2 hours ago
Indonesia’s first-quarter GDP grows fastest in three quarters
Indonesia’s first quarter GDP It rose 5.11% year-on-year, marking its fastest expansion in three quarters.
The reading beat the 5% growth expected by economists polled by Reuters.
On a quarterly basis, Southeast Asia’s largest economy posted a 0.83% decline, softer than the 0.89% a Reuters poll had expected.
– Lim Hui Jee
4 hours ago
Foxconn shares spiked nearly 7% after April sales rose nearly 20%
Shares of iPhone maker Foxconn rose as much as 6.73%. April earnings.
Foxconn, which trades in Taiwan as Hon Hai Precision Industry, posted revenue of 510.9 billion New Taiwan dollars ($15.83 billion) in April, compared with NT$447.54 billion recorded in March.
The company said its components business and its cloud and networking products “delivered strong growth,” while its smart consumer electronics and computing products segment “showed significant year-over-year growth in revenue.”
5 hours ago
Yen to face resistance at 150 against dollar: SMBC
Despite two rounds of suspected intervention by Japanese authorities last week, the Japanese yen will face upside resistance at the 150 level against the US dollar, according to SMBC economist Ryota Abe.
The yen suddenly strengthened on April 29 and May 2, leading analysts to believe that Japan’s finance ministry had bought the yen to stem the currency’s decline.
Abe also noted that Japan’s authorities are unlikely to intervene until the yen weakens again. But he added that the rate differential between the US and Japan would remain the same if both central banks kept their monetary policies unchanged.
The yen traded at 153.64 at 11:18 a.m. Tokyo time.
5 hours ago
The Caixin China Services PMI stood at 52.5 in April
A private survey shows China’s services sector expanding A slight decrease in April From March.
The Caixin/S&P Global Services Purchasing Managers’ Index stood at 52.5 in April, up from 52.7 in March.
“Although somewhat softer, growth was solid again, now at 16 consecutive months,” the survey said.
A PMI reading above 50 indicates expansion in activity, while a reading below that level indicates contraction.
– Shreyashi Sanyal
6 hours ago
Hong Kong’s private sector expanded at a slower pace in April
Business activity in Hong Kong’s private sector April expanded at a slower pace, according to S&P Global.
Purchasing Managers’ Index for the city fell to 50.6 from 50.9 in March.
Jingyi Pan, associate director of economics at S&P Global Market Intelligence, said the reading signals another improvement in business conditions at the start of the second quarter.
However, Ban said growth appeared to be on “shaky ground”, with forward-looking indicators such as a decline in new business orders in April pointing to softening conditions.
– Lim Hui Jee
7 hours ago
CNBC Pro: Samsung or SK Hynix? By most pros, AI is a great play on the rise
Big tech names like Nvidia are on fire, thanks to the artificial intelligence boom — and other chipmakers are sharing the limelight.
The supply chain for AI is extensive. It covers Asia-Pacific companies and ranges from makers of AI graphics processing units to printed circuit boards.
Memory chips in particular take note as AI ramps up.
Two players have dominated the memory chip market: Samsung and SK Hynix.
What’s the best play on the AI boom? CNBC spoke to Pro Pro to find out.
CNBC Pro subscribers can read more here.
– Weissen Don
7 hours ago
CNBC Pro: Goldman Sachs Updates Its Global Stocks Bullish List – A 67% Hike
Goldman Sachs has updated its list of global stock picks, adding some and deleting others.
Called the “Punishment List – Directors’ Cut”, the lists capture names across Europe and the Asia-Pacific.
Investment banks’ “Conviction List – Director’s Cut” seeks to provide investors with a “curated and active” list of 15 to 25 buy-rated stocks.
CNBC Pro subscribers can read more about the latest additions here.
– Amala Balakrishna
Fri, May 3 2024 2:57 PM EDT
Defense ETFs hit new record highs
Check out the chart…
History of ETFs
The fund has gained 4% since the beginning of 2024.
-Alex Haring, Gina Francola
Fri, May 3 2024 8:34 AM EDT
The US economy added fewer jobs than expected in April
The nonfarm payrolls report for April showed 175,000 jobs added, below the 240,000 expected by economists surveyed by Dow Jones.
The unemployment rate was 3.9%, up from 3.8% in the previous month, the Bureau of Labor Statistics said.
Revisions to the February and March jobs numbers reduced overall jobs added in those periods by 22,000.
– Jesse Pound
Fri, May 3 2024 2:35 AM EDT
The Japanese yen recovers 4.5% against the US dollar, set for its best week in more than a year
The Japanese yen traded at 152.93 against the U.S. dollar and was set to end its best week in more than a year, despite hitting 160.03 on Monday, its weakest level since 1990.
Analysts, including Bank of America, have suggested that two interventions could be made by Japanese authorities on Monday and Wednesday. Officials are yet to release an official statement to confirm the interventions.
“The government is refusing to disclose whether or not they intervened, but I think many people have no doubt,” Nicholas Smith, Japan strategist at CLSA, told CNBC.
The yen rallied 4.5% to a 34-year low on Monday.