1 hour ago
Japan’s Canon Electronics stock plummets after Space One rocket explosion
Canon Electronics’ stock price fell as much as 12.7% after Tokyo-based Space One’s rocket exploded shortly after liftoff.
Canon is part of the group of companies that founded Space One in 2018.
According to Reuters, the solid-fuel Kairos rocket exploded within seconds of liftoff at 11:01 a.m. Japan time. If the mission was successful, Space One would have become the first Japanese company to put a satellite into orbit.
IHI Aerospace, construction company Shimizu, and the government-affiliated Development Bank of Japan are other companies that helped establish Space One. Japan’s two largest banks, Mitsubishi UFJ and Mizuho Financial Group, also own minority stakes in Space One.
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— Shreyashi Sanyal
4 hours ago
Korea’s unemployment rate in February was 2.6%
South Korea’s unemployment rate in February was a seasonally adjusted 2.6% compared to the same month last year, according to official data.
This was slightly lower than January’s unemployment rate of 3%. This was also the lowest level since October 2023.
Korean stocks rose slightly, with the Kospi up 0.5%.
— Shreyashi Sanyal
6 hours ago
CNBC Pro: Goldman Sachs just added and removed stocks from its ‘Conviction List’ of Asia’s top stocks
Goldman Sachs has updated its “Conviction List” of top Asia-Pacific stocks for March, adding some major stocks and removing others.
The bank struck an optimistic tone for the region, noting that the region’s markets had recovered January’s losses and remained flat year-to-date.
In a March 3 memo clarifying which stocks they have added and which stocks they have added, analysts at the investment bank wrote that “the disparity in market, sector, and factor performance is wide; “The lack of large-cap bias reinforces the regional opportunity theme.” It was deleted.
CNBC Pro subscribers can read more here.
— Amara Balakrishna
6 hours ago
India’s inflation rate slowed slightly in February but exceeded expectations
India’s inflation rate in February was 5.09%, down slightly from January’s 5.10%.
However, the figure was higher than the 5.02% expected by economists polled by Reuters.
Food and beverages led price increases in February, recording an inflation rate of 7.76%, according to data from India’s National Bureau of Statistics.
— Lim Huijie
6 hours ago
CNBC Pro: Sell Nvidia or stick with it? Here’s what investors say
Nvidia has seen an astronomical rise on the back of artificial intelligence buzz, soaring more than 200% in 2023 alone.
The stock fell more than 5% on Friday and another 2% on Monday, but is still up about 73% this year.
Is it time to take even a partial profit, or should investors stay put? Here’s what current holders of Nvidia stock are doing or planning to do with their positions.
CNBC Pro subscribers can read more here.
— Tan Weizhen
10 hours ago
Investor sentiment is purely bullish, but momentum is slowing, says Citi
Traders work on the floor of the New York Stock Exchange during morning trading on February 23, 2024 in New York City.
Michael M. Santiago | Getty Images
The current bull market rally has more or less been going on since late October. However, Citi said that despite sentiment being net bullish, momentum appears to be fading in key markets.
“Investor sentiment toward U.S. stocks appears to be less bullish, but not bearish. There is only a small amount of short interest remaining in the S&P and none in the Nasdaq positioning, but new buying and ETF inflows remain. “The pace has slowed since the end of last year,” wrote the bank’s Chris Montague.
Overseas, the positioning has slowed down due to the continued bullish level in Europe. The Chinese stock market has also lost momentum, with sentiment no longer bearish, but not necessarily bullish, Montague added.
— Lisa Kailai Han
14 hours ago
Oracle soars 10%, heading for best day since December 2021
Oracle stock rose more than 10% on Tuesday, heading for its best day since Dec. 10, 2021, after the database software company reported better-than-expected third-quarter results after the bell on Monday.
The company beat earnings estimates by 3 cents a share, but had revenue of $13.28 billion, slightly below the $13.3 billion expected by analysts polled by LSEG.
Oracle said its cloud services and license support segment saw revenue increase 12% in the same period, due in part to a surge in demand for artificial intelligence servers. The company also said that gross remining performance obligations increased by 29% due to large new cloud infrastructure contracts signed during the period.
The stock was also the best performer in the S&P 500’s information technology sector.
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Oracle soars 10% after earnings, heading for best day since December 2021
17 hours ago
CPI in February increased by 0.4% from the previous month and by 3.2% from the same month last year.
A grocery store in Washington, DC, USA on February 14, 2024.
Mostafa Basim | Anadolu | Getty Images
Mixed consumer price index reports for February raise questions about when the US Federal Reserve will start cutting interest rates.
CPI increased by 0.4% from the previous month and by 3.2% from the same month last year. Economists polled by Dow Jones had expected a 0.4% increase from the previous month. He expected a 3.1% increase compared to the previous year.
Core CPI, which excludes food and energy prices, was also slightly higher than expected both year-on-year and month-on-month.
— Fred Imbert
