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☆ Australia and Japan markets slip as Fed decision looms, most Asian markets closed
▼ + stars: | 2024-05-01 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Australian and Japanese markets fell Wednesday as investors brace for the U.S. Federal Reserve's rate decision, due early Thursday in Asia. Investors will also keep an eye on the yen , which saw a volatile start to the week amid suspected intervention on Monday. The currency currently trades around the 157.7 level against the greenback. Most Asian markets are closed on Wednesday due to the Labor Day holiday.

Organizations: U.S, Investors, Labor Locations: U.S . Federal, Asia

☆ HSBC beats expectations in first quarter earnings; Group CEO Noel Quinn to retire
▼ + stars: | 2024-04-30 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

The HSBC Holding logo is being displayed on a smartphone with HSBC visible in the background in this photo illustration taken in Brussels, Belgium, on February 20, 2024. HSBC beat expectations in its first quarter earnings report on Tuesday. Pretax profit in the January to March period came in at $12.7 billion, falling 2% from a year ago when profit before tax came in at $12.88 billion. Still, that figure beat the $12.61 billion forecast from analyst estimates compiled by the bank. Profit after tax income decreased to $10.84 billion — lower than the $11.03 billion seen in the first quarter of 2023.

Organizations: HSBC, . Revenue Locations: Brussels, Belgium

☆ Asia markets mostly rise, tracking Wall Street gains; China factory activity data on deck
▼ + stars: | 2024-04-30 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

An editorial montage of the Japan flag and Japanese yen cash bank notes. Asia-Pacific markets were largely set to extend gains on Tuesday, tracking Wall Street moves, with investors awaiting China manufacturing purchasing managers' index for April. The currency weakened to its lowest level against the U.S. dollar yesterday at 160.03, before strengthening sharply to trade around the 155 level. The Wall Street Journal, meanwhile, reported that Japan had intervened to support the yen by selling U.S. dollars and buying yen. Traders will also assess economic data from Japan and South Korea.

Persons: Masato Kanda Organizations: U.S, Street Journal, Traders Locations: Japan, Asia, Pacific, China, South Korea

☆ Asia markets rise as Fed meeting looms; Japan and China economic data in focus
▼ + stars: | 2024-04-29 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

An employee works on the assembly line of intelligent machinery at a workshop on March 31, 2024 in Qingzhou, Weifang City, Shandong Province of China. Asia-Pacific markets climbed Monday as traders look toward the Federal Reserve's meeting this week, following another hotter-than-expected U.S. inflation reading Friday. March's core personal consumption expenditures, excluding food and energy, rose 2.8% from a year ago, and came in ahead of the 2.7% expected by Dow Jones. Personal spending rose 0.8%, ahead of a 0.7% estimate. In Asia, China's official purchasing managers index for April is expected Tuesday ahead of the Labor Day holiday on Wednesday, along with Japan's industrial production and retail sales data from March.

Persons: Dow Jones Organizations: Labor Locations: Qingzhou, Weifang City, Shandong Province, China . Asia, Pacific, Asia

In this article JPY= Follow your favorite stocks CREATE FREE ACCOUNTThe Japanese yen has weakened significantly against the dollar in 2022. Stanislav Kogiku | SOPA Images | LightRocket | Getty ImagesThe Japanese yen weakened to 160 against the U.S. dollar in Monday morning trading in Asia. The yen briefly touched 160.03 against the dollar, the weakest level since April 1990 when it touched 160.15, according to FactSet data. The yen has traded around 150 or weaker against the dollar since the Bank of Japan ended its negative interest rate regime in March. Japanese authorities have repeatedly warned against "excessive" moves in the yen, but have made no official announcements about bolstering the currency.

Persons: Stanislav Kogiku, Kazuo Ueda, Ueda, Vincent Chung, Rowe Price's, Chung Organizations: U.S, greenback, Bank of Japan Locations: Asia

Asia-Pacific markets were mixed on Friday as investors in Asia look to the Bank of Japan's policy decision and inflation figures out of Tokyo. Thirteen economists polled by Reuters unanimously forecast that the BOJ will leave its monetary policy unchanged. Tokyo's headline inflation rate for April came in at 1.8%, slowing from the 2.6% in March. Core inflation in the capital — which strips out prices of fresh food — sharply fell to 1.6% from March's 2.4%, missing expectations of 2.2% from economists polled by Reuters. Tokyo inflation data is widely considered as a leading indicator of nationwide trends.

