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The listing will bring the number of instruments available for trade on A2X to 62, with a combined market capitalisation of some R4.2 trillion. Tencent followed Alibaba in reporting its slowest pace of quarterly growth on record as online advertising sales missed analysts’ projections after they declined for the first time. And domestic gaming revenue grew a mere 1% - reflecting a months-long licensing halt that along with curbs on playtime for minors have sapped Tencent’s biggest division.“We are proactively embracing changes to better align ourselves with the new industry paradigm,” Lau said on a conference call after the results.
All eyes are on meetings this week of NATO, where Joe Biden and other leaders are expected to discuss further punishing Moscow for the month-long invasion, while the European Union is still debating a possible embargo on Russian oil. The surge in oil markets will further fan already elevated inflation - it is at a 40-year high in the United States and a 30-year high in Britain - putting pressure on central banks to tighten monetary policy before prices run out of control.In light of that, the Federal Reserve has turned increasingly hawkish.
“There aren’t many high-yielding deliverable EM currencies like ZAR and TRY,” he said in emailed comments. “However, TRY tail-risks will continue to keep many investors on the sidelines.” The lira, on the other hand, has been harmed by recent monetary policy decisions. The central bank has kept rates unchanged at 14% since December, despite inflation accelerating past 54% as of February.
Oil prices dipped on Tuesday as the European Union seems unlikely to agree to a ban on Russian oil which would also likely weigh on the euro."An embargo on Russian oil would increase the likelihood of Russia turning off the gas tap to Europe in return," Commerzbank head of FX research Ulrich Leuchtmann wrote, saying such a scenario could throw Europe into recession.
British inflation shot up faster than expected last month to a new 30-year high, worsening a historic squeeze on household finances that finance minister Rishi Sunak is under pressure to ease in a budget update later on Wednesday.*Britain has the second-highest annual inflation rate among Group of Seven countries, behind only the United States as global commodity and energy prices soar, exacerbated by Russia's invasion of Ukraine.
China’s largest internet corporations have resigned themselves to a new era of cautious expansion, more than a year after the start of a bruising crackdown that eventually engulfed every internet sphere from ecommerce to online gaming and education. Tencent has lost more than $470 billion from its peak in 2021, even though it has largely escaped Beijing’s direct scrutiny. Investors are re-calibrating their approach to the market after Xi Jinping and his deputy Liu He pledged to support the economy and markets and finish the clampdown on the tech sector “as soon as possible” - triggering a historic rally in Chinese stocks last week.
Monthly active users on WeChat grew 3.5% to 1.27 billion in the period. Daily active users of the app’s mini-programs - download-free lite services within the main platform - grew about 12.5% to 450 million in 2021, executives said in January. Revenue rose 8% for the three months ended December - the first time that quarterly sales have grown by single-digits.
Shares in Prosus, which as a unit of Tencent’s biggest external shareholder is regarded as a proxy for the company, fell almost 6%. Prosus owner Naspers dropped more than 5%, In December, Tencent launched a new publishing division for global markets, with offices in Singapore and Amsterdam. Just like Mark Zuckerberg’s Meta Platforms Inc., the Chinese company is prepping for a technological leap into the virtual realm, registering relevant trademarks for the metaverse and hiring developers for open-world games. Still, executives cautioned that the concept may take longer than expected to realize. The Turkish lira’s steady decline against the rand has reached an historic milestone, dealing the latest blow to a much-tried emerging-market currency play.
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