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    Home » Samsung earnings outlook, Japan’s service sector PMI, US employment statistics
    Earnings

    Samsung earnings outlook, Japan’s service sector PMI, US employment statistics

    paydayloansallonline_110na0By paydayloansallonline_110na0January 6, 2023No Comments7 Mins Read
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    Tesla cuts prices on some models in China, suppliers rise

    Tesla announced in a Weibo post that it had cut prices on some models in China for the first time in three months.

    According to the company, the Model 3 and Model Y are currently priced at 229,900 yuan and 259,900 yuan respectively in China.

    Another Reuters calculation puts this down from 6% to 13.5%.

    Shares of Shenzhen-listed Tesla’s Chinese supplier rose amid optimism that price cuts could boost demand from electric car makers.

    Anhui Shiny Electronic Technology’s shares rose as much as 10% in Asian trading, while Hengdian Group DMEGC Magnetics rose nearly 9%. Zhejiang Chint Electrics rose about 10%, while Shandong Jinjing Science & Tech rose more than 7% of him.

    — Lee Ji-hye

    More Chinese electronics companies take market share from Taiwanese firms like Foxconn: investment fund

    More Chinese electronic component manufacturers are looking to take market share from their Taiwanese counterparts. Foxconnsaid Kirk Yang, chairman and CEO of Kirkland Capital, on CNBC’s “Squawk Box Asia” on Friday.

    apple Supplier Foxconn faces competition from Luxshare, which won a contract to produce iPhones in China, but Foxconn posted record profits and its Zhengzhou factory returned to normal after Covid restrictions and labor unrest. rice field.

    “Chinese companies are getting pretty competitive for iPhone assemblers. China is doing very well in almost everything except semiconductors,” Yang said.

    Yang added that Taiwanese companies in China have been under a lot of pressure over the past five years due to geopolitical tensions between China and Taiwan. “Many of them leave China,” Yang said.

    This is why Apple is under pressure to diversify, he added, adding that the tech war between the United States and China is accelerating companies moving out of China.

    – Sheila Chen

    Samsung Electronics could cut production in coming months, CLSA says

    Samsung Electronics may follow competitors micron technology When SK Hynix CLSA senior analyst Sanjeev Rana said production will be cut in the second half of 2023.

    Rana told CNBC’s Squawk Box Asia on Friday that the company “has no choice but to cut production as inventories are building up so quickly.”

    “If they don’t cut production, inventories could rise further,” he said, adding that sales of memory chips had also fallen as demand for IT products plummeted in recent months.

    On the demand side, Rana said smartphone shipments to China could grow by double digits on an annual basis as China’s economy reopens.

    Samsung Electronics may cut production in coming months, analysts say

    Analysts say oil prices will stay around $85 a barrel for the next five years

    Dan Pickering, of Pickering Energy Partners, said oil prices are expected to hover around $85 a barrel over the next five years as a result of “underinvestment on the supply side” and possibly increased demand.

    Pickering said he expects “an increase in demand of 1-2 million barrels per day” once China weathers the coronavirus wave, adding that this will support commodity prices.

    He added that more support is priced in if the world emerges from the global recession.

    Brent crude futures rose 1.12% to $79.57 a barrel. Similarly, US West Texas Intermediate rose 1.15% to $74.74 per barrel.

    In the US, winter storms have also reportedly reduced fuel inventories, increasing pressure on supplies.

    — Lee Yingxiang

    China eases minimum mortgage rates for first home buyers

    The People’s Bank of China and the China Banking and Insurance Regulatory Commission said they would approve lowering mortgage rates for first-time homebuyers if new housing prices fell for three consecutive months.

    The latest measures show further government support for the real estate sector.

    China’s home sales fell by more than 20% on an annualized basis for each month from last year to November, according to FactSet data. Home prices fell for the fourth month in a row in November, according to Reuters.

    Hong Kong-listed real estate stocks were mostly up, with Logan Group up 5.48% and Cifi Holdings up 0.79%. Country Garden and Longfor Group were flat in Friday morning’s session.

    — Lee Ji-hye

    CNBC Pro: Veteran investors believe energy will be the biggest winner in 2023, and they name the stocks that do just that.

