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2 hours ago
China’s dollar-denominated exports surge in first two months of 2024
China’s dollar-denominated exports rose 7.1% year-on-year in the first two months of 2024, according to official data.
This was much higher than the 1.9% rise expected in a Reuters poll. The dollar-denominated import value was $402.85 billion, an increase of 3.5% from the previous year.
In January-February, China’s renminbi-denominated exports increased by 10.3% from the same period last year, and imports increased by 6.7%.
— Shreyashi Sanyal
2 hours ago
Wuxi Apetech and Wuxi Bio stock prices plummet after U.S. Senate advances bill restricting business
Shares of Chinese biotech companies Wuxi Uptech and Wuxi Biologics plunged more than 15% and 19%, respectively, making them the two biggest decliners on Hong Kong’s Hang Seng Index.
The decline came after the U.S. Senate Homeland Security Committee approved a bill that could restrict business with Chinese biotech companies on national security grounds. The measure still needs to be passed by both chambers of Congress before it can reach the president. The possibility of approval has raised concerns among investors, although the bill could be amended during the process.
For example, WuXi AppTec derives two-thirds of its revenue from its U.S. operations. Wuxi Biologics has not disclosed exactly how much of its revenue comes from the U.S., but in its 2023 earnings report it said 46% of its revenue comes from the North American region.
2 hours ago
Goldman Sachs gives positive outlook for Indian stocks, bonds and rupee
Goldman Sachs on Thursday said it was positive on Indian stocks, bonds and the rupee.
India’s benchmark indexes hit record highs on Wednesday, with the Nifty 50 index rising to 22,474.05 and the BSE Sensex index rising to 74,085.99.
Sunil Kul, vice president and Asia-Pacific portfolio strategist at the investment bank, told CNBC’s “Squawk Box Asia” that last year’s rally in Indian stocks was driven by earnings growth, and there is room for further gains this year. “There’s more,” he said.
“India has recorded 20% profit growth and the market is also up 20%. So the entire rally last year was driven by profit accruals,” he said, adding that the country’s bonds are rising more than JP Morgan bonds. He explained in detail that bonds can be expected to rise if they are included in the index. In June.
— Charmaine Jacob
3 hours ago
JD.com soars more than 8% as it beats revenue expectations and begins share buybacks
Hong Kong-listed JD.com shares rose after the Chinese e-commerce company reported better-than-expected fourth-quarter results and announced a share buyback plan worth up to $3 billion, including US depositary shares. It soared more than 8%.
Revenue for the quarter ended Dec. 31 rose 3.6% year-on-year to 306.1 billion yuan ($42.54 billion), beating expectations of 300.04 billion yuan, according to LSEG data.
Attributable profit for the fourth quarter was 3.4 billion yuan, compared with 3.0 billion yuan in the same period last year.
Attributable net profit for the year was 24.2 billion yuan, an increase of 133% compared to 2022’s 10.4 billion yuan. Full-year revenue rose 3.7% to 1.08 trillion yuan.
JD.com also announced a dividend of 38 cents per share.
5 hours ago
Energy and financial stocks rise, and the Nikkei average hits a new high on Wednesday
Japan’s Nikkei Stock Average hit a new all-time high on Wednesday, rising 0.54% and surpassing its March 4 record of 40,109.23.
Energy stocks and financial stocks led the rise, but the biggest gainer on the Nikkei average was motorcycle and heavy equipment maker Kawasaki Heavy Industries, which rose 8.5% in the first 30 minutes of trading.
Other gainers included financial services company Sumitomo Mitsui Trust Holdings and copper ore company Mitsui Mining.
5 hours ago
Bitcoin edge declines as intense rally subsides
People walk past the Bitcoin office in Istanbul, Turkey, on February 28, 2024.
Umit Turhan Coskun | Nurfoto | Getty Images
Bitcoin cooled off this week after a wild rally that briefly surpassed all-time highs.
The world’s most popular cryptocurrency traded 0.5% lower at $66,132.42, according to Coin Metrics. Bitcoin was up about 8% in the previous session. Bitcoin hit an all-time high on Tuesday, breaking above $69,210.
Charu Chanana, head of currency strategy at Saxo Markets, told CNBC: “Rising liquidity and the prospect of Federal Reserve rate cuts are pushing up risk assets. However, given the limitations of positioning and significant volatility. Careful risk management is then justified.”
The U.S. Spot Bitcoin ETF began trading earlier this year and led the cryptocurrency’s rally. Bitcoin supply is also tightening ahead of the “halving” in late April, which is meant to create scarcity.
— Shreyashi Sanyal
6 hours ago
Victoria’s Secret falls 25% after poor results and weak guidance
Shares of Victoria’s Secret plunged more than 25% after the closely knit apparel maker reported mixed quarterly results and issued a disappointing outlook.
The company’s earnings per share were $2.58, beating analysts’ estimates of $2.47 compiled by LSEG, but revenue was $2.08 billion, falling short of expectations of $2.09 billion.
For the full year, Victoria’s Secret expected sales to fall in the low single digits, compared to LSEG’s forecast for a 0.4% decline. The company also expects first-quarter sales to be significantly lower than expected.
Along with its earnings report, the company approved a $250 billion stock buyback plan.
See chart…
Victoria’s Secret falls 25% after earnings release
6 hours ago
Stock futures trading remains largely unchanged
Stock futures opened little changed Wednesday evening.
Futures prices for the Dow Jones Industrial Average, S&P 500, and Nasdaq 100 were flat.
— Samantha Subin
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