Home Business Asia markets fall with focus on electric car makers’ stocks

Asia markets fall with focus on electric car makers’ stocks

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42 minutes ago

China’s service sector activity expanded at the fastest pace since December

China’s service sector activity expanded at its fastest pace since December, according to surveys by Caixin.

China’s services PMI rose to 52.7 in March, compared to 52.5 in February. This also marks the 15th consecutive month of expansion in this sector.

The report noted that this was due to a rise in new business in the sector, with anecdotal evidence revealing that “improvements in underlying demand conditions and business development efforts helped fuel the increase in new business.”

– Lim Hui Ji

39 minutes ago

TSMC evacuates factory areas after the earthquake that struck Taiwan

The Taiwan Semiconductor Manufacturing Company logo is displayed on a screen on the floor of the New York Stock Exchange on September 26, 2023.

Brendan McDiarmid | Reuters

Taiwan Semiconductor Manufacturing Company evacuated production lines after a strong earthquake struck Taiwan early Wednesday.

A company spokesman said that the safety systems were operating normally.

“To ensure the safety of employees, some factories have been evacuated in accordance with company procedures,” this person said.

TSMC shares fell 1.5% in early trading, while the broader Taiwan-weighted index fell 0.9%.

– Shreyashi Sanyal

one hour ago

Uniqlo owner Fast Retailing fell 4% to a two-week low

Shares of Fast Retailing fell to a two-week low, falling more than 4%, after the company revealed that same-store sales at Uniqlo stores in Japan fell in March. The company is the largest component of the Nikkei 225 index.

The company saw five stores open in March locally, but eight stores closed.

Same-store sales, including online sales, fell 1.5% year over year, while total sales in March rose 1%.

Fast Retailing explained that the sales contraction was due to sales of spring items struggling to gain traction, due to “persistent cold weather throughout the month”. [in Japan]”.

one hour ago

Country Garden’s sales fell more than 80% in March

3 hours ago

CNBC Pro: Are you afraid of Reddit or Truth Social? Here’s another way to profit from meme stocks

From the GameStop frenzy of 2021 to the recent surge in Reddit and Truth Social stocks, many investors likely have a fear of missing out (FOMO) on these seemingly lucrative opportunities.

However, for investors who cannot bear the risks associated with meme stocks, there are less volatile ways to profit from the trading phenomenon, the investor says. According to Hannah Gooch-Peters, global equity investment analyst at Sanlam Investments.

CNBC Pro subscribers can read more about these stocks here.

– Ganesh Rao

3 hours ago

CNBC Pro: ‘A great market’: Strategist names one under-the-radar stock to play in Japan right now

Many investors have been looking favorably on Japanese stocks in the past few months – and market strategist Matt Orton is no exception.

“Japan overall has been a great market…Japan has been the best performer within the Asian stock market complex,” chief market strategist at asset manager Raymond James Asset Management told CNBC’s “Squawk Box Asia” on April 1.

His lesser-known name stands out as a good play right now.

CNBC Pro subscribers can read more here.

– Amala Balakrishner

8 hours ago

The Fed’s Mary Daly still expects three interest rate cuts in 2024

Mary Daly, president of the Federal Reserve Bank of San Francisco, speaks during an event at the Brookings Institution in Washington, D.C., on July 10, 2023.

Haiyun Jiang | Bloomberg | Getty Images

San Francisco Federal Reserve President Mary Daly said Tuesday that she still expects three interest rate cuts this year, although that is not certain.

“I think that’s a very reasonable baseline but I would say here that this is just an expectation, right?” Daly said during a panel discussion in Las Vegas. “Three interest rate cuts are expectations, expectations are not a promise.”

Daly, a voter this year on the Federal Open Market Committee that sets interest rates, also indicated she was not swayed either way by a report released Monday that showed the manufacturing sector expanded in March for the first time in 16 months. Instead, she said she and her fellow policymakers look at a broad range of indicators.

“There is a path in my mind where interest rates start to adjust this year. But we’re not there yet,” she said.

– Jeff Cox

9 hours ago

The Energy ETF is at its highest point in nearly 10 years

See chart…

Shares Global Energy ETF

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