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Hong Kong/New Delhi CNN —Japan’s stock market defied gloomy economic data to rally Friday, lifting broader Asian shares and ending the week on a buoyant note. Japan’s benchmark Nikkei 225 index closed above 38,000 points for the second day in a row, just a whisker off its historic peak reached in December 1989. “If anything, the window of opportunity created by the weak yen is encouraging international investors, as they suspect it will close soon,” he added. The MSCI’s broadest index of Asian shares excluding Japan closed more than 1% higher. On Wall Street, the S&P 500 closed at a record high of 5,029.73 Thursday as US stocks bounced back from steep losses earlier this week.
Persons: , Neil Newman, Stephen Innes, Austan Goolsbee, Innes, Korea’s Organizations: Hong Kong / New Delhi CNN, Analysts, Japan, Dow, Nasdaq, Federal Reserve, Fed, Chicago Fed Locations: Hong Kong / New Delhi, Tokyo, United Kingdom, Asia, Pacific, New York, China
The Japanese economy contracted at the end of last year, defying expectations for modest growth and pushing the country into a recession. Japan’s unexpectedly weak economy in the fourth quarter was the result of a slowdown in spending by businesses and consumers who are grappling with inflation at four-decade highs, a weak yen and climbing food prices. The end of the year also marked a moment that had been expected: Japan’s economy, now slightly smaller than Germany’s, fell one notch to become the world’s fourth-largest economy. On an annualized basis, gross domestic product fell 0.4 percent in October through December after a revised 3.3 percent decline in the previous three-month period. Economists had been forecasting fourth-quarter growth of around 1 percent.
— Alex Harring 6:46 a.m.: HSBC sees Snowflake pulling back after rally Snowflake's good news has already been priced in with a recent rally, according to HSBC. Analyst Sara Russo upped her price target by $26 to $72, now implying a smaller downside of 43%. — Alex Harring 6:05 a.m.: Macquarie moves to sidelines on Sony There's reasons for pause on Sony , Macquarie warned. Still, the analyst noted the "many" risks to the stock price, including valuation and if the ETFs become a competitor to Coinbase itself. The bank initiated coverage of the medical technology stock with a buy rating and a price target of $100 per share.
Persons: Ulta, Oppenheimer, Rupesh, Parikh, Alex Harring, Snowflake, Stephen Bersey, Bersey, Bernstein, Sara Russo, Russo, — Alex Harring, Skechers, Jesalyn Wong, Wong, Macquarie, Damian Thong, Thong, deconsolidation, Colin Isaac, Eastman, Isaac, EBITDA, Piper Sandler, Harsh Kumar, Kumar, Kenneth Worthington, Worthington, Sezgi Oezener, Taha Kass, Oezener, Fred Imbert Organizations: CNBC, JPMorgan, HSBC, GE Healthcare, ISI, Distributors, Sony, Macquarie, U.S, Eastman, Eastman Chemical, Nvidia, GE Healthcare HSBC, General Electric, Learning, Amazon, Science & Technology Locations: Wednesday's, Sony's U.S, premarket, Coinbase
Two of the world's biggest economies are officially in recession, per new figures published Thursday. Meanwhile, UK growth shrank for the second straight quarter — just months ahead of a key election. Japan and the UK are both officially in recession, according to figures published Thursday, after Gross Domestic Product (GDP) fell for two consecutive quarters to close out 2023. UK: Cost-of-living crisis, weak spendingBritain also got some bad economic news Thursday, as official data showed its economy shrank by 0.3% between October and December — its second straight quarterly contraction. That officially put the UK into recession.
Persons: , Dow Jones, It's, juicier, Goldman Sachs, Rishi Sunak Organizations: Service, Gross, Dow, Bank of, Britain, Bank of England’s, European Union, Conservatives, Labour Party, Politico Locations: Japan, Germany, China, European
BANGKOK (AP) — Shares rose in Asia on Thursday after Wall Street stocks recovered much of their sharp losses from a day before. On Wednesday, the S&P 500 climbed 1% to 5,000.62, clawing back more than two-thirds of its loss from Tuesday. It was the single strongest force lifting the S&P 500 index. Most companies in the S&P 500 have been topping analysts’ forecasts for the last three months of 2023. Hopes for stronger growth in 2024 from a solid economy have been another reason the S&P 500 has set 10 records already this year.
