Thu, Feb 9 2023 11:33 PM EST
Chinese consumers haven’t picked up confidence for big-ticket items yet: BofA
Helen Qiao, China and Asia economist at Bank of America Global Research, said Chinese consumer confidence still hasn’t returned for big-ticket items.
Qiao spoke on CNBC’s “Squawk Box Asia.”
But confidence hasn’t picked up yet for big-ticket items like cars and housing, he said.
“People are worried…about a possible return of Covid and are worried that their income growth is not coming back as strongly as before,” Qiao said.
– Sumati Bala
Fri, Feb 10 2023 12:51 AM EST
No Adani stock removed from MSCI Global Indices despite cut in weighting
A quarterly review by the index provider showed that none of Adani’s stocks have been removed from the MSCI Global Standard Index.
This is despite MSCI’s announcement to cut the weighting of four group company securities: Adani Enterprises, Adani Transmission and Adani Total Gas, as well as Indian cement company ACC, which the Adani Group acquired last year.
Adani Enterprises traded up 0.93% in the Mumbai trading session. Adani Ports gained 2% — while Adani Green, Adani Power, Adani Transmission and Adani Total all fell 5%.
Adani Wilmar also climbed nearly 3%.
– Lim Hui Ji
Thu, Feb 9 2023 8:48 PM EST
CNBC Pro: ‘It will prosper’: Analysts rate this global fintech stock up more than 140%
According to many analysts, the shares of this global fintech company are expected to more than double in a year.
Bank of America has a 216% upside price target on the stock. Even the consensus price target points to 143% share price gains over the next 12 months.
Analysts say the company’s high brand recognition means its marketing costs will help drive profitability in the near future.
CNBC Pro subscribers can read more here.
Thu, Feb 9 2023 8:41 PM EST
Consumer prices in China rose 2.1% from a year earlier
Government data showed China’s consumer prices rose 2.1% in January from a year earlier, the fastest pace in three months.
The reading fell short of projections by economists in a Reuters poll, which had expected to see prices rise by 2.2%.
On a monthly basis, prices rose 0.8% in January, a rate higher than expected.
The reopening of China after more than two years of Covid-zero policy has seen an uptick in prices along with resumed consumer activity.
– Jihye Li
Thu, Feb 9 2023 8:28 PM EST
Australia’s central bank says inflation remains high, and hints at rate hike
Australia’s central bank said on Friday that inflation remained high and signaled further interest rate hikes.
This comes after the Reserve Bank of Australia raised interest rates by 25 basis points on Tuesday, bringing its cash rate to a 10-year high of 3.35%.
In its quarterly monetary statement, the RBA observed that global inflation is still very high but “seems to have peaked.”
The RBA said inflation for consumer durables, services and rents edged up in the December quarter, noting that the softening of global goods prices has still not been reflected in domestic retail prices.
“The Board expects that further increases in interest rates will be needed to ensure that the current period of high inflation is only temporary,” the RBA said.
The central bank estimates that CPI will decline to 4.75% in 2023 and around 3% by mid-2025.
– Lim Hui Ji
Thu, Feb 9 2023 8:01 PM EST
Japan’s wholesale inflation at 9.5% in January
Japan’s wholesale prices rose 9.5% in January from a year earlier, slightly lower than the revised figure of 10.5% recorded in December 2022.
The rise in the Corporate Goods Price Index (CGPI) was also below the forecast by Reuters, which had forecast a 9.6% gain.
CGPI measures the price that companies charge each other for their goods and services.
– Lim Hui Ji
Thu, Feb 9 2023 7:12 PM EST
K-pop stocks rally at the open
Shares in the K-pop industry opened higher following Hyebye’s announcement to acquire SM Entertainment shares.
SM Entertainment jumped more than 16%, Hybe rose 6% in the first hour of Seoul trading. JYP Entertainment rose 2.5% and YG Entertainment also rose 3.8% at the open.
