3 hours ago
TSMC announces fourth-quarter financial results that exceed expectations
TSMC’s fourth quarter earnings and LSEG consensus forecasts are as follows:
- Revenue: NT$625.53 billion ($19.62 billion) compared to the expected NT$618.31 billion
- Net income: NT$238.71 billion, forecast NT$225.22 billion
TSMC reported Sales decreased by 1.5% year-on-year to NT$625.53 billion, and net profit decreased by 19.3% year-on-year to NT$238.71 billion.
compared to that TSMC guidance Fourth quarter revenue was between $18.8 billion and $19.6 billion.
Read the full text here.
— Sheila Chan
6 hours ago
Singapore’s Transport Minister resigns.He faces 27 charges, including corruption.
Singapore’s Transport Minister S. Iswaran resigned on Thursday after being formally informed of corruption and other charges by the country’s anti-corruption authorities following a months-long investigation.
Mr. Iswaran appeared in court and was charged with 27 charges. He was charged with 24 counts of bribery, two counts of corruption, and one count of obstruction of justice. He pleaded not guilty.
Mr Iswaran is the first minister to be indicted on corruption charges in Singapore and the first to be the subject of an investigation since 1986.
Read the full text here.
— Lim Huijie
8 hours ago
Australian employment declines unexpectedly, unemployment rate stabilizes at 3.9%
Australian employment numbers The population unexpectedly fell by 65,100 people in December, although a Reuters poll of economists had predicted it would rise by 17,600 people.
The unemployment rate remained unchanged from November at 3.9%, the highest level in 19 months.
The country’s labor force participation rate also fell more than expected to 66.8%, down from the expected 67.1% and below November’s 67.2%.
David Taylor, director of labor statistics at the Australian Bureau of Statistics, said: “Both unemployment and underemployment rates are relatively low, and participation rates and employment-to-population ratios are relatively high, indicating that the labor market remains tight. It suggests that.”
— Lim Huijie
9 hours ago
About half of Japanese companies are considering restructuring to improve corporate value – Reuters
Approximately half of Japanese companies are considering reviewing or reorganizing their businesses to improve corporate value. According to a Reuters investigation.
Reuters reported that the move comes as Japanese markets hit a 34-year high, boosted by expectations that companies will increase shareholder returns through measures such as cross-shareholdings and share buybacks.
Of the 104 companies surveyed, just under a third said they were considering merging with another company, and about a quarter were considering selling non-core businesses. It has been found.
— Reuters
8 hours ago
CNBC Pro: 2023’s AI boom was about ‘obvious’ plays — here’s how to invest in the next step, according to Citi
In 2023, artificial intelligence exploded the market.
And Nvidia has been at the center of the AI boom, soaring more than 200% last year. The Magnificent Seven tech stocks drove much of the gains in the S&P 500 index, which is up about 24% after a disastrous 2022.
The bank said it is “certainly not too late” for investors to take part in the “exponential growth” of AI technology.
According to Citi, there are four areas that will “obviously benefit from the future integration of AI into everyday business and personal life.”
CNBC Pro subscribers can read more here.
— Tan Weizhen
8 hours ago
CNBC Pro: These 14 undervalued stocks are off to a great start in 2024, with Wall Street expecting 2 to soar more than 30%
The stock market has risen over the past two months, reaching near all-time highs.
But some companies’ stocks are trading at deeper discounts than in recent history, creating an opportunity for investors.
CNBC Pro screened the MSCI World Index and found 14 stocks that are trading at a discount with significant upside potential. Subscribers can read more here.
— Ganesh Rao
14 hours ago
Economic activity, inflation flat since late November, Fed report says
Economic activity has been mostly stagnant over the past seven weeks, with employment and prices both rising at a “moderate to moderate” pace, according to the Federal Reserve’s Beige Book report released Wednesday. There is.
A summary of conditions across the Fed’s 12 districts found that economic activity has been “relatively unchanged” since the Fed’s last report on Nov. 29, 2023. From a sector perspective, housing as well as mortgage demand slumped amid rising interest rates.
Businesses reported that inflation weighed on consumption activity and pointed to difficulties in pricing power. Still, it said wage pressures “remain high.”
—Jeff Cox
22 hours ago
US-listed Chinese companies under pressure
Shares of U.S.-listed Chinese companies fell on Wednesday after lower-than-expected GDP figures released by China.
Shares of JD.com and PDD each fell more than 4% in the previous session. Alibaba fell 3.3%. The iShares China Large Cap ETF (FXI) also fell 3.1%.
— Fred Imbert
14 hours ago
The Fed is unlikely to cut rates in March, strategists say
Traders remain hopeful that the U.S. Federal Reserve will cut interest rates in March, but Megan Hornman, chief investment officer at Verdence Capital, said rates won’t be cut until the second half of 2024. thinking.
“If you look at the economy, there’s really no need to cut rates at this point,” Hornman said.
“If you cut interest rates when employment is pretty low and consumers are still spending, you could cause inflation to rise again, and I think that’s what the Fed is concerned about,” Hornman said. added.
— Ha-Kyung Kim
13 hours ago
Oil prices are mixed as investors weigh China’s growth and OPEC’s demand outlook
Oil prices were mixed on Wednesday as investors weighed China’s disappointing economic growth and OPEC’s strong demand outlook.
West Texas Intermediate futures for February rose 16 cents, or 0.22%, to settle at $72.56 a barrel. Brent futures for March fell 41 cents, or 0.52%, to settle at $77.88 per barrel.
Oil prices fell more than 2% in early trading as China’s fourth-quarter economic growth was weaker than expected, raising concerns about oil demand.
The two benchmarks have clawed back some of those losses as OPEC forecasts strong oil demand growth of 1.8 million barrels per day in 2025. The group expects oil demand to rise by 2.25 million barrels per day this year.
Demand and supply trends largely overshadow concerns that rising tensions in the Middle East could disrupt markets.
— Spencer Kimball