A booming manufacturing report just poked another hole in the Fed’s case for a rate cut

Philadelphia area manufacturing rebounded sharply in July, just as the Federal Reserve is expected to cut interest rates to boost economic activity. The Philadelphia Fed saw its primary gauge measuring the sector jump from 0.3 in June to 21.8, far better than Wall Street estimates of 5 and the highest in a year. The index measures the difference between companies saying they are expanding activity against those expecting to reduce. Nearly every indicator within the index rose sharply: Employment


Philadelphia area manufacturing rebounded sharply in July, just as the Federal Reserve is expected to cut interest rates to boost economic activity. The Philadelphia Fed saw its primary gauge measuring the sector jump from 0.3 in June to 21.8, far better than Wall Street estimates of 5 and the highest in a year. The index measures the difference between companies saying they are expanding activity against those expecting to reduce. Nearly every indicator within the index rose sharply: Employment
A booming manufacturing report just poked another hole in the Fed’s case for a rate cut Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: jeff cox
Keywords: news, cnbc, companies, case, months, cut, hole, feds, saw, interest, booming, sharply, highest, rose, philadelphia, index, rate, poked, orders, report, manufacturing


A booming manufacturing report just poked another hole in the Fed's case for a rate cut

Philadelphia area manufacturing rebounded sharply in July, just as the Federal Reserve is expected to cut interest rates to boost economic activity.

The Philadelphia Fed saw its primary gauge measuring the sector jump from 0.3 in June to 21.8, far better than Wall Street estimates of 5 and the highest in a year. The index measures the difference between companies saying they are expanding activity against those expecting to reduce.

Nearly every indicator within the index rose sharply: Employment doubled to 30, its highest reading since October 2017, while the average work week more than tripled to 23, its best in 14 months. Shipments jumped to 24.9 from 16.6 in June while new orders surged to 18.9 from 8.3. Prices paid, a key measure of inflationary pressures, also rose to 16.1 from 12.9.

Only unfilled orders and delivery times fell, the latter fractionally from 15.6 to 15.

In this month’s special question, manufacturers were asked to characterize underlying demand. Some 56.1% reported increases, while just 31.6% saw a decrease.

Fed officials have strongly indicated they will cut their benchmark interest rate at this month’s policy meeting, pointing to worries over a global slowdown that could infect the U.S. along with inflation that has run well short of the central bank’s 2% target and persistent tariff concerns.


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: jeff cox
Keywords: news, cnbc, companies, case, months, cut, hole, feds, saw, interest, booming, sharply, highest, rose, philadelphia, index, rate, poked, orders, report, manufacturing


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Asia stocks slip amid renewed US-China trade uncertainty; Singapore exports tumble

Stocks in Asia mostly slipped on Wednesday following overnight developments on the US-China trade front. In mainland China, the Shanghai composite closed 0.2% lower at 2,931.69, while the Shenzhen component added 0.2% to finish its trading day at 9,302.00 . Hong Kong’s Hang Seng index slipped 0.18%, as of its final hour of trading. Overall, the MSCI Asia-ex Japan index slipped 0.26%. The S&P 500 closed 0.3% lower at 3,004.04 and snapped a five-day winning streak, while the Nasdaq Composite shed


Stocks in Asia mostly slipped on Wednesday following overnight developments on the US-China trade front. In mainland China, the Shanghai composite closed 0.2% lower at 2,931.69, while the Shenzhen component added 0.2% to finish its trading day at 9,302.00 . Hong Kong’s Hang Seng index slipped 0.18%, as of its final hour of trading. Overall, the MSCI Asia-ex Japan index slipped 0.26%. The S&P 500 closed 0.3% lower at 3,004.04 and snapped a five-day winning streak, while the Nasdaq Composite shed
Asia stocks slip amid renewed US-China trade uncertainty; Singapore exports tumble Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: eustance huang
Keywords: news, cnbc, companies, renewed, trading, slipped, singapore, stocks, exports, day, slip, tumble, index, trade, monetary, economists, data, asia, uschina, uncertainty


Asia stocks slip amid renewed US-China trade uncertainty; Singapore exports tumble