– Jihye Li
Thu, Feb 9 2023 7:05 PM EST
K-pop agency Hyebe buys stake in SM Entertainment, making it the largest shareholder
Hyebe, the K-pop agency behind boy band BTS, will acquire 3.5 million shares of rival SM Entertainment worth 422.8 billion won ($334.2 million), announced in a filing.
The filing states that Hybe acquired shares held by SM founder Lee Soo-man – to hold a 14.8% stake in the company, making Hybe the largest shareholder of SM Entertainment.
Hybe said the deal is targeted at “raising” [Hybe’s] Competition in the K-pop industry.”
– Jihye Li
Thu, Feb 9 2023 7:06 PM EST
Bank of Japan nomination expected February 14: Kyodo
Citing government sources, Kyodo said the Japanese government is looking to submit nominations for the next governor of the Bank of Japan on February 14.
The report said the ruling Liberal Democratic Party is likely to discuss the nomination deadline with the opposition party later on Friday.
The move is being seen as a delayed process, following previous reports that the nominations may be announced today.
– Jihye Li
Thu, Feb 9 2023 3:31 PM EST
Stocks notch session lower with less than an hour of trading
The selloff intensified with less than an hour left in the trading day.
All the three indices hit session lows. The Dow was down more than 250 points, or 0.8%, while the S&P 500 was trading down only 1%. The Nasdaq Composite, the worst performer of the three, was down more than 1.1% at its new low.
See the list…
Thu, Feb 9 2023 10:49 AM EST
Wynn and MGM results show Vegas stir is starting, analysts say
Fourth-quarter results for both Wynn Resorts and MGM Resort International show that Las Vegas is heating up, according to Wall Street analysts.
Both casino operators reported better-than-expected revenue, with Wynn’s $1 billion topping Refinitiv’s estimate of $958 million and MGM’s $3.35 billion topping estimates of $3.59 billion.
Many analysts applauded the results, with Jefferies titling their report on Wynn’s earnings, “Las Vegas Is Starting to Sizzle.”
“Strength in Las Vegas coupled with an early-stage recovery in Macau supports strong momentum of late,” said analyst David. The commentary supports further positive progress in both markets’ projections, which we believe will react positively in stocks. Should be.” Katz wrote in a note Tuesday.
Meanwhile, Deutsche Bank raised its price target on Wynn from $106 to $128 per share, as well as its price target on MGM from $49 per share to $53.
“We believe the 2023 outlook for Las Vegas remains solid, with near-term strength in bookings evident,” analyst Carlo Santarelli said in a note. as compelling and differentiated.” Thursday.
Wynn shares rose more than 6%, while MGM gained nearly 8%.
Thu, Feb 9 2023 2:18 PM EST
Toyota Motor shares rose more than 1% after announcing earnings
Shares of Toyota rose more than 1% on Thursday after the company’s third-quarter earnings, revenue and operating profit beat analysts’ expectations.
The Japanese automaker reported earnings of 53.40 yen, topping analysts’ consensus estimates of 49.55 yen polled by FactSet. The company posted revenue of 9.755 trillion yen, compared to the 9.257 trillion yen expected by analysts.
Operating income jumped 22% year-on-year to yen 956.65 billion in the third quarter.
Meanwhile, Toyota’s net profit fell to 745 million yen from 819 million yen reported in the same period last year.
Toyota said a weaker Japanese yen and higher sales volumes offset rising material prices.
Thu, Feb 9 2023 8:36 am EST
Jobless claims rose more than expected last week
First-time filings for unemployment benefits rose more than expected last week but remained relatively low.
The total number of jobless claims for the week ending February 4 was 196,000, up 13,000 from the previous period and exceeding Dow Jones’ estimate of 190,000. It was the fourth week in a row that claims were less than 200,000, following the most recent peak of 241,000 in mid-November.
Continuing claims also rose by 38,000 to 1.688 million, the highest number since the beginning of the year.
Initial reaction from the markets to the claims data was muted.
Fri, Feb 10 2023 10:10 AM EST
This story has been updated to reflect the exact name of Cacao Corp. It also clarifies that the deal involves the purchase of convertible bonds.