Stock futures fell after major averages clawed back some of this week’s losses: Live updates
by Sylvia Quarles March 7, 2024 in News
Stock futures fell after major averages clawed back some of this week’s losses: Live updates
an hour ago
China’s dollar-denominated exports surge in the first two months of 2024
China’s dollar-denominated exports in the first two months of 2024 rose 7.1% year-on-year, according to official data.
That was more than a Reuters poll forecast for 1.9% growth. Dollar-denominated imports totaled $402.85 billion, an increase of 3.5% year-on-year.
China’s yuan-denominated exports rose 10.3% year-on-year during the January and February period, while imports rose 6.7%.
-Shreyashi Sanyal
ALSO READ:
Fast-growing breakfast chain plans to open around 60 new stores as sales surge
Japan wages feed market claims BOJ close to rate hike
an hour ago
Shares of Wuxi Appetech and Wuxi Bio fell after the US Senate advanced a bill restricting the trade.
Shares of Chinese biotech companies Wuxi AppTech and Wuxi Biologics fell more than 15% and 19%, respectively, and were the two biggest decliners on Hong Kong’s Hang Seng index.
The decline comes after the US Senate Homeland Security Committee approved a bill that could restrict trade with Chinese biotech companies on national security grounds. The measures would still need to be passed by both houses of Congress before reaching the President’s desk. The bill may be amended in the process, but its potential approval has raised concerns among investors.
For example, Wuxi AppTech generates two-thirds of its revenue from its US business. While Wuxi Biologics did not disclose how much of its revenue comes specifically from the US, its 2023 earnings report said it derived 46% of its revenue from the North American region.
2 hours ago
Goldman Sachs says it is positive on Indian stocks, bonds and rupee
Goldman Sachs on Thursday said it is positive on Indian equities, bonds and the rupee.
Indian benchmark indices hit new record highs on Wednesday, with the Nifty 50 rising to 22,474.05 and the BSE Sensex climbing to 74,085.99.
Sunil Kaul, vice president and Asia-Pacific portfolio strategist at the investment bank, told CNBC’s “Squawk Box Asia” that the rally in Indian equities last year was driven by earnings growth, and “there is still room” for more this year.
“India recorded 20% earnings growth and the market is up 20%. So the entire rally last year was driven by earnings accumulation,” he said, elaborating on the bond rally after the country joined the JPMorgan bond index. Can expect to see. In June.
– Charmaine Jacob
three hours ago
JD.com jumps more than 8% after beating revenue estimates and launching share buyback
Hong Kong-listed shares of JD.com rose more than 8% after the Chinese e-commerce company released better-than-expected fourth-quarter earnings and announced a share buyback plan of up to $3 billion, including American depositary shares.
Revenue in the quarter ended Dec. 31 rose 3.6% from a year earlier to 306.1 billion yuan ($42.54 billion), beating estimates of 300.04 billion yuan, according to LSEG data.
Attributable revenue for the fourth quarter stood at 3.4 billion yuan, compared with 3 billion yuan in the same period last year.
For the full year, attributable net income was 24.2 billion yuan, up 133% from 10.4 billion yuan in 2022. Full-year revenue rose 3.7% to 1.08 trillion yuan.
JD.com also declared a dividend of 38 cents per share.
4 hours ago
Nikkei hits new all-time high on Wednesday as energy and financial stocks rise
Japan’s Nikkei 225 rose 0.54% to a new all-time high on Wednesday and surpassed the March 4 record of 40,109.23.
Gains were led by energy and financial stocks, although the biggest gainer on the Nikkei was motorcycle and heavy-equipment maker Kawasaki Heavy Industries, which rose 8.5% within the first half-hour of trading.
Other names on the list of top beneficiaries include financial services firm Sumitomo Mitsui Trust Holdings, and copper ore company Mitsui Mining & Smelting.
5 hours ago
Bitcoin’s gains diminish as intense rally cools
People walk past a Bitcoin office in Istanbul, Turkey on February 28, 2024.
Umit Turhan Coskun | Nurfoto | getty images
Bitcoin cooled off after a strong rally this week, after which it briefly moved above record highs.
The world’s most popular cryptocurrency is trading down 0.5% at $66,132.42, according to Coin Metrix. Bitcoin jumped nearly 8% in the last session. Bitcoin reached a high of $69,210 on Tuesday.
“Increased liquidity and the prospect of a Federal Reserve rate cut are boosting riskier assets. However, given the extended positions and significant volatility, prudent risk management is required,” Charu Chanana, head of FX strategy at Saxo Markets, told CNBC. Is.”
The US Spot Bitcoin ETF began trading earlier this year, following gains in the cryptocurrency. The supply of Bitcoin is also decreasing in late April, an event designed to create scarcity.
-Shreyashi Sanyal
5 hours ago
Victoria’s Secret sinks 25% on mixed earnings, weak guidance
Shares of Victoria’s Secret fell more than 25% after the intimate apparel maker reported mixed quarterly results and issued disappointing guidance.
The company reported earnings of $2.58 per share, better than the $2.47 expected by analysts polled by LSEG, but revenue of $2.08 billion and slightly below the anticipated $2.09 billion.
For the full year, Victoria’s Secret estimates revenues will fall in the low single digits, while LSEG estimates a decline of 0.4%. The company also expects a larger than expected decline in revenue in the first quarter.
Along with its earnings report, the company authorized a $250 billion buyback plan.
See the list…
Victoria’s Secret falls 25% after earnings report
6 hours ago
Stock futures opened with little change
Stock futures opened with little change on Wednesday evening.
Futures tied to the Dow Jones Industrial Average, S&P 500 and Nasdaq-100 were flat.
-Samantha Subin
Source: www.cnbc.com
