6 hours ago
Foxconn stock soars about 7% after sales surged about 20% in April
Shares of iPhone maker Foxconn soared as much as 6.73% after the company announced that April sales rose 19.03% from a year earlier.
Foxconn, which trades in Taiwan as Hon Hai Precision Industries, posted sales of NT$510.9 billion ($15.83 billion) in April, compared with sales of NT$447.54 billion in March. .
The company said its components business and cloud and networking products “achieved strong growth,” while its smart appliances and computing products division “saw strong year-over-year sales growth.”
7 hours ago
Yen hits resistance level at 150 yen against dollar: Sumitomo Mitsui Banking Corporation
SMBC economist Ryota Abe expects the Japanese yen to face resistance at the 150-yen level against the US dollar, despite two allegations of interference by Japanese authorities last week.
The sudden appreciation of the yen on April 29 and May 2 led analysts to believe that Japan’s Ministry of Finance bought the currency to stem the currency’s decline.
Prime Minister Abe also said it was unlikely that Japanese authorities would intervene unless the yen weakened again. However, he also said that if the central banks of the two countries do not change their monetary policies, the interest rate differential between Japan and the United States will remain unchanged.
The yen is trading at 153.64 yen as of 11:18 a.m. Tokyo time.
7 hours ago
Caixin China service industry PMI in April was 52.5
According to a private survey, the expansion of China’s service activities in April slowed slightly from March.
The Caixin/S&P Global Services Purchasing Managers Index stood at 52.5 in April, down from 52.7 in March.
“Although there has been a slight slowdown, growth is strong again and has now been maintained for 16 consecutive months,” the study said.
PMI readings above 50 indicate expansion in activity, while readings below that level indicate contraction.
— Shreyashi Sanyal
8 hours ago
Hong Kong’s private sector slows in April
Private sector business activity in Hong Kong expanded at a moderate pace in April, according to S&P Global.
The city’s Purchasing Managers Index fell to 50.6 from 50.9 in March.
Jingyi Pan, associate director of economics at S&P Global Market Intelligence, said the numbers suggest business confidence will improve again early in the second quarter.
But Pan said growth appeared to be in a “precarious situation” and stressed that forward-looking indicators, such as a decline in new orders in April, suggested conditions were softening.
— Lim Huijie
11 hours ago
Berkshire Hathaway completely cuts exposure to Paramount
Warren Buffett announced that he has sold all of his Berkshire Hathaway shares in Paramount.
“I am 100% responsible for Paramount’s decisions,” Buffett said at Berkshire’s annual shareholder meeting on Saturday. “I sold everything and lost a lot of money.”
The Omaha-based conglomerate first purchased non-voting shares of Paramount’s Class B stock in the first quarter of 2022. Since then, the media company has fallen on hard times, with dividends cut, profits missed, and its CEO stepping down. Stock prices will fall nearly 24% in 2024.
CNBC Pro subscribers can read the full story here.
— Ha-Kyung Kim, Yun Lee
11 hours ago
Stock futures rose slightly on Sunday night.
U.S. stock futures rose on Sunday evening.
Dow Jones Industrial Average futures rose 55 points, or 0.1%. S&P 500 futures and Nasdaq 100 futures each rose 0.2%.
— Ha-Kyung Kim
