February 19, 2025
Live Updates – Oil, China Assets Evergrande

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38 minutes ago

Evergrande shares soared over 54%, top gainer on Hang Seng

Shares of Chinese property developer Evergrande jumped as much as 54.29% on Wednesday, leading to gains on the Hang Seng index.

The real estate sector topped the HSI, but the overall index was still in negative territory, led by health care and industrial stocks.

Other stocks such as Country Garden Holdings and Logan Group also saw their share prices rise by 21.78% and 24.1% respectively, while the Hang Seng Mainland Property Index was up almost 4%.

three hours ago

Japan ‘will not rule out any option’ as yen weakens over 147 against greenback: Reuters

Japan’s deputy finance minister for international affairs, Masato Kanda, warned that “the country will not rule out any option if the speculative move continues” against the yen, Reuters reported.

Kanda was speaking to reporters after the yen hit a 10-month low and breached 147 to touch 147.78 against the dollar on Wednesday.

“If speculation continues, we will not rule out any option,” Kanda said, according to a Reuters report. “Needless to say, it is important for currency moves to reflect fundamentals.”

three hours ago

Australia’s economy grew 2.1% year-on-year in the second quarter

Australia’s gross domestic product grew 2.1% in the second quarter from a year earlier, more than the 1.8% expected by economists polled by Reuters.

However, this figure was lower than the 2.3% year-on-year growth recorded in the first quarter.

On a quarter-on-quarter basis, GDP grew by 0.4%, marking the seventh consecutive quarter of growth.

Australia’s Bureau of Statistics said exports and investment were the primary contributors to GDP growth in the quarter, partially offset by changes in inventories.

– Lim Hui Ji

5 hours ago

CNBC Pro: HSBC picks 6 ‘good value’ Chinese tech stocks to buy — and gives one a more than 50% gain

HSBC has named six Chinese internet stocks it says to buy — estimating that each has gains of at least 27%.

Valuations of Chinese internet stocks fell 5% between mid-June and early September, the bank said, adding that its picks offer “opportunities with good value”.

CNBC subscribers can read more here.

– Lucy Handley

5 hours ago

CNBC Pro: RBC widens its bet on this ‘recession-resistant’ Canadian stock, giving it a 20% gain

RBC has increased its bet on what it calls a “recession-resistant” Canadian company and doubled the stock’s weighting in its “Focus List” bucket to 5%.

Although the bank’s stock list has underperformed over the past six months, it has historically and consistently outperformed its benchmark S&P/TSX Index.

The RBC Strategy Canadian Focus List has returned 11.3% compound annual growth over the past five years. In contrast, the benchmark has risen 7.8% on the same metric.

CNBC Pro subscribers can read more here.

– Ganesh Rao

15 hours ago

Cruise, airline stocks under pressure from rising oil prices

5 hours ago

CNBC Pro: Here are the most-bought and most-sold major global stocks, including tech and bank names

After a volatile month for global stocks, CNBC Pro screened the MSCI World Indices for the major global stocks that were most bought and most sold based on their 14-day Relative Strength Index.

The Relative Strength Index (RSI), which measures the magnitude and speed of price movements, can be used by investors to determine whether stocks are overbought or oversold.

The market value of the shares on the screen is also more than $10 billion.

CNBC Pro subscribers can read more here.

– Weizen Tan

10 hours ago

Data shows the word ‘recession’ is disappearing from earnings calls

The data shows that fewer companies are discussing recession risks with investors.

According to FactSet data, 62 of the S&P 500 companies used the word “recession” on second-quarter earnings calls between June 15 and August 31.

This marks the fourth consecutive quarter of decline. And that’s nearly a quarter of the 238 companies that used the term peaking in the second quarter of 2022.

At 62, the quarter is also below the five-year average of 82. But it is slightly above the 10-year average of 60.

Bearish talk was most prominent among financial names within the index, as 22 companies, or 32% of the sector, used the term. According to FactSet, this represents the most in both total number and share of companies of any of the 11 sectors in the S&P 500.

— Alex Harring

16 hours ago

Oil prices rise after Saudi Arabia extends voluntary oil production cut

Oil prices jumped on Tuesday morning after Saudi Arabia extended a 1 million barrel per day voluntary oil production cut until the end of the year, according to the state-owned Saudi Press Agency.

Brent crude futures for November were up $1.49, or 1.67%, at $90.49 a barrel, while US West Texas Intermediate crude for October futures was up $1.95, or 2.28%, at $87.50 a barrel.

Riyadh first implemented the 1 million barrel per day cut in July and has since increased it on a monthly basis. The cut follows a voluntary crude production drop of 1.66 million barrels per day that some other OPEC members have implemented through the end of 2024. Read more here.

– Pia Singh, Ruxandra Iordache

18 hours ago

Arm sets US IPO price between $47 and $51 per share

Chip designer Arm filed an updated regulatory filing for its US initial public offering, setting a range of between $47 per share and $51 per share. SoftBank, which owns Arm, plans to sell 95.5 million shares. All this implies a valuation of up to $54.5 billion.

– Fred Imbert.

Source: www.cnbc.com

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