Stocks in Asia mostly slipped on Wednesday following overnight developments on the US-China trade front. In mainland China, the Shanghai composite closed 0.2% lower at 2,931.69, while the Shenzhen component added 0.2% to finish its trading day at 9,302.00 . The Shenzhen composite also rose 0.162% to close at 1,574.35. Hong Kong’s Hang Seng index slipped 0.18%, as of its final hour of trading. Shares of Chinese live-streaming platform DouYu International Holdings were priced at the low end ahead of their public debut on the Nasdaq stateside later on Wednesday. The firm is backed by Chinese tech behemoth Tencent, which saw its own Hong Kong-listed stock rise more than 0.1%. The Nikkei 225 in Japan fell 0.31% to close at 21,469.18, with shares of index heavyweight and conglomerate Softbank Group dropping 2.35%, while the Topix ended its trading day slightly lower at 1,567.41. Over in South Korea, the Kospi declined 0.91% to close at 2,072.92, as chipmaker SK Hynix saw its stock fall 1.97%, while Australia’s S&P/ASX 200 rose 0.49% to finish its trading day at 6,673.30. Overall, the MSCI Asia-ex Japan index slipped 0.26%.

Asia-Pacific Market Indexes Chart

Singapore exports tumble

Singapore’s exports dropped much more than expected in June, with data on Wednesday showing non-oil domestic exports in June plunging 17.3% year-on-year, widely missing the expected 9.9% contraction by economists in a Reuters poll. It was also the largest decline since February 2013, when exports dropped 33.2% as compared to the year before, according to Refinitiv Eikon data. The Straits Times index was flat in afternoon trade, while the Singapore dollar weakened 0.21% against the greenback to 1.3610, following levels below 1.356 seen yesterday. That comes on the back of a decline in Singapore’s gross domestic product for the second quarter, which was also well below forecasts. Economists now widely expect Singapore’s central bank to ease monetary policy, as its export-reliant economy slows amid the U.S.-China trade war. Economists at ING wrote in a note that the latest data could result in an “imminent” easing of monetary policy by the Monetary Authority of Singapore (MAS) in adjusting its exchange rate between the Singapore dollar and a basket of currencies of the country’s major trading partners.

US-China trade jitters

U.S. President Donald Trump said Tuesday that Washington and Beijing have a long way to go on trade, adding that America could place tariffs on an additional $325 billion worth of Chinese goods “if we want.” Trump’s comments come after China and the U.S. agreed not to ratchet up trade tensions in an effort to restart negotiations, with the two countries already having slapped billions of dollars worth of tariffs on each other’s goods. The protracted trade fight between the two economic powerhouses has raised concerns over its potential impact on economic growth as well as business confidence. Overnight stateside, the Dow Jones Industrial Average ended its four-day winning streak as it slipped 23.53 points to 27,335.63. The S&P 500 closed 0.3% lower at 3,004.04 and snapped a five-day winning streak, while the Nasdaq Composite shed 0.4% to finish its trading day at 8,222.80. Meanwhile, U.S. Federal Reserve Chairman Jerome Powell on Tuesday reiterated his pledge to “act as appropriate” to keep the economic expansion going. His comments come amid expectations that the central bank could cut interest rates at its monetary policy meeting later in July. However, data on Tuesday showed U.S. retail sales increased more than expected in June, pointing to strong consumer spending, which could help to blunt some of the hit on the economy from weak business investment. Retail sales advanced 0.4% last month, higher than expectations of a 0.1% increase in June by economists in a Reuters poll.

Oil and currencies


Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: eustance huang
Keywords: news, cnbc, companies, renewed, trading, slipped, singapore, stocks, exports, day, slip, tumble, index, trade, monetary, economists, data, asia, uschina, uncertainty


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Asia stocks mixed as RBA meeting minutes show willingness to move on interest rates

Stocks in Asia were mixed on Tuesday, as minutes from a recent meeting by the Reserve Bank of Australia showed the central bank’s willingness to move on monetary policy if necessary. Shares of Chinese tech heavyweight Xiaomi slipped 0.32%. The Nikkei 225 in Japan, which returned to trade after a holiday on Monday, slipped 0.69% to end its trading day at 21,535.25. The Topix index also shed 0.48% to close at 1,568.74,South Korea’s Kospi ended its trading day 0.45% higher at 2,091.87. The Korea Ex


