Reported 26 days ago
Source: BARRONS
Reported 26 days ago
STMicroelectronics has reduced its revenue outlook for the third time this year, now expecting $13.27 billion, as weak demand from industrial clients persists. The company is focusing on growth opportunities in the Chinese market, particularly in the EV sector, despite losing market share. Additionally, STMicroelectronics aims to capitalize on artificial intelligence applications with advanced silicon carbide chips to power AI processors.
Source: YAHOO
Reported 26 days ago
Sabadell's third-quarter net profit rose 8% year-on-year to 503 million euros, exceeding analyst expectations despite challenges in lending income due to lower interest rates. The Spanish bank's performance was bolstered by reduced provisions and a recovery in its UK unit, TSB. Additionally, Sabadell announced the appointment of a new finance chief as it continues to fend off a takeover attempt by BBVA, asserting that the offer undervalues the bank's growth potential.
Source: YAHOO
Reported 26 days ago
Toyota Motor and Nippon Telegraph and Telephone (NTT) are set to invest approximately 500 billion yen ($3.3 billion) by 2030 to develop an AI-driven platform aimed at enhancing driver assistance technologies and reducing traffic accidents. This initiative, which targets the completion of a mobility AI platform by 2028, comes as Japanese automakers increase efforts to compete in the autonomous driving sector, especially against Tesla and Chinese companies. The joint venture aims to create systems that can address urban visibility issues, support automated driving, and facilitate highway merging, with aspirations of wide adoption by 2030.
Source: YAHOO
Reported 26 days ago
The Bank of Japan decided to keep its benchmark interest rate unchanged, highlighting its commitment to achieving inflation targets and suggesting the possibility of future rate hikes. Despite various economic uncertainties, including the upcoming US presidential election, the central bank remains focused on maintaining a strategy that may lead to rate increases in December or January, as wage growth and price trends steadily point toward inflationary pressures.
Source: YAHOO
Reported 26 days ago
A South Korean court has granted bail to Kakao founder Kim Beom-su, who was arrested earlier this year for alleged stock manipulation during the acquisition of a K-Pop agency. Kim denies the accusations, maintaining he did not authorize any illegal activities. This decision comes as Kakao continues to improve its corporate governance following last year's legal proceedings involving the company.
Source: YAHOO
Reported 26 days ago
Australia's largest banks are expected to announce lower annual earnings next week, as intense competition in lending and increasing deposit costs challenge profits, despite possible gains from mortgage revenues. The sector has seen a notable share price increase since late 2023, but rising costs due to depositors shifting to higher-yielding savings and borrowers facing difficulties with high interest rate loans present headwinds. Analysts predict significant drops in annual cash profits for major banks like Westpac, NAB, and ANZ, while Commonwealth Bank's profit is projected to rise slightly.
Source: YAHOO
Reported 26 days ago
After Hong Kong's first successful de-SPAC listing with Synagistics Ltd., the future of SPAC deals in the region remains precarious. Despite the company's share prices soaring initially, regulatory hurdles and stricter local requirements hinder progress for the other 13 special purpose acquisition companies (SPACs) seeking listings. Challenges include demands for private investments prior to deals and the need for approvals from China's securities regulator, contributing to a stagnant market environment for SPAC activities.
Source: YAHOO
Reported 26 days ago
Shares of Elcid Investments Ltd., a lesser-known Indian financial services firm, skyrocketed by 70,000% following a regulatory adjustment by the Securities and Exchange Board of India that allowed for special price discovery of thinly-traded companies. The stock surged from 3.53 rupees to 161,023 rupees, marking the largest single-day gain for any stock in India. Despite the remarkable increase, Elcid's shares still fall below their book value per share as of March 31, raising questions about liquidity and future trading dynamics.
Source: YAHOO
Reported 26 days ago
Following the UK's highly anticipated budget, investors are assessing the implications for the gilt market, noting a significant rise in government borrowing and optimistic growth forecasts despite high inflation. Chancellor Rachel Reeves' communication was viewed positively, avoiding chaos seen in past budgets. Analysts advise caution based on the ambitious growth projections, potential monetary policy shifts, and the overall economic landscape.
Source: YAHOO
Reported 26 days ago
Sumitomo Corp is gradually resuming operations at its Ambatovy nickel and cobalt project in Madagascar after a recent pipeline issue, while evaluating future production levels. The company is focused on stabilizing production, having recently produced only half the expected nickel volume. With a significant impairment loss previously recorded, Sumitomo is considering various options for the project, including potential partnerships or adjustments in operations.
Source: YAHOO
Reported 26 days ago
Hyundai Motor Co. has introduced its latest hydrogen-powered vehicle, Initium, which is set to launch in early 2025 as part of the company's commitment to clean energy solutions. With a driving range exceeding 650 kilometers on a single refuel and the ability to supply household electricity, the Initium aims to tackle the challenges of hydrogen vehicle adoption. Despite current market hurdles and declining overall sales, Hyundai plans to invest $4 billion over the next decade to advance its hydrogen strategy, hoping to achieve carbon neutrality by 2045.
Source: YAHOO
Reported 26 days ago
India's NSE Nifty 50 Index experienced its largest monthly decline since March 2020, dropping 6.2% in October, primarily due to significant selling by foreign investors who have offloaded over $10 billion in Indian equities. This downturn follows a period of elevated valuations and lackluster corporate earnings, raising concerns about continued foreign sell-offs impacting the market's near-term performance.
