38 minutes ago
European equity markets open higher
European markets opened higher on Thursday as US debt ceiling talks progress.
The pan-European Stoxx 600 index rose 0.3% with most sectors in positive territory. Auto stocks led modest gains, up 0.9%, followed by technology stocks, which were up 0.7% at open time.
European markets
| TICKER | COMPANY | PRICE | CHANGE | %CHANGE |
|---|---|---|---|---|
| .FTSE | FTSE 100 | 7,756.22 | +32.99 | +0.43% |
| .GDAXI | DAX | 16,129.43 | +178.13 | +1.12% |
| .FCHI | CAC 40 index | 7,452.66 | +53.22 | +0.72% |
| .FTMIB | FTSE MIB | 27,441.70 | +245.24 | +0.90% |
| .CAPRICORN | IBEX 35 Idx | 9,254.20 | +42.60 | +0.46% |
58 minutes ago
Sony shares surge 6% as financial entity plans separate listing
The Japanese conglomerate Sony Group is considering a partial spin-off of its financial business in the next two to three years.
Sony said this is on the condition that the group will continue to own a stake — a little less than 20%, Sony says of the spin-off.
This is done “so that the financial services business can continue to leverage the Sony brand and continue to generate synergies with Sony group companies after the completion of the demerger.”
Treasury reported revenue of 1.45 trillion yen ($10.74 billion) for the fiscal year ended March, while operating profit for the full year was 223.9 billion yen.
Shares of Sony closed 6.4% higher on Thursday.
6 hours ago
Japanese stocks extend their winning streak, led by energy and technology stocks
Japanese markets continued their winning streak on Thursday, with the Nikkei 225 leading gains in the region, remaining above 30,000 points.
The Topix held at levels not seen since August 1990.
Energy and technology stocks led the Topix, with Sony and electronics company Tokyo Electron the biggest gainers.
Meanwhile, Factset revealed that electronics stocks are driving the Nikkei, with semiconductor test equipment maker Advantest the biggest gainer in the index, followed by Tokyo Electron.
— Lim Hui Jie
5 hours before
Tencent shares slipped over 3% despite better first-quarter results
Shares in Hong Kong Chinese tech giant Tencent are down over 3%, even as the company reported an 11% increase in quarterly revenue to 150 billion Chinese yuan ($21.4 billion).
This was the strongest growth in more than a year as the company saw a significant uptick in payment volume, ad sales and games.
Net income rose 10% to 25.8 billion yuan, below the 31 billion yuan expected by economists polled by Portal.
— Lim Hui Jie, Ryan Browne
6 hours ago
Nomura downgrades China’s full-year growth forecast
Nomura lowered its full-year growth forecast for China to 5.5% from 5.9%, according to a note on Wednesday.
“China’s post-Covid recovery has been rapidly losing momentum,” Nomura’s Ting Lu wrote, noting that the latest activity data and high-frequency data from May showed momentum has waned “partly due to weak confidence among consumers and business investors.”
“As disappointment sets in, we see an increasing risk of slower economic growth, rising unemployment, prolonged disinflation, falling market rates and a weaker currency,” he wrote.
Nomura added that it also lowered its full-year 2024 gross domestic product forecast for China to 4.2% from 4.4%. They now expect GDP to grow 7.8% in the second quarter, 4.9% in the third quarter and 5.0% in the last quarter of the year.
– Jihye Lee
7 hours ago
Japan’s trade deficit narrows in April, imports fall more than expected
Japan’s trade deficit narrowed by almost half in April, falling to 432.41 billion from 854.93 billion a year ago.
Imports, notably, fell 2.3% year-on-year, more than the 0.3% expected by economists polled by Portal.
Exports were broadly in line with expectations, up 2.6% yoy versus 3% exp.
— Lim Hui Jie
9 hours ago
The Russell 2000 closed above its 50-day moving average for the first time since March
The three major moving averages weren’t the only indices to post a strong session during Wednesday’s trading. The Russell 2000 — the small-cap benchmark — rose 2.21% to close above its 50-day moving average of 1,765.83, a first since March 8th.
The smaller companies that make up the 2,000-stock index are particularly sensitive to the business cycle. The 50-day moving average, meanwhile, is important to chart technicians: a close above this threshold may indicate that a positive trend is unfolding for the index.
Stocks topping the Russell 2000 on Wednesday include National Western Life, Qurate Retail and Microvast.
-Darla Mercado, Gina Francolla
9 hours ago
Stocks make the biggest moves in the after hours
Check out the companies making headlines in extended trading.
Take-Two Interactive Software – Shares are up 8.1% in after-hours trading on Wednesday. According to Refinitiv, the video game company reported adjusted sales of $1.39 billion in the fiscal fourth quarter, beating analysts’ estimates of $1.34 billion. Meanwhile, the company’s estimates for first-quarter and full-year bookings fell short of Wall Street expectations.
Cisco Systems — Shares fell nearly 4% even as the company reported earnings and revenue rose for the fiscal third quarter. Cisco posted adjusted earnings per share of $1 and revenue of $14.57 billion. According to Refinitiv, analysts had estimated earnings per share of 97 cents and revenue of $14.39 billion.
The full list can be found here.
– Hakyung Kim
9 hours ago