Asia markets live updates: Powell inflation, India PMI
35 Mins Ago
Oil climbs to highest level since October 2023, gold scales a fresh peak
Crude oil prices on Thursday climbed to their highest level since October 2023 on investor concerns about supply disruptions due to conflict in the Middle East.
Brent futures were trading 0.21% higher at $89.53 per barrel, while West Texas Intermediate futures were up 0.25% at $85.62 per barrel.
Separately, spot gold hit a fresh high before giving up some gains. It was last trading at $2,300.2 per ounce.
— Lim Hui Jie
An Hour Ago
Beijing issued ‘informal instructions’ to Syngenta to withdraw $9 billion IPO: Reuters
Chinese authorities had “nudged” Swiss agrichemicals and seeds group Syngenta to withdraw its application for a $9 billion IPO, according to a Reuters report.
Citing people familiar with the matter, Reuters said that this was due to concerns about the impact a sizeable new offering would have on a volatile market.
“The planned flotation finally came unstuck after Syngenta, owned by Sinochem, in March received informal instructions from the China Securities Regulatory Commission (CSRC) to pull its bid for the mega listing,” the report said.
Last May, Sygenta filed its application to list in Shanghai and raise 65 billion yuan ($8.98 billion), with its executives saying as recently as November that it planned to list in 2024.
The company announced last week that it was withdrawing its bid to list, “after careful consideration of industry environment and the company’s own development strategy.”
— Lim Hui Jie, Reuters
2 Hours Ago
Hong Kong retail sales climb nearly 2% in February
Hong Kong’s retail sales climbed 1.9% year on year in February, accelerating from a 0.9% gain in the previous month.
In terms of volume, retail sales rose 0.5%, reversing from a 1.2% loss in January.
Hong Kong’s census and statistics department said it was “more appropriate to analyze the retail sales figures for January and February together” due to greater volatility during the Chinese New Year period.
For the first two months of 2024, it was provisionally estimated that total retail sales increased by 1.4%, compared with the same period in 2023.
— Lim Hui Jie
3 Hours Ago
CNBC Pro: Tesla short-seller names 2 auto stocks to own — giving them 100% upside
A Tesla short-seller has named two auto stocks that he believes have the potential to deliver 100% upside to investors.
Lekander, who holds a short position in Tesla shares, has said the EV carmaker could “go bust” while its stock could fall to $14. Short-sellers profit when shares fall.
The hedge fund manager said that the “Tesla bubble” had created what he called an “anti-bubble” in the auto sector, causing investors to be overly bearish on companies that are actually performing well.
Lekander named the two auto stocks that could double in share price from current level as the Tesla bubble deflates. CNBC Pro subscribers can read more here.
— Ganesh Rao
3 Hours Ago
CNBC Pro: Thinking of investing in Tesla? One investor gives the stock 79% upside
Some investors may be hesitant about buying Tesla right now, but one analyst is bullish on the stock.
Over the last 12 months, the stock of Elon Musk’s auto giant has plunged by nearly 14.5%.
Shares also took a hit on Tuesday, after Tesla delivered far fewer cars than expected by analysts polled by FactSet in the first quarter of the year.
One global autos analyst, however, sees opportunities in investing in Tesla, particularly in the longer term.
“The stock, despite this performance today, is only down like 4.5%, which makes me think that expectations are already really low,” Tom Narayan from RBC Capital Markets told CNBC’s “Squawk Box Asia” on April. 3.
He also outlined other opportunities he sees in both the short and longer-term.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
7 Hours Ago
HSBC sees signs of broadening equity rally
The equity starting October 2023 was initially led by mega-cap tech stocks. However, HSBC Global Research says March’s performance indicates the gains may be diversifying.
“Over the past month, the S&P on an equal weighted basis outperformed the overall index, suggesting a broadening of the equity rally, which we expect to widen further as a soft landing materializes,” strategist Nicole Inui wrote in a Tuesday note.
Inui noted that market expectations for the Federal Reserve to cut interest rates in June have dropped to 56% from 69% following the FOMC meeting.
— Hakyung Kim
7 Hours Ago
30 stocks in the S&P 500 hit new 52-week highs
30 stocks in the S&P 500 hit new 52-week highs during Wednesday’s trading session.
Here are a few of the names that hit this milestone:
- Domino’s Pizza trading at levels not seen since Jan, 2022
- Kinder Morgan trading at levels not seen since Feb, 2023
- Progressive trading at all-time highs back to its IPO in 1971
Read More: Asia markets live updates: Powell inflation, India PMI