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55 minutes ago

House prices in China fell in February despite support measures

House prices in China continued to fall in February, despite a record cut in mortgage rates last month.

The country’s National Bureau of Statistics said new home prices fell 0.3% month on month in top-tier cities including Beijing and Shanghai.

Sales prices also fell 0.3% in second-tier cities, a smaller decline from January’s 0.4%. In third-tier cities, prices fell by 0.4% compared to January.

On an annual basis, house prices in prime cities fell 1%, down from 0.5% in January, although the NBS said this was due to a high base.

Prices of new homes in second and third tier cities fell by 1.1% and 2.7% respectively year-on-year.

– Lim Hui Jie

3 hours ago

Hong Kong is leading the losses in Asia, dragged down by the healthcare and consumer cyclical sectors

Hong Kong’s Hang Seng index fell more than 2%, hit by losses in consumer discretionary and healthcare stocks.

The biggest loser on the index was pharmaceutical company Wuxi Biologics, which fell 7.21%.

Other names on the list of biggest losers were property developer Longfor Group, which lost 5.68%, and tech giant Meituan, which fell 4.84%.

3 hours ago

Shares of One97 Communications are rising after its Paytm owner receives a third-party app license

A customer uses an Indian rupee banknote to pay for a purchase, signaling the online payment method PayTM being displayed at a snack food stall in Bengaluru, India.

Dhiraj Singh | Bloomberg | Getty Images

Shares of One97 Communications rose 5% after the company said it had received a third-party application provider license from the National Payments Corporation of India. Last month, Indian stock exchanges introduced circuit limits on the stock after the Reserve Bank of India ordered Paytm Payments Banks to stop onboarding new customers.

This will allow Paytm app users to transfer money through India’s unified payment interface even after Paytm Payments Bank ceased operations on March 15. India’s UPI is a real-time payment platform that enables money transfers between banks.

The statement said that four banks, including Axis Bank, HDFC Bank, State Bank of India and YES Bank, will act as ‘payment system provider’ banks for One97 Communications.

5 hours ago

Hyundai and Kia will recall nearly 170,000 electric cars in South Korea

Hyundai Motor Co. vehicles will be on display at the company’s Motorstudio showroom in Goyang, South Korea on Thursday, October 22, 2020.

Bloomberg | Bloomberg | Getty Images

Hyundai Motor and Kia Corp would recall about 170,000 electric vehicles in South Korea due to software problems in their charging systems, South Korea’s Ministry of Land, Infrastructure and Transport said.

Hyundai will recall 113,916 electric vehicles, affecting five electric models, including the popular Ioniq series. Kia will recall 56,016 EVs, according to the ministry.

The statement said the recalls will begin on Monday.

Shares of both companies were up about 0.3% each, while the broader Kospi lost 1%.

– Shreyashi Sanyal

7 hours ago

China leaves its key medium-term interest rate unchanged for the seventh month

China’s central bank left key interest rates unchanged for a seventh month as it rolled over maturing medium-term loans on Friday, an official press release showed.

The People’s Bank of China kept the interest rate on its one-year medium-term loans at 2.50% – a rate in place since mid-August – as it rolled over 387 billion yuan ($54.2 billion) worth of loans. that term of office.

But this figure is lower than the 481 billion yuan of MLF loans maturing this month. This means that the PBOC has withdrawn a net 94 billion yuan from the banking system. Reuters reported that this is the first withdrawal through the liquidity tool since November 2022.

– Clemens Tan

6 hours ago

Foxconn shares rise 8% after great results and record dividend

Shares of Taiwanese multinational electronics contract manufacturer Foxconn rose more than 8% after reporting fourth-quarter and full-year results.

Foxconn, which trades in Taiwan as Hon Hai Precision Industry, posted full-year attributable profit of NT$142.1 billion ($4.49 billion), which translated into a profit of NT$10.25 per year. share, a record in 16 years. However, revenue fell 7% from a year ago to NT$6.16 trillion.

In light of these results, Hon Hai announced that it will pay a cash dividend of NT$5.40 per share, the highest since its listing in 1991 and implying a payout ratio of more than 50% for the fifth year in a row.

Looking ahead, Foxconn also upgraded its full-year 2024 outlook from a “neutral” call to “significant” growth, reflecting the recent surge in generative AI applications, meaning “visibility on AI servers will be very high has become’. the company said.