Persons: Australia's, Taiwan’s Taiex, India's Sensex, Russell, Lyft, Airbnb Organizations: Wall, Bank of Japan, Nikkei, Reserve, Dow Jones Industrial, Nasdaq, Treasury, Nvidia, Technologies, Akamai Technologies, New York Mercantile Exchange, Brent, U.S Locations: BANGKOK, Asia, Seoul, Japan, Britain, China, Germany, Hong Kong, Bangkok, Italy, U.S
CNBC Daily Open: Inflation fight may go down bumpy path
  + stars: | 2024-02-15 | by ( Sumathi Bala | ) www.cnbc.com   time to read: +2 min
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Japan's nominal GDP in 2023 totaled 591.48 trillion yen ($4.2 trillion) while Germany's reached 4.12 trillion euros ($4.46 trillion) in the same period. "The 85% forecast for BRICS will be the highest wealth growth of any bloc or region globally," Andrew Amolis, wealth analyst at New World Wealth told CNBC. [PRO] Asia's top picksMorgan Stanley has some stock ideas for February which offer what the bank calls "alpha" opportunities.
Persons: Topix, Dow, Germany's, Andrew Amolis, Morgan Stanley Organizations: CNBC, Nikkei, Nasdaq, Henley & Partners, Wealth, Taiwan Semiconductor Manufacturing Company, Nvidia, Apple, Alpha Locations: Asia, Japan, Germany
Japan has lost its spot as the world's third-largest economy to Germany, as the Asian giant unexpectedly slipped into recession. Fourth quarter GDP sharply missed forecasts for a 1.4% growth in a Reuters poll of economists. On a quarter-on-quarter basis, GDP slipped 0.1%, compared with a 0.3% rise expected in the Reuters poll. Germany, on the other hand, saw its nominal GDP grow 6.3% to reach 4.12 trillion euros, or $4.46 trillion based on last year's average exchange rate. Nominal GDP measures the value of output in current dollars, without adjusting for inflation.
Organizations: Nikkei, Bank of Locations: Tokyo, Japan, Germany, Bank of Japan
That goes for MBAs as much as MFAs, and it’s a lesson Lyft executives learned the hard way on Tuesday, when an errant zero sent its stock (briefly) to the stratosphere. The Lyft typo came in an earnings report that stated, incorrectly, that the company’s estimated gross margin would expand by 500 basis points, which would amount to a stunning five-percentage-point bump. The stock shot up more than 60% before Lyft’s CFO corrected the error on a call with analysts, bringing the stock back to Earth. With the error in the rear view, Lyft shares were up up 30% Wednesday, bolstered by stronger-than-expected earnings and a rosy outlook for future cash flows. “Look, it was a bad error, and that’s on me,” Lyft CEO David Risher told CNBC on Wednesday.
Persons: CNN Business ’, History’s, , Arthur C, Clarke, Galena Biopharma, King Charles I, , David Risher Organizations: CNN Business, New York CNN, MBAs, Citibank, Citi, Mizuho Securities, NASA, New York Times, Bangladesh Bank, Reuters, Maine, SEC, CNBC Locations: New York, Mizuho, Galena
TOKYO (AP) — Shares declined Wednesday in Asia after disappointingly high U.S. inflation data sent stocks sliding on Wall Street and raised prospects that interest rates will remain elevated for longer. Hong Kong’s Hang Seng index resumed trading after the Lunar New Year holiday, edging 0.7% higher to 15,861.77 after opening lower. High interest rates hurt all kinds of investments, and they tend to particularly hurt high-growth stocks like technology companies. Stocks of smaller companies fell even more because high rates could hurt them more than bigger rivals by making it more difficult to borrow cash. Yields jumped in the bond market as traders built up expectations for the Fed to keep rates high for longer.
Persons: Australia's, Korea's Kospi, Sensex, Tuesday’s, Russell, Alexandra Wilson, Elizondo, Carl Icahn Organizations: TOKYO, , Nikkei, Federal Reserve, Labor Department, Dow Jones, Nasdaq, Microsoft, Fed, Treasury, Goldman, Goldman Sachs Asset Management, Wall, JetBlue Airways, New York Mercantile Exchange, Brent, U.S Locations: Asia, Indonesia, Southeast, China, Bangkok, Goldman Sachs
Dollar reigns supreme as hot CPI cools bets for Fed cuts
  + stars: | 2024-02-14 | by ( ) www.cnbc.com   time to read: +3 min
In this photo illustration, the man is holding several U.S. dollar bills with some Chinese yuan in the background. The dollar traded near three-month highs to major peers on Wednesday as traders pushed back bets for a first Federal Reserve interest rate cut following surprisingly hot U.S. inflation figures overnight. The dollar has added about 10 yen in price since the start of this year. The euro was steady at $1.0710, after dipping to a three-month low of $1.07005 overnight. The Australian dollar languished near a three-month low of $0.6443 reached overnight, last trading at $0.64545.
