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BANGKOK (AP) — Asian shares have retreated after Wall Street added a bit more to its big rally from a day before, while U.S. futures and oil prices were lower. Biden and Xi emerged from their first face-to-face meeting in a year vowing to stabilize the fraught relationship between the world's two biggest economies. Target helped lead the market with a 17.8% jump after it reported much stronger profit for the latest quarter than analysts expected. Prices at the wholesale level were 1.3% higher in October than a year earlier, and they surprisingly fell from September’s levels. That breathed more life into hopes that inflation is indeed cooling enough for the Fed to halt its barrage of rate hikes.

Persons: Joe Biden, Xi Jinping, Biden, Xi, ” Biden, Hang Seng, ’, retracing, Goldman Sachs, Praveen, Brent Organizations: Nikkei, Dow Jones Industrial, Nasdaq, Federal Reserve, Fed, U.S, Traders, New York Mercantile Exchange Locations: BANGKOK, Shanghai, Seoul, Australia, Japan, India, Bangkok, U.S

☆ Japan's export growth slows as China, global downturn risks loom
▼ + stars: | 2023-11-16 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +3 min

A worker is seen among newly manufactured cars awaiting export at port in Yokohama, Japan, November 15, 2017. Weak exports have complicated Japan's efforts to spur economic growth with sluggish domestic demand also weighing on the post-pandemic recovery. Japan's export growth slowsJapan's economy weakened in July-September, snapping two straight quarters of expansion on soft consumption and exports, data showed on Wednesday. By destination, exports to China, Japan's largest trading partner, fell 4.0% year-on-year in October, posting 11 straight months of declines. The trade balance came to a deficit of 662.5 billion yen ($4.38 billion), versus the median estimate for a 735.7 billion yen deficit.

Persons: Toru Hanai, Atsushi Takeda, Tetsushi Kajimoto, Satoshi Sugiyama, Sam Holmes Organizations: REUTERS, TOKYO, Ministry of Finance, Itochu Economic Research Institute, Thomson Locations: Yokohama, Japan, China, United States, Europe

☆ Dollar shakes off weakness after investors rethink Fed outlook
▼ + stars: | 2023-11-15 | by ( Amanda Cooper | ) www.reuters.com time to read: +3 min

The pound eased back from Tuesday's two-month highs after data showed British inflation ran at its slowest pace in two years in October, at 4.6%. On Tuesday, the pound rose by 1.8% against the dollar, marking its biggest one-day gain in a year. The offshore Chinese yuan, meanwhile, received some support The offshore yuan , meanwhile, briefly ticked up to a three-month high of $7.2385 against the dollar after domestic industrial output and retail sales growth beat expectations. Evidence of ongoing weakness in China's property sector, where data showed sales fell faster in October and investment in real estate slumped, took some of the shine off the rally. The offshore yuan was last at 7.2577 per dollar, down 0.1% on the day.

Persons: Dado Ruvic, Michael Hewson, Sterling, Moh Siong Sim, Brigid Riley, Shri Navaratnam, Lincoln, Angus MacSwan Organizations: REUTERS, Federal Reserve, Investors, Bank of England, Markets, Bank of Singapore, Thomson Locations: Britain, Tuesday's, York

☆ Japan's Denso to target $8 bln in electrification revenue by FY 2025
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +1 min

Companies Denso Corp FollowTOKYO, Nov 15 (Reuters) - Japanese automotive supplier Denso (6902.T) aims to increase its revenue from electrification to 1.2 trillion yen ($7.97 billion) by the 2025 business year and 1.7 trillion yen by the turn of the decade, the company said on Wednesday. Denso aimed to grow its revenue from advanced-driver assistance systems (ADAS) to 520 billion yen by the 2025 business year and said it would further unwind cross-shareholdings, according to presentation materials. "As electrification centred on battery electric vehicles progresses from the 2025 business year onward, we want to reach 1.7 trillion yen by 2030 by expanding sales globally," he said. Denso has been ahead of other firms in actively reducing its cross-shareholdings, Matsui said, adding that none of the remaining holdings were off limits. Denso reiterated an October commitment to invest about 500 billion yen in semiconductors by 2030 and pledged to boost the number of workers in software to some 18,000 people by 2030, about 1.5 times of their current level.

