Asia markets fall after Fed holds rates, but signals higher rates for longer – CNBC

Thursday, September 21, 2023 3:14 EDT

After smartphone launch, Nio stock price rises amid sea of ​​losses in Hong Kong

Shares of Chinese electric car maker Nio rose as much as 2.31% after the company announced the launch of its first mobile phone.

The stock was one of the few gainers in the Hang Seng Index, leading to major tech stocks, as the broader index sold off after the Federal Reserve signaled interest rates would rise for an extended period of time. It was the only rising stock among stocks.

The new phone is scheduled to ship on September 28th.

Thursday, September 21, 2023 1:46 EDT

Razer CEO says gaming accessories market growth is ‘unabated’

Min-Liang Tan, co-founder and CEO of gaming company Razer, explains why he thinks interactive entertainment is ‘ here to stay ‘.

Wednesday, September 20 2023 9:35 PM EDT

New Zealand economy expands more than expected in second quarter

new zealand gross domestic product Growth in the three months to June was 0.9% from the previous quarter, beating economists’ expectations for a 0.5% increase.

This figure also follows a 0.0% growth revision in the first quarter and means the country is not in a technical recession. The previous reported value was -0.1%.

On a year-on-year basis, GDP rose 3.2%, exceeding the 2.9% increase seen in the previous quarter and also exceeding the 3.1% expected in a Reuters poll.

— Lim Huijie

Wednesday, September 20 2023 8:57 PM EDT

Hybe stock drops more than 4% despite all BTS members renewing their contracts

The stock price of K-POP agency Hybe is the company reported All members of the boy group BTS announced that they have renewed their contracts with Bighit Music, a subsidiary of Hybe.

The decline in stocks roughly matched the decline in the broader Kospi index, which fell 1.07% on Thursday.

The seven-member boy group debuted in 2013, and all members renewed their contracts in October 2018.The label has not announced when the new contract will end, but Korean media reports Quoting Hive statement “After 2025, all BTS will be together.”

— Lim Huijie

Wednesday, September 20 2023 8:50 PM EDT

CNBC Pro: ‘Relentless pursuit of eyeballs’: Analysts name Chinese internet stocks to buy, give two stocks more than 50% upside potential

Analysts at asset management firm AllianceBernstein say some stocks stand to benefit from the “relentless tracking” of China’s internet sector.

“We are seeing increased activity related to e-commerce on media platforms that have not traditionally been associated with online retail,” they said in a Sept. 15 memo.

CNBC Pro subscribers can read more here.

— Amara Balakrishna

Wednesday, September 20 2023 2:07 PM EDT

Fed holds interest rates unchanged, expects one more rate hike this year

The Fed left interest rates unchanged at the end of its two-day meeting on Wednesday.

But the central bank signaled that it still expects one more rate hike before the end of the year and that next year’s hikes will be smaller than previously indicated. The Fed’s projections indicate that if it does eventually raise rates, it will be the last of the cycle.

— Jeff Cox, Michelle Fox

Wednesday, September 20 2023 8:49 PM EDT

CNBC Pro: Cathie Wood is a fan of this AI company, says ‘AI revolution’ will ‘change everything’

Cathie Wood says the British-founded company is “one of the best AI companies in the world.”

“The AI ​​revolution is here and it will change everything,” the founder and CEO of Ark Invest said on Wednesday, despite fears of a repeat of the 1990s dot-com bubble burst. ” he added.

CNBC Pro subscribers can read more here.

— Tan Weizhen

Wednesday, September 20 2023 8:49 PM EDT

CNBC Pro: ‘Incredibly compelling’: Pros are loving small-cap stocks right now.Here are their top picks

According to many analysts and investors, conditions are right for buying small-cap stocks. CNBC Pro features five such stocks, including two on its “high conviction” list.

Subscribers can read more here.

— Tan Weizhen

Wednesday, September 20 2023 15:04 EDT

Significant changes in interest rate markets postpone first Fed rate cut in 2024

Based on 30-day federal funds futures price data, it looks increasingly unlikely that the Fed will cut rates in early 2024. CME’s FedWatch Tool.

A month ago, the probability that the Fed would cut interest rates by 0.5 percentage points to 5.0% to 5.25% in January was more than 21%, but it is now less than 1%.

A month ago, the probability of a quarter-point cut by the March 2024 meeting was 34.2%, and the probability of a half-point cut was 10.2%. Now, according to price data, those odds have dropped to 9.5% and 0.1%, respectively.

— Scott Schnipper

Wednesday, September 20 2023 15:20 EDT

Dow joins other indexes at session lows

The Dow Jones Industrial Average was trading at a low, along with the other two major indexes, during Federal Reserve Chairman Jerome Powell’s remarks. It was a mainly strong day, with the average blue-chip stock up about 0.1% on the day despite the session’s lows.

— Alex Harring

Wednesday, September 20 2023 15:42 EDT

Nvidia’s month-to-date loss widens to 13.1%, down nearly 15% from 52-week high

Nvidia, the S&P 500’s best-performing stock in 2023, widened its month-to-date loss to 13.1% after the Federal Reserve signaled that interest rates would remain high for an extended period of time.

Nvidia is currently down 14.7% since hitting an all-time high on August 24, 2023.

In intraday trading on Wednesday, NVIDIA is ahead 194% in 2023. At its August high, NVIDIA was up his 244%.

— Scott Schnipper

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