Reported 2 months ago
Members of the disbanded Thai opposition party, Move Forward, announced plans to create a new political party to challenge the established conservative forces after a court ruling dissolved their previous organization. The new group vows to participate in elections until they can change the political landscape in Thailand, stating that they aim to break the cycle of party dissolutions that threaten democracy. Despite legal challenges and allegations surrounding their previous actions, they intend to uphold a reformist agenda focusing on socio-economic equity.
Source: YAHOO
Reported 2 months ago
Infineon Technologies has inaugurated a major semiconductor manufacturing complex in Malaysia with an investment of $8 billion, which is expected to significantly bolster the country's role in the global chip supply chain. The new facility in Kulim will focus on producing power semiconductors essential for decarbonization across various sectors and is projected to create around 4,000 jobs. Malaysian Prime Minister Anwar Ibrahim emphasized the importance of local talent training to support the growing chip sector and attract further investments amid geopolitical shifts in the semiconductor landscape.
Source: YAHOO
Reported 2 months ago
Investors in consumer-goods firms are facing challenges as post-pandemic spending declines and cost-sensitive shoppers begin to diminish corporate pricing power. With profit warnings across various sectors, including luxury goods and food, concerns grow over potential economic slowdowns. Companies are adjusting to a shift in consumer behavior, with many lowering prices and revising earnings guidance due to weakened demand, particularly in the U.S. market. As luxury brands react to changing consumer sentiments, stock selection has become increasingly critical for investors.
Source: YAHOO
Reported 2 months ago
MG Motor has announced plans to build a manufacturing plant and research and development center in Mexico, aiming to create vehicles and gather market intelligence specific to Latin America. This initiative aligns MG with other electric vehicle manufacturers like BYD and Tesla, with the goal of expanding operations in the region, although details about investment and timelines have not been disclosed.
Source: YAHOO
Reported 2 months ago
In response to recent electric vehicle (EV) fires, including a significant incident involving a Mercedes-Benz sedan, South Korea's environment ministry will hold an emergency meeting to address safety concerns and draft prevention measures. The country plans to require EV manufacturers to disclose battery brands, aiming to restore consumer confidence in EV safety amidst declining sales. The government will announce comprehensive measures early next month, as the transport ministry is already exploring more stringent regulations.
Source: YAHOO
Reported 2 months ago
Shiseido's shares fell the maximum allowed limit on Thursday after the company reported a midyear operating loss of 2.7 billion yen, largely due to restructuring costs and diminished consumer demand in China. The beauty giant joins a list of luxury brands facing challenges from slowing growth in China. While domestic sales in Japan remain strong, the overall outlook is marred by the declining Chinese market.
Source: YAHOO
Reported 2 months ago
The Philippines experienced a GDP growth of 6.3% in Q2 2024, hinting at potential for even stronger expansion if borrowing costs decreased to boost consumer spending. However, high inflation and interest rates have limited the growth's impact on Filipinos. Secretary Arsenio Balisacan noted that previous GDP growth could have been higher without these costs. Consumption is a major contributor to GDP but showed slower growth, prompting discussions on the central bank possibly lowering interest rates to foster better economic conditions. The peso and stocks reflected optimism following the growth report.
Source: YAHOO
Reported 2 months ago
Major cryptocurrencies saw an upward trend as Ripple Labs Inc. was ordered to pay a $125 million penalty, a decision interpreted as a legal win against the SEC. Bitcoin surged over 4.5% to exceed $57,600, while Ether climbed nearly 5%. Despite this rebound, both cryptocurrencies remain below their previous week's levels due to heightened market concerns stemming from global economic issues and tensions in the Middle East.
Source: YAHOO
Reported 2 months ago
Source: INVESTORS
Reported 2 months ago
Japanese stocks dropped, ending a two-day rally, due to a strengthening yen and a decline in US shares. The Nikkei 225 stock average fell 0.7% while the Topix slid 1.1%, with technology firms like Hitachi affected by the drop in the Nasdaq 100. Exporters faced challenges as the yen gained 0.4% against the dollar, and bank stocks declined following a fall in long-term yields. Analysts note that the Nikkei appears to be reacting more closely to US market fluctuations.
Source: YAHOO
Reported 2 months ago
Oil prices stabilized after a significant increase, as markets remain cautious about potential Iranian retaliation against Israel over recent assassinations of Hamas and Hezbollah leaders. Brent futures are trading near $79 a barrel, while West Texas Intermediate is above $75. Though geopolitical tensions are heightened, comments from Iran's president suggest a possible diplomatic resolution. However, supply risks persist, particularly with a halt in Libyan oil production, while U.S. crude stockpiles have reached their lowest levels since February.
Source: YAHOO
Reported 2 months ago
China's jet fuel demand is recovering with a 14% increase in air traffic compared to pre-pandemic levels, providing much-needed support to refiners facing declining gasoline and diesel consumption. Despite an overall sluggish economic environment and a shift towards gas vehicles impacting traditional fuel demand, jet fuel output from state-owned and private refiners is rising as they seek to capitalize on improved margins. Analysts predict that jet fuel demand may average 960,000 barrels daily in 2024, which is only slightly below levels seen in 2019.