Persons: Cherry Organizations: Nippon Budokan, Bank of, Reuters Locations: Tokyo, Japan, Asia, Pacific

☆ Bank of Japan keeps monetary policy unchanged, sees slightly higher inflation in fiscal 2024
▼ + stars: | 2024-04-26 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

A pedestrian walks past the Bank of Japan (BoJ) building in central Tokyo on July 28, 2023. The Bank of Japan kept its policy rate unchanged Friday after its monetary policy meeting, holding its benchmark policy rate at 0%-0.1%. While the move was expected, this comes after Tokyo's April inflation came in lower than expected, with the core inflation rate at 1.6% compared to expectations of 2.2% from Reuters. The bank previously said in March it bought about six trillion yen ($83.5 billion) worth of bonds per month in the past. No comment was made by the BOJ on the yen , which has steadily weakened since the BOJ ended its negative interest rate policy last month and abolished its yield curve control policy.

Organizations: Bank of Japan, The Bank of Japan, Reuters, U.S Locations: Tokyo

Commercial and residential buildings seen from the rooftop of the Lotte Corp. World Tower at sunset in Seoul, South Korea, on Tuesday, Nov. 28, 2023. Asia-Pacific markets took a breather after two straight days of rallies, mirroring moves on Wall Street ahead of first-quarter gross domestic product figures from the U.S. due Thursday. In Asia, investors will assess South Korea's advance first-quarter GDP growth of 3.4% year on year, the highest quarterly growth since the fourth quarter of 2021. Separately, the Bank of Japan kicks off its monetary policy meeting Thursday as investors monitor for action against yen weakness. The yen slid past the 155 mark against the U.S. dollar on Wednesday, hitting a fresh 34-year low.

Organizations: Lotte Corp, Bank of Japan, U.S Locations: Seoul, South Korea, Asia, Pacific, U.S

☆ South Korea's largest K-pop agency Hybe accuses sublabel executives of breach of trust
▼ + stars: | 2024-04-25 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

South Korea's largest entertainment agency Hybe is set to file an official police complaint against executives of its sublabel ADOR on charges of breach of trust and other offenses. The move comes after Hybe, which manages K-pop sensation BTS, opened an audit into ADOR on April 22 over allegations that CEO Min Hee-jin was aiming to take the sublabel independent. Min denied the allegations and accused Hybe of copying the concept of ADOR's girl group, NewJeans, for another girl group under a different Hybe subsidiary. Reports from South Korean media show a screenshot provided by Hybe of a message between Min and ADOR's vice CEO. In the message, the vice CEO outlined various methods to take the label independent, including approaching other investors and convincing Hybe to sell its stake in the sublabel.

Persons: Min Hee, Min, Hybe, auditee Organizations: CNBC, South Locations: ADOR

☆ SenseTime shares soar more than 30% after announcing its latest generative AI model
▼ + stars: | 2024-04-24 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

A logo of SenseTime is seen during 2021 China Content Broadcasting Network Exhibition at China International Exhibition Center on May 29, 2021 in Beijing, China. Shares of SenseTime Group surged more than 30% on Wednesday, after the Chinese AI giant announced its latest generative artificial intelligence model, called SenseNova 5.0. The company's shares traded as high as 82 Hong Kong cents a share, or 34.42% higher than its previous close of 61 cents. SenseTime said in a release that the major advancement in SenseNova 5.0 focuses on knowledge, mathematics, reasoning, and coding capabilities.

Persons: SenseTime Organizations: China Content Broadcasting Network, China International Exhibition Center, SenseTime, Hong Locations: China, Beijing, Hong Kong

Goldman Sachs' David Kostin expects earnings will be higher this year even amid concerns of margin pressures in the face of higher inflation. Of those companies, Kostin noted, roughly two-thirds have topped expectations on the bottom line, while about one-third beat estimates on the top line. "What that suggests to us is that companies are able and demonstrating the ability to kind of squeak over a little bit margin," Kostin told CNBC's "Squawk on the Street" on Tuesday. The chief U.S. equity strategist said he anticipates inflation will eventually move lower this year, and interest rates will come down from their highs, helping to drive earnings growth. "Our forecast is that [the] market rises slowly in line with expectations for earnings," Kostin said.

