Saturday, June 3, 2023
    HomeBusinessStock futures are flat as Wall Street focuses on tense debt ceiling...

    Stock futures are flat as Wall Street focuses on tense debt ceiling negotiations

    2 Hours Ago

    Europe stocks open mixed

    European stocks lacked direction Monday morning as investors waited for the latest news on U.S. debt ceiling talks, with the Stoxx 600 index up 0.07% at 8:12 a.m. London time.

    Mining, oil and gas and banking stocks suffered the worst losses, all down around 0.5%.

    Household goods and health care were more upbeat, gaining 0.5%.

    Germany’s DAX slipped 0.12% from Friday’s record close, while France’s CAC dipped 0.08%. The U.K.’s FTSE 100 added 0.25%.

    See Chart…

    Stoxx 600 index.

    4 Hours Ago

    Southeast Asia’s worst-performing stock market is UBS’ ‘top pick’

    Thai stocks are the worst performers in Southeast Asia this year, but UBS says Thailand is its “top pick” in the region. Thailand’s SET index fell 0.5% on Monday’s afternoon and is down by more than 9% this year.

    Thailand stands to be a “big beneficiary” of a tourism boost from China once the latter’s employment numbers increase, said UBS Global Wealth Management’s Kelvin Tay told CNBC’s “Squawk Box Asia.”

    However, Thailand’s elections are a “potential game changer” and monarchy-linked companies could be set back by a change in government, he said.

    — Audrey Wan

    9 Hours Ago

    Japan’s core machinery orders fell in March

    Japan’s core machinery orders fell 3.9% in March compared to the previous month, falling further than expected.

    Economists polled by Reuters had expected the reading to rise by 0.7% month-on-month.

    Compared to a year ago, machinery orders also fell 3.5%, against expectations for the print to rise by 1.4%

    Japan’s machinery orders rose 9.8% year-on-year in February.

    — Jihye Lee

    9 Hours Ago

    China bars Micron product purchases after its security review

    China’s Cyberspace Administration has barred operators of “critical information infrastructure” in China from purchasing products from U.S. memory producer Micron.

    This comes as the Cyberspace Administration of China said that Micron products have failed its network security review, citing “serious potential network security issues.”

    It added that this “poses a major security risk to China’s critical information infrastructure supply chain and affects [its] national security.”

    The cyberspace administration did not specify which products will be prohibited or what security issues Micron’s products had in its release.

    Shares of Micron’s rivals in South Korea rose Monday morning after the announcement, with SK Hynix rising 1.54% and Samsung Electronics gaining 0.5%.

    — Lim Hui Jie

    7 Hours Ago

    China leaves 1-year, 5-year lending rates unchanged

    The People’s Bank of China left its benchmark lending rates unchanged for the ninth consecutive month.

    China left its 1-year loan prime rate unchanged at 3.65% and its 5-year loan prime rate unchanged at 4.30%, in line with expectations by economists polled by Reuters.

    The Chinese onshore yuan weakened 0.2% to 7.0205 against the U.S. dollar.

    — Jihye Lee

    11 Hours Ago

    Bank of America hikes year-end target for S&P 500

    Bank of America strategist Savita Subramanian hiked her year-end target for the S&P 500 to 4,300 from 4,000 on Sunday evening.

    The new target is more than 2% above where the index closed on Friday. Subramanian said in a note that the recent focus on efficiency from major companies should help make earnings more stable going forward.

    For more on this call and other Wall Street forecasts, check out CNBC Pro.

    — Jesse Pound

    11 Hours Ago

    Debt celing negotiations to resume on Monday

    Federal leaders are expected to continue with negotiations on the U.S. debt ceiling on Monday as the country approaches a potential default.

    President Joe Biden and House Speaker Kevin McCarthy, R-Calif., are scheduled to meet in person at the White House.

    Treasury Secretary Janet Yellen said Sunday that “hard choices” will need to be made about which bills will go unpaid if the debt ceiling is not raised and reaffirmed her warning that the United States could default on its debt as early as June 1,

    — Jesse Pound, Ashley Capoot

    11 Hours Ago

    Stock futures open modestly lower

    Stock futures fell on Sunday evening, with Dow futures dipping about 0.2% and S&P 500 and Nasdaq 100 futures losing about 0.3%.

    — Jesse Pound



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