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    728   CNE1000002V2

CHINA TELECOM CORPORATION LIMITED

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End-of-day quote. End-of-day quote Hong Kong Stock Exchange - 12/02
2.57 HKD   -0.77%
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Equities dip, U.S. yields fall on resurgence in U.S.-China tensions

10/27/2021 | 06:11pm EST

* Dow, S&P 500 fall; Nasdaq unchanged

* 10-year yields fall to two-week low; yield curve flattens

* Gold gains as dollar, crude fall

NEW YORK, Oct 27 (Reuters) - Global equity markets gave up recent gains on Wednesday, while U.S. Treasury yields fell to a two-week low as traders weighed continued positive corporate results and a resurgence in U.S.-China tensions that could compound supply-chain worries.

Major U.S. companies, including tech giants Microsoft Corp and Google parent Alphabet Inc, have been reporting stronger-than-expected earnings, helping to lift the S&P 500 and Dow Industrials to record closing highs this week, while the tech-heavy Nasdaq is 1% off its record peak. But the U.S. telecoms regulator voted on Tuesday to revoke the authorization for China Telecom's U.S. subsidiary to operate in the United States, opening up a new front in the already tense relationship between the world's two biggest economies and exacerbating investor concerns about supply chains.

"This is obviously one of the most intense reporting weeks for tech stocks, and companies that have been real darlings are still reporting significant numbers," said Tom Plumb, portfolio manager at the Plumb Balanced Fund.

"There's been a dichotomy between those companies that have reacted proactively to supply chain issues compared with those that were waiting for a thaw in the U.S. relationship with the Chinese government."

The MSCI world equity index, which tracks shares in 50 countries, dropped 0.55%, while the pan-European STOXX 600 index fell 0.36%.

On Wall Street, the Nasdaq was unchanged on Wednesday, while the Dow and the S&P 500 closed lower, dragged down by cyclical sectors including financial, healthcare, energy and industrials.

The Dow Jones Industrial Average fell 0.74% to 35,490.69, the S&P 500 lost 0.51% to 4,551.68 and the Nasdaq Composite was unchanged at 15,235.84.

U.S. benchmark 10-year Treasury yields dropped to a two-week low while the 2-year Treasury yields hit 19-month highs, further flattening the yield curve, as the possible timing of the Federal Reserve's first interest rate rise came into sharper focus.

U.S. 10-year yields dropped to 1.552%, while the 2-year yields spiked to 0.515%, the highest since March 2020.

The U.S. dollar lost value against major currencies on Wednesday after the Bank of Canada started off a series of awaited central bank policy comments with a hawkish tone.

The moves broke a calm that had settled over the currency markets this week and took the U.S. dollar index down 0.101% to 93.858.

Prices of safe-haven gold rose in seesaw trading, buoyed by a fall in U.S. bond yields and a softer dollar, although strong risk appetite in equity markets kept bullion's gains in check.

Spot gold was up 0.21% at $1,796.48 per ounce, after a sharp fall in the previous session.

Oil prices fell after U.S. crude oil stockpiles rose more than expected, even as fuel inventories dropped and tanks at the nation's largest storage hub emptied further.

Brent oil futures ended down 2.1% to $84.58 a barrel, while U.S. West Texas Intermediate (WTI) crude settled down 2.4% to $82.66 a barrel.

(Reporting by Chibuike Oguh in New York; editing by David Evans and Sonya Hepinstall)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 1.63% 2866.04 Delayed Quote.60.96%
CHINA TELECOM CORPORATION LIMITED -0.77% 2.57 End-of-day quote.19.53%
MICROSOFT CORPORATION -0.05% 330.02 Delayed Quote.48.40%
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Analyst Recommendations on CHINA TELECOM CORPORATION LIMITED
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Financials
Sales 2021 435 B 68 266 M 68 266 M
Net income 2021 25 984 M 4 075 M 4 075 M
Net Debt 2021 9 763 M 1 531 M 1 531 M
P/E ratio 2021 8,59x
Yield 2021 6,69%
Capitalization 442 B 56 681 M 69 282 M
EV / Sales 2021 1,04x
EV / Sales 2022 0,94x
Nbr of Employees 277 809
Free-Float 25,4%
Chart CHINA TELECOM CORPORATION LIMITED
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China Telecom Corporation Limited Technical Analysis Chart | 728 | CNE1000002V2 | MarketScreener
Technical analysis trends CHINA TELECOM CORPORATION LIMITED
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 23
Last Close Price 2,57 CNY
Average target price 3,64 CNY
Spread / Average Target 41,5%
EPS Revisions
Managers and Directors
Rui Wen Ke Chairman & Chief Executive Officer
Zheng Mao Li President, COO & Executive Director
Min Zhu CFO, Secretary, Executive Director & Executive VP
Yi Xun Sui Chairman-Supervisory Board
Er Ming Xu Independent Non-Executive Director
Sector and Competitors