28 Mins Ago
Nikkei on course for an all-time high, says Morgan Stanley
The Nikkei 225 is set to hit all-time highs as it trades over 38,600 points and has been scaling 34-year highs.
A new all-time high for Nikkei is “imminent,” Morgan Stanley wrote in a research note dated Feb. 15, maintaining their bullish stance on Japan equities.
“The Nikkei Index has traded up to over 38,000 and now seems likely to break near term the all time high of 38,916 which was set as long ago as December 1989,” Morgan Stanley’s economists wrote.
The index is currently trading 1.37% higher.
—Lee Ying Shan
An Hour Ago
Timing for ending negative rates is central bank’s prerogative, says Japan’s finance minister
Japan’s finance minister Shunichi Suzuki said Friday that it was up to the Bank of Japan to decide when it would end its negative interest rate policy, according to a Reuters report.
Japan’s economy has lost its spot as the world’s third largest to Germany, slipping into a technical recession, and sparking hopes that the central bank might stick with its ultra-loose monetary policy for longer.
“I am aware there are various opinions in the market,” Suzuki reportedly said when asked whether the weak gross domestic product data might impact the timing of the central bank’s policy changes.
4 Hours Ago
S&P 500 notches a new record closing high
Traders on the floor of the New York Stock Exchange.
Brendan McDermid | Reuters
All three stock major indexes ended the day higher, with the S&P 500 cinching a new record high.
The broad market index rose 0.58% to end at 5,029.73. The Dow Jones Industrial Average added 348.85 points, or 0.91%, to finish at 38,773.12. The Nasdaq Composite gained 0.30% to close at 15,906.17.
— Lisa Kailai Han
2 Hours Ago
CNBC Pro: ‘Bubble may be far from bursting’: Capital Economics reveals bullish S&P 500 target
The S&P 500 closed above 5,000 for the first time last week. But as the index rose, so did concerns about its valuation.
However, investors need not fear as the rally could still have plenty of room to run, according to Capital Economics.
The research firm’s chief market economist revealed their price target in a note to clients entitled: “bubble may be far from bursting.”
CNBC Pro subscribers can read more here.
— Ganesh Rao
6 Hours Ago
Oil brushes off weak demand forecast, rallies on weaker dollar
Oil rig and pump of H&P Rig 488 in Stanton, Texas, on June 8, 2023.
Suzanne Cordeiro | AFP | Getty Images
Oil prices rallied Thursday on a weakening dollar after shaking off earlier losses fom a weak demand forecast for 2024.
The West Texas Intermediate contract for March gained $1.46, or 1.91%, to $78.10 a barrel. The Brent contract for April traded at $82.83 a barrel, adding $1.23 or 1.51% a barrel.
Oil prices were finding support from a weakening dollar after January U.S. retail sales fell more than expected, said Phil Flynn, analyst with the Price Futures Group.
Futures declined about 1% earlier in the trading session after the Paris-based International Energy Agency forecast demand would grow by 1.2 million barrels per day this year, down nearly 50% from growth of 2.3 million bpd in 2023.
— Spencer Kimball
2 Hours Ago
CNBC Pro: ‘Underappreciated beneficiaries’ of AI: Morgan Stanley shares Asian names and gives one 113% upside
Many U.S. companies have caught the attention of investors amid the artificial intelligence boom, but there are “underappreciated beneficiaries” in Asia-Pacific, according to Morgan Stanley.
It said Japan stands out, with 53% of companies seen as AI beneficiaries — nearly matching the United States’ 54%, above Europe’s 50% and Asia-Pacific ex-Japan’s 39%.
Here are some names in Morgan Stanley’s screens of AI beneficiaries — enablers, adopters and those that are both — that it says have the “most potential for outperformance over the next 12 months.”
CNBC Pro subscribers can read more here.
— Weizhen Tan