one hour ago
Evergrande’s EV unit calls a trading halt pending the company’s announcement
The electric vehicle (EV) manufacturing arm of property developer China Evergrande has called for a trading halt pending the company’s announcement.
In a filing with the Hong Kong Stock Exchange, Evergrande New Energy Vehicle said the announcement “relates to internal company information.” No further details were provided.
Evergrande NEV stock fell more than 18% last week, after the company revealed it had canceled its planned share sale to US-listed NWTN.
2 hours ago
The Bank of Korea intends to keep interest rates steady for the eighth meeting in a row
The Bank of Korea (BOK) complex in Seoul, South Korea, on Monday, April 10, 2023.
Bloomberg | Bloomberg | Getty Images
The Bank of Korea will hold its first central bank meeting of the year among major Asian economies on Thursday.
South Korea’s central bank is expected to keep interest rates steady at 3.50% for the eighth meeting in a row.
“We expect the decision to be made unanimously and for the board to retain the wording ‘maintain a restrictive policy stance for a sufficiently long period of time’ in its future guidance,” Jin Choi, an economist at HSBC, wrote in a note to clients.
Choe said that even if the Bank of Korea holds interest rates, there could be a change in tone that could signal a possible easing in the near term as some market participants expect, but he warned that “inflation is likely to remain very high for the beginning of the year.” “close range.” Of facilitation.”
The inflation target set by the central bank is 2%.
– Shreyashi Sanyal
3 hours ago
CNBC Pro: Citi Says Growth in AI Demand Will Boost These 9 Memory Chip Stocks — and Give a 60% Upside
Citi expects there to be strong growth in the future for memory chip manufacturers, driven by increased demand for artificial intelligence applications.
The Wall Street bank estimates that specialized memory and storage products dedicated to AI chips will capture a larger share of the total market, reducing volatility in the sector.
The investment bank named nine stocks that stand to benefit from this trend. CNBC Pro subscribers can read more here.
-Ganesh Rao
3 hours ago
CNBC Pro: Is it time to buy oil stocks? A trader reveals the hottest stocks to buy now
Energy stocks may have had a tough 2023, but one trader sees opportunities to play up the theme in the new year, naming sectors – and stocks – he likes.
Bill Perkins, CEO and chief trader at Skylar Capital Management, said he was “a little bullish” on oil, but identified several opportunities for retail investors.
CNBC Pro subscribers can read more here.
– Amala Balakrishner
3 hours ago
CNBC Pro: Is it time to buy oil stocks? A trader reveals the hottest stocks to buy now
Energy stocks may have had a tough 2023, but one trader sees opportunities to play up the theme in the new year, naming sectors – and stocks – he likes.
Bill Perkins, CEO and chief trader at Skylar Capital Management, said he was “a little bullish” on oil, but identified several opportunities for retail investors.
CNBC Pro subscribers can read more here.
– Amala Balakrishner
3 hours ago
CNBC Pro: Citi Says Growth in AI Demand Will Boost These 9 Memory Chip Stocks — and Give a 60% Upside
Citi expects there to be strong growth in the future for memory chip manufacturers, driven by increased demand for artificial intelligence applications.
The Wall Street bank estimates that specialized memory and storage products dedicated to AI chips will capture a larger share of the total market, reducing volatility in the sector.
The investment bank named nine stocks that stand to benefit from this trend. CNBC Pro subscribers can read more here.
-Ganesh Rao
Friday, January 5, 2024 at 3:36 PM ET
Oil prices ended the week higher due to geopolitical risks
Oil prices ended the week higher amid fears that the war between Israel and Hamas will escalate into a regional conflict.
The February West Texas Intermediate contract settled at $73.81 a barrel on Friday, up $2.16, or about 3%, over the past week. The March Brent contract settled at $78.76 per barrel, rising $1.72, or 2.23%, during the same period.
Traders have become more concerned about rising tensions in the Middle East after geopolitical factors have been largely ignored since the start of the war between Israel and Hamas.
Houthi attacks on ships in the Red Sea have forced Maersk to halt shipping through the main waterway for the foreseeable future. The United States has threatened militants based in Yemen and allied with Iran, but to no avail so far.
US Secretary of State Anthony Blinken will travel to the region next week in an attempt to prevent the conflict from spreading.
According to analysts, a broader war involving Iran could lead to disruption in the Strait of Hormuz, which would pose a major threat to oil flows.
-Spencer Kimball
Friday, January 5, 2024 at 9:16 AM EST
The market is now seeing diminishing prospects for a Federal Reserve rate cut in March, according to CME FedWatch
The December jobs report reduced the odds that the Federal Reserve will ease interest rate policy as early as March, according to the CME FedWatch tool, which uses traders’ actions to analyze the likelihood of changes in U.S. monetary policy.
The odds of a quarter-point Fed funds rate cut to 5.00-5.25% fell from the current 5.25-5.50% to 53.6%, down from 62.3% on Thursday and 73.4% a week ago, 30-day futures pricing data indicates. . Conversely, the chances of prices remaining the same as in March rose to 43.9% on Friday from just 11.5% a week ago.
The Street now expects 46.3% odds that interest rates will fall by a quarter of a percentage point at the Fed’s May meeting, up from 11.3% a week ago, while the probability of interest rates falling by a full half-point by the end of May is 46.3%. Voting percentage today decreased to 40.9% from 71.9% last Friday.
-Scott Schnepper
Friday, January 5, 2024 at 8:37 AM ET
The December jobs report came in much better than expected
The US economy added more jobs than expected in December, with nonfarm payrolls growing by 216,000 jobs. Economists polled by Dow Jones expected an increase of 170,000 points for last month.
The unemployment rate stabilized at 3.7%.
– Jeff Cox