An Hour Ago
TSMC reports 11.1% year-on-year increase in revenue for February
Taiwan Semiconductor Manufacturing reported a 11.1% year on year increase in revenue for February, with sales coming in at NT$163.17 billion ($5.35 billion).
Revenue for January and February 2023 totaled NT$363.23 billion, an increase of 13.8% compared to the same period in 2022.
Shares of TSMC were trading 0.19% on Monday morning.
An Hour Ago
Asia’s Tesla suppliers rise after company announces to open Shanghai Megafactory
2 Hours Ago
Week ahead: Key economic data includes inflation prints out of U.S., China and India
This week will see key economic data from some of the largest global economies, including the U.S., China, and India.
Most notably, investors will be looking at the U.S. consumer price index release on Wednesday, with Refinitiv data forecasting that inflation is expected to come in at 5.2% on a year on year basis, lower than February’s figure of 6%.
China and India will also release their inflation figures for March on Tuesday and Wednesday respectively, while South Korea’s central bank interest rate decision is due on Tuesday.
In Southeast Asia, the Philippines will release its trade balance for February, while Singapore will round off the week with its flash GDP estimates for the first quarter of 2023.
— Lim Hui Jie
3 Hours Ago
CNBC Pro: Asia is aging rapidly. Strategists reveal areas to cash in — including tech
Asia-Pacific is aging rapidly — especially China.
The social and economic implications of a silver economy are mostly negative, but there are some big opportunities for investors.
CNBC Pro spoke to analysts to find out how to play the trend.
— Weizhen Tan
Thu, Apr 6 2023 8:08 PM EDT
Samsung Electronics sees its operating profit falling 96% in Q1
That’s a 95.7% plunge from its operating profit of 14.12 trillion won reported in the same quarter in 2022.
Revenue is expected to have fallen nearly 20% compared with last year’s 63 trillion won, Samsung said in its release.
Shares of Samsung Electronics sharply rose 3.2% at the open following the company estimates.
— Jihye Lee
Fri, Apr 7 2023 1:37 AM EDT
Bank of Korea expected to pause for second time in April: Reuters
The Bank of Korea is expected to hold its benchmark interest rate steady at 3.5% again in its monetary policy decision on Tuesday, according to Reuters survey of economists.
DBS was the outlier in the survey and expects the BOK to raise rates by 25 basis points to 3.75%.
The South Korean central bank in its last meeting in February paused its tightening cycle after seven consecutive rate hikes since March 2022.
The Reuters poll also expects the central bank to start cutting rates by as much as 50 basis points in the first quarter of 2024 and even further in the third and fourth quarter of next year.
— Jihye Lee
Thu, Apr 6 2023 8:01 AM EDT
Earnings are expected to post worst decline since Q3 2020
The first-quarter earnings season kicks off next week with big banks including JPMorgan and Citigroup reporting. Consensus expectations are for S&P 500’s earnings per share to fall by 7% year over year, the largest decline since the third quarter of 2020, according to Goldman Sachs. It will also mark a “significant deterioration” from the 1% decline in the prior quarter, the bank said.
— Yun Li
Thu, Apr 6 2023 12:04 PM EDT
Fed’s Bullard thinks inflation will be sticky
St. Louis Federal Reserve President James Bullard said Thursday he doesn’t see inflationary pressures going away soon.
We’ve got a long ways to go and I think inflation is going to be sticky going forward, it’s going to be difficult to get inflation back down to the 2% target … so we are going to have to stay at it in order to apply pressure to make sure inflation gets back down,” Bullard said, according to Reuters.
The Fed is scheduled to meet next month, with traders pricing in a near 50-50 chance of another rate hike.
— Fred Imbert
Thu, Apr 6 2023 7:28 AM EDT
Two-year Treasury yield falls for 5 days in a row
The two-year Treasury yield, most sensitive to monetary policy, dipped 3 basis points to 3.73% Thursday. The short-term rate has fallen for five straight sessions in a row.
The Federal Reserve is next scheduled to meet in early May, and the market is split on whether the central bank will pause or hike rates by a further 25 basis points, according to the CME Group’s FedWatch tool.
— Yun Li
Thu, Apr 6 2023 2:24 PM EDT
Low trading volume ahead of holiday
Trading volume was muted on Thursday ahead of the holiday. As of 2:20 pm ET, only 38 million shares of SPDR S&P 500 ETF changed hands, much lower than the 30-day average of over 103 million shares.
— Yun Li