Tuesday, April 16, 2024
    HomeBusinessChina loan prime rates, Nikkei 225

    China loan prime rates, Nikkei 225

    An Hour Ago

    China’s state-owned banks steps in to stem sliding yuan: Reuters

    China’s state-owned banks stepped in to sell dollars on Tuesday in their bid to stem the slide in yuan following a cut to the country’s key five-year loan prime rate, according to a Reuters report that cited sources with knowledge of the matter.

    The country’s state banks were swapping yuan for dollars in the onshore swap market before selling the greenbacks in the spot market to arrest the slide in the yuan, the report stated.

    Yuan was trading at 7.198 against the dollar in the spot market.

    — Reuters

    2 Hours Ago

    Mining giant BHP’s half-year profit beats expectations

    See Chart…

    BHP shares in the past 3 months

    BHP’s net income for the reported period, however, slumped 86% year on year largely due to a slide in nickel prices as a result of oversupply in the market.

    Shares of BHP were down 1.35%.

    —Lee Ying Shan

    4 Hours Ago

    Australia’s Star Entertainment plunges to record low on second inquiry into casino

    5 Hours Ago

    China boosts property funding with first cut in key loan rate since June

    China’s central bank has cut the benchmark five-year loan prime rate for the first time since June, while leaving the one-year tenure unchanged.

    The Chinese central bank kept its one-year loan prime rate — the peg for most household and corporate loans in China — unchanged at 3.45%. It cut the five-year loan rate — the peg for most mortgages — by 25 basis points to 3.95%, according to a statement Tuesday from the People’s Bank of China.

    “I think this time the 25 basis point cut, from my perspective, [is] definitely a very positive sign,” said William Ma, chief investment officer of Grow Investment Group, adding that the government and regulators are showing that the banks are in good fiscal health.

    —Clement Tan, Lee Ying Shan

    5 Hours Ago

    Oil prices trade mixed on jitters after Houthi missile attack prompts crew to abandon ship

    Oil prices were mixed after Iran-backed Houthi militant group on Sunday damaged a ship offshore Yemen, prompting its crew to abandon the vessel in the latest escalation of maritime tensions that have disrupted key trade routes in the Red Sea.

    Global benchmark Brent traded 0.19% lower at $83.4 a barrel, while the U.S. West Texas Intermediate futures stood 0.33% higher at $79.45 per barrel.

    The wider commodity markets have appeared to “shrug off” the Red Sea attacks thus far, Oxford Economics wrote in a note following the aftermath of the attack.

    “Commodity markets have barely reacted to Red Sea attacks, and we think the impact on prices will be minimal,” the note read. That being said, it highlighted that the product “most at risk” is jet fuel, owing to the high share of the product transiting the Red Sea.

    —Lee Ying Shan

    6 Hours Ago

    RBA says it will take ‘some time’ for inflation to return to target, considered hiking rates

    The Reserve Bank of Australia said it will take “some time” for inflation to return to target before the central bank can rule out another interest rate hike, according to minutes of its board meeting earlier in the month.

    “Members noted that it would take some time before they could have sufficient confidence that inflation would return to target within a reasonable timeframe,” the minutes said, adding that members also considered considered whether to raise the cash rate target by a further 25 basis points.

    The RBA held rates steady in its recent decision.

    —Lee Ying Shan

    6 Hours Ago

    CNBC Pro: Morningstar strategist names 3 under-the-radar picks for the current ‘stock picker market’

    Equity markets have had a good start to the year, with the S&P 500 benching crossing 5,000 in the past month. However, ongoing political tensions and uncertainty over when the U.S. Federal Reserve will cut interest rates have raised questions about which sectors will perform strongly — leading a number of market players to say 2024 is a stock picker’s year.

    Morningstar’s chief markets strategist, David Sekera, agrees. He said it’s “always a stock picker’s market,” but that this is even more pertinent this year.

    He also named three under-the-radar stocks he likes right now.

    CNBC Pro subscribers can read more here.

    — Amala Balakrishner

    6 Hours Ago

    Xpeng plans to hire 4,000 people, invest in AI as CEO warns intense EV rivalry

    Xpeng plans to hire 4,000 new people and invest in artificial intelligence technology, according to the company’s CEO He Xiaopeng.

    He also warned of intense competition in the electric vehicle space which could end in a “bloodbath.”

    He said in a letter to employees on Sunday that the company will invest a total of 3.5 billion Chinese yuan ($486.2 million) in the research and development of artificial intelligence technology focused on “intelligent driving.”

    — Arjun Kharpal

    14 Hours Ago

    Europe stocks close higher

    European stocks nudged higher Monday, with the Stoxx 600 index up 0.17% after gaining 1.4% last week.

    The U.K.’s FTSE 100 was up 0.22%, though France’s CAC 40 was flat and Germany’s DAX fell 0.15%.

    See Chart…

    Stoxx 600 index.

    6 Hours Ago

    CNBC Pro: ‘Hidden gems’: UBS names 5 global small-cap stocks — giving one 77% upside

    7 Hours Ago

    S&P 500 and Dow futures are near flat

    Futures connected to the S&P 500 and Dow were both little changed shortly after 6 p.m. ET Monday night. Nasdaq 100 futures inched higher by 0.2%.

    — Alex Harring



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