53 minutes ago
Zelenskyy attends G-7 summit in person: Financial Times
Ukrainian President Volodymyr Zelensky is set to attend the G7 meetings in person on Sunday, reports the Financial Times mentionedCiting people who saw the preparations on Friday.
The surprise visit comes after the president was expected to attend the meetings virtually.
The Financial Times report stated that Zelensky’s trip to Hiroshima “aims to strengthen Western resolve to support Ukraine and win the presence of other non-G7 members at the summit, including India and Brazil.”
– Jihe Lee
one hour ago
Alibaba leads losses in Hang Seng after quarterly revenue beat expectations
Shares of Chinese tech giant Alibaba fell nearly 5% in Hong Kong, dragging losses on the Hang Seng Index after the company’s quarterly earnings missed expectations late Thursday.
Alibaba reported revenue of 208.20 billion yuan ($30.12 billion) for the three months ending in March, compared to a Refinitiv estimate of 210.3 billion yuan.
Meanwhile, the company posted full year return 868.69 billion yuan, up 2% year on year, but that was the slowest growth rate since the company went public in 2014.
Net income stood at 22 billion yuan in the quarter, reversing last year’s loss of 18.36 billion yuan.
2 hours ago
New Zealand’s trade deficit for the month of April narrows to NZD427 million
New Zealand’s trade surplus for April narrowed to NZ$427 million ($266.46 million), down from NZ$470 million a year earlier.
State Statistics Department He said exports rose 10% year-on-year to NZ$6.8 billion, while imports rose 12% to NZ$6.4 billion.
It said exports of milk, butter and cheese grew the most in April compared to last year, rising 26% year-on-year to NZ$2 billion.
Meanwhile, petroleum and petroleum products led imports, rising 312% to NZ$974 million.
– Lim Hwi Ji
3 hours ago
Core inflation in Japan increased by 3.4% in April
Japan’s core inflation rate rose 3.4% year-on-year in April, in line with expectations of economists polled by Reuters.
The reading was higher than the previous month’s inflation rate of 3.1% and was above the central bank’s target of 2%.
The headline inflation rate also increased from 3.2% in March to 3.5% in April.
The Japanese yen rose 0.2% to 138.42 against the dollar after the US dollar index surged past 103.5 overnight, hitting its highest point in nearly two months.
4 hours ago
The United States and Taiwan reach their first agreement as part of a trade initiative
The United States and Taiwan have reached agreement on a number of trade terms, marking agreement on the first part of the bilateral “21st Century Trade” initiative.
The US trade representative said in a statement that the first agreement under the initiative includes: customs administration and trade facilitation, good regulatory practices, domestic regulation of services, anti-corruption, and small and medium-sized businesses.
“This achievement marks an important step forward in strengthening economic relations between the United States and Taiwan,” US Trade Representative Catherine Tay said of the agreement.
The agreement comes in the face of mounting pressure from China, warning of a deepening of bilateral relations between the United States and Taiwan.
– Jihe Lee
4 hours ago
CNBC Pro: Slowdown, Stagnation or Boom? Bank of America reveals global stocks to play every possibility
Bank of America has named a number of European stocks that are expected to perform well across three economic phases.
“Our style cycle model…is still in the ‘slowdown’ phase but is close to the intersection line for the next phase,” Bank of America quantitative strategist Polina Strelinska wrote in a May 17 note to clients.
“Historically, the ‘recession’ phase was the typical successor to the ‘slowdown’ phase, but the ‘boom’ phase has also followed the ‘slowdown’ in the past.”
The investment bank has scrutinized these stocks based on their ability to withstand volatility in every eventuality.
CNBC Pro subscribers can read more about their stock picks here.
– Ganesh Rao
4 hours ago
CNBC Pro: Fund Manager Outperforms These Cybersecurity Stocks, Pointing to More Room for Growth
Cybersecurity is one area that presents an opportunity for investors right now, according to portfolio manager Philip Reibmann of Storebrand Asset Management.
Reibmann, who manages the $1 billion Storebrand Global Solutions sustainable fund, is bullish on a couple of cybersecurity companies.
He also explains why he doesn’t carry typical big tech names in his trunk.
CNBC Pro subscribers can read more here.
– Wizen tan
13 hours ago
McCarthy says he’s optimistic negotiators can reach an agreement on the debt ceiling in time for a vote next week.
13 hours ago
Big tech and chip makers are helping lift the Nasdaq Composite
14 hours ago
Dallas Fed Chairman: Economic data does not justify a pause in rate hikes just yet
Dallas Federal Reserve Chairman Lori Logan said Thursday that economic data points so far do not justify skipping a rate hike at the next central bank meeting in June.
“After raising the target range for the federal funds rate at each of the last 10 FOMC meetings, we’ve made some progress,” she said in prepared remarks for a speech to bankers in San Antonio. “Data in the coming weeks may show that it is appropriate to skip a meeting. Even today, though, we’re not quite there yet.”
Futures fell after her comments.
– Jeff Cox
15 hours ago
jobless claims drop unexpectedly; Industrialization improved in Philadelphia
Initial jobless claims unexpectedly fell last week, indicating that the job market is still experiencing some malaise.
Total first-time filings for the week ending May 13 were 242,000, down 22,000 from the previous week and below the Dow Jones estimate of 250,000, reported the Ministry of Labor. Continuing claims fell to 1.799 million, against FactSet’s estimate of 1.829 million.
In other economic news, the Manufacturing at Philadelphia Fed The region’s index rose to -10.4, an increase of 29 percentage points and better than the -20 estimate.
However, the index, which measures the percentage of companies reporting expansion versus those experiencing contraction, still shows the sector in decline relative to the region.
– Jeff Cox
“Infuriatingly humble analyst. Bacon maven. Proud food specialist. Certified reader. Avid writer. Zombie advocate. Incurable problem solver.”
Oil stabilized after the US bond deal, but concerns about raising interest rates remain
Asia markets mixed after the US reached the debt ceiling agreement; Japanese stocks hit their highest level since July 1990
Target loses $10 billion after boycott calls over gay-friendly clothing