3 hours ago
European stocks start lower
European stock markets opened modestly higher on Wednesday, with the benchmark Stoxx 600 index down 0.2% by 8:15 a.m. London time.
Britain’s FTSE 100 index rose 0.5% after ending a five-day winning streak on Thursday, while France’s CAC 40 index fell 0.2% and Germany’s DAX index fell 0.5%.
5 hours ago
Nikkei average falls 2%, leading decline in Asian stocks
Japan’s Nikkei Stock Average fell 2.1% in afternoon trading, while the broader TOPIX index fell 1.64%.
The benchmark Nikkei stock average has fallen 8.3% from its all-time high in late March.
Investors are awaiting the Bank of Japan’s monetary policy decision on Friday. The outlook for inflation is attracting attention due to the weak yen, rising oil prices, and steady wage growth.
On Thursday, the yen rose above 155 yen against the US dollar, hitting a new 34-year low.
— Shreyashi Sanyal
9 hours ago
SK Hynix records operating profit for the first time in four quarters, stock price drops nearly 3%
Shares of South Korean semiconductor maker SK Hynix fell nearly 3%, even as the company posted its highest operating profit in nearly two years.
The company recorded an operating profit of 2.89 trillion Korean won ($2.1 billion) in the first quarter of 2024, an increase of 734% from the same period last year, and a net profit of 1.92 trillion won.
Sales for the fourth quarter were 12.43 trillion won, the highest ever for a quarter.
SK Hynix attributed this to increased sales of AI server products “backed by our leadership in AI memory technology.”
The company also added: “We believe we have entered a clear stage of recovery after a long period of decline.”
— Lim Huijie
10 hours ago
South Korea’s GDP increased by 3.4% in the first quarter, marking the highest quarterly growth since the fourth quarter of 2021
South Korea’s gross domestic product (GDP) grew at 3.4% in the first quarter, beating the 2.4% forecast by economists polled by Reuters and marking the highest quarterly growth rate since the fourth quarter of 2021. Recorded.
GDP increased by 1.3% from the previous quarter, exceeding Reuters’ forecast of a 0.6% increase.
Exports from South Korea in the first quarter increased by 0.9% due to an increase in exports of IT items such as mobile phones. Imports decreased by 0.7% due to a decrease in imports of electronic equipment.
— Lim Huijie
12 hours ago
iCapital’s Anastasia Amoroso expects the S&P 500 to end this year at 5,500.
Anastasia Amoroso, chief investment strategist at iCapital, thinks there’s a good chance the S&P 500 index will rise to 5,500 by the end of the year.
On Wednesday afternoon, the broader market index closed at 5,071.63. This goal represents an 8% increase in his benchmark.
“I think investors have a very attractive new entry point here,” he said on CNBC’s “Closing Bell” Wednesday afternoon. Amoroso emphasized that semiconductor stocks in particular have the potential to outperform going forward.
The strategist cited strong corporate profits and consumer spending, along with a recovery in global manufacturing momentum, as catalysts for the positive backdrop in the stock market.
— Lisa Kailai Han
12 hours ago
Stocks making the biggest moves after the bell: Meta, IBM, and more
These are the stocks that move the most during extended trading hours.
— Lisa Kailai Han
12 hours ago
