accessibility, so as to better serve our users and financial institutions and fully tap into market opportunities in

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