An Hour Ago
China leaves loan prime rates unchanged
China’s central bank left its one- and five-year loan prime rates unchanged at 3.45% and 3.95%, respectively on Monday.
The one-year LPR is seen as the peg for most household and corporate loans, while the five-year LPR is the benchmark for most property mortgages.
The decision was in line with a Reuters poll which expected both rates to stay unchanged.
China’s CSI 300 index gained 1.9% last week.
— Shreyashi Sanyal
2 Hours Ago
Tesla cuts prices globally after deliveries fall in first quarter: Reuters
Electric vehicle giant Tesla slashed prices of its cars globally after its first-quarter deliveries fell for the first time in nearly four years.
Reuters reported that the company cut the starting price of its Model 3 in China to 231,900 yuan ($32,000), a reduction by 14,000 yuan.
In Germany, Reuters reported the price of the Model 3 rear-wheel-drive was also cut to 40,990 euros ($43,670.75) from 42,990 euros, where the price had been since February.
Checks by CNBC showed that the China and Germany sites reflected the updated prices.
There were also price cuts in many other countries in Europe, the Middle East and Africa, a Tesla spokesperson told Reuters.
— Lim Hui Jie, Reuters
3 Hours Ago
CNBC Pro: Analysts love this gold explorer’s stock — and even the most cautious expect it to soar 114%
Shares of a Canadian gold explorer could double, according to analysts at Scotiabank.
The investment bank reiterated its bullish stance after the mining company released new drilling results from its mine in the United States.
And Scotiabank’s aren’t the only anaysts who like the stock. BMO Capital Markets gives it an upside of 209%, while Beacon Securities suggests the stock could rise by 400% over the next 12 months.
CNBC Pro subscribers can read more here.
— Ganesh Rao
3 Hours Ago
CNBC Pro: A top fund manager is using these 7 global stocks to beat the market
Global stock markets may be coming under pressure from geopolitical tensions and sticky inflation — but one portfolio manager sees potential in several stocks.
“There are always investment opportunities to be found in all market conditions. We’re looking out for stocks that we think are better than the market currently believes,” Rob Hinchliffe, managing director and equity analyst at PineBridge Investments, told CNBC Pro last month.
Hinchliffe oversees more than $1 billion of PineBridge’s assets via its Global Focus Equity Fund. The fund — launched in 1999 — has holdings in around 40 stocks.
He named a number of his top stocks right now.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
Fri, Apr 19 2024 3:36 PM EDT
Wharton’s Jeremy Siegel still sees two or three rate cuts by end of year
Wharton professor Jeremy Siegel remains bullish on the Federal Reserve’s rate-cutting path, he told CNBC on Friday.
“We can all say at the beginning of the year the market was way optimistic with four or five cuts. Now it’s squeezed down to one. And I actually think that we might get two or three cuts by the end of the year,” Siegel said, pointing out that Fed Chair Jerome Powell noted that if the economy softens, that is another reason to cut rates unless inflation is out of control.
The professor said he sees “good trends” looking ahead to the personal consumption expenditures data. He believes the Fed should cut interest rates if inflation goes down, even if the economy goes down, and said it would be the “super best case” for stocks going forward.
— Pia Singh
Fri, Apr 19 2024 3:48 PM EDT
Big Tech outperforming during pullback, Barclays says
You cannot blame Big Tech for the stock market rally losing its footing, according to Barclays.
Strategist Venu Krishna said in a note to clients Friday that the earnings strength of the biggest tech stocks has somewhat insulated them in this drawback.
“Big Tech has been more resilient than the rest of the tech sector through the MTD selloff, likely because Big Tech’s gains were less dependent on multiple expansion. Overall, losses have been more evenly distributed than gains,” Krishna said.
“1Q earnings are the next overhang,” Krishna added.
— Jesse Pound
Fri, Apr 19 2024 3:20 PM EDT
Information technology stocks weigh on S&P 500
Micron Technology’s solid-state drive for data center customers is presented at a product launch event in San Francisco on Oct. 24, 2019.
Stephen Nellis | Reuters
The information technology sector dragged on the S&P 500 on Friday, extending a trend seen this week.
The sector slid more than 2% on Friday, making it the worst performing of the 11 that comprise the benchmark. By comparison, the broad index slipped less than 1%.
For the whole week, the sector was also the biggest loser with a drop of more than 6%. The S&P 500 as a whole lost less than 3%.
Read More: China LPR, Israel strikes, oil, gold prices