Persons: Denso, Yasushi Matsui, Matsui, Daniel Leussink, Muralikumar Organizations: Denso, Thomson

"Given the absence of a growth engine, it wouldn't surprise me if the Japanese economy contracted again in the current quarter. The risk of Japan falling into recession cannot be ruled out," said Takeshi Minami, chief economist at Norinchukin Research Institute. "The weak growth and the spectre of slowing inflation could delay the BOJ's exit from negative interest rates," he said. Japan’s economy contracts in the third quarterThe weak reading reflects lacklustre consumption and capital expenditure, dashing policymakers' hopes for a post-pandemic rebound in domestic activity to offset weaker external demand from China and elsewhere. He said better net exports, underpinned by car shipments and tourism, helped lift growth in the second quarter, belying the weakness in domestic demand.

Persons: Androniki, Takeshi Minami, Stefan Angrick, Angrick, Fumio Kishida, Tetsushi Kajimoto, Sam Holmes Organizations: REUTERS, Norinchukin Research, Gross, Moody's, Thomson Locations: Tokyo, Japan, TOKYO, China

TOKYO, Nov 15 (Reuters) - Visitors to Japan exceeded pre-pandemic levels in October, official data showed on Wednesday, marking a full recovery in arrivals for the first time since the relaxation of border controls last year. The number of foreign visitors for business and leisure rose to 2.52 million last month from 2.18 million in September, data from the Japan National Tourism Organization (JNTO) showed. Reuters GraphicsVisitor numbers improved to 100.8% of levels seen in 2019 before the outbreak of COVID-19 led to travel curbs around the world. That year, Chinese accounted for nearly a third of all visitors and 40% of all tourist spending in Japan. Almost 20 million visitors have arrived in Japan in the first 10 months of 2023, JNTO data showed, compared to the record of about 32 million in all of 2019.

Persons: Rocky Swift, Miral Organizations: Visitors, Japan National Tourism Organization, Graphics, Thomson Locations: TOKYO, Japan, Southeast Asia, North America, Europe, Australia, Canada, Mexico, Germany, China

TOKYO (AP) — Asian shares surged higher on Wednesday, cheered by a rally on Wall Street that was one of the best days of the year following a surprisingly encouraging report on inflation. “Accordingly, we expect GDP growth to slow from 1.7% this year to 0.5% in 2024,” he said in a commentary. Tuesday on Wall Street, the S&P 500 jumped 1.9% for its best day since April and hit a two-month high, closing at 4,495.70. On Wall Street, real-estate stocks and others beaten down particularly hard by higher rates soared to some of the market's biggest gains. Elsewhere on Wall Street, Home Depot rallied 5.4% after reporting stronger profit for the latest quarter than analysts expected.

Persons: Marcel Thieliant, ”, Hong, Seng, Australia's, Korea's Kospi, Russell, Brent Organizations: TOKYO, Nikkei, Capital Economics, Shanghai, Dow Jones Industrial, Nasdaq, Federal, Technology, Amazon, Nvidia, Treasury, U.S ., Alexandria Real, Bank, Zions Bancorp, Comerica, Valley Bank, Home Depot, New York Mercantile Exchange, U.S Locations: Alexandria, REITs, Wall

☆ Japan's economy shrinks far more than expected in third quarter
▼ + stars: | 2023-11-15 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

Japan's economy shrank way more than expected in the July-September period, provisional government data showed Wednesday, amid slowing global demand and rising domestic inflation. Provisional gross domestic product fell 2.1% in the third quarter compared to a year ago, after expanding 4.8% in April-June. The world's third-largest economy also contracted 0.5% in the third quarter from the previous quarter, after expanding 1.2% in the second quarter from the first. The weaker GDP print was partly driven by weaker than expected domestic capital expenditure, which contracted 0.6% in the third quarter from the second quarter — as opposed to expectations for a 0.3% expansion, according to the same government release. Private consumption in Japan was flat in the third quarter from the previous quarter, as domestic and foreign demand weighed on the economy.

