Nikkei, CSI 300 gain; BOJ meeting; China’s strong data

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5 hours ago

Malaysia’s February exports unexpectedly declined

Malaysia’s exports fell 0.8% year on year in February, according to government data on Monday.

A Reuters poll had forecast a 2.4% rise in exports.

Malaysia’s imports rose 8.4% year on year, exceeding a Reuters survey estimate of 7.8% growth.

The data also showed that Malaysia’s trade surplus in February stood at 10.9 billion ringgit ($2.31 billion), down 44.4% from a year earlier.

The FTSE Bursa Malaysia KLCI index was 0.27% higher by afternoon trading.

-Shreyashi Sanyal

5 hours ago

India’s equity fund flows hit 23-month high in February, Goldman Sachs says

Flag of India, stock market, exchange economy and trade, oil production, export and import business and container ships in logistics.

texbr | iStock | getty images

Monthly inflows into India’s domestic equity funds rose to a 23-month high of $3.2 billion in February, Goldman Sachs said, based on data from the Association of Mutual Funds in India.

GS said inflows into equity funds through systematic investment plans or SIPs remained strong and hit a new high of $2.3 billion.

India also saw foreign inflows of $2.2 billion in the week ending March 15, according to GS.

The country’s Nifty 50 index fell 0.3% on Monday after falling more than 2% last week.

-Shreyashi Sanyal

7 hours ago

China’s retail, industrial figures top expectations

China reported stronger-than-expected numbers for retail and real estate investment for the first two months of 2024.

Retail sales rose 5.5% and industrial production rose 7%, both better than analysts’ expectations. The unemployment rate in the cities was 5.3% in February.

Investment in real estate declined 9% year over year in January and February, while manufacturing grew 9.4% during that period.

China’s data for January and February are typically combined to smooth out variations from the country’s biggest national holiday, the Lunar New Year, during which businesses are closed for at least a week.

-Evelyn Cheng

7 hours ago

Nissan and Honda shares rise as companies sign EV deal

Shares of Japanese automakers Honda and Nissan rose on Monday after the rivals signed a memorandum of understanding related to the electric-vehicle market.

As of 10.56am Tokyo time, Honda was up 2.64%, while Nissan shares were up 4.81%.

According to the announcement, the objective of the MoU is to “initiate a feasibility study of strategic partnership in the field of vehicle electrification and intelligence”.

“The emerging players are very aggressive and are moving at an incredible pace,” Nissan CEO Makoto Uchida said at a press briefing, Reuters reports.

“As long as we stick to traditional knowledge and traditional approaches, we cannot win the competition,” he said.

9 hours ago

Manufacturing stocks lead Nikkei 225 rise in Asia

Japan’s Nikkei 225 rose more than 2% on Monday, surpassing the 39,000 mark for the first time in 10 days as manufacturing and health care stocks powered the rally.

However, the biggest gainer on the index was financial technology company Rakuten Group, which rose 7.38%.

Other names on the list of top gainers include automaker Nissan, which climbed more than 6.5%, as well as pharmaceutical firm Chugai Pharmaceutical, which was up 4%.

The yen weakened 0.18% and traded at 149.29 against the greenback due to the index’s gains.

9 hours ago

Singapore’s non-oil February exports fell unexpectedly

Singapore’s non-oil domestic exports fell 0.1% year on year in February, according to official data.

The Singapore NODX declined compared with a Reuters poll of 4.7% growth expected in February.

“NODX declined over the year, primarily due to non-electronics [food preparations, specialty chemicals & electrical circuit apparatus]“While electronics exports have increased, the statement said.

This reading is in line with an increase of 16.7% in January.

-Shreyashi Sanyal

9 hours ago

CNBC Pro: The ‘next big thing’ in tech will come from these sectors, UBS says – naming stocks to drive the theme

According to UBS, over the next decade, companies that use technology to disrupt sectors will be prioritized.

The “next big thing” in tech will come from areas such as enabling technology – including artificial intelligence and cybersecurity, as well as healthtech, greentech and fintech, UBS said.

“Collectively, we see industry leaders emerging from these sectors to 2030,” UBS said in a March 14 report.

Here are some of the names from UBS’s list and what it says about each stock. All are US-listed.

CNBC Pro subscribers can read more here.

– Weizen Tan

9 hours ago

CNBC Pro: Put Nvidia aside, this “supercomputing” global stock is up nearly 100% this year — and it’s betting big on AI

While chip darling Nvidia has made headlines for its impressive stock performance, driven by enthusiasm for artificial intelligence, an under-the-radar European company has quietly seen its shares nearly double in 2024.

The small-cap firm, which had sales totaling 52 million euros ($56 million) in the first half of last year, recently won a contract worth €300 million. Its 150 patents were also valued at $835 million.

CNBC Pro subscribers can read more here.

-Ganesh Rao

Fri, Mar 15 2024 3:12 pm EDT

Oil recorded a weekly rise due to expectations of strength in the crude oil market.

A pump jack works in front of a drilling rig at sunset in an oil field in Midland, Texas US on August 22, 2018.

Nick Oxford | reuters

Crude oil futures prices fell slightly on Friday but remained on the rise throughout the week after rising in the last two sessions.

The West Texas Intermediate contract for April fell 22 cents, or 0.27%, to $81.04 a barrel. The Brent contract for May fell 8 cents, or 0.09%, to settle at $85.34 a barrel.

US crude and global benchmarks have gained more than 3.5% so far.

– Spencer Kimball

Fri, Mar 15 2024 10:16 am EDT

Consumer sentiment survey misses estimate for March

Customers shop at a Costco store in Novato, California on August 31, 2023.

Justin Sullivan | Getty Images News | getty images

Consumer sentiment showed little change in March, though it was slightly less than Wall Street had expected, according to a closely watched University of Michigan survey released Friday.

The survey of consumers recorded a reading of 76.5, down 0.4 points from February and below the Dow Jones Consensus Estimate of 77.4.

Inflation expectations were unchanged at 3% and 2.9% over the one- and five-year horizons, respectively. The current situation index also remained unchanged at 79.4.

Joan Hsu, director of the survey, said, “After strong gains between November 2023 and January 2024, consumer sentiment has settled into a holding pattern; consumers have seen few signs that the economy is currently improving or worsening.” HSU said consumers are “withholding judgment” until the November presidential election.

-Jeff Cox

Fri, Mar 15 2024 8:12 am EDT

Bitcoin fell 7% overnight

Cryptocurrency holders on the East Coast saw a lot of red on their screens on Friday.

Bitcoin was trading above $72,000 late Thursday, but it suffered a sharp decline and is now hovering near $67,000. This is a decline of approximately 7%.

See the list…

Bitcoin fell heavily in overnight trading.

It was not immediately clear what caused the selloff. CEO Chris Marszalek told CNBC’s “Squawk Box” that selling pressure is likely to come from the options market.

– Jesse Pound

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