Stocks Rise on Narrowing China Property Declines and Strong Earnings
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China stocks rose for the 9th straight day as investors digested property prices data showing declines narrowing. Hong Kong stocks were volatile but ended lower.
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Wall Street surged with the S&P 500 hitting a record high after Nvidia posted strong earnings. The Nasdaq had its best day since Feb 2023.
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Southeast Asian ride-hailing firm Grab posted its first ever quarterly profit thanks to growth in its mobility and deliveries units.
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Standard Chartered shares rose after announcing a $1 billion share buyback and 18% increase in annual profit. The bank took an impairment charge on its stake in Chinese lender Bohai Bank.
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China's commercial housing sales prices fell 0.3% month-on-month in January, narrowing from the previous month's decline. This followed nearly 9-year lows in new home prices in 2022.