39 minutes ago
China’s real estate sector needs more government support as the crisis worsens
Analysts say China’s real estate market, which accounts for a significant portion of the country’s economy, needs more government support to prevent further deterioration.
Existing home prices fell in October by the most since 2014, while outstanding home loans fell for the first time in history, Larry Hu, chief economist at Macquarie, said in a note on Friday.
This indicates increased stress on both the demand and supply sides.
So far, policy has focused on stimulating demand. However, according to a Macquarie report, the government has “failed to address the most important issue: credit risk associated with developers.”
Read the whole story here.
An hour ago
Sunac shares rise as Chinese property developer says it has met restructuring conditions
Shares in Sunac rose sharply on Tuesday after the troubled Chinese real estate developer said it had begun implementing plans to restructure its debt after meeting restructuring conditions.
Sunac’s Hong Kong-listed shares rose 18% to HK$2.75, their highest level in two months.
The restructuring involves a full repayment and discharge of Sunac’s existing debt in exchange for the issuance of new bonds.
Read the whole story here.
4 hours ago
Asian chip stocks post gains after tech rally on Wall Street
Asian chip stocks rose on Monday following a technology-driven rally on Wall Street led by Microsoft and Nvidia.
Taiwan Semiconductor Manufacturing Corporation shares rose 1.39%, outpacing Taiex’s 1.01% gain.
Hon Hai Precision Industry, known internationally as Foxconn, rose 0.5%.
Separately, South Korean company Samsung Electronics, which also supplies chips for some of its graphics cards to Nvidia, saw its share price rise slightly by 0.69%.
6 hours ago
CNBC Pro: Cash is a “missed opportunity” right now, says one pro – here’s where to invest instead
Ongoing uncertainty in financial markets and high interest rates around the world have increased the appeal of holding on to cash – but one stock expert says it may not be the best idea.
“We’re at a point where cash deposits, or money in cash and money market funds, are at an all-time high – many investors say, maybe….” [U.S. Federal Reserve] peaks or will cut rates, so I should keep my money in cash – but I think that would be a missed opportunity,” Andy Budden, equity investment director at financial services firm Capital Group, told CNBC Pro.
Instead, he said it was time to “have a little courage” and revealed his favorite areas to invest.
CNBC Pro subscribers can read more here.
6 hours ago
South Korean producer prices are falling after two consecutive months of acceleration
South Korea’s producer price index rose 0.8% year-on-year in October, a slower rate of increase from the 1.3% growth in the previous month.
On a monthly basis, producer prices fell 0.1%, the first time in three months that the producer price index fell from the previous month. The decline was due to a 5.5% decline in prices for agricultural, forestry and marine products.
The PPI measures monthly fluctuations in the prices of goods shipped by industrial producers in the domestic market.
—Lim Hui Jie
6 hours ago
CNBC Pro: The fund manager reveals the under-the-radar global automation stock he prefers to its U.S. rivals
It’s been a big year for Big Tech, with US favorites Nvidia and Meta Platforms among stocks surging in 2023.
But for those investors worried they’ve missed the boat, portfolio manager Karen Kharmandarian has an under-the-radar global technology pick.
“This company would be one that we would choose over US companies when it comes to machine vision systems,” the senior portfolio manager at Thematics Asset Management told CNBC Pro.
11 hours ago
Microsoft shares hit an all-time high on Monday
Microsoft is trading at record levels since its initial public offering in March 1986, hitting an all-time high of $378.81 on Monday. Shares rose 2.3%.
The moves were spurred by Microsoft’s announcement that former OpenAI CEO Sam Altman and President and Chief Executive Greg Brockman will join the major tech giant to lead a new artificial intelligence research team. Analysts and investors saw this as a positive catalyst for Microsoft’s AI story in the long term.
11 hours ago
Nvidia stock hits all-time high ahead of earnings report release
Nvidia shares rose more than 2% during Monday’s session, trading at their most expensive level ever.
Monday’s record-breaking rise comes as investors prepare for the chipmaker’s earnings report, expected after the market close on Tuesday. Analysts polled by FactSet expect the company to report third-quarter revenue of $16.19 billion and earnings per share of $3.37.
The peak comes during a banner year for the stock, with shares up more than 240% since the start of 2023.
Nvidia shares hit all-time high
10 hours ago
Oil prices rise more than 2% as the market expects OPEC cuts
Oil prices rose more than 2% on Monday on expectations that the Organization of the Petroleum Exporting Countries could impose another production cut this weekend.
The global benchmark Brent crude oil contract for January rose $1.71, or 2.12%, to close at $82.32 a barrel, while the West Texas Intermediate contract for December rose $1.71, or 2.25% rose and settled at USD 77.60 per barrel.
After a rapid sell-off late last week due to supply and demand concerns, oil prices have now risen for the second straight day.
Traders are now waiting to see whether OPEC and its allies will make further production cuts in response to the drop in oil prices at a meeting on Sunday.
14 hours ago
Dow, S&P 500 heading for best month since October 2022
The S&P 500 and Dow Jones Industrial Average rose 8.01% and 6.05%, respectively, in November. The two major averages are on track for their best monthly performance since October 2022, as the broad market index gained about 8% while the 30-stock Dow gained 13.95%.
Meanwhile, the Nasdaq Composite is heading for its best month since January, rising 1.67%.
– Hakyung Kim