Persons: Kazuo Ueda Organizations: Bank of Japan Locations: Japan

☆ BOJ's hawkish rhetoric signals chance negative rates may end soon
▼ + stars: | 2023-11-15 | by ( Leika Kihara | ) www.reuters.com time to read: +5 min

Having watered down YCC at its last policy meeting, the BOJ's next goal is to pull short-term rates out of negative territory early next year, sources have told Reuters. That leaves open the chance of an policy change in January, when the BOJ next reviews its quarterly price forecasts. Most expect an end to both YCC and negative rates. "It's an awfully big upgrade and shows how the BOJ had made estimates that were way too low," said former BOJ top economist Hideo Hayakawa, who expects negative rates to end in April. Even if it ends negative rates, nominal short-term borrowing costs will remain well below levels that neither stimulate nor cool the economy - estimated by analysts to stand somewhere near 2%.

Persons: Issei Kato, Ueda, Kazuo Ueda's, Haruhiko Kuroda, Kuroda, Mari Iwashita, Hideo Hayakawa, Takahide, Leika Kihara, Takahiko Wada, Sam Holmes Organizations: Bank of Japan, REUTERS, Daiwa Securities, Japan Center for Economic Research, Thomson Locations: Tokyo, Japan, TOKYO, U.S

☆ Stocks surge, dollar slumps as traders cheer inflation surprise
▼ + stars: | 2023-11-15 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Overnight the Nasdaq (.IXIC) jumped 2.4%, bonds surged and the dollar slumped more than 1.6% on the euro. Yields fall when bond prices climb. In foreign exchange trade, the dollar suffered its heaviest selling in 12 months, with the sharpest losses against risk-sensitive currencies such as the Australian dollar. In Japan, the Bank of Japan stepped back and pared its regular bond buying as markets rallied. Ten-year Japanese government bond yields hit a one-month low of 0.775%.

Persons: Androniki, Sam Rines, Chetan Seth, Brent Donnelly, Tom Westbrook, Edmund Klamann Organizations: Nikkei, REUTERS, Nasdaq, Federal, CPI, Japan's Nikkei, New Zealand, Nomura, Bank of Japan, Thomson Locations: Tokyo, Japan, SINGAPORE, Asia, Pacific, Texas, U.S, Canada

☆ Dollar down as markets bet Fed done with hikes
▼ + stars: | 2023-11-15 | by ( Brigid Riley | ) www.reuters.com time to read: +3 min

The offshore yuan briefly ticked up to a three-month high of $7.2385 against the dollar before easing back somewhat to $7.2477. The New Zealand dollar , which can act as a proxy for China, ticked up to a one-month high of $0.6029 against the dollar. Traders reacted quickly to the shift in market pricing by sending the dollar tumbling 1.5% overnight against major currencies. The dollar index , which measures the currency against a basket of peers, last stood at 104.14, not far from Tuesday's two-month low of 103.98. With the dollar on the back foot, the euro settled around $1.08725 after touching its highest since August the previous day.

Persons: Dado Ruvic, Rob Carnell, Carnell, Moh Siong Sim, Brigid Riley, Shri Navaratnam Organizations: REUTERS, Rights, Federal Reserve, of Research, ING, New Zealand, Traders, Treasury, Bank of Singapore, Thomson Locations: Asia, China, U.S, Lincoln

China detained the executive, named in several media reports as Hiroshi Nishiyama, on suspicion of espionage in March, and he was formally arrested last month. Japan's then foreign minister protested the executive's detention with his Chinese counterpart on a visit to Beijing in April. China's foreign ministry did not immediately respond to a request for comment. Half the respondents in a recent survey of Japanese companies doing business in China said they would cut investments this year. It's a very difficult point in time to be navigating that as a decision maker, in business or politics," he said.

Persons: Fumio Kishida, Xi Jinping, Rahm Emanuel, Hiroshi Nishiyama, Japan's, Xi, Masashi Mizobuchi, Nishiyama, Takeshi Niinami, Niinami, Stefan Angrick, Yukiko Toyoda, Kiyoshi Takenaka, John Geddie, Sakura Murakami, Francis Tang, Laurie Chen, Antoni Slodkowski, Andrew Silver, Lincoln Organizations: Economic Cooperation, Kyodo, drugmaker Astellas Pharma, APEC, Reuters, Japanese Chamber of Commerce, Japan Association of Corporate, Suntory, Moody's Analytics, Thomson Locations: Asia, Bangkok, Thailand, TOKYO, BEIJING, China, San Francisco, Tokyo, U.S, Japan, Beijing, officialdom, Shanghai

☆ Asia stocks meander, yen fragile ahead of US inflation data
▼ + stars: | 2023-11-14 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.23% higher, on course for its second straight day of gains. The Japanese yen was at 151.71 per dollar in Asian hours, having touched a one-year low of 151.92 on Monday. Investors are waiting for the U.S. inflation report, due later in the day, after Federal Reserve Chair Jerome Powell and other policymakers said they are still not sure that interest rates are high enough to tame inflation. Japan last intervened in the currency market - selling dollars and buying yen - in October last year. The dollar index , which measures the U.S. currency against six rivals, was up 0.057% at 105.69.