Stocks in Asia were mixed on Tuesday, as minutes from a recent meeting by the Reserve Bank of Australia showed the central bank’s willingness to move on monetary policy if necessary. Shares of Chinese tech heavyweight Xiaomi slipped 0.32%. The Nikkei 225 in Japan, which returned to trade after a holiday on Monday, slipped 0.69% to end its trading day at 21,535.25. The Topix index also shed 0.48% to close at 1,568.74,South Korea’s Kospi ended its trading day 0.45% higher at 2,091.87. The Korea Ex
Asia stocks mixed as RBA meeting minutes show willingness to move on interest rates Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: eustance huang
Keywords: news, cnbc, companies, stocks, meeting, trading, shed, shenzhen, xiaomi, asia, rba, interest, korean, close, index, day, slipped, million, rates, minutes, mixed, willingness


Asia stocks mixed as RBA meeting minutes show willingness to move on interest rates

Stocks in Asia were mixed on Tuesday, as minutes from a recent meeting by the Reserve Bank of Australia showed the central bank’s willingness to move on monetary policy if necessary.

In China, the Shanghai composite slipped 0.16% to close at 2,937.62, while the Shenzhen component shed 0.28% to finish its trading day at 9,283.41. The Shenzhen composite closed just below the flatline at 1,571.81.

Hong Kong’s Hang Seng index advanced about 0.1%, as of its final hour of trading.

Shares of Chinese tech heavyweight Xiaomi slipped 0.32%. The firm took a 6% stake in chip designer VeriSilicon Holdings, with the move coming amid Beijing’s push for China to become more reliant in sectors such as chips. Xiaomi is set to announce quarterly earnings results in the second half of August.

The Nikkei 225 in Japan, which returned to trade after a holiday on Monday, slipped 0.69% to end its trading day at 21,535.25. The Topix index also shed 0.48% to close at 1,568.74,

South Korea’s Kospi ended its trading day 0.45% higher at 2,091.87. The Korea Exchange said Tuesday it would impose a 175 million Korean won (approx. $0.149 million) fine on Bank of America Merrill Lynch’s South Korean branch for irregular trading activities, Reuters reported.

Over in Australia, the benchmark S&P/ASX 200 slipped 0.18% to close at 6,641.00. Shares of miner Rio Tinto slipped 0.64% after the company announced a cost blowout and delay at its underground copper mine in Mongolia, along with a 3.5% drop in second-quarter iron ore shipments due to disruptions caused by a tropical cyclone earlier in the year.

Overall, the MSCI Asia ex-Japan index added 0.2%.


Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: eustance huang
Keywords: news, cnbc, companies, stocks, meeting, trading, shed, shenzhen, xiaomi, asia, rba, interest, korean, close, index, day, slipped, million, rates, minutes, mixed, willingness


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China’s stocks rise as data shows lowest quarterly growth in 27 years

Chinese stocks recovered from an earlier slip to finish the trading day higher on Monday, following the release of GDP data that showed the Chinese economy growing at its slowest pace in at least 27 years. The Shanghai composite added 0.4% to 2,942.19, while the Shenzhen component rose 1.04% to 9,309.42. The Shenzhen composite also gained 1% to 1,572.34. Elsewhere, South Korea’s Kospi ended the trading day in Seoul 0.2% lower at 2,082.48. overall, the MSCI Asia ex-Japan index rose 0.28%.


Chinese stocks recovered from an earlier slip to finish the trading day higher on Monday, following the release of GDP data that showed the Chinese economy growing at its slowest pace in at least 27 years. The Shanghai composite added 0.4% to 2,942.19, while the Shenzhen component rose 1.04% to 9,309.42. The Shenzhen composite also gained 1% to 1,572.34. Elsewhere, South Korea’s Kospi ended the trading day in Seoul 0.2% lower at 2,082.48. overall, the MSCI Asia ex-Japan index rose 0.28%.
China’s stocks rise as data shows lowest quarterly growth in 27 years Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: eustance huang
Keywords: news, cnbc, companies, stocks, trading, chinese, lowest, quarterly, shows, shenzhen, wealth, rose, growth, index, 27, data, chinas, day, company, added, rise, composite


China's stocks rise as data shows lowest quarterly growth in 27 years

Chinese stocks recovered from an earlier slip to finish the trading day higher on Monday, following the release of GDP data that showed the Chinese economy growing at its slowest pace in at least 27 years.

