2 hours ago
China's state banks step in to stem yuan slide: Portal
China's state-owned banks stepped in to sell dollars on Tuesday to stem the yuan's decline following a cut in the country's key five-year lending rate, according to a Portal report citing sources familiar with the matter.
The country's state banks exchanged yuan for dollars on the onshore swap market before selling the greenbacks on the spot market to arrest the yuan's decline, the report said.
The yuan was trading at 7.198 against the dollar on the spot market.
—Portal
4 hours ago
Mining giant BHP's half-year profit beats expectations
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BHP shares in the last 3 months
However, BHP's net profit fell 86% year-on-year during the period, mainly due to a fall in nickel prices as a result of oversupply in the market.
BHP shares fell 1.35%.
–Lee Ying Shan
5 hours ago
Australia's Star Entertainment plunges to record low after second casino investigation
6 hours ago
China is boosting real estate financing with the first cut in key lending rates since June
China's central bank cut the key interest rate on five-year loans for the first time since June, but left the one-year maturity unchanged.
China's central bank left its key one-year lending rate – the peg for most household and corporate loans in China – unchanged at 3.45%. The interest rate on five-year loans – the rate set for most mortgages – was cut by 25 basis points to 3.95%, according to a statement from the People's Bank of China on Tuesday.
“I think this time the cut is 25 basis points from my perspective [is] “Definitely a very positive sign,” said William Ma, chief investment officer at Grow Investment Group, adding that the government and regulators show banks are doing well financially.
– Clement Tan, Lee Ying Shan
6 hours ago
Oil prices are mixed after the Houthi missile attack caused the crew to abandon ship
Oil prices were mixed after the Iran-backed Houthi militia damaged a ship off the coast of Yemen on Sunday, prompting the crew to abandon the vessel amid an escalation in maritime tensions affecting key trade routes in the Red interrupted by the sea.
Global benchmark Brent crude traded 0.19% lower at $83.4 a barrel, while U.S. West Texas Intermediate futures were 0.33% higher at $79.45 a barrel.
Broader commodity markets have so far appeared to be “shrugging off” the Red Sea attacks, Oxford Economics wrote in a note following the attack’s aftermath.
“Commodity markets have had little reaction to the Red Sea attacks and we expect the impact on prices to be minimal,” it said. However, it was highlighted that the “most vulnerable” product was kerosene, as a high proportion of the product was transported through the Red Sea.
–Lee Ying Shan
7 hours ago
The RBA says it will take “some time” for inflation to return to its target given the rate hikes
According to minutes from its board meeting earlier this month, the Reserve Bank of Australia said it would take “some time” for inflation to return to its target level before the central bank could rule out another rate hike.
“Members noted that it would take some time before they could have sufficient confidence that inflation would return to target within a reasonable time frame,” the minutes said, adding that members also considered whether the key interest rate target should be raised by a further 25 basis points.
The RBA has kept interest rates stable in its recent decision.
–Lee Ying Shan
7 hours ago
CNBC Pro: Morningstar Strategist Names 3 Under-the-Radar Picks for the Current Stock Picker Market
Stock markets have had a good start to the year, with the S&P 500 crossing the 5,000 mark last month. However, ongoing political tensions and uncertainty over when the Federal Reserve will cut interest rates have raised questions about which sectors will perform strongly – leading a number of market participants to say 2024 is the year of stock picking .
Morningstar chief market strategist David Sekera agrees. He said it was “always a stock picking market” but that it was even more relevant this year.
He also named three stocks that he's currently paying little attention to.
CNBC Pro subscribers can read more here.
—Amala Balakrishner
8 hours ago
Xpeng plans to hire 4,000 people and invest in AI as CEO warns of intense EV rivalry
According to the company's CEO He Xiaopeng, Xpeng plans to hire 4,000 new employees and invest in artificial intelligence technology.
He also warned of intense competition in the electric vehicle space that could end in a “bloodbath.”
In a letter to employees on Sunday, he said the company would invest a total of 3.5 billion Chinese yuan ($486.2 million) in research and development of artificial intelligence technologies with a focus on “intelligent driving.”
—Arjun Kharpal
15 hours ago
Europe stocks close higher
European stocks rose on Monday, with the Stoxx 600 index gaining 0.17% after gaining 1.4% last week.
Britain's FTSE 100 rose 0.22%, while France's CAC 40 was flat and Germany's DAX fell 0.15%.
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Stoxx 600 index.
7 hours ago
CNBC Pro: 'Hidden Gems': UBS Names 5 Global Small-Cap Stocks – One Up 77%
9 hours ago
S&P 500 and Dow futures are almost unchanged
Futures on the S&P 500 and Dow Jones were little changed shortly after 6 p.m. ET on Monday evening. Nasdaq 100 futures edged up 0.2%.
—Alex Harring