7 hours ago

Japan’s finance minister says country is no longer in deflation but sees strong wage growth trend: Reuters

Japan’s Finance Minister Shunichi Suzuki said the country was “no longer in deflation,” adding that there is “a strong trend of wage increases taking place,” according to a Reuters report.

This marks a clear break with statements from authorities including Prime Minister Fumio Kishida, who said in January that “a return to deflation… cannot be ruled out.”

As such, the government will mobilize all available policy steps to continue the positive momentum on wages, Suzuki said, the report said. The Finance Minister did not comment on the Bank of Japan’s policy measures during her meeting on March 18 and 19.

– Lim Hui Jie, Reuters

7 hours ago

Bank of Japan ‘moves’ towards ending negative interest rate policy: Jiji News

According to Japanese news channel Jiji News, the Bank of Japan is preparing to end its negative interest rate policy.

According to a Google translation, this will take place during the BOJ’s monetary policy meeting on March 18 and 19, according to the report.

Jiji also added that this was due to major companies handing out wage increases that were significantly higher than last year, “reinforcing the BOJ’s view that the 2% price increase target is more likely to be achieved sustainably reaches.”

The final decision will be made after confirmation of the results of the first round of corporate responses on Friday from the Japan Trade Union Confederation, known as Rengo.

– Lim Hui Jie

7 hours ago

CNBC Pro: Look beyond Nvidia to ride the AI ​​wave – there are even more potential winners, says Fidelity

There’s a whole world of stocks beyond flashy AI names like Nvidia for investors looking to ride the latest technology wave, according to investment firm Fidelity International.

The AI ​​boom that started with the launch of ChatGPT in November 2022 has been a particular boon for Nvidia, whose graphics processing units are used to train and run the chatbot. The chip designer’s shares have skyrocketed nearly 280% in the past year.

“Rather than focusing on so-called hot AI stocks – because names that are big today may not be tomorrow’s winners – investors can consider the many indirect beneficiaries, or diversified companies, where the benefits of AI may not be immediately apparent for investors,” Fidelity said in its report.

The investment firm mentioned several alternative sectors that it expects to benefit from the AI ​​boom.

CNBC Pro subscribers can read more here.

– Sheila Chiang

7 hours ago

CNBC Pro: UBS Reveals the Most and Least Preferred Semiconductor Names, Giving a 70% Advantage

Semiconductor stocks got a boost from the rise of artificial intelligence.

But the difference between semiconductor stocks that do well and those that don’t is widening, according to UBS.

Here is the list of most and least preferred names.

CNBC Pro subscribers can read more here.

– Weizhen Tan

13 hours ago

US crude oil prices are cracking $81, with oil supply shortage forecast for 2024

Crude oil futures rose on Thursday, adding to the previous session’s gains, as the International Energy Agency now predicts a supply shortage through 2024.

The West Texas Intermediate April contract rose $1.54, or 1.93%, to settle at $81.26 per barrel, the highest closing price for U.S. crude since Nov. 2, 2023. The May Brent contract added $1 .27, or 1.51%, to $85.30 per barrel.

The move came after the IEA forecast a slight supply shortage rather than a surplus this year, as the organization assumes OPEC+ will maintain its production cuts through 2024. The cartel’s cuts of 2.2 million barrels per day are officially in effect through at least the second quarter.

16 hours ago

JPMorgan drops after fines from regulators

People walk past a Chase Bank on Canal Street in New York City on February 7, 2024.

Michael M Santiago | Getty Images

JPMorgan & Chase fell more than 1% on Thursday after the Federal Reserve announced the bank had been fined nearly $350 million.

The central bank said JPMorgan was hit with $348.2 million in fines by a pair of U.S. banking regulators. The penalties are linked to a program to analyze companies’ and customers’ trading for misconduct deemed inadequate.

See graph…

JPMorgan, 1 day

Despite Thursday’s decline, the bank’s shares are up more than 11% this year.

—Alex Harring, Reuters

20 hours ago

The PPI rises more than expected

Employees prepare for the pilot operation of a Costco store in Shanghai, China, on March 1, 2023.

Tang Yanjun | Chinese News Service | Getty Images

The producer price index rose by 0.6% in February. The core PPI, which excludes food and energy, rose 0.3%. Economists polled by Dow Jones expected a 0.3% increase for the headline figure and a 0.2% increase for the core PPI.

It is the last major data release before the Fed’s meeting on March 19 and 20.

– Fred Imbert

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