The Shanghai composite added 0.4% to 2,942.19, while the Shenzhen component rose 1.04% to 9,309.42. The Shenzhen composite also gained 1% to 1,572.34.

Hong Kong’s Hang Seng index added 0.22%, as of its final hour of trading, with the city still stuck in turmoil surrounding a controversial extradition bill. Meanwhile, the Budweiser initial public offering in Hong Kong, which was set to be the world’s biggest listing of 2019, was canceled by parent company Anheuser-Busch InBev.

Elsewhere, South Korea’s Kospi ended the trading day in Seoul 0.2% lower at 2,082.48.

Over in Australia, the S&P/ASX 200 declined 0.65% to close at 6,653.00 as most sectors slipped. Shares of wealth manager AMP plunged 15.81% after the company said it was “highly unlikely to proceed ” with the sale of its life insurance and wealth protection business.

overall, the MSCI Asia ex-Japan index rose 0.28%.

Markets in Japan were closed on Monday for a holiday.


Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: eustance huang
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Asia stocks edge up; China’s June exports fall less than expected

Meanwhile, China’s trade with the U.S. declined in the first half of the year, amid an impasse between the two economic giants. The Nikkei 225 in Japan closed 0.2% higher at 21,685.90, while the Topix index fell 0.15% to end its trading day at 1,576.31. Data on Friday showed that China’s dollar-denominated exports fell 1.3% in June from a year ago while imports fell 7.3% in the same period. Economists polled by Reuters had expected China’s June exports to have declined 2% from a year ago, while


Meanwhile, China’s trade with the U.S. declined in the first half of the year, amid an impasse between the two economic giants. The Nikkei 225 in Japan closed 0.2% higher at 21,685.90, while the Topix index fell 0.15% to end its trading day at 1,576.31. Data on Friday showed that China’s dollar-denominated exports fell 1.3% in June from a year ago while imports fell 7.3% in the same period. Economists polled by Reuters had expected China’s June exports to have declined 2% from a year ago, while
Asia stocks edge up; China’s June exports fall less than expected Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: eustance huang
Keywords: news, cnbc, companies, close, higher, trade, fell, trading, stocks, exports, chinas, showed, expected, index, declined, edge, fall, asia


Asia stocks edge up; China's June exports fall less than expected

Stocks in major Asian stock markets mostly closed higher on Friday. Meanwhile, China’s trade with the U.S. declined in the first half of the year, amid an impasse between the two economic giants.

The Nikkei 225 in Japan closed 0.2% higher at 21,685.90, while the Topix index fell 0.15% to end its trading day at 1,576.31. Over in South Korea, the Kospi advanced 0.29% to close at 2,086.66.

Australia’s S&P/ASX 200 slipped 0.29% to close at 6,696.50.

Mainland Chinese stocks rose on the day, with the Shanghai composite up 0.44% to 2,930.55 and the Shenzhen composite 0.506% higher to 1,556.77. The Shenzhen component also gained 0.66% to close at 9,213.38.

Hong Kong’s Hang Seng index added 0.23%, as of its final hour of trading. Overall, MSCI’s broadest index of Asia-Pacific shares outside Japan declined fractionally.

Data on Friday showed that China’s dollar-denominated exports fell 1.3% in June from a year ago while imports fell 7.3% in the same period. Economists polled by Reuters had expected China’s June exports to have declined 2% from a year ago, while imports were expected to have contracted 4.5% from a year earlier.

In the first half of the year, China’s total trade with the U.S. was down 9%, customs data showed.


Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: eustance huang
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These are the stocks that have powered the Dow’s rally to 27,000

The Dow Jones Industrial Average surged above 27,000 for the first time ever on Thursday, just a day after the S&P 500 topped 3,000. Here’s a look at the stocks that drove the last 1,000 points. Microsoft has been the best performer on the index, soaring more than 50% during this period. Apple, while soaring more than 28% this year alone, hasn’t been the biggest driver in the Dow’s road to 27,000. The Dow has risen nearly 16% this year and a jump in healthcare stocks pushed the index over the 27


The Dow Jones Industrial Average surged above 27,000 for the first time ever on Thursday, just a day after the S&P 500 topped 3,000. Here’s a look at the stocks that drove the last 1,000 points. Microsoft has been the best performer on the index, soaring more than 50% during this period. Apple, while soaring more than 28% this year alone, hasn’t been the biggest driver in the Dow’s road to 27,000. The Dow has risen nearly 16% this year and a jump in healthcare stocks pushed the index over the 27
These are the stocks that have powered the Dow’s rally to 27,000 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: yun li
Keywords: news, cnbc, companies, 27000, rally, market, surged, performer, nearly, index, period, dows, soaring, powered, stocks, dow


These are the stocks that have powered the Dow's rally to 27,000

Another day, another market milestone. The Dow Jones Industrial Average surged above 27,000 for the first time ever on Thursday, just a day after the S&P 500 topped 3,000. Here’s a look at the stocks that drove the last 1,000 points.

It took the 30-stock index about a year and a half to reach the round-number record as the blue-chip benchmark first closed above 26,000 on January 17, 2018. Microsoft has been the best performer on the index, soaring more than 50% during this period. The software giant also hit $1 trillion market cap in April.

Visa is a close second, up nearly 48% since the Dow hit the last watermark. Cisco and Nike also notched gains of more than 35% over the same time. Other leaders include Merck, Disney, American Express and Procter & Gamble.

Apple, while soaring more than 28% this year alone, hasn’t been the biggest driver in the Dow’s road to 27,000. The iPhone maker was the 11th performer, gaining 13% over the period. 3M, Walgreens and Caterpillar have underperformed the index, all down more than 20% since the Dow reached 26,000.

The Dow has risen nearly 16% this year and a jump in healthcare stocks pushed the index over the 27,000 mark. Shares of Dow-component UnitedHealth surged 5% after the White House said it has withdrawn its proposal to eliminate rebates from government drug plans, a big step in its effort to lower prescription drug prices.

— CNBC’s Christopher Hayes contributed reporting.


Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: yun li
Keywords: news, cnbc, companies, 27000, rally, market, surged, performer, nearly, index, period, dows, soaring, powered, stocks, dow


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Hide out in this chipmaker stock in case of semiconductor weakness, expert says

In the past three months, the SMH semiconductor ETF has fallen more than 1%, missing out on the broader S&P 500’s 3% rally. Indiscriminate selling in the group could open up opportunity for stock pickers, he added. Nvidia is the worst performer of the SMH ETF over the past three months, falling 16% since early April. Mark Newton, technical analyst at Newton Advisors, says any weakness should be bought ahead of what could be a sharp near-term rally. “I’d be a buyer of any further weakness into [t


In the past three months, the SMH semiconductor ETF has fallen more than 1%, missing out on the broader S&P 500’s 3% rally. Indiscriminate selling in the group could open up opportunity for stock pickers, he added. Nvidia is the worst performer of the SMH ETF over the past three months, falling 16% since early April. Mark Newton, technical analyst at Newton Advisors, says any weakness should be bought ahead of what could be a sharp near-term rally. “I’d be a buyer of any further weakness into [t
Hide out in this chipmaker stock in case of semiconductor weakness, expert says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-08  Authors: keris lahiff
Keywords: news, cnbc, companies, newton, demand, case, right, chipmaker, levels, index, hide, semiconductor, past, really, weakness, nvidia, stock, group, expert


Hide out in this chipmaker stock in case of semiconductor weakness, expert says

Demand worries are putting pressure on the chipmaker trade.

In the past three months, the SMH semiconductor ETF has fallen more than 1%, missing out on the broader S&P 500’s 3% rally.

The group added to losses on Friday after Samsung warned that weak memory chip demand could have reduced second-quarter profit by as much as 56%.

