5 Hours Ago Alibaba’s overhaul could be followed by technology peers: KraneShares Alibaba’s major shakeup could be followed by its Chinese technology peers, according to KraneShares’ CIO Brendan Ahern. “I think investors are saying what we saw in Alibaba, really the leader in China tech, that their plans might be utilized by others,” Ahern said, … Read more
Market will probably probe any signs of weakness: JPMorgan The market will see near-term pressure on bank stocks as they continue to “probe any signs of weakness to see if they push hard enough things will break,” says Kerry Craig, Global Market Strategist at JP Morgan Asset Management. Shares of Deutsche Bank’s U.S.-listed shares on … Read more
43 Mins Ago IMF says China’s economy shows signs of strong recovery International Monetary Fund managing director. Kristalina Georgieva said China is showing signs of robust economic recovery. In remarks delivered in the 2023 China Development Forum, Georgieva said China’s economy is seeing a strong rebound, with the IMF’s January forecast putting China’s GDP growth … Read more
Treasury Secretary Yellen says emergency actions to backstop banks could be used again if needed Treasury Secretary Janet Yellen said Thursday that the federal emergency actions used to backstop Silicon Valley Bank and Signature Bank customers could be used again if necessary. “We have used important tools to act quickly to prevent contagion. And they … Read more
3 Hours Ago Healthcare and consumer cyclicals lead Hang Seng higher The Hang Seng index led gains in the Asia-Pacific region on Wednesday, powered by health-care and consumer cyclical stocks. Shares of Geely saw the biggest moves, up 7.16% after the automaker posted a 45.6% year on year gain in revenue for the whole of … Read more
CNBC Pro: RBC names 5 global financial stocks to buy right now as banks sell off The recent share price falls in European financial institutions have presented a buying opportunity, according to RBC Capital Markets. The investment bank named five stocks to buy during the share price dip, noting that these financial institutions are not … Read more
56 Mins Ago China leaves 1-year and 5-year loan prime rates unchanged The People’s Bank of China left the loan prime rates for 1-year and 5-year unchanged, after cutting the reserve requirement ratio for almost all banks by 0.25 percentage points last week. The 1-year LPR stayed at 3.65% while the 5-year LPR remained at 4.3%, … Read more
Tech stocks lead Hong Kong index climb; Baidu surges over 10% The Hang Seng index led gains in the Asia-Pacific region on Friday, driven in part by the surge in tech stocks. Baidu was up almost 12% after its U.S.-listed shares surged overnight, following the launch of its Chinese-language ChatGPT alternative – named Ernie bot. Shares … Read more
18 Mins Ago Saudi National Bank says panic over Credit Suisse is unwarranted The chairman of Credit Suisse’s largest shareholder, Saudi National Bank, told CNBC’s Hadley Gamble that the recent market turmoil in the banking sector is “isolated” and stems from “a little bit of panic.” “If you look at how the entire banking sector has … Read more