February 22, 2024

an hour ago

Japan’s corporate inflation rate rose 0.2% in January

Japan’s corporate goods price index rose 0.2% in January from a year earlier, more than the 0.1% expected by economists polled by Reuters. This compares with a revised 0.2% growth rate for December.

On a month-on-month basis, corporate inflation in Japan remained steady, slowing from the 0.3% seen in December.

CGPI measures price changes in goods traded within the corporate sector.

– Lim Hui Ji

2 hours ago

CNBC Pro: As the Year of the Dragon begins, the pros name the sectors – and stocks – to play in the Chinese market

A decline in foreign direct investment, falling inflation levels and stock market turmoil have put pressure on the Chinese economy, causing many investors to turn cautious on the Asian powerhouse as it marks the beginning of the Year of the Dragon.

“I’m still positive and optimistic on China. However, I think the cyclical upturn is much slower than I expected. I don’t want to be binary and say China is collapsing – because it’s not. I believe “The strength of the economy has weakened a little bit, but it’s still recovering and still growing,” he told CNBC Pro.

Elsewhere, Morningstar analysts believe “China equities are still relatively cheap,” naming sectors and stocks they like right now.

CNBC Pro subscribers can read more here.

– Amala Balakrishner

2 hours ago

CNBC Pro: Goldman names 3 ‘attractive’ value stocks that offer more than 50% upside

Goldman Sachs has identified three “attractive” value stocks that could see significant share price appreciation over the next 12 months.

The Wall Street bank said all three under-the-radar companies stand out among their peers for their cheap valuations compared to earnings growth prospects.

CNBC Pro subscribers can read more here.

-Ganesh Rao

5 hours ago

JPMorgan’s David Kelly says wage increases aren’t a concern for inflation

The January jobs report showed hourly earnings rose 4.5% year over year, but that doesn’t mean a new round of inflation is on the way, according to David Kelly, chief global strategist at JPMorgan Asset Management. .

If anything, U.S. workers aren’t doing enough to get pay raises, which is helping drive down inflation, the strategist said at the Exchange ETF conference on Monday.

“If you want to understand why inflation is falling in such a full-employment economy, the reason is this: Because American workers are not demanding wage increases. Not really, not in the way They could,” Kelly said.

He pointed to low union membership and said workers are hesitant to push for big pay increases even with unemployment below 4%.

Kelly also said rising productivity means wages can rise more than inflation without another rise in prices.

“Wages should grow by the sum of consumer inflation and productivity. Productivity growth is strong right now, and that means there’s nothing wrong with a 4% wage increase [growth]”Kelly said.

– Jesse Pound

5 hours ago

Bitcoin reaches $50,000 for the first time in more than two years

Bitcoin jumped above $50,000 on Monday, at one point reaching its highest level in more than two years.

According to Coin Metrix, the price of the flagship cryptocurrency was last up 3.5% at $49,875.00. Earlier, it had risen to $50,334.00, its highest level since December 2021. Ether was up more than 4% at $2,624.45, after rising to $2,638.62 for the first time since Jan. 12.

Monday’s surge pulled crypto equities higher. Crypto exchange Coinbase rose more than 3% while Bitcoin proxy MicroStrategy rose nearly 10%. Many mining stocks were in double digits. CleanSpark rose nearly 14% and Iris Energy gained 15%. Marathon Digital rose 13%.

– Tanaya Machel

7 hours ago

Arm Holdings rose 42% on Monday, two days after jumping 48%

British software and semiconductor designer Arm Holdings Plc surged 42% on Monday, following a 48% jump in two trading days in reaction to after-market earnings on Feb. 7. Arm nearly doubled in February on the back of fiscal third-quarter sales and net income, and forward financial guidance, all of which exceeded analysts’ highest estimates.

The issue for institutions and Main Street investors alike is the limited number of shares available for trading in Arm, which went public last September in a highly anticipated offering at $51 per share. The stock price was at the top of the expected range of $47-$51, and then closed 25% higher on its first day of trading.

See the list…

Shares of Arm Holdings PLC in the US during the last month.

About 95.5 million shares out of a total outstanding of about 1.03 billion were sold in the IPO five months ago. Of those 95.5 million, about 9.3 million were reported recently sold short, down from 10.7 million shares last month.

Japanese tech investor and telecommunications provider SoftBank Corp, which was up 10% in counter trading on Monday in the US, owns about 90% of Arm. According to FactSet, institutional investors combined own only 7.2% of Arm shares that are currently available for trading.

– Scott Schnipper

Source: www.cnbc.com

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