Persons: Shunichi Suzuki, DAX, Jerome Powell, Anderson Alves, Moody's, Fitch, Gary Dugan, YEN, Nicholas Chia, Brent, Ankur Banerjee, Shri Navaratnam Organizations: Japanese Finance, Federal, Reuters, U.S, AAA, Dalma Capital, Standard Chartered, Thomson Locations: SINGAPORE, Asia, Pacific, Japan, China, U.S, New York

☆ Yen's fall toward multi-decade lows keeps markets on intervention watch
▼ + stars: | 2023-11-14 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

Against the dollar, the yen last stood at 151.72 , languishing near a one-year low of 151.92 hit on Monday. A break below last year's trough of 151.94 per dollar would mark a fresh 33-year low for the yen. "I'm inclined to also think that it wasn't a BOJ intervention... It intervened again in October 2022 after the yen plunged to a 32-year low of 151.94. The comments have kept the U.S. dollar bid and against the greenback, the New Zealand dollar fell to an over one-week low of $0.58705.

Persons: Thomas White, Carol Kong, Rodrigo Catril, Jerome Powell, NAB's, Rae Wee, Sam Holmes Organizations: REUTERS, Rights, Bank of Japan's, greenback, Commonwealth Bank of Australia, Bank of, National Australia Bank, NAB, Ministry of Finance, Federal, U.S, New Zealand, Sterling, Reserve Bank of Australia, Thomson Locations: Japan, Rights SINGAPORE, Asia, New York, Bank of Japan, U.S

☆ Asia stocks rise ahead of US inflation data; yen stumbles
▼ + stars: | 2023-11-14 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.49% higher, while Tokyo's Nikkei (.N225) gained 0.36%. The Japanese yen was at 151.71 per dollar in Asian hours, having touched a one-year low of 151.92 on Monday. The U.S. inflation report, due later in the day, has investors' attention on Tuesday, especially after Federal Reserve Chair Jerome Powell and policymakers have said they are still not sure that interest rates are high enough to tame inflation. YEN WATCH RESUMESThe yen's broad decline has traders back to keeping an eye on whether the Japanese authorities will intervene. The dollar index , which measures the U.S. currency against six rivals, was up 0.057% at 105.69.

Persons: Australia's, Shunichi Suzuki, Jerome Powell, Anderson Alves, HSI, Fitch, Gary Dugan, Dugan, YEN, Nicholas Chia, Brent, Ankur Banerjee, Shri Navaratnam Organizations: Tokyo's Nikkei, Japanese Finance, Federal, Reuters, U.S, AAA, Dalma, Standard Chartered, Thomson Locations: SINGAPORE, Asia, Pacific, Japan, U.S, China, New York

☆ Morning Bid: Frail yen teeters as US CPI looms
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +3 min

Economists polled by Reuters expect headline U.S. consumer price inflation to slow to 3.3% in October from 3.7% in September, with the core inflation rate that strips out volatile components seen unchanged from September at 4.1%. If the battered currency breaks through last year's trough of 151.94, it would mark a 33-year low. In the corporate world, investors will keep an eye on Europe's most valuable company, Novo Nordisk (NOVOb.CO). Shares of the Danish drugmaker rose on Monday after data showed that the heart-protective benefits of its popular obesity drug Wegovy are not solely due to weight loss. Key developments that could influence markets on Tuesday:Economic events: UK average weekly earnings for September, Euro Zone Q3 flash GDP, Euro Zone employment flash Q3Reporting by Ankur Banerjee; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

Persons: Ankur Banerjee, David Cameron's, Jerome Powell, Shunichi Suzuki, Edmund Klamann Organizations: U.S, Japan, Ankur, Reuters, Federal Reserve, Japanese Finance, Novo Nordisk, Walmart, Thomson Locations: Tokyo, Japan, Britain, Danish

