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3 hours ago
Xiaomi stock soars after announcing first EV delivery on March 28th
Shares in Chinese consumer electronics maker Xiaomi rose more than 8% after the company announced it would begin deliveries of its first electric vehicle on March 28.
The stock outperformed the Hang Seng Index, which rose 1.25%.
In a post on Weibo, the smartphone company announced that orders for the SU7 model will be accepted at 59 stores in 29 cities across China.
— Lim Huijie
5 hours ago
Japan’s two-year bonds hit a 13-year high. 10-year bond yield also rises
Japan’s two-year government bond yield has reached its highest level in 13 years, amid expectations that the Bank of Japan will soon tighten monetary policy.
The two-year Treasury yield rose to 0.2% on Tuesday, the last time it reached this level in January 2010.
The benchmark 10-year government bond yield also rose to 0.778%, the highest level since November 2023.
— Lim Huijie
5 hours ago
Japan’s corporate inflation rate exceeded expectations in February
Japan’s corporate goods price index rose 0.6% in February from the same month a year earlier, beating economists’ expectations of 0.5% in a Reuters poll and exceeding December’s 0.2% rise.
Month-on-month, the CGPI rose 0.2%, faster than the 0.1% expected in a Reuters poll and also better than December’s 0% rise.
CGPI measures the price changes of products traded within the corporate sector.
If inflation indicators remain strong, the Bank of Japan could raise interest rates sooner rather than later, which would weigh on Japan’s stock market.
— Lim Huijie
8 hours ago
Jamie Dimon feels ‘a bit of a bubble’
According to Reuters, JPMorgan CEO Jamie Dimon believes a “bit of a bubble” is forming in the stock market. Mr Dimon reportedly made the comments at the Australian Financial Review’s Business Summit.
He added that the Fed should wait until June to cut rates.
“You can always resolve it quickly and dramatically. Their credibility is at stake here a little bit. I would wait past June and let everything be resolved,” Dimon said. .
— Yun Lee
8 hours ago
JP Morgan’s Kolanovic: “Stay on the defensive”
JPMorgan’s Marko Kolanovic, one of Wall Street’s top equity strategists, is advising his clients to remain defensive in the stock market as the rally shows signs of stalling.
“With valuations aplenty, the market is pricing in perfection, and extreme crowding into momentum stocks risks a sharp correction in this factor,” JPMorgan’s chief global market strategist said in a note.
He also said the market was ignoring “significant geopolitical and political risks.” But he thinks inflation could pick up unexpectedly, which could keep the Fed’s target interest rate high for an extended period of time.
— Yun Lee
8 hours ago
Oracle stock soars after earnings
A view of Oracle headquarters in Redwood Shores, California, September 11, 2023.
Justin Sullivan | Getty Images
Oracle shares soared more than 12% in after-hours trading after fourth-quarter results beat analysts’ revenue expectations. Revenue from the company’s largest business, Cloud Services and License Support, rose 12%. However, revenue was slightly lower than expected.
— Yun Lee
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