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    Home » Asia Pacific Stocks, Fed, Earnings & Economic Data
    Earnings

    Asia Pacific Stocks, Fed, Earnings & Economic Data

    paydayloansallonline_110na0By paydayloansallonline_110na0January 31, 2023No Comments5 Mins Read
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    BYD shares rise 3.84% on expectations of impressive annual earnings

    Shares of Chinese EV maker BYD rose 3.84% after the company announced record year-over-year earnings forecasts.

    In an exchange filing, BYD expects its net profit in 2022 to rise from 1.25 billion yuan ($185.5 million) to up to 16.3 billion yuan, an increase of about 1200% compared to 2021. I’m here.

    The bright growth forecast is underpinned by the new energy vehicle industry, which BYD said was “experiencing continued explosive growth.”

    “The company has overcome complex and difficult external environment shocks and many unexpected factors to achieve such strong year-on-year growth in sales of new energy vehicles,” the report further said.

    — Lee Yingxiang

    China’s official manufacturing PMI rebounds

    China’s official manufacturing Purchasing Managers’ Index (PMI) has recorded its first increase since October 2022, according to the National Bureau of Statistics.

    China’s manufacturing activity rose to 50.1 in January, crossing the 50-point threshold that separates growth from contraction.

    The figure beats Reuters’ forecast of 49.8 and higher than December’s figure of 47.

    Similarly, China’s non-manufacturing PMI, which comprises services, catering and construction sectors, rose to 54.5 from 41.6 in December.

    — Lee Yingxiang

    Samsung shares fall after recording 69% profit plunge

    Samsung Electronics saw its profits plunge 69% to 4.3 trillion won ($3.49 billion) on Tuesday on the back of weak demand for consumer electronics.

    “Demand for smartphones remains weak as the mass market shrinks sharply due to continued inflation and geopolitical instability,” Samsung’s earnings release said.

    Samsung’s The stock has finally fallen 3%.

    — Lee Yingxiang

    Adani Group founder and chairman’s net worth drops by $36 billion

    Adani Group founder and chairman Gautam Adani’s net worth fell by $36 billion year-to-date at the market close on Monday, according to the Bloomberg Billionaires Index.

    Adani, Asia’s richest man and once second only to Elon Musk, slipped from the top 10 richest people in the world to 11th place as of Monday’s close.

    After peaking at $150 billion on Sept. 20, 2022, his net worth fell to $84.4 billion as of Monday’s close, according to the index.

    Adani Enterprises’ stock remains down more than 25% month-to-date, according to Refinitiv data. The company went ahead with a secondary sale of his $2.5 billion stake, but was overshadowed by a rout that saw him lose a total of $65 billion at the close of trading on Monday.

    CNBC Pro: Could China Stocks Rise Further? An Investment Bank Thinks So, Names Its Top Stocks

    The rally in Chinese stocks gained momentum on Monday as China’s benchmark index came right on the edge of the bull market.

    Bernstein analysts believe the rally should go further and reveal the top stocks to do it.

    Pro subscribers can read more here.

    — Xavier Ong

    South Korea’s December industrial output plummets, below forecast

    South Korea’s factory output fell 7.3% in December, its worst annual rate in more than two and a half years since May 2020’s plunge of 9.6%.

    The figure was steeper than Reuters’ forecast of a 5.1% decline and a 3.4% decline in November.

    — Lee Yingxiang

    Stock markets close lower on Monday as the Dow falls more than 250 points

    The stock market ended lower on Monday as the Dow Jones Industrial Average recorded a six-day winning streak.

    The Dow Jones Industrial Average fell 260.99 points, or 0.77%, to 33,717.09. The S&P 500 fell 1.3% to 4,017.77. Nasdaq Composite fell 1.96% to 11,393.81.

    — Sara Min

    When Selling Tesla, Technician Carter Worth Says

    TeslaAccording to Carter Worth, CEO and founder of Carter Braxton Worth Charting, the company’s shares are “running out of control” and it’s time to sell.

    Shares of electric car makers have soared 38% year-to-date, following a 65% plunge last year. Last week, Tesla posted record revenue and profits. CEO Elon Musk also said the company could produce 2 million cars this year.

    “It feels a little crowded and steep. It’s too far, too fast,” Worth said on CNBC’s “The Exchange.” The name is also the most active in the options market, he noted.

    “It’s a rally to a difficult level,” he added. “The play here is to exit if you’re long, and if you have new money, I’ll be short.”

    Tesla’s year-to-date rise

    Don’t count on this early 2023 rally, says JP Morgan’s Kolanovich

    Marco Kolanovic, a top market strategist at JP Morgan, warned that investors should cap the rally in early 2023.

    He said the first quarter was likely to be a turning point for the market, and its upward trajectory probably won’t last.

    “The next leg-up fundamental confirmation may not come,” Kolanovic said in a note to investors on Monday. “Instead, the market is likely to encounter an air pocket of lower earnings and activity over the second and third quarters.”

    He expects the backdrop for corporate earnings to begin to decline as pricing power reverses.

    The strategist’s comments arrived as the stock took a breather from its recent rally. Still, the S&P 500 is up over 5% for the year and the Nasdaq Composite is up over 9%. The Dow Jones Industrial Average is up about 2.3% in 2023.

    Kolanovic also predicts that “the risk of a recession will be postponed, not diminished.” U.S. Gross Domestic Product rose at an annualized pace of 2.9% in the fourth quarter, but weakness underlies that headline figure “as private demand registered its weakest growth since the start of the recovery.” .

    “The weak trajectory of US domestic demand continues to heighten recession risk, even as tight labor markets postpone this recession risk,” Kolanovic wrote. “On the other hand, the tightening of real policy rates presents continued headwinds and the risk of a recession later this year is high.”

    –Darla Mercado



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