Analyst says the worst is not over for the JPY
Jesper Cole, director of Monex Group, told CNBC that the depreciation of the Japanese yen is one of the “toughest” and “easiest” moves to interpret because it is “based on real fundamentals,” adding that it could fall further in the coming months.
He said it was “the most textbook-driven currency move I’ve seen in 30 years.”
Cole cited the interest rate differential between the US and Japan as one of the “strong forces” that will move the yen, adding that the chance of the Bank of Japan raising rates is “close to zero”.
– Charmaine Jacob
CNBC Pro: Uranium is “on the verge of a tear” at the moment. There are two types of ETFs to run it
One niche area of the commodity market – uranium – has been a bright spot over the past month, outperforming even the broader energy sector.
Two ETFs have surged in recent weeks, as the West races to reduce its dependence on Russian energy.
Professional subscribers can read more here.
– Weezin Tan
Bilibili stock is down 16% at the open after announcing a second-quarter loss
Hong Kong-listed shares of a Chinese video and game company Bilibili It fell more than 16% at the open after reporting a second-quarter profit loss overnight.
The company recorded a net loss of more than $300 million – Almost double the amount of the reported loss for the same period last year.
However, Citi Research Vice President of Internet and Media for China, Brian Jung, expressed optimism and said regulatory concerns about the country’s gaming industry are easing.
Referring to the government’s resumption of game licenses, Gong said “although there are fewer than expected, it shows that the environment is improving,” he said on CNBC’s “Squawk Box Asia,” adding that “the worst is behind us.”
– Jie Lee
CNBC Pro: Citi just upgraded eight Chinese stocks
“China’s economic recovery appears to be slower than market expectations,” Citi stock analysts said in a September 2 report.
They downgraded 12 Chinese stocks – but raised eight. Here are three arrows From their updated list of the top traded stocks in Hong Kong and mainland China to buy.
Professional subscribers can Read more here.
– Evelyn Cheng
US stock futures changed little
US stock futures opened little changed after a choppy session in the major averages as Wall Street looked at the pace of future interest rate hikes.
Dow Jones Industrial Average futures rose 23 points, or 0.07%. S&P 500 and Nasdaq 100 futures rose 0.08% and 0.13%, respectively.
– Sarah Min
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UBS buys Credit Suisse in an effort to stop the banking crisis
FDIC: PR-21-2023 3/19/2023
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