Source: YAHOO
Reported 2 months ago
China's steel sector is experiencing significant difficulties as a prolonged slump in the property market reduces demand for steel, leading to falling prices and dwindling profits. With a projected 10% decrease in demand from the construction sector and no immediate government relief in sight, the industry's outlook remains grim. Analysts indicate that without new stimulus measures, the steel market will continue to struggle, which could have global repercussions as China's steel exports increase.
Source: YAHOO
Reported 2 months ago
The Governor of the Reserve Bank of Australia, Michele Bullock, confirmed that the bank is alert to inflation risks and will not hesitate to increase interest rates if necessary. In her recent speech, she emphasized that maintaining inflation control is essential despite public reluctance to hear about potential rate hikes. This stance comes as the RBA keeps its cash rate at a 12-year high while facing pressure from domestic demand contributing to rising prices.
Source: YAHOO
Reported 2 months ago
A summary of the Bank of Japan's July 31 meeting indicates that officials do not view the recent interest rate increase as a tightening of monetary policy, emphasizing it was a gradual adjustment in response to inflation. The central bank raised its benchmark rate to 0.25% and plans to reduce monthly bond purchases, while underscoring that real interest rates remain below neutral levels. Although the move stirred market volatility, the BOJ is committed to carefully assessing economic indicators amid ongoing fragility.
Source: YAHOO
Reported 2 months ago
Indonesia's rupiah has strengthened past the critical threshold of 16,000 per dollar for the first time since May, supported by a weakening dollar and efforts from officials to reassure investors regarding fiscal policies. The currency rose by 0.6%, bolstered by strong economic growth and healthy foreign reserves, despite past concerns about fiscal deficits. Analysts suggest continued vigilance is needed due to potential geopolitical tensions and upcoming U.S. election developments.
Source: YAHOO
Reported 2 months ago
Brian Kim, the founder of Kakao Corp, has been indicted by South Korean prosecutors on charges of stock manipulation concerning his company's bid for SM Entertainment. The case has drawn significant attention in South Korea, marking Kim as a major figure in a corporate scandal reminiscent of past high-profile investigations. Following Kim's arrest in July, his involvement in alleged efforts to inflate SM's stock during a takeover attempt is under scrutiny, potentially impacting Kakao's extensive business empire.
Source: YAHOO
Reported 2 months ago
In a volatile week for Asian stock markets, technology stocks, particularly in Japan and Taiwan, faced significant declines, contributing to a broader selloff. The Nikkei index dropped 2.8% for the week after experiencing a major plunge, while the yen gained value as investors turned to safer assets. Despite some gains in Hong Kong's Hang Seng index, overall market sentiment remains cautious amid mixed signals regarding interest rate policies from the Bank of Japan and anticipation surrounding U.S. economic indicators.
Source: YAHOO
Reported 2 months ago
In the wake of a disappointing July jobs report, Morgan Stanley analysts and other experts are revising their expectations for Federal Reserve interest rate cuts. The report revealed only a 114,000 increase in non-farm payrolls, well below the anticipated 175,000, and an increase in the unemployment rate to 4.3%. As a result, the likelihood of a 50-basis-point rate cut in September has surged to 69%, with expectations for a total of 125 basis points in reductions by year-end. Despite some concerns, analysts believe a soft landing for the economy is still possible but will require careful navigation by the Fed.
Source: YAHOO
Reported 2 months ago
Source: BARRONS
Reported 2 months ago
Source: WSJ
Reported 2 months ago
Asian equities are expected to drop following a weak US Treasury auction that negatively influenced Wall Street sentiment. Key futures contracts for Japan, Australia, and Hong Kong have declined, reflecting concerns over economic slowdown and high interest rates. Meanwhile, the yen continues to stabilize after notable fluctuations, while oil prices rise amid geopolitical tensions.
Source: YAHOO
Reported 2 months ago
Banco do Brasil, one of Latin America's largest banks, announced an 8.2% year-on-year increase in its adjusted net profit for the second quarter, totaling 9.50 billion reais ($1.69 billion). The bank's return on equity rose to 21.6%, and its total loan book reached 1.18 trillion reais, despite a slight increase in delinquency rates. Additionally, Banco do Brasil revised its growth forecast for net interest income for 2024 upwards.
Source: YAHOO
Reported 2 months ago
Monster Beverage's second-quarter sales fell short of expectations as a cautious consumer base reduces spending on its premium energy drinks due to rising essential costs. The company's net sales amounted to $1.90 billion, significantly lower than the forecasted $2.01 billion. In response, Monster plans to increase prices on its core products by approximately 5% starting November 1. Shares dropped about 10% following the announcement.
Source: YAHOO
Reported 2 months ago
Shares of Luminar Technologies plummeted by 37.4% after the company reported second-quarter earnings that fell short of expectations, with a loss per share of $0.18 and revenues of $16.45 million, missing analyst forecasts. Additionally, Luminar's future guidance indicated only modest sales growth, which stirred investor concerns about the company's slow scaling and reduced profit margins.
Source: YAHOO