5 hours ago
Alibaba shares rise after Jack Ma reports a $50 million share buyback
Shares of Chinese tech giant Alibaba rose nearly 6% after founder Jack Ma reportedly bought $50 million worth of Hong Kong shares in the fourth quarter.
Citing people familiar with the matter, The New York Times reported that in addition to Ma, Alibaba Chairman Joe Tsai also bought $151 million worth of U.S.-traded Alibaba shares in the fourth quarter through his family investment vehicle Blue Pool Management.
According to a Hong Kong stock exchange filing on Jan. 2, Alibaba repurchased $9.5 billion of its Hong Kong shares during 2023, resulting in a reduction of about 3.3% in its shares.
6 hours ago
New Zealand's inflation rate hits lowest level since June 2021
New Zealand's inflation rate fell to 4.7% in the final quarter of 2023, the lowest level since the quarter ending June 2021.
The reading suggests that inflation slowed over the course of 2023 and the CPI rate fell for the fourth quarter in a row.
However, senior manager of consumer prices Nicola Growden noted that while this was the smallest annual increase in the consumer price index in more than two years, it was still above the Reserve Bank of New Zealand's inflation target range of 1-3%.
This reading will be the final inflation reading before the RBNZ meets to make its monetary policy decision at the end of February. The bank last left interest rates at 5.5% in November.
—Lim Hui Jie
6 hours ago
Business activity in Japan is growing at its fastest pace in four months
Flash data from Bank au Jibun shows private sector activity in Japan grew in January at the fastest pace since September.
Japan's composite purchasing managers' index was at 51.1, up from 50.0 in December. The bank said the increase was driven by service providers, with the services sector PMI accelerating to 52.7 from 51.5.
A value above 50 indicates expansion, while a value below 50 indicates contraction.
The manufacturing purchasing managers' index showed a smaller decline in January, coming in at 47.4 from 46.8.
—Lim Hui Jie
7 hours ago
Japan's exports beat expectations in December, posting a trade surplus, while imports fell
Japan's exports rose 9.8% in December from a year earlier, after falling 0.2% the previous month, beating expectations of a 9.1% rise by economists polled by Portal.
Imports into the world's third-largest economy fell 6.8% year-on-year in December, a smaller decline compared with the 11.9% decline in November but sharper than the 5.3% expected in the Portal poll.
As a result, Japan's trade balance was a surplus of $62.1 billion in December, compared to a deficit of $780.4 billion in November.
For all of 2023, Japan's total exports rose 2.8% year-on-year to 100.89 trillion yen, while imports fell 7% to 110.17 trillion yen over the same period.
—Lim Hui Jie
8 hours ago
Factory activity in Australia is increasing for the first time in 11 months, data from Juno Bank shows
Factory activity in Australia increased for the first time in 11 months, according to flash data from Juno Bank.
The country's manufacturing purchasing managers' index was 50.3 in January, up from December's reading of 47.6.
Services sector activity contracted more slowly, with the services PMI coming in at 47.9, compared to 47.1 in December.
Overall, business activity in Australia also saw a slower decline, with the composite PMI at 48.1, down from 46.9 in December.
A PMI reading above 50 indicates expansion, while a reading below 50 signals contraction.
—Lim Hui Jie
8 hours ago
CNBC Pro: This Swiss auto parts maker's stock could rise 75%, says Vontobel
The share price of a Swiss-listed auto parts maker could rise by over 70% next year, according to Vontobel.
The company produces lightweight auto components for automakers such as BMW, Ford, Renault, Mercedes, GM and Volvo.
Vontobel forecasts an increase in the company's profit margins and free cash flow.
CNBC Pro subscribers can read more here.
– Ganesh Rao
15 hours ago
Returns create divergences among Dow members
The Dow fell more than 100 points in Tuesday's session as investors analyzed earnings reports from a handful of index members.
3M underperformed the blue-chip average with a decline of more than 11% and is on track for its third-largest loss in history and its worst day since April 2019. The selloff came after it released disappointing full-year forecasts and the first quarter.
Johnson & Johnson also dragged the index lower, slipping 1.5% despite beating Wall Street forecasts in both areas in the fourth quarter.
However, the losses were mitigated by rallies based on reports from other members. Verizon led the index with a gain of more than 5% after a better-than-expected report. Procter & Gamble followed with a gain of more than 4% as investors expected earnings per share to be better than analysts expected.
See grafic…
The Dow, 1 day
8 hours ago
CNBC Pro: Goldman Sachs Names 4 Battery Stocks to Buy Now – One Has 120% Upside Potential
Electric vehicle makers like Tesla and BYD have grabbed headlines in recent weeks – but Goldman Sachs is now eyeing a slice of the market.
This is the battery sector, which includes lithium, nickel and electrolyte batteries, which are key inputs in the production of electric vehicles.
The investment bank noted that the sector – and stocks – look attractive given increasing adoption of electric vehicles and falling battery prices.
CNBC Pro subscribers can read more here.
—Amala Balakrishner
13 hours ago
United Airlines and 3M are among the biggest movers on Tuesday
These are some of the stocks that moved the most during Tuesday's session:
Read the full list of stocks on the rise here.
—Samantha Subin
14 hours ago
Oil prices remain unchanged due to mixed supplies and geopolitical signals
Oil prices were largely unchanged on Tuesday as traders tried to identify mixed signals in the Middle East and threats to crude supplies.
The March West Texas Intermediate contract rose 21 cents, or 0.28%, to trade at $74.97 a barrel on Tuesday, while the Brent crude contract rose 5 cents, or 0.06%, to trade at $80.11 was traded. U.S. crude oil fell more than 2% early in the trading session.
According to NBC News, Israel has proposed a two-month pause in fighting in Gaza in return for the release of the remaining hostages. However, according to the Associated Press, Hamas rejected the offer.
Oil prices rose about 2% on Monday amid possible threats to crude supplies. Ukrainian drones reportedly attacked a major Russian fuel depot on the Baltic Sea over the weekend, and the United States and Britain launched new airstrikes against the Houthis in Yemen on Monday.
U.S. oil production has also been hit by the cold weather, with production in North Dakota falling by about 400,000 barrels per day through Friday. The US outage is being mitigated by Libya resuming production at the 300,000 barrel per day Sharara oil field.
–Spencer Kimball