** Hang Seng Index inched up 0.2%, while Hang Seng China Enterprises Index dipped 0.33%.
** HSBC Holdings Plc posted a pretax profit of $12.9 billion for the quarter ended March, versus $4.2 billion a year earlier, much higher than market expectations.
** HSBC's Hong Kong shares surged 4.5% as the
bank gave positive guidance and launched an up to $2 billion
buyback plan.
** Meanwhile, China's manufacturing activity unexpectedly
shrank in April but mobility indicators suggest the current long
Labour Day holiday likely hit a record in terms of number of
travellers.
** "China's service sector continues to grow strongly while
the manufacturing sector shows signs of weakening," said Zhiwei
Zhang, chief economist at Pinpoint Asset Management.
** These mixed signals will likely keep the pressure on the
government to continue its supportive fiscal and monetary
policies in the second quarter.
** On the geopolitical front, U.S President Joe Biden told
his Philippine counterpart Ferdinand Marcos Jr. that the U.S.
commitment to the defence of its ally was "ironclad," including
in the South China Sea, where Manila is under pressure from
China.
** Hong Kong's economy grew 2.7% in the first quarter of
2023, John Lee, the leader of the Asian financial hub, said in a
surprise announcement ahead of the 0830 GMT release of official
data, to snap four consecutive quarters of contraction.
** HK-listed gambling stocks jumped 1.7% after
Macau announced April gambling revenue soared 449.9%
year-on-year
** Big tech firms slid 0.08%, while Hong
Kong-listed mainland property stocks dropped 1.2% on
disappointing April sales data.
** Mainland China markets will be closed May 2 and May 3 for
the Labour Day holiday and will resume trading on May 4.
(Reporting by Summer Zhen; Editing by Rashmi Aich and Varun H
K)
