Stock market today: Live updates
41 minutes ago
European stocks open higher
European stocks were cautiously higher early Thursday, with the Stoxx 600 index up 0.26% at 9:20 a.m. in London and sectors trading mixed.
Major stock markets climbed, with France’s CAC 40 and Britain’s FTSE 100 up 0.5%, while Germany’s DAX rose 0.1%.
—Karen Gilchrist
6 hours ago
Asian airline stocks rise as oil prices fall more than 3%
Airline inventories in Asia soared as oil prices fell more than 3%, driven by higher-than-expected U.S. inventories.
South Korea’s Asiana Airlines led Asian airlines, rising almost 4%, while its peer Korean Air recorded a 3.23% gain.
Australian flag carrier Qantas rose nearly 3.8%, while Japanese carriers ANA and Japan Airlines climbed 1.53% and 2.8%, respectively.
Other airlines saw more modest gains, such as Cathay Pacific and Singapore Airlines, up 1% and 0.48%, respectively.
7 hours ago
US acknowledges Japan, South Korea’s ‘serious concerns’ over currency
The United States has acknowledged Japan and South Korea’s “serious concerns” over the recent sharp depreciation of the yen and won. The three parties agreed to “consult closely on developments in the foreign exchange market.”
This follows the first trilateral meeting between the three countries’ top financial officials.
U.S. Treasury Secretary Janet Yellen (center) meets with Japanese Finance Minister Shun’ichi Suzuki (left) and Korean Economic Minister Choi Sang-mok at the Treasury Department in Washington, DC, April 17, 2024 .
Jim Watson | AFP | Getty Images
The Japanese yen recently hit a 34-year low against the US dollar and is currently trading at 154.26.
The South Korean won also hit its lowest level against the greenback in about 18 months, currently trading at 1,377.11.
-Lim Hui Jie
9 hours ago
Morgan Stanley, HSBC cut investment banking jobs in Asia this week: Reuters
Morgan Stanley and HSBC are cutting dozens of investment banking jobs in the Asia-Pacific region this week, according to a Reuters report.
Citing sources, Reuters said it comes as the two banks step up cost cuts, with slowing trading and slowing markets in China and Hong Kong weighing on business prospects.
Morgan Stanley is cutting at least 50 investment banking jobs in the region starting this week, according to the report, affecting about 13% of its 400 investment banking employees in Asia.
HSBC reportedly began making layoffs on Tuesday and around 30 traders are expected to leave the company.
-Lim Hui Jie
10 hours ago
Nasdaq Composite on track for longest weekly losing streak since December 2022
It’s only Wednesday, but the Nasdaq Composite is already expecting a 3% decline this week – and its fourth weekly decline.
If the tech index ends the week in the red, it will mark the longest weekly losing streak for the Nasdaq since December 2022.
As it stands, the 3% drop already puts the Nasdaq on track for its worst weekly performance since January.
A sharp decline in tech stocks, with Nvidia posting a nearly 4% decline, dragged the S&P 500 and Nasdaq to their fourth straight losing session on Wednesday. This also pushed both indexes deeper into negative territory for April.
–Darla Mercado, Chris Hayes
10 hours ago
Strong earnings season can protect stocks against higher interest rates, Barclays says
According to Barclays, strong first quarter results can serve to defend markets against high interest rates.
“We believe earnings can still protect stocks against higher rates,” analyst Emmanuel Cau wrote on Wednesday. “The sharply lowered Q1 estimates provide room for improvement and the pullback has reduced the froth; as long as improving activity data keeps the FY24 earnings recovery on track, buy the dip can work.”
However, “a reassessment leaves little room for error,” Cau added.
—Brian Evans
11 hours ago
Stock futures were little changed on Wednesday
Stock futures were little changed Wednesday after the S&P 500 suffered its fourth straight losing session.
Futures contracts linked to the broad market index rose 0.02%, while futures on the Nasdaq 100 rose 0.1%. Dow Jones Industrial Average futures slipped 5 points, or 0.01%.
—Brian Evans
News Source : www.cnbc.com
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