February 26, 2024

5 hours in the past

Hong Kong markets are cooling off after the earlier session’s positive factors

Hong Kong’s Cling Seng Index fell 1.81% in Thursday morning buying and selling, shedding greater than half of its positive factors from the earlier session.

The Cling Seng Tech Index misplaced 2.34%. Most technology-focused shares rallied on Wednesday on indicators of cooling U.S. inflation, boosting hopes that the Federal Reserve might quickly finish its coverage of elevating rates of interest.

On Thursday, shares similar to Alibaba, Xiaomi, Xpeng and Li Auto had been among the many losers, posting losses between 2.4% and 6.79%.

—Shreyashi Sanyal

8 hours in the past

CNBC Professional: UBS expects the Fed to chop rates of interest in half subsequent yr. Listed below are 3 of their favourite jobs

UBS has highlighted a number of inventory concepts it favors for 2024 because it predicts huge rate of interest cuts subsequent yr.

The funding financial institution expects slower financial development and sharp disinflation within the US, resulting in a 275 foundation level rate of interest minimize. This would cut back the federal funds charge from the present 5.25% to five.5% to 2.50% to 2.75%.

Given the financial outlook, UBS strategists advocate a number of trades to their shoppers for 2024. CNBC Professional highlighted three of them. Subscribers can learn extra right here.

– Ganesh Rao

6 hours in the past

The Earth is “large enough” for the US and China to achieve success, Xi says at his assembly with Biden

In line with each international locations, the US and China have agreed to renew high-level navy communications.

US President Joe Biden and Chinese language President Xi Jinping met on Wednesday for his or her first face-to-face assembly in a yr.

“We’re returning to direct, open and clear communication,” Biden stated at a information convention after the talks.

The US needed to revive navy communications, particularly after a number of close to misses during which Chinese language ships practically collided with American forces.

“We should be sure that competitors doesn’t result in battle,” Biden stated at first of the summit. “The vital world challenges we face, from local weather change to counternarcotics to synthetic intelligence, require our collective efforts.”

The summit, held on the sidelines of the Asia-Pacific Financial Cooperation convention in San Francisco, adopted efforts between the international locations to enhance high-level communications amid ongoing tensions.

Learn the entire story right here.

—Evelyn Cheng

9 hours in the past

Shares are on observe for a successful week

With greater than half of the buying and selling week now behind us, the three main indices are poised to shut greater.

The S&P 500 is up about 2% for the week. In the meantime, the Dow and Nasdaq Composite gained round 2.1% and a couple of.2%, respectively.

—Alex Harring

9 hours in the past

In line with Deutsche Financial institution, mega-cap banks might undergo successful to their internet curiosity revenue if rates of interest fall

In line with Deutsche Financial institution, massive banks may very well be in hassle if rates of interest fall.

“Disclosures from mega-cap banks counsel everybody stays set for greater (not decrease) rates of interest,” stated analyst Matt O-Connor. He used the third quarter 10Qs from main monetary establishments to replace rate of interest sensitivities.

Of the largest names, Citi and Goldman Sachs are each “comparatively impartial on rate of interest adjustments, with slight setbacks in Netto II.” [net interest income] from decrease rates of interest and modest stimulus from greater rates of interest.”

Alternatively, if rates of interest fall, each Financial institution of America and Wells Fargo would undergo the most important losses in internet curiosity revenue.

Morgan Stanley’s asset administration division would additionally undergo a big hit in internet curiosity revenue, though the financial institution seems to be “debt targeted” exterior of the division, which means that “the web impression of decrease rates of interest on Netto II is lower than MS disclosed.” ” wrote O-Connor.

—Lisa Kailai Han

9 hours in the past

Goldman Sachs proclaims its official outlook for 2024

Goldman Sachs simply launched its official 2024 outlook – and a message for buyers written by Taylor Swift.

CNBC Professional subscribers can learn the complete story right here.

—Sarah Min

9 hours in the past

Watch shares make massive strikes after hours

9 hours in the past

Inventory futures open barely decrease

Inventory futures fell barely shortly after 6 p.m. ET.

Futures tied to the Dow and S&P 500 every fell 0.1%. Nasdaq 100 futures misplaced 0.2%.

—Alex Harring