2 hours ago
European stocks open higher as FTSE hits record high
European stocks opened higher on Tuesday, with the benchmark Stoxx 600 index up 0.5% at 8:40 a.m. London time.
Britain’s FTSE 100 index climbed 0.5% to an all-time intraday high, while France’s CAC 40 was up 0.2% and Germany’s DAX 0.7%.
7 hours ago
Chinese bubble tea company Chabaidao falls 30% in Hong Kong trading debut
Shares of Chinese bubble tea chain Chabaidao, officially listed as Sichuan Baicha Baidao Industrial, opened 10% lower in early trading in its Hong Kong debut, before plunging more than 30%.
It is currently trading at HK$12.32, well below its IPO offer price of HK$17.50.
The IPO is the largest listing in Hong Kong so far this year. The company said it raked in net proceeds of HK$2.59 billion ($330.5 million) from its IPO, before listing fees.
Chabaidao offered 90% of its 147.7 million shares in a global offering, while the remaining 10% was offered in a public offering in Hong Kong.
However, the public offering was only 0.5 times subscribed, leading the company to reallocate the remaining shares to the overall offering, which was 1.11 times subscribed.
-Lim Hui Jie
9 hours ago
Yen hits new 34-year low at 154.85 early Tuesday
The Japanese yen weakened to a 34-year low against the U.S. dollar on Tuesday, hitting 154.85 against the greenback.
This is the weakest level the currency has seen since the mid-1990s, although it strengthened slightly to 154.74 as of 9:18 a.m. Tokyo time.
The currency will be monitored by the Bank of Japan at its meeting on Friday, although the central bank has not announced a level at which it would intervene.
10 hours ago
Australia’s business activity grows fastest in 24 months, says S&P Global
Australian business activity grew at its fastest pace in 24 months in April, according to flash figures from S&P Global.
The country’s composite purchasing managers’ index stood at 53.6, up from 53.3 in March.
The manufacturing PMI rose to 49.9 from 47.3, just below the 50 mark that separates expansion from contraction, while the services PMI edged down to 54.2 from 54.4.
-Lim Hui Jie
11 hours ago
Stocks Make Biggest Moves After Hours
Check out the businesses making headlines after hours.
- Nucor — Shares fell 6.3% after the steelmaker’s first-quarter results missed estimates and it issued a lackluster outlook for the second quarter. First-quarter earnings per share of $3.46 fell below the FactSet consensus estimate of $3.67 earnings per share. Revenue of $8.14 billion was lower than the $8.26 billion estimate. Nucor expects second-quarter earnings to decline, citing “a decline in steel mill segment profits, primarily due to a decline in average selling prices partially offset by a slight increase in volumes.”
- Cleveland-Cliffs — The steel producer lost nearly 3%. Cleveland-Cliffs’ first-quarter results fell short of analysts’ expectations, with adjusted earnings of 18 cents per share on revenue of $5.2 billion. Analysts surveyed by LSEG estimate earnings per share of 22 cents and revenue of $5.35 billion.
- Cadence Design Systems — Shares fell 8.9% after the software company issued poor second-quarter guidance. Cadence Design Systems forecast second-quarter earnings of $1.20 to $1.24 per share, lower than the $1.43 per share expected by analysts surveyed by FactSet. Revenue forecasts of between $1.03 billion and $1.05 billion also missed a FactSet consensus estimate of $1.11 billion.
Read the full list here.
-Sarah Min
11 hours ago
March new home sales data set to be released Tuesday
New home sales are expected to have increased 1.2% in March, according to economists surveyed by Dow Jones. That would be a jump from a 0.3% decline the previous month.
The data is expected to be released Tuesday at 10 a.m. ET.
-Sarah Min
12 hours ago
Opening of stock futures little changed
News Source : www.cnbc.com
Gn bussni