“The Samsung news shouldn’t be a surprise to anyone. Smartphone unit sales are down, memory chips have been weak for a while so you’ve got both supply and demand issues there,” said Mark Tepper, president of Strategic Wealth Partners, on CNBC’s “Trading Nation ” on Friday.

Indiscriminate selling in the group could open up opportunity for stock pickers, he added.

“The best way to really play this right now is to be selective,” said Tepper. “Invest in companies that allow you to participate in the highest growth end markets… like AI, autonomous vehicles, data center, gaming so the company we like here is Nvidia. We like Nvidia because it gives us exposure to all of those areas. ”

Nvidia is the worst performer of the SMH ETF over the past three months, falling 16% since early April. It is also 45% off its all-time high set last October.

“They did have some issues last year with their crypto exposure but those troubles are behind them so it looks like a good buy at this level,” said Tepper.

Mark Newton, technical analyst at Newton Advisors, says any weakness should be bought ahead of what could be a sharp near-term rally.

“It’s still right to be bullish on the semiconductors,” said Newton during the same segment. “I’d be a buyer of any further weakness into [this] week and think that the group likely carries up to levels right near 1570 to 1600 on the SOX Philadelphia Semiconductor index. ”

A move as high as 1600 on the SOX index implies 9% upside from current levels. It would also return to the index to its April all-time peak.

However, the longer-term outlook still carries some uncertainty, Newton adds.

“This peak that we saw this past April-May really occurred at lower levels of momentum so I’d really be a seller into the fall in semis but for now I still think it’s really the right place to be,” he said.

Disclaimer


Company: cnbc, Activity: cnbc, Date: 2019-07-08  Authors: keris lahiff
Keywords: news, cnbc, companies, newton, demand, case, right, chipmaker, levels, index, hide, semiconductor, past, really, weakness, nvidia, stock, group, expert


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China shares tumble amid dampened expectations for Fed to slash interest rates

In mainland China, the Shanghai composite fell 2.58% on the day to 2,933.36, while the Shenzhen component declined 2.72% to finish its trading day at 9,186.29. At the same time, the MSCI Asia ex-Japan index also fell 1.42%. In Japan, the Nikkei 225 slipped 0.98% to end its trading day at 21,534.35, while the Topix index shed 0.89% to close at 1,578.40. Over in South Korea, the Kospi dropped 2.2% to close at 2,064.17, as shares of industry heavyweight Samsung Electronics fell 2.74%. Shares of maj


In mainland China, the Shanghai composite fell 2.58% on the day to 2,933.36, while the Shenzhen component declined 2.72% to finish its trading day at 9,186.29. At the same time, the MSCI Asia ex-Japan index also fell 1.42%. In Japan, the Nikkei 225 slipped 0.98% to end its trading day at 21,534.35, while the Topix index shed 0.89% to close at 1,578.40. Over in South Korea, the Kospi dropped 2.2% to close at 2,064.17, as shares of industry heavyweight Samsung Electronics fell 2.74%. Shares of maj
China shares tumble amid dampened expectations for Fed to slash interest rates Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-08  Authors: eustance huang
Keywords: news, cnbc, companies, amid, shed, interest, expectations, trading, asia, slash, close, tumble, fell, day, shares, index, fed, rates, dampened, declined, china, south


China shares tumble amid dampened expectations for Fed to slash interest rates

Stocks in Asia were lower on Monday after a strong jobs report last Friday stateside moderated expectations that the U.S. Federal Reserve could soon be making a move on interest rates.

In mainland China, the Shanghai composite fell 2.58% on the day to 2,933.36, while the Shenzhen component declined 2.72% to finish its trading day at 9,186.29. The Shenzhen composite also shed 2.898% to close at 1,554.80.

Hong Kong’s Hang Seng index dropped 1.66%, as of 3:15 p.m. HK/SIN, following another round of protests that rocked the city on Sunday. At the same time, the MSCI Asia ex-Japan index also fell 1.42%.

India’s Nifty 50 declined 1.67% as shares of Punjab National Bank plunged more than 10% after the bank reported the discovery of fraud amounting to about 38 billion rupees ($554 million).