Source: YAHOO
Reported 26 days ago
Protests have erupted across Argentina's public universities in response to President Javier Milei's veto of a budget increase that would address soaring inflation impacting educators' salaries. With inflation exceeding 200% and teachers demanding higher pay, the demonstrations have united various sectors of society discontent with ongoing austerity measures. Many view Milei’s actions as a direct attack on the country’s tradition of free public education, sparking the largest demonstrations since his administration started nearly a year ago.
Source: YAHOO
Reported 26 days ago
China's economy is showing signs of stabilization following the government's significant stimulus measures, although the upcoming US election introduces uncertainty. The manufacturing PMI exceeded forecasts in October, indicating growth after months of contraction. Despite this promising start to Q4, concerns remain about external demand and potential trade tensions if former President Trump returns to power, as he has threatened to impose high tariffs on Chinese exports.
Source: YAHOO
Reported 26 days ago
In Zaporizhzhia, Ukraine, classes are being conducted in newly constructed underground schools designed to protect against the constant threat of bombings and nearby nuclear risks from the Zaporizhzhia nuclear power plant. With a history of missile strikes and fears of radiation, twelve subterranean schools aim to provide education for 12,000 students, funded mainly by international donors. Despite these advancements, parents express a more immediate fear of bomb threats compared to radiation concerns, as the war continues to impact normal school operations.
Source: YAHOO
Reported 26 days ago
Chinese planemaker COMAC has opened a new office in Hong Kong as part of its strategy to enter the global passenger jet market. This follows the opening of its Asia-Pacific office in Singapore. Despite its planes mostly flying within China, COMAC signed a maintenance deal with Hong Kong-based HAECO to support international operations for its C919 aircraft. The company aims to compete with Boeing and Airbus while seeking crucial certifications from international regulators.
Source: YAHOO
Reported 26 days ago
In October, China's manufacturing sector showed its first expansion in six months, with the purchasing managers' index (PMI) rising to 50.1, indicating a positive response to recent fiscal stimulus measures. The non-manufacturing PMI also increased to 50.2, signaling a rebound in services and construction. This follows a government effort to enhance economic growth amid a downturn in the property market and consumer confidence. Indicators suggest that confidence is improving, with retail sales and factory outputs exceeding expectations, hinting at a gradual recovery in domestic demand.
Source: YAHOO
Reported 26 days ago
In October, China's non-manufacturing activity showed signs of growth as the official purchasing managers' index (PMI) increased to 50.2 from 50.0 in September, indicating a return to expansion for the sector. While this provides some optimism for policymakers, other economic indicators suggest that a full recovery for the world's second-largest economy is still uncertain.
Source: YAHOO
Reported 27 days ago
The US has confirmed its first case of H5N1 bird flu in a pig on a backyard farm in Oregon, alarming health officials as pigs are known to be potential bridges for the virus to infect humans. This development follows ongoing concerns about H5N1’s spread among birds and livestock, prompting quarantine measures on the farm. While the infected pig showed no symptoms, experts stress the need for vigilance due to the potential for the virus to change and increase its threat to human health.
Source: YAHOO
Reported 27 days ago
Japan's factory output rose by 1.4% in September, surpassing expectations due to a recovery in car production, despite being down 2.8% year-on-year. Retail sales also fell 2.3% from August, reflecting ongoing economic challenges. Analysts note that uncertainties in overseas markets, particularly in China, could impact future production. As the government plans a larger economic stimulus and the Bank of Japan monitors inflation closely, the overall economic outlook remains cautious.
Source: YAHOO
Reported 27 days ago
Oil prices continued to rise as reports emerged that Iran may be planning a significant retaliatory strike on Israel through allied militias in Iraq, raising concerns about potential supply disruptions in the Middle East. West Texas Intermediate climbed above $70 a barrel and Brent surpassed $74, amid renewed geopolitical tensions following an Israeli airstrike on Hezbollah targets. While US crude output reached a record high, recent declines in US inventories added to the market's volatility. Traders remain cautious with key events like US elections and OPEC+ decisions approaching.
Source: YAHOO
Reported 27 days ago
Gold prices reached a record high of $2,790.10 before retreating by 2% to $2,731.65 as investors sold off to secure profits. This volatility follows strong U.S. economic data suggesting a cautious approach to interest rate cuts, which typically supports gold prices. With inflation at 2.1% and ongoing geopolitical tensions, gold remains a safe haven amid uncertainties in the approaching presidential election.
Source: YAHOO
Reported 27 days ago
Oil prices increased by over $2 a barrel on reports of Iran preparing an attack on Israel from Iraq, spurred by heightened tensions and U.S. presidential elections approaching. WTI and Brent crude futures saw significant gains as markets reacted to both geopolitical unrest and indications of a possible delay in OPEC+ oil output increases. Analysts warn that the situation could lead to volatility in the oil market in early November.
Source: YAHOO
Reported 27 days ago
Asian investment-grade dollar bond spreads have reached a record low of 74.6 basis points following extensive monetary and fiscal stimulus measures in China, enhancing the appeal of the region’s debt. While spreads on Chinese bonds tightened considerably, the overall trend reflects a global decline in risk premiums as central banks, notably in the US and China, adopt supportive policies to bolster growth. Despite potential volatility from upcoming US elections, analysts expect tight spreads to persist, benefiting from lower supply and stronger investor demand.
Source: YAHOO