3 hours ago
European stocks open lower
European stocks opened slightly higher on Wednesday, with the benchmark Stoxx 600 index down 0.2% at 8:15 a.m. London time.
Britain’s FTSE 100 index climbed 0.5% after ending a five-day winning streak on Thursday, while France’s CAC 40 was down 0.2% and Germany’s DAX was down 0. .5%.
5 hours ago
Nikkei 225 falls 2%, leads declines among Asian stocks
Japan’s Nikkei 225 index fell 2.1% in afternoon trading, while the broader Topix index fell 1.64%.
The benchmark Nikkei 225 index fell 8.3% from its record high reached in late March.
Investors await the Bank of Japan’s monetary policy decision on Friday. The inflation outlook will be closely watched amid a weakening yen, rising oil prices and strong wage growth.
The yen rose above 155 against the US dollar on Thursday, hitting a new 34-year low.
-Shreyashi Sanyal
9 hours ago
SK Hynix posts its first operating profit in four quarters, the stock falls almost 3%
Shares of South Korean chipmaker SK Hynix fell nearly 3%, although the company posted its highest operating profit in almost two years.
The chipmaker reported an operating profit of 2.89 trillion South Korean won ($2.1 billion) for the first quarter of 2024, a 734% year-on-year jump, with net profit of 1.92 trillion won.
Revenue for the fourth quarter was 12.43 trillion won, an all-time quarterly record.
SK Hynix explained that this was due to an increase in sales of AI server products, “supported by its leadership in AI memory technology.”
The company also added that it “believes that it has entered the phase of a clear rebound, after a prolonged slowdown.”
-Lim Hui Jie
10 hours ago
South Korea’s first-quarter GDP climbs 3.4%, fastest quarterly growth since fourth quarter of 2021
South Korea reported GDP growth of 3.4% in the first quarter, beating the 2.4% expected by economists polled by Reuters and marking its strongest quarterly growth since the fourth quarter of 2021.
On a quarterly basis, GDP grew by 1.3%, also beating Reuters expectations of 0.6%.
South Korea’s exports in the first quarter rose 0.9 percent, as exports of IT items, such as cell phones, increased. Imports contracted by 0.7%, due to lower imports of electronic equipment.
-Lim Hui Jie
12 hours ago
iCapital’s Anastasia Amoroso sees S&P 500 ending at 5,500 this year
Anastasia Amoroso, chief investment strategist at iCapital, believes there is a good chance that the S&P 500 index will reach 5,500 points by the end of the year.
The broader market index closed at 5,071.63 on Wednesday afternoon. This target would represent an 8% increase for the benchmark index.
“I think investors get another pretty attractive entry point here,” she said Wednesday afternoon on CNBC’s “Closing Bell.” Amoroso specifically highlighted semiconductor stocks for their potential for outperformance going forward.
As catalysts for an encouraging stock market backdrop, the strategist cited strong corporate profits and consumer spending, as well as a recovery in global manufacturing momentum.
—Lisa Kailai Han
12 hours ago
Stocks making the biggest moves after the bell: Meta, IBM and more
Here are the stocks moving the most during extended trading hours:
—Lisa Kailai Han
12 hours ago