Persons: Goldman Sachs, David Kostin, Kostin, CNBC's, Sarah Min

☆ Asia markets extend gains ahead of business activity figures from around the region
▼ + stars: | 2024-04-23 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Nurphoto | Nurphoto | Getty ImagesAsia-Pacific markets extended gains from Monday as tech shares rebounded on Wall Street and investors look toward flash business activity figures from Australia, Japan and India. Figures from S&P Global show that Australia's composite purchasing managers index hit a two-year high, coming in at 53.6 against March's 53.3. Japan and India's PMI numbers will be released later Tuesday. Japan's Nikkei 225 popped 0.8% at the open, while the broad based Topix was up 0.66%. Futures for Hong Kong's Hang Seng index stood at 16,681, pointing to a weaker open compared to the HSI's close of 16,511.69.

Persons: Kospi Organizations: Nurphoto, Getty, March's, PMI, Nikkei Locations: Jama, New Delhi, India, Asia, Pacific, Australia, Japan

☆ Shares of Chinese bubble tea firm Chabaidao plunge nearly 40% in Hong Kong debut
▼ + stars: | 2024-04-23 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Shares of Chinese bubble tea chain Chabaidao tumbled almost 40% on its trading debut on the Hong Kong stock exchange. The stock, officially listed as Sichuan Baicha Baidao Industrial, fell as low as 10.84 Hong Kong dollars in the late morning — about 38% below its IPO price of HK$17.50. The bubble tea firm's IPO was the largest listing in Hong Kong in 2024 so far, with the company garnering net proceeds of HK$2.59 billion from its IPO, before listing expenses, according to its prospectus filed to the Hong Kong exchange. The company said it ranked third in China's freshly made tea shop market in terms of retail sales value in 2023, with a market share of 6.8%

Organizations: Hong, HK Locations: Hong Kong, Sichuan

Photo taken on January 21, 2024 shows a real estate project under construction in Huai 'an city, Jiangsu province, China. Asia-Pacific markets rebounded from Friday's sell-off as investors look to fresh data points out of China, Japan and South Korea this week. On Friday, markets in the region tumbled after Israel launched a strike at Iran, causing stocks to fall and safe-haven assets to climb. On Monday, investors will monitor China's one-year and five-year loan prime rates. The five-year LPR will be closely watched, as it acts as the peg for most property mortgages.

Persons: Huai Organizations: Israel Locations: Jiangsu province, China, Asia, Pacific, Japan, South Korea, Iran

☆ Japan and South Korea could coordinate currency intervention, but they may need U.S. support
▼ + stars: | 2024-04-22 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +3 min

SeongJoon Cho | Bloomberg via Getty ImagesInvestors have been monitoring for potential intervention in the Japanese yen, but recent comments have triggered discussion about "coordinated intervention" with South Korea. The currency has struggled, slipping past 150, since the Bank of Japan raised rates in March. Following that volatility, the U.S. last week acknowledged Japan and South Korea's "serious concerns" over the recent sharp depreciation in their currencies. The comments spurred chatter about possible coordinated currency intervention. Brady said South Korea and Japan could amplify their individual messages to the market by coordinating policy, which might also enhance the short-term impact compared to unilateral action.

Persons: SeongJoon Cho, James Brady, Brady Organizations: Korean, Woori, Bloomberg, Getty, U.S ., Bank of, South Korean, greenback, Authorities, Treasury, Bank of Japan Locations: Seoul, South Korea, Bank of Japan, U.S, Japan, South, Tokyo, Bank of Korea

☆ Beijing half-marathon winner stripped of medal after 3 African runners let the Chinese athlete overtake, video appears to show
▼ + stars: | 2024-04-20 | by ( Cameron Manley | ) www.businessinsider.com time to read: +3 min

Organizers of Beijing's half-marathon stripped the winner of his gold medal, say reports. Video evidence appeared to show African runners slow to allow China's He Jie to overtake and win. Robert Keter then waves at He to overtake and signals to the other two African runners to pull back. AdvertisementThe investigation revealed the three African runners to be pacemakers, hired by Chinese sports company Xtep, which sponsored both He and the Beijing Half Marathon, but it did not inform the organizers. AdvertisementAll four runners' results have been revoked, and they will be stripped of their trophies, medals, and bonuses.

