April 17, 2024

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Nikkei record, oil price, OPEC+

Nikkei record, oil price, OPEC+

one hour ago

Chinese electric cars listed in Hong Kong are under pressure

The BYD Han EV sedan is displayed during the Shanghai International Automobile Expo on April 18, 2023 in Shanghai, China.

VCG | China Optical Group | Getty Images

Shares of Chinese electric car manufacturers listed in Hong Kong fell in early trading on Monday.

Li Auto shares led declines by nearly 11%, while Nio shares fell 4.6%, Xpeng shares fell 3.9%, and BYD shares fell 1.3%.

Fears of price wars still exist in China's electric car market, which is the largest in the world. BYD on Monday also launched a new version of its best-selling vehicle, the Yuan Plus crossover also known as the Atto 3 overseas, at a lower price than its discontinued predecessor, according to To Reuters.

Last week, Li Auto unveiled a new electric car called the “Mega”.

“In general, domestic OEMs appear to be developing a fear of missing out (FOMO) when it comes to price cuts,” Morgan Stanley analysts said in a note.

– Shreyashi Sanyal

4 hours ago

Japan's Nikkei 225 index breaches the 40,000-point barrier for the first time, continuing its record high

The Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Friday, February 16, 2024. Kosuke Okahara/Bloomberg via Getty Images

Bloomberg | Bloomberg | Getty Images

Japan's Nikkei 225 index hit another record, surpassing the 40,000 level on Monday. The index rose in recent trading by 0.8%.

The benchmark index is at a record high, reaching all-time highs for the first time in 34 years.

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Both the Nikkei and the broader Topix were among the best performers among major equity markets in the Asia-Pacific region. The Nikkei is up more than 20% so far this year, while the Topix is ​​up about 15%.

Strong earnings and investor-friendly measures taken by the Japanese government have fueled a sharp rise in stocks this year.

The broad Topix index rose 0.1% on Monday after surpassing the 2,700 mark and reaching a record high last Friday.

– Shreyashi Sanyal

4 hours ago

CNBC Pro: Veteran investor picks global “Glorious 10” stocks with 30% annual gains over the past five years

Big US tech names were standout performers last year, as investors piled into the so-called “Big Seven” stocks: Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia and Tesla.

Combined, these stocks were behind much of the gains that pushed the benchmark S&P 500 index up about 25% in 2023.

However, veteran investor and trader Adam Reynolds is looking beyond US tech to 10 lesser-known gems across Europe, Japan and Australia.

these Stocks, have a market capitalization of more than $50 billion and have recorded an overall growth rate of at least 30% returns annually over the past five years.

CNBC Pro subscribers can read more here.

– Amala Balakrishner

4 hours ago

Factory output in South Korea fell for the second month in a row, and retail sales grew in January

4 hours ago

CNBC Pro: Dan Niles reveals why he likes the 'Fantastic Four' and when the 'AI bubble' might burst

Friday, March 1, 2024 at 3:26 PM ET

Technology leads the sector's weekly gains

The NetApp, Inc. logo is seen. Displayed on smartphones.

Igor Golovniov | Rocket Lite | Getty Images

The technology sector rose by about 2.4% this week as the best-performing sector on the Standard & Poor's 500 index. NetApp stock rose by 20.2% to lead the sector's gains.

Consumer Discretionary was the next best sector, rising 2.1%.

Meanwhile, the healthcare sector, which fell 1.1%, had its most underperforming week yet.

— Hakyung Kim

Friday, March 1, 2024 at 3:01 PM ET

Citi says there is still upside ahead for the stock to rise

With all three major stock indexes posting gains for the fourth straight month, it's fair to wonder if the stock rally has been too hot, too fast.

All things considered, the bubble has not grown to gigantic proportions, Citi said.

“The current stock bubble is not (yet) very significant in terms of price appreciation, duration, valuation or sentiment. Some question whether it is a bubble in the first place given the outlook for strong earnings growth,” Citibank's Dirk Wheeler said. . “So we think the market probably has more room to run.”

He added that he remains optimistic about US stocks, especially technology stocks.

-Lisa Kailai Han

Friday, March 1, 2024 at 12:28 PM ET

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US crude exceeds $80 for the first time since November before the OPEC+ decision

Oil pumpers, also known as Thirsty Birds, extract crude oil from an oil deposit area in the Wilmington field near Long Beach, California on July 30, 2013.

David McNew | Reuters

US crude oil futures topped $80 per barrel for the first time in nearly four months, as signs point to market tightening ahead of OPEC+'s decision on production cuts.

The April West Texas Intermediate contract rose more than 2%, or $1.78, to $80.04 a barrel, while May Brent crude futures added 2.15%, or $1.76, to $83.67 a barrel.

US and international crude posted a second straight monthly gain in February, with near-month contracts trading at a premium compared to later months, usually a sign of a tightening oil market.

OPEC+ is considering extending production cuts through the second quarter and possibly the end of the year, three sources in the organization said To Reuters this week. Sources told Reuters that the cartel and its allies are expected to make a decision on the cuts in the first week of March.

-Spencer Kimball