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Oil rises more than 2% after US and UK attack on Houthi rebels in Yemen
Oil prices rose after Britain and the United States launched military strikes on targets in Houthi-controlled areas of Yemen, US officials said, escalating tensions in the Red Sea.
Global benchmark Brent rose 1.87% to $78.90 a barrel in Asian trading hours on Friday, while US West Texas Intermediate futures climbed 2.05% to $73.49 a barrel.
US President Joe Biden said in a statement, “These targeted strikes are a clear message that the United States and our partners will not tolerate attacks on our personnel or hostile elements that threaten freedom of navigation in one of the world’s most vital commercial routes.” Will not allow you to be put in danger.” Thursday evening.
– Li Ying Shan
an hour ago
CNBC Pro: TSMC More: Goldman Sachs likes these Asian tech stocks, leading to 37% gain
Many investors have been bullish on technology stocks over the past few months and Goldman Sachs is no exception.
The investment bank highlighted opportunities in the Asian tech hardware industry, citing “focal points” for 2024, such as the impact of geopolitical conditions including cyclical recovery, artificial intelligence and changes in semiconductor supply chains.
“While we fully expect a very modest cyclical recovery, we continue to look for opportunities among individual stocks,” Goldman Sachs analysts led by Daiki Takayama wrote in the note, including four firm-listed stocks called Buy- Naming rated names. To run the theme.
The bank’s conviction list includes its top buy-rated stock ideas that are expected to outperform the market.
– Amala Balakrishner
an hour ago
CNBC Pro: BofA says these European stocks are likely to outperform once rate cuts begin
Investors are eagerly awaiting a rate cut this year – the US Federal Reserve has given at least three signals that it will end its aggressive interest rate-hike campaign over the past few years.
The question is when will the first rate cut take place.
BofA has created a screen of which global companies are likely to outperform as rates fall, and after the initial cut of cycles the average has “not yet risen as strongly as historical performance”.
It also examined such scenarios for companies as if the Fed cut rates faster or slower than the European Central Bank – and vice versa.
CNBC Pro subscribers can read more here.
– Weizen Tan
12 hours ago
CPI increased more than expected in December
Inflation rose faster than expected in December.
The consumer price index rose 0.3% from November last month. Year on year, CPI increased by 3.4%. Economists surveyed by Dow Jones expect the CPI to rise 0.2% month on month and 3.2% year on year in December.
However, the so-called core CPI, which strips out food and energy prices, was pointing to a possible easing of pricing pressures.
– Fred Imbert
9 hours ago
Economist McCully says Fed still ready to cut despite high inflation
Economist Paul McCully said Thursday that slightly higher-than-expected inflation data in December made the Federal Reserve unlikely to cut interest rates later this year.
Even as the consumer price index showed inflation rose 3.4% from a year earlier, McCully argued that the Fed’s policy “has clearly pivoted.”
“The next step is cuts, and it’s going to be a series of cuts to take us back to neutral position. That’s the theme the market is working on. I think that’s the right theme and the data of the day. It doesn’t really change it all,” McCulley said during an interview on CNBC’s “Squawk on the Street.”
Still, stocks fell after the inflation news.
McCully said, “It’s noise in the data, it’s noise in the market, but we’re basically already in a soft landing with a pivot in rhetoric and we’re just waiting for it to come in reality, timing, speed and magnitude.” are doing.”
5 hours ago
Bitcoin miners decline in afternoon trading
Bitcoin miners gave back earlier gains as the cryptocurrency’s price dropped in volatile trading following the Securities and Exchange Commission’s approval of the first U.S. spot bitcoin ETF to hit the market on Thursday.
The two largest mining stocks, Marathon Digital and Riot Platforms, declined more than 15% each. Wall Street favorites Iris Energy and CleanSpark fell 9% and 7%, respectively. Investors were booking profits after the price of Bitcoin rose above $49,000 for the first time since December 2021. It has since returned to the $46,000 level.
Miners were the biggest stock market gainers in 2023. Marathon ended the year up nearly 590%, while Riot surged more than 350%. CleanSpark and Iris Energy posted gains of more than 400%.
– Tanaya Machel
5 hours ago
FAA panel investigating Boeing for explosion
The Federal Aviation Administration said Thursday it has launched an investigation into Boeing after a side panel on one of its Boeing 737 Max 9 planes flew off during flight on Saturday.
The investigation will examine whether Boeing “failed to ensure that finished products conformed to its approved designs and were in safe operating conditions in compliance with FAA regulations,” the FAA said.
Boeing shares slipped nearly 2% in afternoon trading.
– Leslie Josephs, Michelle Fox