Asia markets rise as Wall Street rallies; investors look ahead to Bank of Japan
44 Mins Ago
ANA’s full year results are back in black for the first time since 2020
Japanese carrier All Nippon Airways posted a full year net profit of 89.5 billion yen ($668 million) for its 2022 financial year ended March, its first full year profit since 2020.
This was a reversal from the 143.6 billion yen loss in the previous financial year, and higher than 2019’s net profit of 28 billion yen.
Operating profit for came in at 120 billion yen, compared to the previous year’s operating loss of 173.1 billion yen. Revenue stood at 1.7 trillion yen, a 67% spike year-on-year.
In a release, ANA said the airline industry was “improving rapidly,” adding both domestic and international flights were benefiting from easing Covid-19 related restrictions.
An Hour Ago
CNBC Pro: This weight-loss drug maker’s stock is up 20% this year — and Barclays sees it going higher
The pharma stock behind a popular weight-loss drug is up 137% since the treatment was approved by the U.S. Food and Drug Administration.
Barclays investment bank expects the stock to rise further as the market for obesity treatment drugs could be more than $100 billion, according to Barclays.
CNBC Pro subscribers can read more here.
— Ganesh Rao
An Hour Ago
CNBC Pro: Goldman Sachs and Morgan Stanley say these chip stocks have more upside — giving one nearly 50%
Chip stocks have rebounded this year after performing poorly in 2022.
The PHLX Semiconductor Sector Index is up nearly 17% in the year to date, making this sector one of the brightest spots in the market turmoil.
CNBC Pro takes a look at semiconductor stocks that the banks are giving further upside to.
CNBC Pro subscribers can read more here.
— Weizhen Tan
An Hour Ago
Japan’s unemployment rate rises to 2.8%, industrial production ticks up
Japan’s unemployment rate rose to 2.8% in March, from 2.6% in February, government data showed.
The reading was higher than Reuters’ forecasts of 2.5% and marks the highest reading since January 2022. The nation’s jobs-to-applicant ratio was at 1.32, below Reuters’ forecasts of 1.34.
Meanwhile, industrial production in March rose 0.8% month-on-month after a 4.6% rise in the previous month. This exceeds Reuters’ forecasts of a 0.5% increase for the month.
Year-on-year, the reading fell 0.8% in March after a decline of 1.4% in February.
March’s reading was driven by autos, semiconductor and flat panel making equipment while declines were seen in memory chips and active LCD panels.
— Jihye Lee
An Hour Ago
South Korea posts smaller than expected fall in industrial output for March
South Korea’s industrial output has come in at a 7.6% decline year on year, a smaller fall compared to economists expectations of a 10.1% drop.
This is also the second straight month that industrial output has risen, following a 13.4% decline in January and 8% fall in February.
On a month on month basis, industrial output climbed 5.1%, a reversal from the 2.7% drop in February.
— Lim Hui Jie
2 Hours Ago
Tokyo inflation exceeds expectations, ticks higher above central bank target
The consumer price index in Japan’s capital city ticked higher and rose 3.5% in April, government data showed on Friday.
The reading exceeded forecasts in a Reuters poll expecting to see a 3.2% increase for the month, after posting a slightly cooler inflation reading of 3.2% in March.
Excluding fresh food, Tokyo’s consumer price index rose 3.5% — also above the central bank’s inflation target of 2%.
The Japanese yen stood at 133.83 against the U.S. dollar shortly after the release. The yield on the 10-year Japanese Government Bonds stood at 0.476%, nearing the upper ceiling of the central bank’s tolerance range of 50 basis points above and below 0%.
13 Hours Ago
U.S. economy grows at slower-than-expected pace in first quarter
The U.S. economy expanded by 1.1% in the first quarter, a much-slower-than-expected pace, the Commerce Department said. Economists had forecast expansion of 2%, per Dow Jones. The report showed stronger inflation with prices increasing 4%, compared with an estimate of 3.7%.
— Jeff Cox
8 Hours Ago
Communication services sector headed toward best day since February
Communication services stocks are on pace for their best day since Feb. 2, with the sector last up about 5.8%. Meta drove gains in the sector after posting first-quarter results that beat analysts’ expectations. The tech stock was last up more than 15%.
— Sarah Min
11 Hours Ago
First Republic shares stabilize
Shares of beleaguered regional bank First Republic were climbing on Thursday, giving the stock a reprieve after two days of heavy selling.
The stock rose 71 cents, or about 12%, but is still trading below $7 per share.
First Republic’s stock closed at $16 per share on Monday before the bank released its first quarter results, which showed that deposits shrank…
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