Asia Pacific Markets, Japanese Tankan and Trade: Live Updates
An hour ago
Zee Entertainment shares fall more than 10% after $240 million accounting glitch
2 hours ago
HSBC’s annual pre-tax profit jumps 78%, missing market estimates
HSBC said on Wednesday its full-year 2023 pre-tax profit jumped about 78% to $30.3 billion from last year, missing median estimates of $34.06 billion. dollars from analysts followed by LSEG.
Its Hong Kong stocks reversed gains to fall more than 2%, compared with 3% for the Hang Seng Index. The bank’s shares have gained about 0.5% so far this year, after surging 23% in 2023 while the Hang Seng Index lost 14%.
It was last down 2.55%.
—Clement Tan, Lee Ying Shan
5 hours ago
Hang Seng Index jumps 2%, driven by pharmaceuticals, technology and real estate
Hong Kong’s Hang Seng Index was up 2.36% in morning trading, driven by a combination of healthcare, basic materials and technology stocks.
Leading the index’s gains were pharmaceutical companies WuXi AppTec, which jumped 6.85%, and WuXi Biologics, which climbed 5.92%.
Manufacturing company Techtronic Industries rose 4.63%, while real estate company Longfor Properties gained 5%.
The other heavyweights in the index are in the green. Meituan is up 5.72%, while Hong Kong-listed Ping An and JD.com are up 3.41% and 3.22%, respectively.
The Hang Seng Technology Index, which tracks the 30 largest technology companies listed in Hong Kong, is up 3.12%.
—Lee Ying Shan
7 hours ago
Annual wages in Australia are growing at the fastest rate in 15 years
Annual wage growth in Australia reached 4.2%, the fastest annual pace in 15 years, according to the Australian Bureau of Statistics’ Wage Price Index.
On a quarterly basis, Australian wages jumped 0.9% in the December 2023 quarter, largely driven by the education and training sector, as well as the health and care sector. social assistance, according to government data. This figure matches the expectations of analysts polled by Reuters.
“This quarter saw a significantly higher contribution from the public sector to growth,” the report said.
—Lee Ying Shan
8 hours ago
Japanese exports in January increase 11.9% year-on-year
Japanese exports rose 11.9% in January year-on-year, according to official data.
This figure exceeds Reuters estimates of a 9.5% increase. The country’s imports fell 9.6%, compared to projections for an 8.4% drop.
Japan recorded a trade deficit of 1.758 billion yen ($11.73 billion), compared to a surplus of 68.9 billion yen in December.
—Lee Ying Shan
7 hours ago
CNBC Pro: Want stable, passive income? Buy These Dividend Stocks With Higher Yields, Says Wall Street
Dividend-paying stocks often appeal to investors looking for stable income and long-term growth.
Wall Street and other professionals share their advice on how to pick good dividend stocks and which names will generate sustainable income.
Some of these names are expected to have higher yields than cash, according to BofA.
CNBC Pro subscribers can learn more here.
— Weizhen Tan
8 hours ago
Confidence in big Japanese companies deteriorates in February, Reuters Tankan survey shows
Business leaders’ confidence in major Japanese companies deteriorated in February, according to the monthly Reuters Tankan survey. The data fuels fears of further economic weakness in Japan, after data last week showed the economy had slipped into a technical recession.
The confidence index towards manufacturers stands at -1, compared to +6 in January. Furthermore, the survey also shows that the services sector index is at +26, compared to +29 in January. A negative number indicates that there are more pessimists than optimists in the sector, and vice versa.
“The loss of business confidence raises concerns that Japanese companies may be reluctant to raise wages enough to achieve stable and sustainable inflation in a country mired in a deflationary mentality for more than a decade,” Reuters reported.
The monthly Reuters survey is considered a leading indicator of the official Bank of Japan survey.
—Lee Ying Shan
7 hours ago
CNBC Pro: ‘It’s a great time to invest in real estate’: Pros Name 5 REITs to Play Right Now
Rising inflation and interest rates have put significant pressure on several sectors, including real estate. But some market observers believe the situation could be about to improve.
“I think this would be an opportune time to invest in real estate, especially since we expect interest rates to fall over the next 12 months,” says Kevin Brown, senior equity analyst at the property firm. Morningstar Financial Services.
Brown, along with PGIM Real Estate’s Rick Romano, reveal their top REITs to buy right now.
CNBC Pro subscribers can learn more here.
-Amala Balakrishner
11 hours ago
Stocks close lower on Tuesday
Here’s how the major indexes closed:
— Pia Singh
12 hours ago
US crude falls more than 1% after hitting three-month high last week
An aerial view of the Phillips 66 oil refinery is seen in Linden, New Jersey, United States.
Tayfun Cosku | Anadolu Agency | Getty Images
U.S. crude oil futures fell on Tuesday after hitting a three-month high last week as conflict in the Middle East raged.
The West Texas Intermediate contract for March fell $1.01, or 1.28%, to settle at $78.18 a barrel. The Brent contract for April fell $1.22, or 1.46%, to $82.34 a barrel. There was no settlement on WTI on Monday due to the President’s holiday.
US crude gained 3% last week to reach its highest price on Friday, $79.19 per barrel, since November 6. The global benchmark rose 1.5% over the week to its highest price since January 26.
Robert Thummel, senior portfolio manager at Tortoise Capital, said prices likely retreated Tuesday in part because of traders’ profits after WTI posted a solid advance so far this month.
Crude futures gained last week on the Middle East conflict after Israel launched strikes in Lebanon and vowed to continue its Gaza offensive toward the southern city of Rafah. country.
Houthi militants attacked another cargo ship in the Bab el-Mandeb Strait on Monday, forcing the crew to abandon ship. Iran’s allied activists claimed they caused “catastrophic damage” to the ship.
-Spencer Kimball
Gn En bus