Standard Chartered halved profit, shares fell nearly 2%

Standard Chartered Bank has just announced pre-tax profit in 2020 “evaporates” 57% over the same period last year, down to 1.61 billion USD.

Standard Chartered’s 2020 pre-tax profit is lower than the $ 1.85 billion average forecasted by analysts.

The profit is lower than the average of $ 1.85 billion predicted by analysts, according to Reuters. However, Standard Chartered CEO Bill Winters said that “the outlook remains bright”.

“While Covid-19 led to the fastest and most severe economic collapse any of us have ever seen, the outlook for economic recovery has also weathered previous recessions in both speed and intensity. We are in a great position to benefit from this recovery, “said Mr. Winters.

Shares of Standard Chartered listed in Hong Kong fell 1.9% on February 25 trading day.

Previously, Standard Chartered’s rival, HSBC Group, announced that pre-tax profit in 2020 decreased 34% compared to the same period last year, to $ 8.8 billion. In addition, HSBC also announced to pay a temporary dividend of 15 cents / share, the first time since the Covid-19 pandemic appeared.

Major stock indices of Asia-Pacific region simultaneously gained points on February 25 trading day after the Dow Jones industrial average index peaked last night.

In particular, the Kospi index of Korea led the rising wave in Asia after rising 3.5% to 3,099.69 points. Notably on the Korean stock exchange, shares of the world’s second largest chip maker SK Hynix soared 9.19% after its partner Nvidia (USA) announced its fourth quarter profit and sales in the fourth quarter of 2020. Although the global shortage of semiconductors seriously affects many industries, from manufacturing electronic gaming equipment to cars.

In Japan, the Nikkei 225 index ended the day at 30,168.27 points, up 1.67% as shares of SoftBank Technology Group rose 3.84%. The Topix index also increased by 1.22% to 1,926.23 points.

Shares of Japanese car company Suzuki Motor today lost 3.3% after the company announced that Osamu Suzuki will leave the “chair” of the chairman in June and become a senior adviser.

After the previous slump of nearly 3%, Hong Kong’s Hang Seng today closed up 1.2% to 30,074.17 points. Meanwhile, mainland Chinese stocks recorded opposite developments. The Shanghai Composite Index reached 3,585.05 points, up 0.59%, while the Shenzhen Component index slipped 0.282% to 14,828.80 points.

Australia’s S & P / ASX 200 index edged up 0.83% to 6,834 points. Overall, the MSCI Asia-Pacific Index (excluding Japan) increased by 1.54%.

The Dow Jones index rose sharply last night by 424.51 points and closed at a peak of 31,961.86 points. The S&P 500 index rose 1.1 percent and ended the day at 3,925.40 points, while the tech-oriented Nasdaq Composite index rose about 1 percent to 13,597.97 points.

Wall Street stocks last night recorded strong waves after the President of the US Federal Reserve (Fed) Jerome Powell eased fears of rising inflation when he said it could take up to 3 years to reach the target. that the Fed set out.

At the hearing before the US House of Representatives Financial Services Committee on 24/2, Fed Chairman said that inflation could fluctuate when the economy reopens and demand increases. However, Mr Powell does not think that inflation will accelerate by asserting the agency has the tools to adjust if needed.

In the currency markets, the greenback continued to slide as the US dollar index against other major currencies fell to 89,916, compared with the level above 90.8 established last week. The Japanese Yen remained weak and converted 106.06 JPY / USD, from 105.6 JPY / USD yesterday. In contrast, the Australian dollar appreciated and traded 1 AUD / 0.7989 USD, compared with 1 AUD / 0.784 USD set last week.

Oil prices on the Asian market this afternoon continued to go up. Futures prices for Brent crude rose 0.88% and traded at $ 67.63 / barrel, while the US crude futures price edged up 0.76% to $ 63.70 / barrel.