30 minutes ago
China strengthens real estate financing with first major lending rate cut since June
The People’s Bank of China lowered the benchmark five-year loan prime rate for the first time since June, but left the one-year term unchanged.
The People’s Bank of China kept the one-year loan prime rate, the fixed interest rate for most household and business loans in China, unchanged at 3.45%. The People’s Bank of China said in a statement on Tuesday that the five-year loan rate, which is fixed for most home loans, has been cut by 25 basis points to 3.95%.
“From my perspective, I think this is a 25 basis point rate cut. [is] This is definitely a very positive sign,” said William Ma, chief investment officer at Grow Investment Group, adding that the government and regulators have indicated that banks are in good financial health. .
—Clement Tan, Li Yingshan
1 hour ago
Crude oil prices remain unstable as crew members abandon ship due to Houthi missile attack
Oil prices fell after Iran-backed Houthi militants damaged a ship off the coast of Yemen on Sunday and the crew abandoned it in the latest escalation of maritime tensions that has cut off a major trade route in the Red Sea. It was mixed.
Global benchmark Brent crude oil futures were trading 0.19% lower at $83.4 per barrel, while US West Texas Intermediate futures were trading 0.33% higher at $79.45 per barrel.
In the aftermath of the attack, Oxford Economics wrote in a note that broader commodity markets appear to have so far “ignored” the Red Sea attack.
“Commodity markets have shown little reaction to the Red Sea attack and we believe the impact on prices will be minimal,” the memo said. Having said that, he stressed that the product “most at risk” is jet fuel, due to the high proportion of products that pass through the Red Sea.
—Li Yingshan
1 hour ago
RBA says it will take ‘some time’ for inflation to return to target (with interest rate hikes considered)
The Reserve Bank of Australia said it would take “some time” for inflation to return to target before the central bank could rule out further interest rate hikes, according to minutes from a board meeting earlier this month.
“Members noted that it will take time to have sufficient confidence that inflation will return to target within a reasonable period of time,” the minutes read, adding that members may raise the cash rate target by another 25 basis points. He added that he had also considered it. .
The RBA has left interest rates on hold in recent decisions.
—Li Yingshan
1 hour ago
CNBC Pro: Morningstar strategist names three lesser-known stocks in today’s ‘stock picker market’
The stock market is off to a strong start this year, with the S&P 500 index rising above 5,000 last month. However, continued political tensions and uncertainty over the timing of the Federal Reserve’s interest rate cuts have raised questions about which sectors will perform well, with many market participants predicting that 2024 He is of the view that 2020 will be a year for stock selection.
David Sekera, chief market strategist at Morningstar, agrees. He said the market has “always been a stock-picking market,” but that this year is even more relevant.
He also named three under-the-radar stocks that he currently likes.
CNBC Pro subscribers can read more here.
— Amara Balakrishna
2 hours ago
Xpeng plans to hire 4,000 people and invest in AI as CEO warns of fierce competition in EVs
Xpeng plans to hire 4,000 new people and invest in artificial intelligence technology, said CEO He Xiaopeng.
He also warned that fierce competition in the electric vehicle sector could end in “bloodshed”.
In a letter to employees on Sunday, he said the company will invest a total of 3.5 billion Chinese yuan ($486.2 million) in research and development of artificial intelligence technology, focusing on “intelligent driving.”
— Arjun Karpal
9 hours ago
European stocks end higher
European stocks rose slightly on Monday, with the Stoxx 600 index up 0.17% after gaining 1.4% last week.
Britain’s FTSE 100 index rose 0.22%, while France’s CAC40 index was flat and Germany’s DAX index fell 0.15%.
See chart…
STOXX 600 index.
1 hour ago
CNBC Pro: ‘Hidden Gem’: UBS names 5 of the world’s small-cap stocks – one with 77% upside potential
3 hours ago
S&P 500 and Dow futures are almost flat
Futures tied to the S&P 500 and the Dow were both little changed Monday night after 6pm ET. Nasdaq 100 futures rose 0.2%.
— Alex Harring