Persons: Jie, Kenya'sWilly Mnangat, —, Kenya's Robert Keter, Willy Mnangat, Mnangat, Robert Keter, Xtep, Zhong'ao Organizations: Service, Guardian, BBC Sport, South China Morning, World, Sports Management Co Locations: Beijing, BBC Sport Africa

☆ Asia markets trade lower tracking Wall Street's losses; Japan inflation numbers watched
▼ + stars: | 2024-04-19 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Asia-Pacific markets were all lower on Friday, tracking Wall Street's losses overnight and giving up gains from the previous day. Traders will also be watching chip stocks, after Taiwanese chip giant Taiwan Semiconductor Manufacturing Corp beat first quarter revenue and profit expectations on Thursday. Japan released March inflation data, with the headline inflation rate coming in at 2.7%, down from the 2.8% seen in February. The core inflation rate — which strips out fresh food prices — stood at 2.6%, in line with expectations from economists polled by Reuters. Japan's benchmark Nikkei 225 was down 1.88% after the inflation reading, while the broad based Topix fell 1.3%.

Organizations: Traders, Taiwan Semiconductor Manufacturing Corp, Reuters, Nikkei Locations: Asia, Pacific

☆ Beijing half marathon winners stripped of medals after African trio let Chinese runner win
▼ + stars: | 2024-04-19 | by ( Nectar Gan | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —The top four finishers of the Beijing Half Marathon have been stripped of their medals after an investigation found three African runners deliberately slowed down near the finish line to let a Chinese competitor win, according to organizers. The three African runners were invited to join the race as pacemakers by Chinese sports company Xtep, which sponsored both He and the Beijing Half Marathon, according to the committee. But Xtep failed to note the trio as pacemakers to the race operator, Zhong’ao Lupao Beijing Sports Management company, the committee said. The committee disqualified the operator from hosting the Beijing Half Marathon and banned Xtep from sponsoring any more races this season. He is ranked 74th in the world in the men’s marathon by World Athletics and is expected to lead the way for Asian runners in the upcoming Paris 2024 Summer Olympics.

Persons: China’s, Jie, Kenya’s Willy Mnangat, gesturing, Robert Keter, Ethiopia’s, Xtep, Xtep “, ” Organizations: Hong Kong CNN, Beijing Sports Management, Marathon, World Athletics Locations: Hong Kong, Beijing, Kenya, China

☆ A 33-year-old man turned a Japanese farmhouse into a mountainside Airbnb retreat for $25,000 — here's how he did it
▼ + stars: | 2024-04-18 | by ( Claire Turrell | ) www.businessinsider.com time to read: +6 min

Read previewSingaporean Xian Jie Lee, 33, moved to Japan in 2012 to study political science. Xian Jie LeeShu told Lee that he could rent a farmhouse in a village called Ryujinmura. "I removed the tatami (traditional straw floor covering) in the inner room and fell through the floor," Lee said. Xian Jie LeeWhile renovating the guesthouse, Lee turned his own home into a café three days a week to earn extra income. Xian Jie LeeLee has also been able to participate in unique experiences himself.

Persons: —, Jie Lee, Lee, Shu, Wayakama, Xian Jie Lee Shu, who'd, shoji, Lance Yeo, Xian Jie Lee, he'd, Xian Jie Lee Lee Organizations: Service, Business, YouTube Locations: Japan, Kyoto, Wakayama, Singapore

☆ Asia markets mixed after S&P and Nasdaq fall for fourth straight day
▼ + stars: | 2024-04-18 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Asia-Pacific markets were mixed on Thursday, following Wall Street's overnight losses which saw the S&P 500 and the Nasdaq Composite fall for a fourth straight day. Tech stocks led markets lower as artificial intelligence darling Nvidia fell nearly 4%, joined by Netflix , Meta , Apple and Microsoft . Tech was the worst-performing S&P 500 sector, falling 1.7%. Investors are "trimming some of the high fliers," said Kevin Gordon, senior investment strategist at Charles Schwab. Investors in Asia will assess Australia's unemployment rate, which is one of the metrics the country's central bank weighs when considering monetary policy.