☆ Goldman Sachs wants to build the 'Pinterest for capital markets.' Here's how the bank is aiming to win more trades from its biggest institutional clients.
▼ + stars: | 2023-11-14 | by ( Bianca Chan | ) www.businessinsider.com time to read: +4 min

On Tuesday, the bank launched a customizable dashboard designed to help Goldman's institutional investor clients understand the state of financial markets. Currently, that's somewhat of a messy and manual process spread across several platforms, Chris Churchman, Goldman Sachs partner and head of Marquee, told Insider. Banks like Goldman Sachs benefit from more complex trades, like a complicated derivative with legs and hedges, that require more work. Goldman Sachs Marquee MarketView is accessible on desktop and mobile. "What clients have said to me is, you basically created Pinterest for capital markets, or you're creating a social network for capital markets," Churchman said.

Persons: Goldman Sachs, Chris Churchman, Goldman, Banks, Churchman, There's Organizations: Business, Bloomberg, Citadel Securities, Bank of Japan Locations: MarketView, FactSet

Japanese Finance Minister Shunichi Suzuki arrives for a news conference during the annual meeting of the International Monetary Fund and the World Bank in Marrakech, Morocco, October 13, 2023. REUTERS/Susana Vera/File Photo Acquire Licensing RightsTOKYO, Nov 14 (Reuters) - Japanese Finance Minister Shunichi Suzuki said on Tuesday that the government would take all possible steps necessary to respond to currency moves, repeating his usual mantra that excessive swings were undesirable. Suzuki made the remarks when asked about impacts from the weak yen on households which have been pressured by rising living costs due to higher import prices for fuel and food. "What's important is to maximise positive effects from the weak yen while mitigating negatives," Suzuki told reporters. Japan last intervened in the currency market - selling dollars and buying yen - in October last year.

Persons: Shunichi Suzuki, Susana Vera, Suzuki, Shinichi Uchida, Tetsushi Kajimoto, Kaori Kaneko, Satoshi Sugiyama, Chang, Ran Kim Organizations: International Monetary Fund, World Bank, REUTERS, Rights, Japanese Finance, Bank, Bank of, Thomson Locations: Marrakech, Morocco, Japan, U.S

☆ FX Strategist explains why Chinese authorities will be closely watching the Japanese yen
▼ + stars: | 2023-11-14 | 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 EmailFX Strategist explains why Chinese authorities will be closely watching the Japanese yenRay Attrill of NAB discusses why the PBOC will be unwilling to strengthen the yuan, and the divergent interest rates between the US and China.

Persons: Ray Attrill Organizations: NAB Locations: China

☆ Goldman Sachs: These 'conviction list' global stocks will benefit from a circular economy boom
▼ + stars: | 2023-11-14 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +2 min

Rising commodity prices, increased regulation and a growing recognition of sustainability benefits are set to be "key catalysts" of the circular economy, Goldman Sachs said, naming its "conviction list" stocks to play the theme. The circular economy is a system that aims to keep materials and resources in use for as long as possible, with a focus on reuse, rather than dispose. Conviction list stocks The bank named a number of "key stocks exposed to the theme," including Dassault Systemes and SMC Corporation . Both are on the bank's "conviction list" of top buy-rated stocks. Other global stocks on Goldman's list of picks set to benefit from the circular economy include Japanese electronics giant Hitachi , Dutch conglomerate Philips and U.S. waste management company Republic Services , with all three also on the bank's conviction list.

Persons: Goldman Sachs, Goldman, — CNBC's Michael Bloom Organizations: McKinsey, Accenture, United Nations Environment Program, Dassault Systemes, SMC Corporation, Dassault Systems, Hitachi, Philips, Republic Services

☆ Morgan Stanley reveals its outlook for Asian stocks, says one major index is set to soar 11% in 2024
▼ + stars: | 2023-11-14 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Morgan Stanley has revealed a bullish call on Japanese stocks for 2024. China and emerging markets However, Morgan Stanley remains cautious on other Asian markets going into the first half of 2024. The bank's strategists lowered their target for the MSCI Emerging Markets Index to 1,000, implying a modest 4% upside from current levels. They cited slowing global growth, higher interest rates, and currency weakness versus the U.S. dollar as headwinds for emerging markets. Morgan Stanley expects strong nominal GDP growth above 11% annually in 2024 and 2025 thanks to "young demographic and geopolitical alignment," which will drive earnings higher.