    After an outstanding performance in 2022, energy stocks are off to a slow start to the year.

    But veteran investor Louis Naberier is unfazed. He believes the sector will have another strong year in 2023 and has many stocks to choose from to play it.

    Pro subscribers can read more here.

    — Xavier Ong

    Japan’s service sector grows for fourth straight month

    Japan’s service sector activity grew for the fourth straight month in December as Japan’s central bank maintains its ultra-dovish policy.

    The final au Jibun Bank Japan Service Purchasing Managers Index rose to 51.1.

    The 50-point mark on PMI readings distinguishes between contraction and expansion.

    of Japanese yen It traded slightly stronger after the report, ending at 133.38 against the dollar.

    — Lee Ji-hye

    Samsung Electronics earnings guidance shows quarterly profit plummeting nearly 70%

    According to the company’s latest earnings guidance, Samsung Electronics posted its worst quarterly profit in nearly eight years, with its operating profit down about 70% in the final quarter.

    After posting a profit of 13.87 trillion won ($10.92 billion) in the previous quarter, the tech giant posted a profit of 4.3 trillion won ($10.92 billion) in the October-December period due to weakening global demand. $3.37 billion).

    Shares of the tech giant rose 0.17% immediately after the guidance was released.

    — Lee Ji-hye

    CNBC Pro: Citi’s Chronert Says Recession Is NearShares his ‘highest conviction call’ to toughen it up

    Citi’s Scott Cronert expects a mild recession in the first half of this year and has revealed three strategy calls that could help investors weather the recession.

    He shared with CNBC three “best convictions” to help investors navigate the macro environment.

    CNBC Pro subscribers can read more here.

    — Tan Weizhen

    St. Louis Fed President James Bullard expects 2023 to be a year of disinflation

    St. Louis Federal Reserve Bank Governor James Bullard said in a speech Thursday that there are many factors that could make 2023 a year of disinflation.

    He noted that GDP growth is likely to improve in the second half of 2022 and that inflation, while too high overall, has declined recently.

    He added that while current policy is not yet “restrictive enough”, it is getting closer and will reach that level this year. It showed the market that it could cut the final interest rate over the 5% we’re looking at, pulling the stock off the lows of the day.

    He said the labor market strength seen in the middle of the hiking cycle was unprecedented.

    — Carmen Reinicke

    CNBC Pro: Goldman Sachs reveals seven global stocks under the radar to buy this year

    Many stocks under the radar are key to the green energy transition and are expected to rise in 2023, according to Goldman Sachs.

    The Wall Street bank said the decade-long trend of investing in large clean energy stocks will change this year, shifting the focus to smaller supply chain companies.

    An investment bank has identified seven stocks in Europe, the Middle East and Asia that will benefit from new trends.

    CNBC Pro subscribers can read more here.

    — Ganesh Rao

    Big Drops in Silvergate, Bed Bath & Beyond Highlight Midday Moves

    Here are some of the biggest stock moves during Thursday’s trading session.

    silver gate — Stocks of the crypto-focused bank fell more than 42% after Silvergate revealed a large customer withdrawal in the fourth quarter. $3.8 billion, down more than 60% from three months ago. The company also sold more of his $5 billion debt securities to cover withdrawals, resulting in a loss of $718 million.

    Bed Bath & Beyond — Household goods retailers plunge 24% after reporting cash shortages and are considering bankruptcy as sales fall short of expectations. The company said it was exploring financial options including restructuring, seeking additional capital and selling assets, in addition to possible bankruptcy.

    Lam Weston Holdings — Food processing companies surged 9% after beating quarterly earnings and earnings estimates. Lam Weston also raised its financial guidance for the full year.

    See other movers here.

    — Jesse Pound

    Unemployment insurance claims continue to fall, indicating strength in the labor market

    The number of initial unemployment claims in the week ending Dec. 24 increased slightly to 225,000, according to the Labor Department. However, ongoing claims counting those who have been unemployed for more than a week have declined.

    Recurring claims decreased by over 24,000 to 1,569,764 over the previous week. This shows that people are finding new jobs in a strong labor market.

    — Carmen Reinicke



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