Indonesia’s first-quarter GDP grows at fastest pace in three quarters
2 Hours Ago
Summary
Indonesia’s first-quarter gross domestic product climbed 5.11% year on year, marking its fastest expansion in three quarters. The reading also beat the 5% growth expected by economists polled by Reuters. On a quarter-on-quarter basis, Southeast Asia’s largest economy posted a 0.83% decline, softer than the 0.89% expected by the Reuters poll.
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Author: Lim Hui Jie
Foxconn shares spike almost 7% after April sales soar almost 20%
4 Hours Ago
Summary
Shares of iPhone manufacturer Foxconn spiked as much as 6.73% after the company reported a 19.03% year-on-year rise in April revenue. Foxconn, which trades as Hon Hai Precision Industry in Taiwan, recorded 510.9 billion New Taiwan dollars ($15.83 billion) in revenue in April, compared to the NT$447.54 billion recorded in March. The company said that its component business, as well as its cloud and networking products, “delivered strong growth,” while its smart consumer electronics and computing products segment “showed significant year on year growth in revenue.”
Yen to face resistance at 150 against the dollar: SMBC
5 Hours Ago
Summary
The Japanese yen will face upside resistance against the U.S. dollar at the 150 level despite two rounds of suspected intervention by Japanese authorities last week, says SMBC economist Ryota Abe. The yen abruptly strengthened on April 29 and May 2, leading analysts to believe that Japan’s finance ministry bought yen to stem the currency’s slide. Abe also noted that Japan’s authorities are unlikely to intervene unless the yen weakens again. But he also said that the rate differential between the U.S. and Japan will remain as such if both central banks keep their monetary policies unchanged. The yen was trading at 153.64 at 11:18 a.m. Tokyo time.
Caixin China services PMI comes in at 52.5 in April
5 Hours Ago
Summary
A private survey showed the expansion in China’s services activity slowed slightly in April from March. The Caixin/S&P Global services purchasing managers’ index came in at 52.5 in April, ticking down from 52.7 in March. “Although slightly softer, growth was again solid and has now been sustained for 16 consecutive months,” the survey read. A PMI reading above 50 indicates an expansion in activity, while a reading below that level points to a contraction.
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Author: Shreyashi Sanyal
Hong Kong’s private sector expands at slower pace in April
6 Hours Ago
Summary
Business activity in Hong Kong’s private sector expanded at a slower pace in April, according to S&P Global. The purchasing managers’ index for the city slipped to 50.6 from March’s 50.9. Jingyi Pan, Economics Associate Director at S&P Global Market Intelligence, said the reading signaled another improvement in business conditions at the start of the second quarter. However, Pan said the growth appears to be on “shaky ground,” highlighting that forward-looking indicators, such as the decline in new business orders in April, hinted at softening conditions.
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Author: Lim Hui Jie
CNBC Pro: Samsung or SK Hynix? One’s a better play on the AI boom, according to most of the pros
7 Hours Ago
Summary
Big Tech names like Nvidia have been on fire, thanks to the artificial intelligence boom — and other chipmakers are sharing the limelight. The supply chain for AI is extensive. It includes companies in Asia-Pacific and ranges from producers of AI graphics processing units to printed circuit boards. Memory chips in particular have been in the spotlight as AI ramps up. Two stocks have dominated the memory chip market: Samsung and SK Hynix. Which is the better play on the AI boom? CNBC Pro spoke to the pros to find out.
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Author: Weizhen Tan
CNBC Pro: Goldman Sachs refreshed its conviction lists of global stocks — giving one 67% upside
7 Hours Ago
Summary
Goldman Sachs just refreshed its lists of top global stock picks, adding some and removing others. Called the “Conviction List – Directors’ Cut,” the lists capture names across Europe and Asia-Pacific. The investment banks’ “Conviction List – Directors’ Cut” seeks to offer investors a “curated and active” list of 15 to 25 buy-rated stocks.
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Author: Amala Balakrishner
Defense ETF reaches new record high
Fri, May 3, 2024 2:57 PM EDT
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Summary
The fund has gained more than 4% compared with the start of 2024.
Contributors: Alex Harring, Gina Francolla
U.S. economy added fewer jobs than expected in April
Fri, May 3, 2024 8:34 AM EDT
Summary
The nonfarm payrolls report for April showed 175,000 jobs added, below the 240,000 jobs expected by economists surveyed by Dow Jones. The unemployment rate ticked up to 3.9%, compared to 3.8% in the prior month, according to the Bureau of Labor Statistics. Revisions to February and March jobs numbers decreased the cumulative jobs added in those periods by 22,000.
Author: Jesse Pound
Japanese yen recovers 4.5% against U.S. dollar, set for best week in more than a year
Fri, May 3, 2024 2:35 AM EDT
Summary
The Japanese yen was trading at 152.93 against the U.S. dollar and was set to end its best week in more than a year, despite hitting its weakest level since 1990 on Monday at 160.03. Analysts, including from Bank of America, have suggested there were likely two interventions carried out by Japanese authorities during the week, on Monday and Wednesday. The authorities are yet to make an official statement to confirm the interventions. “The government has been refusing to disclose whether they’ve been intervening or not, but I don’t think many people have any doubts,” Nicholas Smith, Japan strategist at CLSA, told CNBC. The yen has recovered some 4.5% since it hit a 34-year low on Monday.
