June 19, 2024

MediaBizNet

Complete Australian News World

Live Updates – Japan GDP, Hong Kong cancels trading

Live Updates – Japan GDP, Hong Kong cancels trading

2 hours ago

The offshore Chinese yuan hits an all-time low against the US dollar

The yuan in foreign transactions fell to its lowest level against the US dollar since its launch in 2010, exceeding the 7.35 level early this morning to trade at 7.3599 yuan per dollar.

The Chinese currency later pared its losses slightly, trading at 7.513 yuan to the dollar.

The Chinese yuan, which is traded on the mainland, also reached its highest level in 16 years, trading at 7.3417 against the dollar.

– Lim Hwi Ji

5 hours ago

CNBC Pro: ‘A Comeback in the Making’: UBS Expects These European Stocks to Rise Under the Radar

UBS says European small- and mid-cap stocks are starting to make a comeback, after outperforming large-cap companies this summer.

UBS analysts explain why, and name their top stocks for the rest of the year.

CNBC Pro subscribers can read more here.

– Amala Balakrishner

6 hours ago

Philippine trade deficit grows in July, imports and exports decline

the The Philippine trade deficit rose To $4.2 billion in July, an increase compared to the deficit of $3.9 billion in June.

Exports in July fell by 1.2% year-on-year, a reversal of the 0.9% growth in June. However, imports into the country fell by 15.3% year-on-year in July, a sharper decline than the 15.0% contraction in the previous month.

In July, the Philippines’ total foreign trade in goods reached $16.49 billion, 10.5% lower year-on-year.

– Lim Hwi Ji

5 hours ago

CNBC Pro: Barclays says electricity is a ‘huge topic’ and identifies global stocks to buy

Analysts at Barclays have identified electrification as a “mega theme” and named several stocks that are set to benefit.

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“The electric grid plays a key role in electrification and energy transmission,” the analysts wrote in an Aug. 16 research note.

“At the heart of the massive electrification theme, which includes electric vehicles, renewables, energy storage, smart buildings, heat pumps, and more, is a legacy electric grid that is fundamental to ensuring a clean, reliable, affordable, and equitable energy transition.”

The bank named a number of companies that it said were “connected to changing network trends and providing end-market exposure.”

CNBC Pro subscribers can read more here.

– Amala Balakrishner

8 hours ago

Japan’s economy grew less than expected in the second quarter

Japan’s GDP expanded less than expected in the second quarter, with the economy growing by 4.8% year-on-quarter on a quarterly basis.

This was less than the 6% reported in the initial release in August, and less than the 5.5% growth expected by economists polled by Reuters.

On a quarterly basis, GDP in the second quarter rose 1.2%, compared to a 1.5% rise in the initial basis and slightly less than the 1.3% expected in the Reuters poll.

– Lim Hwi Ji

17 hours ago

Bullard, the former Fed official, says further rate hikes are possible

Former St. Louis Federal Reserve Chairman James Bullard said on Thursday that the prospect of inflation numbers remaining stubbornly high for a while could mean more interest rate increases.

In an interview with CNBC, the current dean of the Mitchell E. Daniels Jr. School of Business at Purdue University raised the possibility of further policy tightening as core inflation remains stuck at around 4%.

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“That raises the risk that the Fed will have to follow through with the rate hike they promised at some point in the next couple of meetings, and there is some risk that they will have to go up a little bit even from there,” Bullard told CNBC’s Steve. Leisman.

He said inflation numbers “have to come down to the 3% range, eventually to the 2% range, and if they don’t and they stabilize at very high levels, the Fed may have to do more.”

—Jeff Cox

19 hours ago

The dollar is on track to achieve its eighth consecutive weekly gain for the first time since 2015

A strong dollar may be another headwind for the stock market in September.

The dollar index is on track for its fifth straight daily advance on Thursday, near a six-month high, and is on track for its eighth straight weekly gain – the latest for the first time since February 2015. The index measures the dollar against six leading currencies. But mostly Euro and Japanese Yen.

The Chinese yuan (which is not in the index) is at its weakest level since December 2007, while the euro and the British pound (in the index) are at their lowest levels in three months.

Although a strong dollar helps American tourists in Paris, the problem for stocks is that it raises the costs of American exports, hurts US competitiveness, and reduces the value of profits earned outside the United States when translated into dollars.

See chart…

ICE Dollar Index year-to-date

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-Scott Schnepper, Gina Francola

18 hours ago

Technology stocks weigh on the S&P 500 and Nasdaq

21 hours ago

Apple falls after report that China plans to ban iPhones at state-backed companies

Apple shares fell more than 2% after that Bloomberg News China is reportedly planning to extend the ban on iPhone use to include state-owned enterprises. The previous day, the Wall Street Journal reported that China was moving to ban iPhone use in government agencies.