European stocks open higher after FTSE notches another record close
An Hour Ago
European stocks opened slightly higher on Wednesday, with the benchmark Stoxx 600 index up 0.2% by 8:50 a.m. London time. The U.K.’s FTSE 100 climbed 0.4% after recording another record close on Tuesday, while France’s CAC 40 was 0.1% lower, and Germany’s DAX was up 0.2%.
Sensetime shares jump more than 20% after reported AI announcement
7 Hours Ago
Shares of Chinese artificial intelligence company Sensetime Group spiked more than 20%, outperforming the Hang Seng Index’s 1.04% gain. The company held a tech day on Tuesday during which it planned to announce “the latest breakthroughs in SenseTime’s cutting-edge AI technology.” Chinese media reported that Sensetime unveiled its SenseNova 5.0 AI model, which was claimed to be better than OpenAI’s GPT 4 in the majority of general usage scenarios, especially in enterprise applications and Chinese-language usage scenes.
Risk of yen intervention after Bank of Japan meeting this Friday: BofA
5 Hours Ago
The Japanese yen could push past the 155 level against the U.S. dollar after the Bank of Japan’s monetary policy meeting on Friday, according to a Bank of America note. BofA analyst Shusuke Yamada wrote that for the BOJ to support the yen, “it should acknowledge that policy has been too accommodative, that the next hike is as imminent as in June, and that the terminal rate would be higher than priced by the market.” However, he said that this is unlikely to be the case, which will push the yen beyond the 155 level and likely trigger an intervention, adding that if Japan does not intervene around that level, “the market may buy and bring USD/JPY to 160 quickly and test [its] resolve at that level.”
Grayscale unveils new filings for ether ETFs
10 Hours Ago
Crypto investment firm Grayscale took the next step in the push for an ether exchange-traded fund on Tuesday by filing a Form S-3 with the U.S. Securities and Exchange Commission for the Grayscale Ethereum Trust (ETHE), part of the process of converting that fund into an ETF. Grayscale also filed to create a Grayscale Ethereum Mini Trust, which would presumably have a lower management fee than the ETHE. While the SEC has not yet approved an ethereum ETF, industry experts expect an update sometime next month. Grayscale was a key part of the push to get a bitcoin ETF approved and the Grayscale Bitcoin Trust (GBTC) is currently the largest bitcoin ETF.
Capital Economics sees Fed rate cuts possibly starting in September
10 Hours Ago
According to Capital Economics’ group chief economist Neil Shearing, the Fed is expected to push back rate cuts to later this year due to strong economic growth and resilient inflation. Shearing highlighted that the European Central Bank and the Bank of England should be the ones to loosen monetary policy before the U.S. as growth in these economies is weaker. Capital Economics predicts that the Fed, ECB, and Bank of England will cut interest rates more than currently priced in by the market over the next 18 months.
S&P 500 Financials outperforming S&P 500 by 3 percentage points in 2024
10 Hours Ago
The S&P 500 Financials are outperforming the broad market, as measured by the S&P 500, and the S&P 500 Tech Index this year. Strategas Securities’ research team noted that the Financials sector has been pushing to fresh relative performance highs, with some financial stocks reaching their 3-month relative high. Relative strength in financial stocks is not restricted only to the U.S., as the European and Japanese banks have also retained their leadership advantage.
See the stocks making big after-hours moves
11 Hours Ago
During after-hours trading, Tesla experienced a rally of 8.2% despite missing expectations. Mattel jumped 2.4% after reporting narrower losses per share than anticipated. Visa rose 2.6% following its better-than-expected earnings report.
For a complete list of the aforementioned stocks and their after-hours moves, please click here.
S&P 500 futures are higher
11 Hours Ago
S&P 500 futures trading showed marginal gains, with futures tied to the benchmark index up 0.2%, Nasdaq 100 futures up 0.4%, and Dow futures up 7 points.
