Hong Kong shares set for 3rd loss, U.S. fiscal woes back in focus

HONG KONG Wed Nov 28, 2012 1:11am GMT

Related Topics

HONG KONG Nov 28 (Reuters) - Hong Kong shares could slip for a third straight day on Wednesday, tracking Wall Street losses after U.S. Senate majority leader Harry Reid said there was little progress made in "fiscal cliff" talks.

China Gas, Luk Fook and Skyworth Digital are among several companies expected to post first- half earnings later in the day.

On Tuesday the Hang Seng Index closed down 0.1 percent at 21,844 points, retreating for a second day from a two-week high recorded last Friday. The China Enterprises Index of the top Chinese listings ended down 0.4 percent.

Elsewhere in Asia, Japan's Nikkei was down 0.5 percent, while South Korea's KOSPI was down 0.7 percent at 0058 GMT.

FACTORS TO WATCH:

* China's state-owned CNOOC Ltd and its Canadian takeover target Nexen Inc said on Tuesday they withdrew and resubmitted their application for U.S. approval of their $15.1 billion deal, as Canada gets close to a crucial decision on whether to approve the transaction. A spokesman for Prime Minister Stephen Harper did not comment on a report that the federal government might want China's CNOOC to sell the 7 percent stake that takeover target Nexen Inc holds in the large Syncrude oil sands joint venture, because fellow Chinese company Sinopec has a 9 percent stake in it.

* Manulife Financial , one of North America's largest insurers, has promoted Marianne Harrison to the post of general manager of its Canadian division, giving her responsibility for one of the company's three key business units. Manulife also said it will issue 8 million Series 11 preferred shares at C$25 each for gross proceeds of C$200 million.

* Telekom Austria got the go-ahead to buy Orange Austria's discount mobile brand Yesss, paving the way for a long-awaited consolidation of Austria's telecoms market. The Yesss deal hinges on a 1.3 billion euro ($1.7 billion) agreement for Hutchison Whampoa to buy Orange Austria, which was signed in February and is likely to be approved soon by the European Commission after a prolonged investigation.

* Standard Chartered Plc has appointed a new global head of loan syndication, the second change to the London-based bank's management of its corporate finance business in as many months following the departure of the global head of leveraged finance syndication in October.

* French cosmetic firm L'Occitane International S.A. said its six months net profit rose 16 percent year-on-year to 33.7 million euros.

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.