Daily News Portal

Asia-Pacific markets rise after Fed hikes rates to 22-year high

4 Hours Ago

China’s year-to-date industrial profits see decline

Annual profits raked in by China’s industrial firms declined for the sixth consecutive month.

China’s industrial profits recorded a year-to-date fall of 16.8%, according to the country’s National Bureau of Statistics. The reading is followed by a 18.8% drop from January to May.

For the month of June alone, industrial earnings decreased 8.3%.

—Lee Ying Shan

5 Hours Ago

Xpeng shares up 25% after Volkswagen buys stake

Shares of Chinese EV maker Xpeng surged after Volkswagen signed a deal with the company to jointly develop two new electic vehicles for China.

Xpeng’s Hong Kong traded shares rose 25.79% in the first hour of trade, mirroring that of the company’s U.S.-listed shares which ended the day up over 26%.

Under the deal, Volkswagen and Xpeng will develop two midsize battery-electric models based on the platform that underpins Xpeng’s G9, a midsize electric crossover SUV.

—John Rosevear, Lee Ying Shan

5 Hours Ago

Oil demand set for peak later this decade, says HSBC

Global oil demand is poised for a peak to 104 million barrels per day in the second half of this decade, HSBC said in a daily note.

Demand for the crude will then fall to 70 million barrels per day in 2050 on the back of the light duty vehicle market shifting to electric vehicles.

“We expect EV sales penetration to reach 85% by 2040e with 100% penetration just a few years later, which should drive down gasoline and diesel demand,” the note stated.

Global benchmark Brent traded 0.59% higher at $83.41 a barrel, while the U.S. West Texas Intermediate futures climbed 0.75% to $79.38 per barrel.

—Lee Ying Shan

6 Hours Ago

CNBC Pro: Here’s what happens to the Dow after a 13-day streak of gains, according to history

6 Hours Ago

Samsung Electronics posts 95% profit plunge

Memory chip and smartphone maker Samsung Electronics recorded a 95% dive in quarterly profit, but the company expects global demand to recover in the second half of the year.

Samsung reported sales slipped 22% from a year ago, while operating profit plunged 95%.

Earlier this month, the company estimated second-quarter revenue to come in at 60 trillion Korean won and operating profit to be 600 billion Korean won.

Samsung Electronics’ shares traded down 0.14%.

—Sheila Chiang, Lee Ying Shan

6 Hours Ago

CNBC Pro: Goldman Sachs names stocks with growth at a ‘reasonable’ price — and more

Stocks with “reasonably valued” growth are becoming harder to find — given the increasing overlap between high-growth and expensive stocks, according to Goldman Sachs.

It said in a July note that the growth-driven rally this year has brought the “valuation premium” of high-growth stocks close to 10-year highs.

The investment bank did two screens against that backdrop, and the stocks that turned up included some megacaps.

CNBC Pro subscribers can read more here.

— Weizhen Tan

6 Hours Ago

Hong Kong’s central bank hikes rates by 25 basis points

The Hong Kong Monetary Authority hiked interest rates by 25 basis points to 5.75%, mirroring the U.S. Federal Reserve’s latest moves of a similar rate increase.

The city’s monetary policy moves in lockstep with the Fed, as its currency is pegged to the U.S. dollar in a tight range.

—Lee Ying Shan

11 Hours Ago

Dow closes higher Wednesday in 13-day advance

The Dow Jones Industrial Average closed higher Wednesday, notching its best winning streak since 1987.

The Dow average added 82.05 points, or 0.23%, to 35,520.12. The 30-stock index extended its rally to 13 days, an advance it hasn’t achieved since January 1987.

Meanwhile, the S&P 500 declined 0.02% to 4,566.75. The Nasdaq Composite lost 0.12% to 14,127.28.

— Sarah Min

13 Hours Ago

Fed hikes rates to highest level in more than 22 years

The Federal Reserve raised rates by a quarter-point Wednesday, as was widely expected. The increase pushes the benchmark rate to a range of 5.25%-5.5%, its highest level in more than 22 years.

The central bank also said it will “continue to assess additional information and its implications for monetary policy,” echoing its data-dependent approach to monetary policy.

— Fred Imbert, Jeff Cox

Read More:Asia-Pacific markets rise after Fed hikes rates to 22-year high