In Japan, the Nikkei 225 slipped 0.98% to end its trading day at 21,534.35, while the Topix index shed 0.89% to close at 1,578.40.

Over in South Korea, the Kospi dropped 2.2% to close at 2,064.17, as shares of industry heavyweight Samsung Electronics fell 2.74%.

The moves came as Tokyo and Seoul remain locked in a dispute over forced wartime labor, with Japan imposing tighter restrictions last week on the export of high-tech materials used in smartphone displays and chips to South Korea.

“Our basecase for the trajectory of this trade issue and Japan-South Korea relations as a whole is broadly negative,” Scott Seaman, director of Asia at Eurasia Group, wrote in a note. “In a nutshell, we believe the two governments will engage in a tit-for-tat exchange of retaliatory measures for at least the next several months that further sours bilateral relations.”

Meanwhile, the S&P/ASX 200 in Australia declined 1.17% to close at 6,672.2. Shares of major miners slipped on news of a probe by Chinese steelmakers on the surge in iron ore prices. Rio Tinto shed 0.98% and BHP Billiton fell 1.77%.


Company: cnbc, Activity: cnbc, Date: 2019-07-08  Authors: eustance huang
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Dow and Nasdaq close at record highs amid expectations for the Fed to lower rates

The S&P 500 also rose 0.7% as the real estate and consumer sectors powered the broad index to record levels. The S&P 500 closed just 0.1% below 3,000. “If technology continues to be strong and the semiconductors get some kind of bounce, that could probably push the S&P 500 through it 3,000. The disappointing data strengthens the Fed’s case for lowering rates at its monetary policy meeting at the end of July. Last month, the central bank opened the door to easier monetary policy by stating it wil


The S&P 500 also rose 0.7% as the real estate and consumer sectors powered the broad index to record levels. The S&P 500 closed just 0.1% below 3,000. “If technology continues to be strong and the semiconductors get some kind of bounce, that could probably push the S&P 500 through it 3,000. The disappointing data strengthens the Fed’s case for lowering rates at its monetary policy meeting at the end of July. Last month, the central bank opened the door to easier monetary policy by stating it wil
Dow and Nasdaq close at record highs amid expectations for the Fed to lower rates Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-03  Authors: fred imbert
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Dow and Nasdaq close at record highs amid expectations for the Fed to lower rates

Stocks closed at record highs on Wednesday as investors bet on a potential rate cut from the Federal Reserve later this month after the release of weaker-than-expected economic data.

The Dow Jones Industrial Average gained 175 points, notching intraday and closing all-time highs. The Nasdaq Composite advanced 0.7%.

The S&P 500 also rose 0.7% as the real estate and consumer sectors powered the broad index to record levels. Tech also boosted the index, rising 0.7% to a record high. The S&P 500 closed just 0.1% below 3,000.

“The first time we get there you’ll probably see some profit-taking,” said Scott Redler, partner with T3live.com. “If technology continues to be strong and the semiconductors get some kind of bounce, that could probably push the S&P 500 through it 3,000. It’s good to see the FANG names show some power.”

Shares of Facebook, Amazon, Netflix and Google-parent Alphabet all rose on Wednesday. The session ended at 1 p.m. ET due to the Fourth of July holiday.

Private payrolls in the U.S. increased by 102,000 in June, ADP and Moody’s Analytics said. Economists polled by Dow Jones expected growth of 135,000.

The disappointing data strengthens the Fed’s case for lowering rates at its monetary policy meeting at the end of July. Last month, the central bank opened the door to easier monetary policy by stating it will “act as appropriate” to maintain the current economic expansion.


