24 minutes ago
Japan’s Nikkei Stock Average leads losses in Asia, dragged down by electronics stocks
Japan’s benchmark Nikkei Stock Average fell as much as 3%, dragged down mainly by electronics and manufacturing stocks.
The biggest decliner on the Nikkei average was semiconductor equipment supplier Lasertec, which fell 7.5%.
The list of losers also included Tokyo Electron and Screen Holdings, which also fell more than 7%.
1 hour ago
Japan’s headline inflation rate fell to 2.7% in March, core inflation rate stable at 2.6%
Japan’s headline inflation rate was 2.7% in March, slowing from the 2.8% recorded in February.
The country’s core inflation rate was 2.6%, in line with economists polled by Reuters and down from 2.8% in February.
The so-called “core-core” inflation measure used by the Bank of Japan went from 3.2% to 2.9%, falling below 3% for the first time since November 2022.
— Lim Huijie
2 hours ago
CNBC Pro: Pros list the top 8 stocks to buy as India heads to polls
2 hours ago
CNBC Pro: Here are 6 stocks to rise when Nvidia stock falls
6 hours ago
Strategas says the S&P 500 is “slightly oversold”
Chris Verrone, head of technical and macro research at Strategas, said the recent decline in stocks has heightened some oversold signals.
He said in a note Thursday that the stock is currently trading about 30% above its 50-day moving average and is closer to the 20% range that is “worth targeting in an uptrend.”
“Yesterday’s pop-in put/call ratio and recent increase in ‘short’ S&PETF volume caught our attention as price trends begin to influence action,” Bellone said.
Indeed, market leadership is ultimately more important, he noted. Despite the rise in interest rates, utilities in particular are starting to recover, which Verrone believes is worth keeping an eye on.
“The more important question we have in mind is what character the leadership will take on if there is a backlash, and whether the pro-cyclical tone that has been so dominant for much of the last six months resumes. “Discretionary vs. Staples is solid but borderline oversold…It’s important to be proactive in the coming weeks,” Verrone said.
— Ha-Kyung Kim
6 hours ago
MRB Partners expects inflation to remain high above Fed’s 2% target
According to MRB Partners, Wall Street may be wrong to expect the recent rise in inflation to be an anomaly rather than a more worrying long-term trend.
“The recent rise in inflation is unusual and the general consensus is that inflation will return to pre-pandemic lows going forward,” the company said on Wednesday. “The last three CPI reports support the MRB’s view that the consensus is wrong.”
Instead, inflation is likely to remain at a clip of 3% to 4%, according to the MRB. The Fed’s recommended inflation measure, the Personal Consumption Expenditure Index, will also “accelerate again in the second half of this year,” the company said.
“Unlike the Fed and the consensus, we ultimately believe that economic growth is very important to inflation,” the independent research firm said.
— Brian Evans
8 hours ago
Mining stocks rise ahead of Bitcoin halving
Bitcoin mining stocks rose on Thursday ahead of an impending “halving” event in which major revenues will be cut in half, estimated to occur in the coming days.
Marathon Digital rose 7%, Riot Platforms rose more than 4% and Iris Energy rose 8%. CleanSpark, one of the few miners still active this year, is up 13%.
Many listed miners are preparing for this by placing bulk purchase orders for new mining equipment and increasing their hashrate by increasing their power capacity. Nevertheless, uncertainty ahead of the halving has weighed on mining stocks, most of which are down double digits since the start of the year.
While most public crypto miners are poised to weather the supply shock of the Bitcoin halving, JPMorgan has named its top picks. For more information, read the full article here.
— Tanaya Machel
