Fri, August 19, 2022

Tencent’s First-Quarter Earnings Surpassed Expectations

Stocks and various factors

Shares of Chinese tech giant Tencent listed on the Hong Kong Stock Exchange fell on May 14 even though the firm’s first-earnings surpassed expectations. Interestingly, the stock earlier reached more than two year high. Notably, online games revenue grew 31% year-on-year to 37.3 billion yuan. Also, the total smartphone game revenue reached 34.7 billion yuan for the March quarter. Let’s have a look at other interesting information.

On May 14, Australia’s Bureau of Statistics released the data that had a negative impact on the stocks. According to the data, seasonally adjusted employment in April fell by 594,300 people compared to March. Australia’s S&P/ASX 200 dropped 1.72% to close at 5,328.70.

In Japan, the Nikkei 225 decreased 1.74% to close at 19,914.78. Meanwhile, the Topix index dropped 1.91% to finish its trading day at 1,446.55.

South Korea’s Kospi index fell 0.8% to close at 1,924.96.

Also, mainland Chinese stocks suffered losses on May 14. The Shanghai Composite decreased 0.96% to around 2,870.34. At the same time, the Shenzhen Composite fell 0.941% to approximately 1,805.70.

Tencent and stocksAsian stocks and various factors

Chinese tech giant Tencent failed to strengthen its positions on Thursday. Another interesting news that may affect the stocks came from the U.S. It is no secret that the Federal Reserve is the most famous central bank in the world. The U.S. dollar is the global currency. Moreover, the country has the largest economy in the world

According to the U.S. Federal Reserve Chairman Jerome Powell, more may need to be done to boost the economy. His comment came at a time when millions of Americans across the country lost their jobs. Many of them decided to seek unemployment benefits. The Federal Reserve, as well as the U.S. government, should work together to boost the economy. However, it will take several months if not more to solve all problems.

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