An Hour Ago
A cautious open in Europe
European markets made a muted start to Friday’s trade.
The pan-European Stoxx 600 hovered around the flatline in early trade, with tech stocks shedding 0.4% while oil and gas shares added 0.6%.
An Hour Ago
Meituan shares fell more than 5% after firm forecast a weaker Q3 outlook
Shares of Chinese food delivery giant Meituan dipped 5.21% on Friday after the company’s management warned of a slowdown in food delivery volume in the third quarter.
“For our food delivery, we expect the third quarter or the volume will slow down, but still be more resilient than other consumption-related sectors. We have seen some short-term headwinds due to macro economy and extreme weather conditions,” Wang told analysts during the firm’s second quarter earnings call on Thursday.
Wang added that “consumers’ pent-up demand for offline consumption” could lead to “a temporary squeeze on food delivery transactions.”
Xiaolin Chen, head of international at KraneShares, told CNBC’s “Squawk Box Asia” on Friday that the firm is bullish on Meituan.
“The company literally gained a lot of market share during the pandemic. It managed to grab lower tier cities. I believe that kind of market share will become sticky with them,” said Chen.
4 Hours Ago
Nikkei falls nearly 2%, dragged by tech and retail stocks
Japan’s Nikkei 225 led losses in Asia on Friday, down 1.82% and on pace to snap a four day winning streak.
The biggest losers were tech and retail stocks, as well as a 3.79% loss in heavyweight Softbank Group.
Tokyo Electron is the second largest weighted company on the Nikkei, and Advantest is the fourth largest.
7 Hours Ago
Tokyo core inflation for August at 2.8%, lowest in 12 months
The core inflation rate for Japan’s capital city of Tokyo came in at 2.8%, lower than the 3% in July and below the 2.9% expected from economists polled by Reuters.
This is the lowest growth rate seen in Tokyo’s core inflation since September 2022. Core inflation rate strips out prices of fresh food from the consumer price index.
Overall inflation for Tokyo came in at 2.9%, lower than the 3.2% seen in July.
— Lim Hui Jie
9 Hours Ago
Energy sector on pace for largest weekly sector losses
Seven out of 11 of the sectors in the broad market index are down week to date.
Meanwhile, the technology sector is the biggest outperformer this week, up 1.7% ahead of Friday’s trading session.
— Hakyung Kim, Chris Hayes
9 Hours Ago
Stocks making the biggest moves after hours
Check out the companies making headlines in extended trading on Thursday.
Marvell Tech — Shares of the chipmaker tumbled more than 5% even as the company’s quarterly results topped Wall Street’s estimates. Earnings per share came in at 33 cents, excluding items, while analysts polled by Refinitiv had estimated 32 cents per share. Marvell posted $1.34 billion in revenue, compared with analyst estimates of $1.33 billion.
Ulta Beauty — The beauty retailer’s shares gained 1.4% after its second-quarter results came in better than expected. Ulta earned $6.02 per share on $2.51 billion in revenue. Analysts had forecasted earnings of $5.85 per share on $2.51 billion in revenue, according to Refinitiv. The company also raised its full-year forecast.
The full list can be found here.
— Hakyung Kim
10 Hours Ago
Stock futures open flat
U.S. stock futures opened little changed Thursday night.
Dow Jones Industrial Average futures rose just 21 points, or 0.06%.
Futures tied to the S&P 500 traded flat, while Nasdaq 100 futures slipped 0.1%.
— Hakyung Kim