Daily News Portal

Hong Kong stocks gain over 2%, Asia markets rise as investors assess rate decisions in

An Hour Ago

China suspends all aquatic imports from Japan

China suspended imports of all aquatic products from Japan less than an hour after Tokyo started releasing treated radioactive water from the stricken Fukushima nuclear power plant.

China’s customs agency said the suspension would allow officials to “comprehensively prevent the risk of radioactive contamination of food safety, protect the health of Chinese consumers, and ensure the safety of imported food.”

Japan’s government has repeatedly said the discharge of the treated water is safe, a move that has been endorsed by the U.N.’s nuclear watchdog.

— Lim Hui Jie

An Hour Ago

Naver shares jump after company announces generative AI service

Shares of South Korea’s Naver are up 6.5% after the company announced it is launching a generative artificial intelligence service.

“As Naver itself mentioned, it is one of the leading players in Korea … but compared to other global players it’s still you know, it’s still behind the really global top tier players,” James Lim of Dalton Investments said on CNBC’s “Squawk Box Asia.”

Many tech giants announced they were working on large language models and generative AI after OpenAI’s ChatGPT launched in late 2022.

Quek Jie Ann

2 Hours Ago

‘We’re a lot better than where we were at the start of the year,’ says Qantas CEO as airline clinches $1.6 billion record profit

Australia’s Qantas announced Thursday that it had clinched an underlying profit before tax of 2.47 billion Australian dollars ($1.6 billion) for the year that ended on June 30, an improvement from an AU$1.86 billion loss a year ago, a statement read. 

“We’re a lot better than where we were at the start of the year,” said the airline’s CEO Alan Joyce, attributing the airline’s profits to its low cancellation rates and “on time performance.” 

Demand for domestic and international flights have made steady recovery since the pandemic, and the airline is set to increase its fleet. Qantas has placed a multi-billion dollar order for 12 Airbus 350s and 12 Boeing 787s that will begin to arrive in its 2027 financial year.

“Our balance sheet is as strong as it’s been in decades, and our earnings have made a step level with a billion dollars cost out which means we can afford this fleet replacement growth going forward,” Joyce said.

— Charmaine Jacob

4 Hours Ago

India is on course to ban sugar exports: Reuters

India is poised to ban sugar exports from October as a result of lower cane yields getting from a lack of rainfall, Reuters reported citing three government sources.

The halt in shipments would mark the first in seven years.

“Food inflation is a concern. The recent increase in sugar prices eliminates any possibility of exports,” a government source reportedly said.

The potential ban comes after India’s export ban on non-basmati white rice, as well as a 40% export tax on domestic onions.

— Reuters, Lee Ying Shan

5 Hours Ago

CNBC Pro: Nvidia and more: Morgan Stanley reveals its favorite global stocks to play ‘a pivotal moment for AI’

Analysts at Morgan Stanley picked several global stocks they say are set to benefit from the artificial intelligence trend, from semiconductors to server companies.

“The 2024 earnings for AI stocks are higher than they were on July 1, and fundamentals for AI companies look even better,” Morgan Stanley said in a note to investors seen by CNBC Tuesday, titled “A Pivotal Moment for AI.”

CNBC Pro subscribers can read more here.

— Lucy Handley

6 Hours Ago

Bank of Korea holds rates unchanged at 3.5%

South Korea’s central bank held its benchmark policy rate at 3.5% — a rate that has been unchanged since the start of the year.

This is in line with expectations by economists surveyed in a Reuters poll — all 43 economists polled said they did not expect a change to the base rate.

The South Korean won strengthened slightly against the greenback following the announcement, trading 0.1% lower at 1,325.11.

— Lim Hui Jie

7 Hours Ago

South Korea producer prices climb 0.2% year-on-year in July

South Korea’s producer price index grew 0.2% year on year in July, marking the 13th straight month of slowing growth.

This was lower than the revised figure of 0.3% in June and also the lowest rate of growth since December 2020.

The PPI tracks variations in the prices of goods shipped by industrial producers within the South Korean domestic market, and is a measure of inflation from the perspective of producers.

— Lim Hui Jie

7 Hours Ago

CNBC Pro: ‘Dividend aristocrat’: Investors are getting more bullish on this sector, naming stocks to buy

Stocks in the sector are an option for investors seeking inflation protection, says one strategist, who names one with “plenty of room to grow.”

He says it’s “a far superior alternative” to Treasury Inflation-Protected Securities.

Fund managers and other investors name stocks to buy.

CNBC Pro subscribers can read more here.

— Weizhen Tan

13 Hours Ago

Tech shares lead Wednesday’s gains

See Chart…

S&P 500 and the XLE

7 Hours Ago

CNBC Pro: JPMorgan says AI’s ‘democratization’ could put these 2 U.S.-listed Asian stocks at risk

JPMorgan warned that rapid growth in artificial intelligence is no guarantee of sustained earnings expansion — and could leave many companies at risk.

The Wall Street bank said that the rise in companies using generative AI, the technology made popular by OpenAI’s ChatGPT, will boost productivity and deepen customer engagement.

But it cautioned that if the underlying AI technology is similar, the expansion of generative AI use could erode product differentiation and pricing power among currently competitive companies. It also noted that some companies are already anticipating deflationary pricing pressure.

It named two stocks that are particularly at risk. CNBC Pro subscribers can read more here.

— Ganesh Rao

18 Hours Ago

West Texas Intermediate crude touches lowest level in almost a month

U.S. West Texas Intermediate crude fell to its lowest point in almost a month after some global manufacturing data showed weakness in the sector around the world.

WTI on Wednesday touched a low of 78.21. That’s the lowest level in about a month going back to July 24 when WTI traded as low as 76.44.

Meanwhile, Brent crude hit a low of 82.62, or its lowest level since August 3 when it traded as low as 82.36. RBOB Gas touched a low of 2.7235, also the lowest since August 3. It also dipped below its 50-day moving average level of 2.7247 on an intraday basis, trading below for the first time since July 7.

The Energy Select Sector SPDR Fund is trading lower in the premarket, on pace for its third straight losing day. Shares of Marathon, Devon and APA were all down about 1% in early trading.

— Sarah Min. Gina Francolla

15 Hours Ago

Nike on pace to extend record-setting losing streak

Nike‘s loss of more than 3.5% in Wednesday’s session put the retailer on track for a 10th losing day, extending its historic slide.

On Tuesday, the stock finished its ninth straight session down with a 1.4% slide. That officially marked its longest losing streak ever.

See Chart…

Nike’s history as a stock

17 Hours Ago

Abercrombie & Fitch soars after retailer flies past earnings expectations

Abercrombie & Fitch shares popped nearly 25% on Wednesday after the retailer blew past earnings estimates and raised its guidance. In the fiscal second quarter, Abercrombie reported earnings per share of $1.10, surpassing the 17 cents expected from analysts surveyed by Refinitiv. The retailer posted $935.3 million in revenue, while analysts expected $842.4 million.

Abercrombie’s retailer said that the chain—which has reinvented itself to serve a broader audience—will continue to open stores and invest in its digital experience. 

The stock is up more than 120% so far this year.

— Pia Singh

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