Persons: James Kniveton, Kazuo Ueda, Kniveton, Masato Kanda, cryptocurrency bitcoin, bitcoin, Craig Erlam Organizations: Fed, Traders, Bank of Japan, Treasury, Bank of England, Australian, U.S, CPI, OANDA Locations: U.S
Japan Takes Another Shot at Next-Generation H3 Rocket Launch
  + stars: | 2024-02-14 | by ( Feb. | At P.M. | ) www.usnews.com   time to read: +5 min
The Japan Aerospace Exploration Agency (JAXA) plans to launch its second H3 on Saturday from its Tanegashima Space Center in southern Japan. The setbacks of the H3 and another small rocket, Epsilon, have caused widespread delays in Japanese satellite launches. Saturday's H3 launch carries a dumbbell-shaped 2.6-ton dummy mass simulating a satellite payload. Launch operator Mitsubishi Heavy hopes to launch six H3s a year once stable production is established. Another objective is to win orders from global clients, as satellite launch demands have skyrocketed thanks to affordable commercial vehicles such as SpaceX's reusable Falcon 9.
Persons: Kazuto Suzuki, Masayuki Eguchi, Lockheed Martin, Masashi Okada, Okada, Ko Ogasawara, Ogasawara, Kairos, Kantaro Komiya, Gerry Doyle Organizations: SLIM, University of Tokyo, Japan Aerospace Exploration Agency, JAXA, Mitsubishi Heavy Industries, Mitsubishi, Epsilon, Canon Electronics, U.S, European Space Agency, United Launch Alliance Vulcan, Boeing, Lockheed, Tokyo University of Science, Technologies Locations: TOKYO, Japan, United States, India, Tokyo
These are the big deflationary factors"A lot of factors have come together to push goods prices down," said Mark Zandi, chief economist at Moody's Analytics. In addition to normalizing supply-demand dynamics, a historically strong U.S. dollar relative to other global currencies has also helped rein in goods prices, Zandi said. Falling energy prices have also put downward pressure on goods prices, due to lower transportation and energy-intensive manufacturing costs, economists said. Lower energy prices also put downward pressure on the transportation of food to store shelves. Consumers get more for roughly the same amount of money, which shows up as a price decline in the CPI data.
Persons: RC Willey, George Frey, Jay Bryson, there's, Mark Zandi, Zandi, rebalancing, J.P, Hopper Organizations: RC, Bloomberg, Getty, U.S . Bureau of Labor Statistics, Wells, Wells Fargo Economics, Moody's, U.S . Federal, Services, Finance, Morgan's, Investment, Group, of Labor Statistics Locations: Draper , Utah, Wells Fargo, U.S, Salinas, California
Sony aims to sell 18 million PlayStation 5 consoles in its financial year ending in March 2023. Sony cut its sales forecast for its flagship PlayStation 5 console on Wednesday, after warning of weaker transactions in its key gaming division. The Japanese gaming giant said it now expects to sell 21 million units of the PS5 in the fiscal year ending March, down from a previous forecast of 25 million units. Sony sold 8.2 million units of its flagship PlayStation 5 console in its fiscal third quarter, which runs from October to December. Sony also trimmed its fiscal year sales forecast for the gaming division by 210 billion yen to 4.15 trillion yen, saying it expects a decrease in sales of hardware.
Organizations: Sony, PlayStation
TOKYO (AP) — Japan has slipped to the world’s fourth-largest economy as government data released Thursday showed it fell behind the size of Germany's in 2023. Japan fell from the second-ranked economy behind the U.S. to the third-largest in 2010 as China's economy grew. The comparisons among nations’ economies look at nominal GDP, which doesn’t reflect some different national conditions, and is in dollar terms. Japan’s nominal GDP totaled $4.2 trillion last year, or about 591 trillion yen. The gap between developed countries and emerging nations is shrinking, with India certain to overtake Japan in nominal GDP in a few years, Okazaki said.
Persons: Germany’s, Japan’s, Tetsuji Okazaki, , Okazaki, Konosuke Matsushita, ___ Yuri Kageyama Organizations: TOKYO, , Monetary Fund, Japan, University of Tokyo, Honda, Honda Motor Co, Panasonic Corp, Japan Inc Locations: — Japan, Japan, Germany, India, U.S
Asia-Pacific markets were set to track Wall Street losses after U.S. January inflation came in hotter than expected, with the consumer price index climbing 3.1% on a 12-month basis and 0.3% for the month. Economists polled by Dow Jones expected the CPI to have increased by 0.2% month over month in January and 2.9% on an annual basis. Core prices, which exclude volatile food and energy components, rose 0.4% month over month and 3.9% from a year ago. Core CPI was expected to have increased 0.3% in January and 3.7% from a year earlier, respectively. Japan's Nikkei 225 was also set to retreat from 34-year highs, with the futures contract in Chicago at 37,715 and its counterpart in Osaka at 37,670 against the index's last close of 37,963.97.
