Stock futures rise after S&P 500 notches three-day losing streak: Live updates – CNBC

Governor Kazuo Ueda reportedly said on Wednesday that the Bank of Japan would closely monitor exchange rate trends and their impact on the domestic economy.

“Forex movements are one of the factors that have a major impact on the economy and prices,” Ueda said in Congress, according to a Reuters report.

The Japanese yen hit 151.97 yen against the dollar in early trading, its lowest level in 34 years. The previous trade was 151.72.

Japan’s central bank last week ended eight years of negative interest rate policy and abolished its yield curve control policy.

—Shreyashi Sanyal, Reuters

Chinese Total industry profit Sales rose 10.2% year-on-year in January and February, according to data from the country’s statistics office.

Profits of state-owned enterprises rose 0.5% in January and February, while foreign companies, including those from Hong Kong, Macau and Taiwan, posted a 31.2% increase in profits.

According to NBS data, profits of private companies increased by 12.7% year-on-year.

Industrial profits for the full year of 2023 fell by 2.3%.

— Lim Huijie

K-pop agency Hybe Entertainment’s stock price rose 7.4% after the agency was established. We have concluded an exclusive sales contract We will partner with Universal Music Group for the next 10 years.

The move pushed the company’s stock price to its highest level in nearly three months, marking the biggest single-day increase since October 2023.

Artists under UMG include Taylor Swift, Ariana Grande, and Justin Bieber.

Hybe, home of K-pop sensation BTS, said the deal will grant it access to UMG’s network.

UMG will also collaborate with Hybe’s fan platform, Weverse, to “bring a more direct connection between UMG artists and fandom,” the announcement said.

— Lim Huijie

Piper Sandler says rising recession risks are unlikely to put a damper on the current market rally.

In fact, the opposite may be true.

“Our belief that rising recession risks (i.e., weak macro data) will drive stock prices higher is certainly an unusual view!” the investment firm wrote. “We continue to take a constructive view that lower interest rates due to weaker macroeconomic indicators will lead to further stock price gains in the coming quarters.”

Going forward, Piper Sandler sees rising interest rates as the biggest threat to market gains and the most likely trigger for a correction.

— Lisa Kailai Han

HSBC Global Research released a list of 13 surprising market statistics in a note Tuesday.

Here are a few:

• “Bitcoin’s current market capitalization is higher than the GDP of 159 countries in 2023.”
• “40% of retail sales in South Korea are done online, compared to less than 25% in the US and Western Europe.”
• “China’s annual cement consumption has declined by 15% since 2020, but is still more than the United States has consumed in the past 20 years.”
• “India, South Korea and Taiwan have twice as many large, liquid companies open to foreign investors than mainland China.”

— Lisa Kailai Han

Stock futures rose slightly after 6pm ET.

Dow futures rose 0.2%. S&P 500 and Nasdaq 100 futures each rose 0.1%.

— Alex Harring