47 minutes ago
NB Private Wealth says China continues to weigh on Apple’s profits
“Even with continued growth in services revenue, China continues to be a pushover for Apple,” said Shannon Saccocia, chief investment officer at NB Private Wealth.
Investors will be watching Apple’s earnings to gauge consumer momentum and ahead of the U.S. holiday season.
Apple will release its quarterly results after the U.S. market closes on Thursday, and is expected to report a fourth straight quarter of decline in revenue. Analysts expect sales to be $89.28 billion, down about 1% from a year ago.
“While inflation is falling, it’s not falling particularly quickly, and with prices continuing to be high, I think the high-end consumer market is cracking a bit,” Saccocia said.
But Saccocia is confident that Apple will continue to do well, especially in the U.S. and even China.
— Shreyashi Sanyal
3 hours ago
Hybe stock soars more than 5% as third-quarter operating profit rises nearly 20%
The stock price of K-POP agency Hybe is the company announced Operating profit for the third quarter rose 19.8% to 72.65 billion Korean won ($54.11 million).
Net profit reached 98.58 billion won, an increase of 5.9% compared to the same period last year.
Hive, which manages artists such as the world-renowned boy group BTS, also posted total revenue for the third quarter of 537.86 billion won, an increase of 20.7% year-on-year.
Album sales and concert revenue were the drivers of third-quarter revenue growth compared to 2022, jumping 104.4% and 83.9% year over year, respectively.
— Lim Huijie
3 hours ago
Australia’s September trade surplus narrows to 32-month low
Australia’s trade balance narrowed to a seasonally adjusted A$6.79 billion ($4.37 billion) in September. Official data showed.
The figure was the narrowest level since March 2021 and was below the A$9.64 billion forecast in a Reuters poll.
Exports fell by 1.4% due to a decline in non-monetary gold shipments. Imports increased by 7.5%, led by a 74% increase in imports of industrial transportation equipment.
The Australian Bureau of Statistics has announced that it will no longer report monthly trade services data and will now publish it quarterly.
— Shreyashi Sanyal
3 hours ago
DBS leads losses in Singapore after MAS imposes six-month moratorium on new investments
DBS Bank’s share price fell 0.36% in early trade, compared to a 0.62% rise in Singapore’s Straits Times Index.
This follows the Monetary Authority of Singapore imposed a six-month moratorium on new investments Following the widespread suspension of digital and physical banking services on October 15, banks took other measures.
Earlier this year, DBS suffered two outages in March and May, with the Monetary Authority of Singapore calling the outages “unacceptable” and imposing additional capital requirements on the bank.
3 hours ago
Hong Kong retail sales record slowest growth since the start of the year
Hong Kong’s retail sales grew at the slowest pace since January, underscoring the impact of the global high interest rate environment.
Retail sales in September rose 13% year-on-year, down from the previous month’s 13.7% rise. official data It showed up late Wednesday.
“The reason for the slowdown in the economic recovery is higher interest rates, which are dampening consumption, tourism, foreign trade and investment,” said DBS economist Samuel Tse. “Hong Kong’s economic fundamentals are almost the same as those on the mainland (China).”
Mr Tse said external demand in China and other countries was weak, highlighting that rising interest rates had suppressed consumption through high term deposit rates, a strong Hong Kong dollar and weak asset markets.
— Shreyashi Sanyal
4 hours ago
CNBC Pro: Tencent, Alibaba and more: Jefferies says share buybacks are gaining momentum in Asia, names stocks to watch
Analysts at investment firm Jefferies cited Asian stocks that are poised or continuing to carry out large-scale share buybacks as an opportunity for investors.
Reasons why companies buy back stock from investors include having a strong balance sheet and making their valuations more attractive. Jefferies analysts said in an Oct. 25 research note that share buybacks can be a “confidence booster in terms of companies’ confidence in their own stock, while also providing a source of sustained demand for the stock.” writing.
Several Chinese tech giants were named to the list, including Tencent and Alibaba.
CNBC Pro subscribers can read more here.
— Amara Balakrishna
4 hours ago
CNBC Pro: Will the S&P 500 rise by the end of the year?Morgan Stanley’s Slimmon shares his opinion and names Big Tech stocks to buy
5 hours ago
South Korea reports higher-than-expected inflation, accelerating for third straight month
Korean inflation rate The consumer price index in October increased by 3.8% compared to the same month last year, marking the third consecutive month of increases.
This beat the 3.6% rise expected by economists polled by Reuters and also exceeded September’s 3.7% rise.
The reading marks the third straight month the country’s inflation rate has risen since hitting a 25-month low of 2.3% in July.
— Lim Huijie
10 hours ago
Fed keeps interest rates unchanged
The Fed kept interest rates unchanged at 5.25%-5.5%. The central bank also raised its view on the economy.
“Economic activity expanded at a strong pace in the third quarter,” the Fed said in a statement. In previous statements, the central bank said the economy was growing at a “solid pace”. The Fed also said Wednesday that job growth “has slowed since the beginning of the year but remains strong.”
— Fred Imbert
9 hours ago
Gina Bolvin: ‘Tight financial conditions could hinder the rise of risky assets’
Gina Bolvin said the Fed’s economic assessment could weigh on more volatile assets in the short term.
“The Fed’s admission that financial conditions have tightened could hinder the rise in riskier assets in the near term,” said Bolvin, president of Boston-based Bolvin Wealth Management Group. ” he said. “So far, there has been no change in the federal funds rate, and the bond and stock markets have remained the same. The Fed is probably done.”
With the Fed holding interest rates at current levels, Chairman Jerome Powell said curbing inflation would likely require a slowdown in growth and the labor market. “Tighter financial and credit conditions for households and businesses are likely to weigh on economic activity, employment, and inflation,” a statement from the Federal Open Market Committee on Wednesday said.
Stocks certainly rose on Wednesday afternoon, with the information technology and communications sectors lifting the market by 1.8% and 1.6%, respectively.
— Peer Singh
9 hours ago
Odds of Fed rate hike in December decline based on futures tracked by CME FedWatch
The odds that the U.S. Federal Reserve will raise interest rates another quarter of a point at its next meeting on Dec. 13 narrowed Wednesday following the Fed’s November meeting.
The implied probability of a rate hike in December fell to 17.1%, down from 28.8% on Tuesday and 29.3% a week ago, the paper said. CME FedWatch Toolswhich is based on 30-day federal funds futures prices.
The federal funds rate is currently between 5.25% and 5.50%, which the Fed set in July.
— Scott Schnipper