9 minutes ago
China’s Shimao becomes the latest real estate company to face liquidation lawsuit
Chinese real estate developer Shimao has become the latest real estate company to face liquidation litigation after being filed for liquidation by China Construction Bank (Asia).
This follows fellow company Evergrande, which has been ordered into liquidation, and Country Garden Holdings, which is also facing a liquidation application, facing litigation.
The company said in a filing to the Hong Kong Stock Exchange that the petition relates to approximately HK$1.58 billion in debt.
Simao said the petition does not represent the collective interests of offshore creditors and other stakeholders, adding: “We firmly oppose the petition.”
Last month, Simao announced an offshore debt restructuring plan, calling it a “reasonable and practical solution” for creditors.
— Lim Huijie
1 hour ago
CNBC Pro: Goldman Sachs updates list of world’s top stocks and recommends specific trading strategies
Despite last week’s lackluster performance, the pan-European Stoxx 600 index is up about 7.5% since the beginning of the year and more than 15% over the past 12 months.
But analysts at Goldman Sachs said investors were “questioning how much upside there is left” and recommended investors consider certain trading strategies.
They also updated their “Conviction List” of top stocks for April.
CNBC Pro subscribers can read more here.
— Amara Balakrishna
1 hour ago
CNBC Pro: ‘Great bargains’: Morgan Stanley names 3 overlooked global tech stocks to buy
Morgan Stanley lists three “overlooked” global tech stocks that currently look cheap.
The bank expects the theme of “broad deployment” to become more important, saying “investors will increasingly focus on blue-chip small-cap stocks at attractive valuations as a source of alpha.”
All three stocks are rated Overweight, with nearly 100% upside potential in one stock.
CNBC Pro subscribers can read more here.
— Tan Weizhen
Friday, April 5, 2024 2:45 PM EDT
With crude oil prices forming a “golden cross”, there is a possibility that there is underlying strength for rising crude oil prices.
A pump jack operates in front of a drilling rig at sunset in an oil field in Midland, Texas, USA, August 22, 2018.
Nick Oxford | Reuters
Crude oil futures are forming a bullish chart pattern, so there may be room for further upside.
This week, US crude oil and Brent crude oil entered a “golden cross”, with the 50-day moving average exceeding the 200-day moving average. Investors typically view golden crosses as an indicator of positive momentum and the potential for further upside.
U.S. crude oil’s 50-day moving average of $79.07 per barrel is slightly above its 200-day moving average of $79.02. Brent’s 50-day moving average is $83.74 per barrel, above its 200-day moving average of $83.54.
U.S. crude oil and global indexes rose to five-month highs amid heightened geopolitical tensions in the Middle East and Eastern Europe. OPEC member Iran accused Israel of attacking its consulate in Damascus this week and vowed to retaliate.
— Spencer Kimball
Friday, April 5 2024 12:00 PM EDT
All S&P 500 sectors rise as benchmark index rebounds
S&P 500 sectors rose on Friday, with the composite index showing some gains. However, most are still on pace to end the week with significant losses.
All 11 sectors trended higher this session, with communications services and information technology stocks leading the way. Overall, the index rose more than 1% in Friday trading.
Despite Friday’s big gains, only two of the 11 sectors are on pace to end the week higher. These sectors were energy and communications services, which rose more than 3% and 2%, respectively.
Meanwhile, real estate and health care were the biggest decliners this week, falling about 3% each. The index is expected to end the week down 0.9%.
— Alex Harring
Friday, April 5, 2024 8:44 EDT
U.S. adds 303,000 jobs in March, more than expected
A Nugget Market “Now Hiring” sign is posted on the side of a Golden Gate Transit bus on July 7, 2021 in San Rafael, California.
Justin Sullivan | Getty Images
Nonfarm payrolls for March were stronger than expected Friday morning, another sign of the resilience of the U.S. labor market.
The U.S. economy added 303,000 jobs last month, more than the 200,000 expected by economists polled by Dow Jones. The unemployment rate was 3.8%.
Average hourly wages rose 0.3% in March and 4.1% over the past year. The average working hours per week amounted to 34.4 hours.
— Jesse Pound
