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  2. HK stocks weighed down by bond and war uncertainties

    Asian markets were mixed on Friday after recent oil price surges as US and Japanese bond yields hit multi-year highs with no clear end in sight to the Middle East war. In Hong Kong, the benchmark Hang Seng Index fell 251 points, or one percent, to end the day at 24,510 on turnover of HK$102.2 billion. The tech index was 49 points, or 1.1 percent, lower at 4,311 while the China Enterprises Index sank 100 points, or 1.2 percent, to 8,165. In Tokyo, the Nikkei rose for a fifth straight session to be up 850 points, or 1.3 percent, to 66,364, driven by gains in AI-related companies and as investors bought ahead of a Monday deadline ⁠to qualify for mid-term dividends. The broader Topix climbed 53 points, or 1.31 percent, to 4,128. A two-month extension of a trade truce between the United States and China left several issues unresolved, analysts said, shifting lingering risks into the future. Oil prices eased slightly, with Brent crude shedding 0.8 percent after spiking more than three percent on Thursday to extend previous gains. Global stocks had mostly fallen on Thursday, as the benchmark US 10-year Treasury yield rose to its highest level since 2007, and the 30-year yield reached its highest since 2004. Japan's 10-year yield also reached a fresh 30-year high on Friday. "Bond yields are bouncing around like a see-saw," Kathleen Brooks, research director at XTB, wrote in a note. "There is no clear direction for markets," she said, listing unknown factors such as "are we in a bond crisis or not"? and "Is the Iran war getting worse or is the situation improving"? "While these questions remain unanswered, volatility will continue to dominate, especially in the commodity and bond markets," Brooks said. (AFP & Reuters) Edited by Aaron Tam

  3. Over half of bank customers opt for AI: survey

    More than half of local bank customers use artificial intelligence to assist their financial planning, a survey has shown. The survey, conducted by the Hong Kong Institute of Bankers (HKIB) in August, interviewed 400 customers who had invested in financial products or insurance policies. Among the customers who opted for AI, most of them used it as a tool to study market trends and conduct personal financial assessments, the survey found. However, customers would still rely on human service when it comes to complex and long-term financial decisions. Regarding customer services, 41 percent of respondents said they would accept it if AI handled simple issues, but they would still look for human staff for complex matters. Speaking at the HKIB Annual Banking Conference on Friday, the institute’s CEO Carrie Leung said customer expectations were evolving rapidly with the adoption of AI. “The message is clear: customers are not choosing between AI and human expertise. They expect the best combination of both,” she said. “Therefore, the question is not simply whether AI will replace people. It is how we use AI responsibly together with human judgment to deliver better outcomes and preserve trust.” Speaking at the same event, Deputy Financial Secretary Michael Wong said the government attaches great importance to Hong Kong’s status as an international financial centre. Wong said Hong Kong is the world’s leading offshore renminbi business hub, with 75 percent of global offshore renminbi payments being processed through the territory. He said a number of measures have been proposed in the Policy Address to provide banks with a more stable and lower cost source of renminbi funds. Wong also said the SAR aims to build a commodity trading ecosystem, with gold as a starting point. He highlighted the city’s advantages to become a place that provides storage, trading, clearing and settlement services for gold and other commodities. Edited by Aaron Tam