1 hour ago
CNBC Pro: TSMC and more: Goldman Sachs loves these Asian tech stocks, giving each one 37% upside potential
Many investors have been bullish on tech stocks over the past few months, and Goldman Sachs is no exception.
The investment bank highlighted opportunities for Asia’s high-tech hardware industry, citing “focus points” for 2024 including cyclical recovery, artificial intelligence and the impact of the geopolitical situation, including changes in semiconductor supply chains.
Goldman Sachs analysts led by Daiki Takayama said in a note that “while we expect a very gradual cyclical recovery overall, we continue to explore opportunities in individual stocks.” We have listed stocks that are rated as buys, including the four listed. Play theme.
The bank’s conviction list includes stock ideas with top buy ratings that are expected to beat the market.
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— Amara Balakrishna
1 hour ago
CNBC Pro: These European stocks are likely to outperform once interest rate cuts begin, BofA says
Investors are looking forward to a rate cut this year. The U.S. Federal Reserve has signaled at least three interest rate cuts, which would end the aggressive interest rate hike campaign of the past few years.
The question is when the first rate cut will occur.
BofA has created a screen for global companies that have the potential to outperform as interest rates decline, but that have “not yet rebounded as strongly as their historical average performance” after the cycle’s first cut.
We also screened companies based on scenarios such as whether the Fed cuts rates faster or slower than the European Central Bank, or vice versa.
CNBC Pro subscribers can read more here.
— Tan Weizhen
12 hours ago
December CPI rose more than expected
Inflation rose faster than expected in December.
Last month’s consumer price index rose 0.3% compared to November. Compared to the previous year, CPI increased by 3.4%. Economists polled by Dow Jones had expected December’s CPI to rise 0.2% from the previous month and 3.2% from a year earlier.
However, the so-called core CPI, which excludes food and energy prices, suggested that price pressures may ease.
— Fred Imbert
9 hours ago
Economist McCulley says the Fed is still prepared to cut interest rates even if inflation is high
Economist Paul McCurry said Thursday that the Federal Reserve is unlikely to reverse its policy of lowering interest rates this year after December’s inflation numbers were slightly higher than expected.
Even though the consumer price index showed inflation was 3.4% higher than a year ago, McCurry insisted that the Fed’s policy is “clearly on axis.”
“The next move will be a rate cut, a series of rate cuts to get us back to neutral. That’s the theme the market is working on. I think it’s the right theme and the data for the day ‘Not much has changed at this point.”’ McCurry said in an interview on CNBC’s “Squawk on the Street.”
Nevertheless, stock prices fell on the news of inflation.
“There’s a lot of noise in the data and in the markets, but we’re basically in a soft landing with the pivot already rhetorically in place and just waiting for the timing, pace and scale to materialize,” McCurry said. added.
—Jeff Cox
5 hours ago
Bitcoin miners plummet in afternoon trading
Bitcoin miners have clawed back gains after the Securities and Exchange Commission approved the first U.S. spot Bitcoin ETF to hit the market on Thursday, even as the cryptocurrency’s price tumbles in volatile trading.
Two major mining stocks, Marathon Digital and Riot Platforms, each fell more than 15%. Wall Street favorites Iris Energy and CleanSpark fell 9% and 7%, respectively. Investors were looking to take profits after the Bitcoin price soared to over $49,000 for the first time since December 2021, but it has since fallen to the $46,000 level. did.
Miner is one of the biggest gainers on the stock market in 2023. Marathon ended the year up almost 590%, and Riot is up over 350%. CleanSpark and Iris Energy recorded his more than 400% rise.
— Tanaya Machel
5 hours ago
FAA investigating Boeing panel rupture
The Federal Aviation Administration announced Thursday that it has opened an investigation into Boeing Co. after the side panel of one of its Boeing 737 Max 9 planes exploded during a flight on Saturday.
According to the FAA, the investigation will look into whether Boeing “failed to ensure that the finished product conformed to the approved design and was safe to operate in accordance with FAA regulations.” It is said that
Boeing stock was down nearly 2% in midday trading.
— Leslie Josephs, Michelle Fox