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finance2 years ago

Stock Futures Rise as Wall Street Rally Resumes

Stock futures rose on Wednesday as investors remained hopeful that the Federal Reserve would not raise interest rates further. Traders aimed to build on strong gains for the month, with the Dow Jones Industrial Average futures up 0.3% and S&P 500 futures and Nasdaq 100 futures up 0.3% and 0.4% respectively. General Motors shares surged over 5% after announcing a $10 billion buyback, raising its dividend, and reinstating its guidance. Meituan's Hong Kong-listed shares plunged over 11% as the company warned of slower growth in the fourth quarter. Goldman Sachs highlighted South Korea as offering the highest potential earnings growth in the Asia-Pacific region next year, while the New Zealand dollar jumped 1% after the Reserve Bank of New Zealand held rates and warned of potential rate hikes to tackle inflation.

via CNBC|
#federal-reserve#finance#general-motors
finance2 years ago

Asia Stocks Decline as Hong Kong and China Hit One-Month Lows, Wall Street Awaits US Economic Reports

Asian markets, led by Hong Kong, traded lower as investors assessed earnings and comments from the U.S. Federal Reserve board members. Meituan's shares plunged to a 44-month low after warning of slower growth in Q4. Goldman Sachs predicts that South Korea's markets offer the highest potential earnings growth in 2024, particularly in the semiconductor sector. The New Zealand dollar jumped 1% as the central bank held rates and warned of potential rate hikes to tackle inflation. Australia's inflation rate for October slowed more than expected. Major U.S. indexes are on track to post their best monthly performances this year. Oil prices settled higher as traders speculated about OPEC production cuts, and retail stocks outperformed on Tuesday. The IPO market has picked up again as interest rates stabilize and the stock market rallies into the year-end.

via CNBC|
#china#finance#hong-kong-stocks
finance2 years ago

Investors Anticipate Powell's Jackson Hole Speech, Markets React

U.S. stock futures rose as investors awaited Federal Reserve Chairman Jerome Powell's Jackson Hole speech, with Dow Jones futures up 0.2% and S&P 500 futures up 0.2%. The Jackson Hole Economic Symposium is focused on "structural shifts in the global economy." European markets opened cautiously, with tech stocks down 0.4% and oil and gas shares up 0.6%. Chinese food delivery giant Meituan's shares fell over 5% after warning of a slowdown in food delivery volume in Q3. Japan's Nikkei 225 fell nearly 2%, led by losses in tech and retail stocks. Tokyo's core inflation for August was at 2.8%, the lowest in 12 months. The energy sector is on track for the largest weekly losses, down 2.4%, while the technology sector is the biggest outperformer, up 1.7%.

via CNBC|
#federal-reserve#finance#jackson-hole-speech
finance2 years ago

"Market Jitters: Nikkei and Dow Jones Tumble Ahead of Powell's Speech, Wall Street Ends Down Sharply"

Asia-Pacific markets, including Japan's Nikkei 225, fell ahead of U.S. Federal Reserve Chair Jerome Powell's speech at the Jackson Hole meeting, with the Nikkei tumbling 2.05%. Meituan, a Chinese food delivery giant, saw its shares dip over 5% after warning of a slowdown in food delivery volume in Q3. Malaysia's consumer price index rose 2% in July, the slowest rate of increase in almost two years. Tokyo's core inflation for August came in at 2.8%, the lowest in 12 months. Philadelphia Federal Reserve President Patrick Harker indicated that further interest rate hikes may not be necessary and that cuts could happen in 2024. The tech sector was the worst-performing sector on Thursday, with Nvidia on pace for its third best year ever. Initial jobless claims in the U.S. fell more than expected.

via CNBC|
#asia-markets#finance#japan
business2 years ago

Meituan's Stock Plunges as China's Slowdown Threatens Sales Rebound

Shares of Meituan, China's leading food delivery company, dropped over 5% after CEO Wang Xing warned of a slowdown in food delivery volume in the next quarter. Despite posting strong second-quarter results with increased revenue and profit, extreme weather conditions and pent-up demand for offline consumption are expected to impact food delivery transactions. Meituan currently holds almost 70% of the food delivery market share in China. The company remains confident in long-term growth and is deploying autonomous delivery vehicles to improve services and reduce costs.

via CNBC|
#business#china#food-delivery