Persons: Dow Jones, Masato Kanda Organizations: U.S, CPI, Nikkei, Reuters, Stock Locations: Asia, Pacific, Australia, Chicago, Osaka
TOKYO (AP) — Japan's space agency on Tuesday postponed the launch of a second test flight of its new flagship rocket H3 series planned for this week because of bad weather forecast at the launch site. The fiasco triggered disappointment and uncertainty about Japan's space exploration plans, concerns that were compounded after a spacecraft designed by a Japanese company crashed during a lunar landing attempt in April. The launch of the H3 rocket had already been held up more than two years due to an engine development delay. Mitsubishi's H3 project manager Mayuki Niitsu said there is a growing demand for rockets that can stably launch satellite constellations. “We hope to achieve success of the second H3 rocket and show our capability to our potential customers,” he said and added that H3 could be competitive with major global players, such as SpaceX.
Persons: Masashi Okada, Japan's, , ” Okada, Okada, Mayuki Niitsu, Organizations: TOKYO, Japan Aerospace Exploration Agency, JAXA, Mitsubishi Heavy Industries, Canon Electronics, Seiren, SpaceX Locations: Japan, Japanese, United States, China
I wanted to transfer to fashion school, but I missed the application deadline. I had been fascinated with Japan for a long time, especially its Harajuku fashion, which is really colorful and artistic. After years of being depressed and dressing up in all black, Harajuku fashion became a way for me to express my joy. AdvertisementCaiazzo felt that Harajuku fashion allowed her to express her happiness. Two years later, I enrolled into fashion school, which was a different wild ride.
Persons: , Arianna Caiazzo, Caiazzo, She's, Ariana Caiazzo Organizations: Service, Arcadia University, Business, Autism Locations: Japan, English, Pennsylvania, Tokyo, New Jersey, Osaka
That may relieve pressure on the central bank to alter its longstanding ultra-lax monetary policy and raise its benchmark interest rate from minus 0.1%. Inflation has been cooling enough that the Federal Reserve has hinted it may cut its main interest rate several times this year. Reports showing the U.S. economy and job market remain remarkably solid, along with some comments from Fed officials, have been forcing the delays. In energy trading, benchmark U.S. crude rose 27 cents to $77.19 a barrel in electronic trading on the New York Mercantile Exchange. In currency trading, the U.S. dollar rose to 149.67 Japanese yen from 149.34 yen.
Persons: Germany's DAX, Australia's, Korea's Kospi, ” Yeap Jun Rong, that’s Organizations: TOKYO, CAC, FTSE, Dow Jones, Nikkei, Bank of Japan, IG, Federal Reserve, New York Mercantile Exchange, Brent, U.S Locations: Asia, China , Hong Kong, Taiwan, United States
Japan’s Nikkei hits 34-year high
  + stars: | 2024-02-13 | by ( ) edition.cnn.com   time to read: +2 min
Tokyo Reuters —Japan’s Nikkei share average closed at a fresh 34-year high on Tuesday as trading resumed after a long holiday weekend, with tech-related shares and strong corporate earnings supporting the benchmark stock index. The Nikkei climbed 2.89% to 37,963.97 to its highest since January 1990, after briefly breaching 38,000 points. The broader Topix rose 2.12%. Among other top gainers, Tokio Marine Holdings Inc and MS&AD Insurance Group Holdings Inc gained 11% and 10.82%, respectively. As the Nikkei climbs toward its all-time high, the US consumer price index (CPI) report out later on Tuesday will be in focus.
Persons: SoftBank, , ” JP Morgan, , Charu Chanana Organizations: Tokyo Reuters, Japan’s Nikkei, Nikkei, Tokyo, SoftBank, ARM Holding, Tokio Marine Holdings Inc, Insurance, Holdings, CPI, Saxo Markets, Otsuka Holdings Locations: Tokyo
Dollar nears 150 yen ahead of US inflation test; bitcoin buoyant
  + stars: | 2024-02-13 | by ( ) www.cnbc.com   time to read: +4 min
The dollar flirted with the psychological threshold of 150 yen on Tuesday and held broadly steady ahead of a key reading on U.S. inflation due later in the day, while bitcoin hovered around the $50,000 mark for a second day running. The greenback last bought 149.39 yen, edging higher toward the closely-watched 150 level that analysts said would likely trigger further jawboning from Japanese officials in an attempt to support the currency. The projected rise in inflation three years from now dropped to 2.4%, the lowest since March 2020, from December's 2.6%. Analysts said the latest boost to bitcoin comes ahead of its halving event, which will cut the reward for successfully mining a bitcoin block in half. The expectation of rate cuts certainly helps, but it doesn't explain what's really set fire to bitcoin over the past four, five sessions," said IG's Sycamore.