Persons: Morgan Stanley, Jonathan F, Garner, Tom Stevenson, Morgan, CNBC's Michael Bloom, Penny Chen Organizations: U.S ., Amundi, Fidelity International, CNBC Pro, U.S Locations: Amundi Japan, Japan, China, India

TOKYO (AP) — Japan’s economy slipped into a contraction in the third quarter, decreasing at an annual pace of 2.1% as consumption and investments shrank, the government reported Wednesday. The third quarter's performance was far worse than what had been expected, according to the financial services company ING, which had forecast an annual contraction of 0.5%. Political Cartoons View All 1247 ImagesPrivate consumption shrank an annualized 0.2% during the quarter, while corporate investment decreased 2.5%. Economic activity in the previous two quarters got a boost from recovering exports and inbound tourism. Public demand, which includes government spending, rose at an annual pace of 0.6% in the latest quarter.

Persons: ” Robert Carnell, ING's, Fumio Kishida, ___ Yuri Kageyama Organizations: TOKYO, ING, Auto, Bank of Japan Locations: Asia, Pacific, Japan

TOKYO (AP) — Asian shares were mostly higher Tuesday ahead of potentially market-moving developments, including a U.S.-China summit and data releases from the U.S., Japan and China. “Asian stocks gained ground as investors awaited U.S. inflation figures, hoping to confirm that interest rates have peaked. But worries remain about whether it can stay solid as the full effects of rate hikes make their way through the system. Economists expect the report to show that consumers paid prices that were 3.3% higher in October than a year earlier, down from September’s inflation rate of 3.7%. General worries about big deficits and the inability of the two parties to work together have helped push Treasury yields higher.

Persons: Australia's, Seng, ” Stephen Innes, Xi Jinping, Joe Biden, Jerome Powell, Powell, It's, it's, Moody’s, Brent Organizations: TOKYO, Nikkei, U.S, Management, Dow Jones Industrial, Nasdaq, Walmart, Federal Reserve, Big Tech, Apple, Microsoft, AAA, New York Mercantile Exchange Locations: U.S, China, Japan, Hong, Shanghai, California

☆ Jim Cramer says buy P&G amid a weakening U.S. dollar
▼ + stars: | 2023-11-14 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +1 min

The recent weakness in the U.S. dollar should provide a lift to consumer staples giant Procter & Gamble (PG), CNBC's Jim Cramer said Tuesday. If you like this story, sign up for Jim Cramer's Top 10 Morning Thoughts on the Market email newsletter for free. As a result, P&G looks much better positioned to handle the foreign-exchange dynamic, Cramer said, while the commodity deflation tailwind remains intact. "The dollar is not going to kill them, and so you buy P&G and just ride it," Cramer said. P&G shares edged up by about 0.1% Tuesday, to roughly $152.60 each, on the back of a three-day winning streak.

Persons: CNBC's Jim Cramer, —, Cramer, Jim Cramer's Organizations: U.S, Procter & Gamble, Charitable Trust, CNBC

☆ Japan's Kioxia reports Q2 loss, says prices have bottomed out
▼ + stars: | 2023-11-14 | by ( Sam Nussey | ) www.reuters.com time to read: +2 min

The result at Bain Capital-backed Kioxia, formerly Toshiba Memory, compares with a loss of 130.8 billion yen three months earlier. Merger talks between Kioxia and Western Digital (WDC.O) have stalled, Reuters reported previously, after Kioxia investor SK Hynix (000660.KS) said it did not back the deal. Selling prices have bottomed out, Kioxia said, pointing to expected higher shipments of smartphones and PCs next year. Revenue fell quarter-on-quarter with Kioxia saying the smaller loss was because of higher average selling prices with a boost from the weaker yen. Separately, Toshiba (6502.T), which holds a stake in Kioxia after selling its chip unit to the Bain-led consortium in 2018, posted a 26.7 billion yen net loss in the second quarter.

Persons: Kioxia, Bain, Sam Nussey, Tom Hogue Organizations: Taipei, REUTERS, Rights, Bain Capital, Toshiba, Western, Reuters, SK Hynix, Samsung Electronics, Revenue, Japan Industrial Partners, Thomson Locations: Taipei, Taiwan, Kioxia, KS

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