Company: cnbc, Activity: cnbc, Date: 2019-07-03  Authors: fred imbert
Keywords: news, cnbc, companies, fed, sp, expectations, dow, 500, rose, rates, probably, close, jones, nasdaq, month, index, amid, record, monetary, highs, policy, lower


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China stocks skyrocket after Trump and Xi agree to a pause in tariff escalation

In Japan, the Nikkei 225 jumped 2.13% to close at 21,729.97, with shares of index heavyweight and robot-maker Fanuc soaring about 3%. Mainland Chinese shares soared on the day. The CSI 300 index, which tracks the largest listed stocks on the mainland, added 2.88% to around 3,935.81. US-China tradeThe moves came after Trump and Xi emerged from a meeting on the sidelines of the Group of 20 summit in Osaka, Japan. On the subject of Huawei, Trump suggested that he will be reversing his government’s


In Japan, the Nikkei 225 jumped 2.13% to close at 21,729.97, with shares of index heavyweight and robot-maker Fanuc soaring about 3%. Mainland Chinese shares soared on the day. The CSI 300 index, which tracks the largest listed stocks on the mainland, added 2.88% to around 3,935.81. US-China tradeThe moves came after Trump and Xi emerged from a meeting on the sidelines of the Group of 20 summit in Osaka, Japan. On the subject of Huawei, Trump suggested that he will be reversing his government’s
China stocks skyrocket after Trump and Xi agree to a pause in tariff escalation Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: eustance huang
Keywords: news, cnbc, companies, products, decision, xi, pause, agree, huawei, shares, day, skyrocket, escalation, added, chinese, index, trump, tariffs, stocks, china, tariff


China stocks skyrocket after Trump and Xi agree to a pause in tariff escalation

South Korea’s Kospi closed fractionally lower at 2,129.74 as shares of industry heavyweight Samsung Electronics fell 0.85%. Australia’s S&P/ASX 200 rose 0.44% to finish its trading day at 6,648.10.

In Japan, the Nikkei 225 jumped 2.13% to close at 21,729.97, with shares of index heavyweight and robot-maker Fanuc soaring about 3%. The Topix index also gained 2.17% to finish its trading day at 1,584.85.

Mainland Chinese shares soared on the day. The Shanghai composite added 2.22% to about 3,044.90, while the Shenzhen component soared 3.84% to 9,530.46. The Shenzhen composite also added 3.464% to approximately 1,616.55. The CSI 300 index, which tracks the largest listed stocks on the mainland, added 2.88% to around 3,935.81.

Asia Pacific markets mostly rose on Monday after U.S. President Donald Trump and Chinese President Xi Jinping agreed to hold off on slapping additional tariffs in an effort to resume trade talks.

US-China trade

The moves came after Trump and Xi emerged from a meeting on the sidelines of the Group of 20 summit in Osaka, Japan. Both sides confirmed in separate comments that they did not plan to levy any new tariffs against each other’s products at the present time.

Still, analysts said the decision is unlikely to spur business decisions.

“Although a worst case outcome has been averted, the threat of tariffs remains and it is unlikely the truce gives much confidence to firms’ investment and hiring decisions,” Tapas Strickland, an economist at National Australia Bank, wrote in a note.

“It is likely that soft manufacturing conditions will persist until if and when a fuller agreement is fleshed out,” Strickland said.

Over at Citi, analysts said in a note: “We expect the current truce to last through the end of the year, with 2020 potentially being a ‘Deal-maker’ year.”

In the event that negotiations “fail,” however, 10% tariffs on the $300 billion of Chinese imports “would be almost ready to go,” they said.

On the subject of Huawei, Trump suggested that he will be reversing his government’s decision to ban American companies from selling products to the Chinese telecommunications behemoth. Previously, Washington had described the tech giant as a security risk to the U.S. and its allies.

Still, Trump said the issue of Huawei will be resolved only at the conclusion of the negotiations.

Following Trump’s comments, White House economic advisor Larry Kudlow told Fox News Sunday that the decision to let Huawei buy U.S. products is “not a general amnesty. ”

“I think it’s going to be very interesting to see how Huawei plays out,” Rob Subbaraman, head of global macro research at Nomura, told CNBC’s “Squawk Box” on Monday.

“What happens in terms of these … ‘structural issues’, technology transfer, (intellectual property rights) … state subsidies, whether China starts to … in Trump’s words, ‘level the playing field,’ I think is going to be very important,” Subbaraman said.


Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: eustance huang
Keywords: news, cnbc, companies, products, decision, xi, pause, agree, huawei, shares, day, skyrocket, escalation, added, chinese, index, trump, tariffs, stocks, china, tariff


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