Persons: pare, that's, Tony Sycamore, It's, Kyle Rodda Organizations: greenback, Bank of, IG, Federal Reserve Bank of New, U.S ., New Zealand, U.S, bitcoin Locations: Asia, China, Hong Kong, Bank of Japan, U.S, United States, Federal Reserve Bank of New York, December's, Europe
BANGKOK (AP) — Asian shares were mixed on Monday, with most regional markets closed for holidays, while U.S. futures edged lower after the S&P 500 ended last week above 5,000. Thailand's SET was up 0.1% and in Jakarta, the benchmark gained 0.6% ahead of an election to be held on Wednesday. With mainland Chinese markets closed for the week for the Lunar New Year, there was a dearth of market moving news. Photos You Should See View All 21 ImagesOn Friday, the S&P 500 rose 0.6%, finishing above 5,000 for the first time, at 5,026.61. Nvidia, Microsoft and Amazon were the three strongest forces lifting the S&P 500 after each rose by at least 1.6%.
Persons: Australia's, SET, ” Stephen Innes, Wall, they’ve, Cloudflare, it’s, Brent Organizations: Federal Reserve, Management, Nasdaq, Dow Jones, Big Tech, Nvidia, Microsoft, Amazon, Bank of America, New York Mercantile Exchange, U.S Locations: BANGKOK, India, Jakarta, United States, Japan, U.S
Read previewMasayoshi Son owes much of his success to an incredibly prescient dot-com era bet on Alibaba. The SoftBank chief first invested $20 million in Jack Ma's ecommerce upstart in 2000, when it was just a year old. That faith was handsomely rewarded, with SoftBank realizing an incredible $72 billion gain on its investments in Alibaba over the course of 23 years. Arm and the Vision Funds collectively represent 70% of SoftBank’s net asset value, a key performance indicator that reflects the total value of its holdings. Arm, SoftBank's latest golden child, is on course to deliver, but there is still much work to be done to get the Vision Funds back on track.
Persons: , Jack Ma's ecommerce, Ma, Son, Masayoshi Son's, Jack Ma, Alibaba, ChatGPT, Yoshimitsu Goto, SoftBank, Uber, Sam Altman, he'll Organizations: Service, Business, Future Publishing, Vision, Apple, Google, Nvidia, Samsung, Nasdaq, Funds Locations: Alibaba, China, British, London
Off the Charts: Nikkei hits 34-year high
  + stars: | 2024-02-09 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOff the Charts: Nikkei hits 34-year highAdam Turnquist, LPL Financial, joins 'Fast Money' to talk the Nikkei hitting a 34-year high on Yen weakness and where it goes from here.
Persons: Adam Turnquist Organizations: Nikkei, LPL
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA steadily rising yen could lead to another 'leg-up in the market,' advisory firm saysTimothy Morse, founding partner at Asymmetric Advisors, says corporate activity and mergers and acquisitions are "heating up" in Japan.
Persons: Timothy Morse Organizations: Asymmetric Advisors Locations: Japan
Japan's benchmark Nikkei 225 rose nearly 0.1% to 36,897.42, slipping back from earlier gains that took it briefly to a 34-year high. In prior months, such a report may have hurt the stock market because of concerns that it would mean a longer wait for cuts to interest rates from the Federal Reserve. The latest set of earnings reports from big U.S. companies also kept the stock market mixed overall. It gave a forecast for expected profit across 2024 that fell short of analysts’. In other trading, benchmark U.S. crude lost 6 cents to $76.16 a barrel in electronic trading on the New York Mercantile Exchange.
Persons: Shinichi Uchida, Australia's, , Ryan Detrick, Ralph Lauren Organizations: TOKYO, Nikkei, Investors, Bank of Japan, SoftBank Group Corp, Nissan, Dow Jones, Nasdaq, Carson Group, Federal Reserve, Walt Disney Co, Arm Holdings, PayPal, Global, New York Community Bancorp, Traders, New York Mercantile Exchange, Brent, U.S . Locations: U.S, Asia, U.K
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