
one hour ago
New Zealand’s economy expands more than expected in the second quarter
New Zealand’s gross domestic product expanded 0.9% quarter-on-quarter in the three months to June, more than the 0.5% growth economists had expected.
The figure also came after a revised growth rate of 0.0% in the first quarter, meaning the country was not in a technical recession. The previous figure announced was -0.1%.
On an annual basis, GDP rose 3.2%, higher than the previous quarter’s expansion of 2.9% and also higher than the 3.1% expected in a Reuters poll.
– Lim Hui Ji
2 hours ago
Hybe shares fell more than 4% even as all BTS members renewed their contracts
Shares of K-pop agency Hybe fell more than 4% in early trading even as the company announced that all BTS members have renewed their contracts with Bighit Music, a subsidiary of Hybe.
The stock price decline is largely in line with the decline in the broader Kospi index, which fell 1.07% on Thursday.
The seven-member boy group debuted in 2013, and they all renewed their contracts in October 2018. While the agency has not announced when the new contract will expire, South Korean media quoted Hybe’s statement saying, “All BTS members will be together after 2025.” “.
– Lim Hui Ji
2 hours ago
CNBC Pro: ‘In the relentless pursuit of eyeballs’: Analysts mark Chinese internet stocks to buy – giving 2 more than 50% upside
Many stocks are set to benefit from the “relentless pursuit of attention” in China’s internet sector, according to analysts at asset management firm AllianceBernstein.
“We are now seeing a resurgence of e-commerce-related activities on media platforms that have until now been less associated with online retail,” they said in a September 15 note.
CNBC Pro subscribers can read more here.
– Amala Balakrishner
9 hours ago
The Fed is leaving interest rates unchanged and expects another hike this year
The Federal Reserve left interest rates unchanged at the conclusion of its two-day meeting on Wednesday.
However, the central bank indicated that it still expects another increase before the end of the year and smaller cuts than previously indicated next year. The final increase, if achieved, will be the last of this cycle, according to Fed projections.
— Jeff Cox, Michelle Fox
2 hours ago
CNBC Pro: Cathie Wood is a fan of this AI company, and says the “AI revolution” will change everything
Cathie Wood says the UK-founded company is “one of the best AI companies in the world”.
The founder and CEO of Ark Invest added on Wednesday that “the AI revolution is upon us and will change everything” despite fears of a repeat of the dot-com bubble of the 1990s.
CNBC Pro subscribers can read more here.
-Weezin Tan
2 hours ago
CNBC Pro: ‘Incredibly Convincing’: Pros Love Small Stocks Right Now. Here are their top picks
Conditions are right for buying small-cap names, according to many analysts and investors.
CNBC Pro takes a look at five such stocks, including two on the “High Condemnation” list.
Subscribers can read more here.
-Weezin Tan
8 hours ago
The marked shift in interest rate markets prompts the Fed’s first rate cut in 2024
The possibility of the Fed cutting interest rates as early as 2024 is seen as increasingly unlikely, based on 30-day Fed funds futures pricing data in the Chicago Mercantile Exchange’s FedWatch tool.
One month ago, the probability that the Fed would cut a quarter percentage point to 5.0-5.25% in January was more than 21% – today it is less than 1%.
A month ago, the odds of a quarter-point cut by the March 2024 meeting were 34.2%, and the chance of a half-point cut was 10.2%. Today, pricing data shows that these odds have fallen to 9.5% and 0.1%, respectively.
-Scott Schnepper
7 hours ago
The Dow Jones joins other indexes at session lows
The Dow Jones joined the other two major indexes in trading at session lows as Federal Reserve Chairman Powell spoke. It’s been a fundamentally positive day, with the session low still putting the average blue chip stock up about 0.1% on the day.
-Alex Haring
7 hours ago
Nvidia extends month-to-date losses to 13.1% and declines from 52-week high to nearly 15%
Nvidia — the best-performing stock in the S&P 500 in 2023 — widened its month-to-date loss to 13.1% in the wake of the Federal Reserve’s signal that interest rates will stay high for longer.
Since reaching an all-time high on August 24, 2023, Nvidia shares are now down 14.7%.
In late trading on Wednesday, Nvidia had advanced 194% into 2023. At the August high, Nvidia was up 244%.
-Scott Schnepper
#Asian #markets #decline #Fed #holds #interest #rates #signals #higher #rates #longer