6 hours ago
Foxconn shares climb nearly 7% after sales rise nearly 20% in April
Shares of iPhone maker Foxconn rose as much as 6.73% after the company reported a 19.03% year-over-year rise in April revenue.
Foxconn, which operates as Hon Hai Precision Industry in Taiwan, reported revenue of NT$510.9 billion ($15.83 billion) in April, up from NT$447.54 billion. recorded in March.
The company said its components business, as well as its cloud and networking products “delivered strong growth,” while its smart consumer electronics and computing segment “showed significant revenue growth.” from one year to the next.
8 hours ago
Yen to face resistance at 150 against dollar, says SMBC
The Japanese yen will face upside resistance against the U.S. dollar at the 150 level despite two rounds of alleged interventions by Japanese authorities last week, said Ryota Abe, an economist at SMBC.
The yen strengthened sharply on April 29 and May 2, leading analysts to believe that Japan’s Finance Ministry had purchased yen to stem the currency’s fall.
Abe also noted that Japanese authorities are unlikely to intervene unless the yen weakens again. But he also said the U.S.-Japan rate differential would remain that way if both central banks kept their monetary policies unchanged.
The yen was trading at 153.64 as of 11:18 a.m. Tokyo time.
8 hours ago
Caixin China Services PMI Rises to 52.5 in April
A private survey showed that the expansion of China’s service activity slowed slightly in April compared with March.
The Caixin/S&P Global Services Purchasing Managers’ Index stood at 52.5 in April, up from 52.7 in March.
“Although slightly weaker, growth was again solid and has now been maintained for 16 consecutive months,” the survey said.
A PMI index above 50 indicates an expansion in activity, while an index below this level indicates a contraction.
-Shreyashi Sanyal
9 hours ago
Hong Kong’s private sector grows at a slower pace in April
Business activity in Hong Kong’s private sector grew at a slower pace in April, according to S&P Global.
The city’s purchasing managers’ index fell to 50.6 from 50.9 in March.
Jingyi Pan, associate director of economics at S&P Global Market Intelligence, said the figures signaled further improvement in business conditions at the start of the second quarter.
However, Pan said growth appears to be on “shaky ground”, pointing out that forward-looking indicators, such as the drop in new orders in April, point to slowing conditions.
-Lim Hui Jie
11 hours ago
Berkshire Hathaway has completely eliminated its exposure to Paramount
Warren Buffett revealed that he sold Berkshire Hathaway’s entire stake in Paramount at a loss.
“I was 100% responsible for Paramount’s decision,” Buffett said Saturday at Berkshire’s annual shareholder meeting. “We sold everything and lost quite a bit of money.”
The Omaha-based conglomerate first purchased a non-voting stake in Paramount’s Class B stock in the first quarter of 2022. Since then, the media company has fallen on hard times, experiencing a reduction in its dividends, a shortfall and a departure of its CEO. The stock is down nearly 24% in 2024.
CNBC Pro subscribers can read the full story here.
— Hakyung Kim, Yun Li
12 hours ago
Stock futures up slightly Sunday evening
U.S. stock futures were in the green late Sunday.
Dow Jones Industrial Average futures rose 55 points, or 0.1%. S&P 500 and Nasdaq-100 futures added 0.2% each.
-Hakyung Kim
News Source : www.cnbc.com
Gn bussni
