Japan’s Nikkei tops 33,000 points; Asian markets rise ahead of Fed meeting

An hour ago

Japan’s Nikkei 225 tops 33,000 points as chip stocks and autos lead the way

Japan’s Nikkei 225 topped 33,000 points for the first time since July 1990, passing a key psychological level as Japanese stocks continue their bull run.

Battery maker GS Yuasa rose 5.97%, leading the index higher, and chipmaker Renesas Electronics rose 5.88%.

SoftBank Group rose 5.59% and Toyota Motor rose more than 5% while Mazda rose 4.1[ads1]2%.

2 hours ago

People’s Bank of China cuts seven-day reverse repo rate to 1.9%

The People’s Bank of China cut its seven-day reverse repo rate by 10 basis points from 2% to 1.9%, and injected 2 billion Chinese yuan ($279.97 million) through its seven-day repo. A repurchase agreement (repo) is a type of short-term loan interest rate.

This is the central bank’s first move since August and follows the country’s biggest banks which cut deposit rates last week, signaling that further monetary policy easing is in store.

The onshore Chinese yuan weakened 0.25% to 7.1618 against the US dollar shortly after the move on Tuesday and held to its weakest levels since November.

– Jihye Lee

46 minutes ago

India is a “bright spot” in terms of global growth rates, the wealth management firm says

Michael Yoshikami, founder of Destination Wealth Management, says that’s especially so because technology companies are “starting to move forward in terms of manufacturing in India.”

– Lee Ying Shan

5 hours ago

Samsung, SK Hynix stand up after report that US is allowing Korean and Taiwanese chipmakers to stay in China

49 minutes ago

Cargo has been moving quite well despite the labor shortage, says the Port of Los Angeles

Gene Seroka, executive director of the port, says cargo is moving “pretty smoothly,” although some truckers and port customers are experiencing delays.

– Audrey Wan

5 hours ago

Inflation rate in India slows to lowest since January 2021

India’s consumer price index has registered a year-on-year increase of 4.25% in May, marking the lowest rate of inflation since January 2021.

This was lower than April’s figure of 4.7% and also lower than the 4.42% expected by economists polled by Reuters.

Government data showed that prices of clothing and footwear had the highest increase of 6.64% in May, followed by housing prices, which rose 4.84%.

– Lim Hui Jie

5 hours ago

CNBC Pro: Nervous about high prices? Analysts like these cash-rich stocks, giving a nearly 80% upside

Analysts have singled out a group of companies that will benefit from interest rates staying higher for longer: those that are cash-rich and have strong balance sheets.

Although the US central bank is expected to stop the increases this week, there are fears that it will resume them afterwards. That’s because of factors like inflation being stickier than it looks and a labor market that continues to be tight.

CNBC Pro surveyed the S&P 500 and MSCI World indexes to look for such cash-rich stocks. One popped up on the screen with nearly 80% potential upside, and two other semiconductor stocks — popular with investors right now — also popped up.

CNBC Pro subscribers can read more here.

β€” Weizhen Tan

49 minutes ago

Bain Capital explains its bid to take Chindata private

Jonathan Zhu of Bain Capital discusses the company’s offer to take the Chinese data center operator private in a deal that values ​​it at nearly $3 billion.

– Sheila Chiang

5 hours ago

CNBC Pro: Morgan Stanley Loves These 5 Global AI Chip Stocks That Could Take Nvidia’s Market Share

Nvidia, a dominant player in the artificial intelligence computing market, may face increasing competition from custom chip designers in the near future, according to Morgan Stanley.

“Budget costs and energy requirements are the two major constraints on future AI computing, in our view,” Morgan Stanley analysts led by Charlie Chan said in a June 11 note to clients.

“We therefore expect to see increasingly energy-efficient and affordable AI-enabled chip designs going forward, matching or even surpassing the growth of NVIDIA’s and AMD’s mainstream GPUs.”

The investment bank is “overweight” five global stocks that could benefit from this trend.

CNBC Pro subscribers can read more here.

– Ganesh Rao

49 minutes ago

DBS discusses the launch of its multi-family platform

Lee Woon Shiu, DBS Bank’s group head of wealth planning, says “the family office proposal is … the most important game changer to come out of Singapore in the last five years in the wealth management space.”

– Lim Hui Jie

9 hours ago

Stocks end higher, S&P 500 ticks to best close in 13 months

Shares closed higher on Monday as investors increased optimism that the central bank could skip a rate hike at its board meeting this week.

The S&P 500 added 0.93% to close at 4,338.93, while the Nasdaq Composite rose 1.53% to end the day at 13,461.92. The Dow Jones Industrial Average climbed 189.55 points, or 0.56%, to close at 34,066.33.

Investors will also look to fresh inflation data this week, with the consumer price index for May due out on Tuesday.

-Brian Evans

10 hours ago

Relatively light trading day as Wall Street prepares for Fed meeting

It’s a relatively quiet day on Wall Street as investors look ahead to the Federal Reserve meeting set for midweek.

Just over 31.5 million shares of the SPDR S&P 500 ETF Trust, a tracker of the broad S&P 500 index, have changed hands as of 2 p.m. ET with just two hours left in the trading day. On an average full day over the last 30 sessions, around 80.6 million shares were traded.

The low volume underscores the typical calm-before-the-storm period seen in early weeks with a Fed meeting on the agenda. Investors will watch Wednesday’s announcement and press conference for any changes to the rate hikes and comments from Fed Chair Jerome Powell on the state of the economy and future monetary policy.

Before that, consumer price index data due on Tuesday will also be watched due to the link with inflation.

– Alex Harring

11 hours ago

The positive effect of improving deliveries for Nio can be offset by a tougher market, says Nomura

Tailwinds from improvements in delivery may be limited by increased competition for the electric car manufacturer Nio, according to Nomura.

Analyst Frank Fan initiated coverage of the China-based automaker’s stock at neutral. His $7.50 price target suggests U.S. publicly traded stocks will fall about 3% over the next year from where they closed Friday’s session.

“We believe the company is on track to improve deliveries in 2H23F,” Fan said in a note to clients on Sunday, also calling first-quarter deliveries “lackluster”. “That said, we expect NIO’s implied upside to be limited by intensified competition and limited market share improvement in 2023F, based on the company’s 2023 guidance for shipments vs. the overall EV industry growth outlook.”

Fan’s price target implies further downside for the stock, which has already fallen more than 14% this year.

On Monday, the company cut prices and ended free battery replacements for new buyers despite management saying earlier this year that the company would not enter the “price war” for electric vehicles. US stocks rose more than 7% in Monday’s session.

See diagram…

US-listed Nio shares

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