European stocks climb on bargain hunting
LONDON, Mar 11: European stock markets climbed Friday as investors fished for bargains after recent Ukraine-driven losses, with London buoyed also by news of an economic rebound for Britain. Frankfurt jumped 1.0 percent and Paris gained 0.4 percent just after midday, while London won 0.9 percent in late morning trade to shrug off earlier Asian losses. Oil rallied on Iran supply fears but remained below the 14-year peak near $140 hit Monday on worries of a severe fallout from key producer Russia's invasion of Ukraine. The pound and yen hit multi-year dollar lows, as spiking US inflation fanned expectations the Federal Reserve would deliver aggressive interest rate hikes. "European stocks are set for their first weekly rise since the start of the war, as investors digest the latest... (ECB) policy decision and a pleasant surprise from UK GDP data," said City Index analyst Fiona Cincotta. Investors were reassured after European Central Bank head Christine Lagarde on Thursday said the ECB would "take whatever action is needed" to shield the eurozone from Ukraine fallout and sky-high energy prices.— AFP
Hong Kong shares finish with more losses
HONG KONG, Mar 11: Hong Kong stocks closed Friday with another loss, in line with a broad sell-off across Asia fuelled by fears over inflation and the Ukraine war, while traders were also fretting over a US crackdown on Chinese firms listed in New York. The Hang Seng Index fell 1.61 percent, or 336.47 points, at 20,553.79. The Shanghai Composite Index added 0.41 percent, or 13.65 points, to 3,309.75, while the Shenzhen Composite Index on China's second exchange gained 0.56 percent, or 12.20 points, to 2,173.14.
— AFP
Insurer AIA launches $10b buyback on strong 2021 growth
AIA Group Ltd on Friday launched a $10 billion share buyback plan and declared a higher final dividend on strong growth in 2021, but warned of near-term pain from a recent outbreak of coronavirus infections in Hong Kong. The Asia-focussed insurer's value of new business or VONB, which measures expected profit from new premiums and is a key gauge for future growth, rose to $3.37 billion for the year ended Dec. 31, from $2.77 billion a year earlier. China and Hong Kong accounted for about half of new business growth globally. Mainland China business was the top contributor to VONB, logging a 14 per cent growth, while its Hong Kong business jumped 37 per cent, indicating strong recovery from the pandemic-lows.
— Reuters
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