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On October 27th, UBS set a target price of HK$33.50 for Zai Lab (09688.HK) based on a discounted cash flow (DCF) methodology, implying an unadjusted price-to-peak sales ratio of 1x and 1.6x, respectively. UBS believes the market appears to be overlooking Zai Labs short-term growth potential, including the potential of VYVGART and new product launches, as well as the business development potential of products such as DLL3 ADC and ZL-1503 (IL-13/IL-31R).KBW, a ratings agency, downgraded Berkshire Hathaways (BRK.AN) rating from "market perform" to "underperform" and lowered its target price from $735,000 to $700,000.According to the Financial Times: From now on, the total US government debt is expected to rise by more than 20 percentage points, reaching 143.4% of GDP by the last year of this decade.JPMorgan Chase: Raised Procter & Gamble (PG.N) price target from $163 to $165.Futures News, October 27th. Economies.com analysts latest analysis: Brent crude oil futures closed higher last trading day, attempting to break through the current resistance level of $65.55, the target price projected in previous analysis. Price action is supported by dynamic support above the 50-day exponential moving average (EMA50), and is operating within a strong short-term bullish corrective trend. Notably, the Relative Strength Index (RSI) has reached excessively oversold territory relative to price action, suggesting a strong possibility of a bottoming divergence, which could strengthen bullish momentum in subsequent trading.

Hang Seng Index, ASX200, Nikkei 225: Hang Seng Jumps on China PMI

Steven Zhao

Mar 01, 2023 15:37


Market Overview

It was a bullish Wednesday morning session for the Asian markets, with the Hang Seng Index leading the way. The Asian markets brushed aside bearish sessions for the Dow and the NASDAQ Composite Index. US economic indicators disappointed on Tuesday, with consumer confidence weakening for a second consecutive month and house price growth slowing.


The CB Consumer Confidence Index fell from 106.0 to 102.9 in February, with the S&P/CS HPI Composite n.s.a rising by 4.6% year-over-year in December. House prices were up 6.8% in November. Elevated US mortgage rates continue to impact buyer demand, with US mortgage rates bouncing back after a brief retreat.


On Tuesday, the NASDAQ Composite Index fell by 0.10%, with the Dow Jones and S&P 500 seeing losses of 0.71% and 0.30%, respectively. This morning, the US Futures reversed early losses. The Dow mini was up 16 points, with the NASDAQ mini flat.


Private sector PMI numbers from China delivered support to riskier assets this morning. After a China data void, today’s stats provided investors with much-needed relief. The all-important Caixin Manufacturing PMI increased from 49.2 to 51.6 in February. Economists forecast a PMI of 50.2. Significantly, the manufacturing sector expanded for the first time since July 2022.

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