Persons: Kevin Gordon, Charles Schwab Organizations: Nasdaq, Tech, Netflix, Meta, Apple, Microsoft Locations: Asia, Pacific

☆ Asia markets rebound after Tuesday's broad sell-off; Japan and Singapore data expected
▼ + stars: | 2024-04-17 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Asia-Pacific markets rebounded after Tuesday's broad sell-off, with traders watching trade data out of Japan and Singapore on Wednesday. Investor sentiment, however, might be tempered by comments from U.S. Federal Reserve Chair Jerome Powell, who said there has been "a lack of further progress so far this year on returning to our 2% inflation goal." Echoing recent statements by central bank officials, Powell indicated the current level of policy likely will stay in place until inflation gets closer to target.

Persons: Jerome Powell, Powell Organizations: Wednesday, U.S . Federal Locations: Asia, Pacific, Japan, Singapore, U.S

☆ K-pop stocks have sold off this year, but Goldman sees a turnaround
▼ + stars: | 2024-04-17 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +4 min

Goldman Sachs, however, expressed optimism for the industry in a March 14 report, saying the K-pop sector is "misunderstood." Nonetheless, Goldman Sachs said it sees a "high potential for valuation re-rating," as companies still continue to deliver multi-year earnings growth. Goldman pointed out that Japan's top talent agency Johnny & Associates has been mired in a major scandal, leading to the industry turning more favorable to K-pop artists. In 2023, Kouhaku Uta Gassen, the largest music show in Japan, invited five K-pop artists and two localized groups produced by K-pop companies. It was the first time the show has featured male K-pop artists since 2011 and the largest number of K-pop groups ever featured in its line up.

Persons: Danielle, Hyein, NewJeans, Gary Miller, Goldman Sachs, Karina, Goldman, Kouhaku Uta Gassen Organizations: Park, Filmmagic, JYP, YG Entertainment, SM Entertainment, Hybe, SM, Johnny, Associates Locations: CHICAGO , ILLINOIS, Chicago , Illinois, Japan, U.S

☆ Singapore non oil domestic exports plunge 20.7%, misses expectations by a huge margin
▼ + stars: | 2024-04-17 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Singapore's non-oil domestic exports plunged 20.7% in March from a year ago, a sharp decline from the revised 0.2% fall in February. The 20.7% fall missed expectations by a huge margin, with economists polled by Reuters forecasting a 7% fall. This is the largest drop in non-oil domestic exports recorded by Singapore since January 2023. On a month-on-month basis, non-oil domestic exports slid 8.4%, also more than the 4.5% expected in the Reuters forecast. Non-oil domestic exports to Singapore's top markets declined in March, particularly for the U.S., the European Union and Japan.

Persons: Singapore's Organizations: Reuters, Enterprise Singapore, European Union, . Enterprise Singapore Locations: Marina, Sands, Singapore, Japan, China, Hong Kong, Taiwan

☆ Asia markets extend declines amid Iran-Israel tensions; China economic data on deck
▼ + stars: | 2024-04-16 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

A batch of cars are ready to be shipped to overseas markets at the port of Taicang, Jiangsu province, China, April 9, 2024. Future Publishing | Future Publishing | Getty ImagesAsia-Pacific markets extended their declines as the world awaits Israel's response to Iran's air assault over the weekend. On Tuesday, China's first-quarter gross domestic product numbers will be in focus, with the world's second-largest economy expected to grow 4.6% from a year ago. Futures for Hong Kong's Hang Seng index stood at 16,430, pointing to a weaker open compared to the HSI's close of 16,600. Japan's Nikkei 225 plunged 1.5% at the open, while the broad based Topix was down 1.04%.

Persons: China's, Kospi Organizations: Future Publishing, Getty, Nikkei Locations: Taicang, Jiangsu province, China, Asia, Pacific, Australia

☆ China's economy grew 5.3% in the first quarter, beating expectations
▼ + stars: | 2024-04-16 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

China's economy in the first quarter grew faster than expected, official data released Tuesday by China's National Bureau of Statistics showed. On a quarter-on-quarter basis, China's GDP grew 1.6% in the first quarter, compared to a Reuters poll expectations of 1.4% and a revised fourth quarter expansion of 1.2%. Beijing has set a 2024 growth target of around 5%. Last week, Morgan Stanley raised its 2024 real GDP forecast for China to 4.8%, from its previous expectation of 4.2%. The world's second largest economy saw weak export and inflation data earlier this month, with both sets of data coming in below expectations.

Persons: Morgan Stanley Organizations: China's National Bureau, Statistics, Gross, Reuters Locations: Qingzhou, Weifang City, Shandong Province, China, Beijing

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