Australia's central bank raised its cash rate to a 15-year high of 4.6 percent on Tuesday in its fourth hike of the year, saying inflation was too high and it was prepared to hike further if needed. Wrapping up its September policy meeting, the Reserve Bank of Australia board voted unanimously to lift its key interest rate by 25 basis points, bringing the tightening this year to a full percentage point. The board said some of the upside risks to inflation were materialising with energy costs high and productivity weak at home. Investors had wagered heavily on an increase given core inflation was running at 3.6 percent, well above the central bank's target range of two percent to three percent, and markets are priced for at least one more hike ahead. (Reuters) Edited by Tony Sabine

Shares in fast-fashion giant Shein plunged more than 11 percent in Hong Kong on Tuesday after releasing disappointing financial results. The company, which faces growing competition from low-cost e-commerce companies such as Temu and AliExpress, said that revenue grew just one percent on-year in the first six months of the year, while its operating profit halved. By around lunch on Tuesday, Shein's share price had pared some of the losses but was still down 10.9 percent at HK$31.44. Monday's results were Shein's first since its high-profile initial public offering this month, which put the company's valuation at around US$26.3 billion – well short of the nearly US$100 billion during private fundraising rounds in 2022. Net revenue from Europe fell 13.9 percent to nearly US$3.8 billion for the second quarter, Shein reported. The decrease "reflects a decline in sales volume as we raised prices and lowered online advertising spending" in anticipation of the removal of the customs duty exemption, the company said. Another key market, the United States, saw revenue drop six percent in April-June, reflecting the impact of tariffs. Since its first day of trading on the Hong Kong Stock Exchange in September, Shein's share price has fallen more than 35 percent. (AFP) Edited by Aaron Tam

Chinese automation equipment maker RoboTechnik Intelligent Technology fell up to 9.8 percent in its Hong Kong trading debut on Tuesday, after raising HK$5.18 billion in its share sale. The stock dropped to as low as HK$393.20, compared with its offer price of HK$436, after opening at HK$419.60. It was last down 8.5 percent at HK$398.80. The broader market was also weaker, with the Hang Seng Index falling 0.6 percent at one stage and the tech index down 1.2 percent. RoboTechnik was one of four companies to start trading in Hong Kong on Tuesday, in a test of investor appetite for new share offerings amid a revival in the city's IPO ⁠market. Hong Kong IPOs, including secondary listings, have raised US$46.54 billion so far this ⁠year, a 94.3 percent jump from a ⁠year earlier, LSEG data showed. Printed circuit board maker Shenzhen Kinwong Electronic opened seven percent lower at HK$65, versus its HK$69.88 offer price, after raising HK$5.1 billion. The stock was last up ⁠9.5 percent at HK$76.55. Specialty chemicals and semiconductor materials maker Red Avenue New Materials Group opened 9.1 percent lower at HK$40 versus its HK$44 offer price, after raising about HK$3 billion. Robotics technology company Direct Drive Tech opened 4.1 percent higher at HK$22.48, versus its HK$21.60 offer price, after raising HK$1.08 billion. "I don’t think the IPO market has ⁠the same punch as before," said Dickie Wong, executive director of research at uSmart Securities. "Because of US-China tension in AI and chips sector and fears that AI is getting frothy, names in AI, robotics and PCB are no longer being chased the way they were. "People are picking more carefully now. Theme alone is not enough. Valuation and recent momentum matter more. Subscription demand and first-day trading have both cooled a lot." RoboTechnik makes equipment for photovoltaic cell manufacturing and assembly, and testing systems for silicon photonics devices used in optical interconnects for data centres and artificial intelligence infrastructure. It ⁠sold 11.88 million Hong Kong shares in the base offering. Cornerstone investors, including Temasek, Sunpeak Asset and IvyRock, agreed to buy about US$232.4 million of shares, the prospectus showed. The company plans to use listing proceeds for research and development, expanding production capacity and speeding up deliveries, global sales and service operations, as well as for potential acquisitions and working capital. RoboTechnik reported first-half 2026 net profit of 6.3 million yuan, from a 12.2 million yuan loss a year earlier. Revenue rose 145.1 percent to 608.1 million yuan, ⁠driven mainly by silicon photonics assembly and testing equipment. (Reuters) Edited by Tony Sabine