1 hour ago
Negotiations to sever relations with China have gone too far, Asian Development Bank says
China remains an important trading partner for many countries around the world, and the common narrative of a superpower being cut off from the global economy goes too far, the Asian Development Bank says.
“China remains probably the largest trading partner for the majority of countries in the world,” Albert Park, ADB’s chief economist, told CNBC. “I think the talk of China being cut off from the global economy is probably either very overdone or very partial in general.”
The economic powerhouse remains its largest trading partner with more than 120 countries, and remains the largest trading partner with Japan, South Korea, Taiwan and Vietnam. According to the Wilson Center, a US think tank..
China also continues to play a major role in the global economy As the world’s largest trading economy This despite trade tensions between China and the US worsening since 2018.
—Li Yingshan
2 hours ago
The year-on-year rate of increase in Japan’s services PPI in January slowed.
Morning commuters cross a crosswalk in Tokyo on February 15, 2024.
Kazuhiro Nogi | AFP | Getty Images
It was announced that Japan’s service producer price index rose only slightly in January compared to the same month last year. official data.
Service PPI rose 2.1% year-on-year in January. This figure was smaller than the 2.4% increase recorded in December.
However, Japan’s service industry PPI fell 0.5% in January from December.
Japanese markets opened higher on Monday, with the Nikkei Stock Average hitting a new all-time high and up 0.48% in the previous session. The broader Topix index rose 0.64%.
— Shreyashi Sanyal
3 hours ago
CNBC Pro: The ‘best’ investments right now: Fund managers pick stocks with a total return of around 15%
Investors looking to protect their portfolios from the risk of a resurgence of inflation in 2024 should consider three “long-term defensive” stocks with good “inflation-linked” returns, said Freddie Leight, chief investment officer at Latitude Investment Management. It is said that you can choose.
Leight, a former Goldman Sachs analyst, believes these stocks can grow 10% to 15% a year while acting as a hedge against inflation.
CNBC Pro subscribers can read more here.
— Ganesh Rao
3 hours ago
CNBC Pro: Is it too late to buy Nvidia stock? Here’s what Wall Street says
The buzz surrounding Nvidia shows no signs of slowing down, with the semiconductor giant posting yet another quarter of billions of dollars in revenue upside.
The company, which had already soared more than 200% in 2023, rose 13% after the earnings report. It’s up about 58% this year alone, and Nvidia’s most recent close on Thursday was about $785.
But how far can Nvidia go? Here’s what analysts think. CNBC Pro scoured the report this week and listed the latest price targets for NVIDIA from major Wall Street banks.
CNBC Pro subscribers can read more here.
— Tan Weizhen
Friday, February 23, 2024 4:09pm EST
The S&P 500 was little changed on Friday, but ended the week higher.
Here are the closing prices for the major indexes on Friday:
— Peer Singh
Friday, February 23 2024 3:35 PM EST
Jamie Dimon sells $150 million in JPMorgan Chase stock
JPMorgan Chase CEO Jamie Dimon arrives for a hearing of the Senate Banking, Housing and Urban Affairs Committee on September 22, 2022 at the Capitol in Washington, DC.
Drew Angerer | Getty Images
JPMorgan Chase & Co. CEO Jamie Dimon sold about 800,000 shares of the bank’s stock Thursday, generating about $150 million, reports said. Securities registration statement and VerityData.
The move appears to be part of a “10B5” plan for corporate executives to sell their company stock.
Dimon still owns about 7.7 million JPMorgan shares, according to VerityData.
— Jesse Pound
Friday, February 23, 2024 15:28 EST
Wealth manager says investors should ‘buy on the edge’ of big tech stocks
Big tech stocks related to AI are driving the stock market to new highs, but there may still be room for more upside.
In fact, Greg Marcus of UBS Private Wealth Management believes investors should take advantage of market volatility to buy big tech stocks.
“We are likely to see more pullbacks and volatility in the coming months, so we support a buy-on-the-dip approach when it comes to big tech stocks,” he said.
In addition to benefiting from the artificial intelligence theme, Marcus said many large tech companies have strong balance sheets and revenue growth potential, characteristics that allow them to withstand a rising interest rate environment. He pointed out that there was.
However, the asset management company also emphasized that the market’s upside is likely to widen in 2024.
“While we expect tech stocks to continue to be resilient, we also expect to see some attention on the Magnificent 7 stocks, which are still weighty but less dramatic,” he said.
— Lisa Kailai Han
