5 hours ago
Foxconn shares rose nearly 7% after April sales rose nearly 20%
Shares of iPhone maker Foxconn rose as much as 6.73% after the company reported a 19.03% year-over-year rise in 2019. April revenue.
Foxconn, which operates under the name Hon Hai Precision Industry in Taiwan, posted revenue of NT$510.9 billion (US$15.83 billion) in April, compared to NT$447.54 billion recorded in March.
The company said its components business, as well as its cloud and network products, “delivered strong growth,” while its smart consumer electronics and computing products segment showed “significant year-over-year revenue growth.”
6 hours ago
The yen will face resistance at 150 against the dollar: SMBC
The Japanese yen will face upside resistance against the US dollar at the 150 level despite two rounds of suspected intervention by Japanese authorities last week, says SMBC economist Ryota Abe.
The yen suddenly appreciated on April 29 and May 2, leading analysts to believe that the Japanese Ministry of Finance bought the yen to stem the currency’s decline.
Abe also noted that Japanese authorities are unlikely to intervene unless the yen weakens again. But he also said that the interest rate differential between the United States and Japan would remain the same if the two central banks kept their monetary policies unchanged.
The yen was trading at 153.64 at 11:18 a.m. Tokyo time.
6 hours ago
The Caixin China Services PMI comes in at 52.5 in April
A special survey showed the expansion of service activity in China It slowed down a bit in April From March.
The Caixin/S&P Global Services PMI reached 52.5 in April, down from 52.7 in March.
“Although it weakened slightly, growth was strong again and has now continued for 16 consecutive months,” the survey said.
A PMI reading above 50 indicates expansion in activity, while a reading below this level indicates contraction.
– Shreyashi Sanyal
8 hours ago
Hong Kong’s private sector expanded at a slower pace in April
Business activity in the private sector in Hong Kong It expanded at a slower pace in April, according to S&P Global.
The city’s PMI fell to 50.6 from 50.9 in March.
The reading indicates another improvement in business conditions at the start of the second quarter, said Jingyi Pan, associate director of economics at S&P Global Market Intelligence.
However, Pan said growth appears to be on “shaky ground,” highlighting that forward-looking indicators, such as a decline in new business orders in April, point to deteriorating conditions.
– Lim Hui Ji
10 hours ago
Berkshire Hathaway cut off Paramount’s entire exposure
Warren Buffett has revealed that he has divested Berkshire Hathaway’s entire stake in Paramount at a loss.
“I was 100% responsible for Paramount’s decision,” Buffett said at Berkshire’s annual shareholder meeting on Saturday. “We sold everything and lost a lot of money.”
The Omaha-based group first bought a non-voting stake in Paramount’s Class B stock in the first quarter of 2022. Since then, the media company has had a rough ride, seeing a dividend cut, a loss in earnings, and the exit of a CEO. The stock will fall approximately 24% in 2024.
CNBC Pro subscribers can read the full story here.
– Hakyung Kim, Yun Lee
11 hours ago
Stock futures rose slightly Sunday night
US stock futures were in the green on Sunday evening.
Dow Jones Industrial Average futures rose 55 points, or 0.1%. S&P 500 and Nasdaq-100 futures rose 0.2% each.
— Hakyung Kim
“Web maven. Infuriatingly humble beer geek. Bacon fanatic. Typical creator. Music expert.”
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