53 minutes ago
Morgan Stanley says Nikkei Stock Average is headed for an all-time high
The Nikkei Stock Average is trading at over 38,600 points, a new 34-year high, and is expected to reach a new all-time high.
In a research note dated February 15, Morgan Stanley maintained its bullish stance on Japanese stocks, stating that a new all-time high for the Nikkei average is “imminent.”
Economists at Morgan Stanley wrote, “The Nikkei Stock Average has exceeded 38,000 yen and is likely to break the all-time high of 38,916 yen, set in December 1989, in the near future.” .
The index is currently trading 1.37% higher.
—Li Yingshan
1 hour ago
Japan’s finance minister says the timing of lifting negative interest rates is the prerogative of the central bank
Japan’s Finance Minister Shunichi Suzuki said on Friday that it was up to the Bank of Japan to decide when to end its negative interest rate policy, Reuters reported.
Japan’s economy has lost the world’s third place to Germany and is in a technical recession, raising expectations that the central bank will continue its ultra-easy monetary policy for an extended period of time.
When asked whether the weak gross domestic product (GDP) data would affect the timing of the central bank’s policy changes, Suzuki reportedly said, “I am aware that there are various opinions in the market.” ” he said.
– Li Yingshan, Reuters
5 hours ago
S&P500 hits new closing high
Traders on the floor of the New York Stock Exchange.
Brendan McDiarmid | Reuters
The day ended with all three major stock indexes rising, with the S&P 500 hitting a new all-time high.
The broader market index rose 0.58% to end at 5,029.73. The Dow Jones Industrial Average rose 348.85 points, or 0.91%, to end at 38,773.12. The Nasdaq Composite Index rose 0.30% to close at 15,906.17.
— Lisa Kailai Han
2 hours ago
CNBC Pro: ‘The bubble may be far from bursting’: Capital Economics reveals bullish target for S&P 500
Last week, the S&P 500 index closed above 5,000 for the first time. But as the index rose, so did concerns about its valuation.
But investors need not fear, as there is still plenty of room for upside, according to Capital Economics.
The research firm’s chief market economist revealed his company’s price target in a note to clients titled “The bubble may be far from bursting.”
CNBC Pro subscribers can read more here.
— Ganesh Rao
7 hours ago
Crude oil cancels expectations of weak demand and rebounds due to weak dollar
Oil rig and pumps at H&P Rig 488 in Stanton, Texas, June 8, 2023.
Suzanne Cordeiro | AFP | Getty Images
Oil prices bounced back on Thursday as the dollar weakened, shaking off an earlier decline due to expectations of weak demand in 2024.
West Texas Intermediate March contract rose $1.46, or 1.91%, to $78.10 per barrel. Brent’s April contract was trading at $82.83 per barrel, an increase of $1.23, or 1.51%.
Price Futures Group analyst Phil Flynn said oil prices were supported by a weaker dollar after U.S. retail sales fell more than expected in January.
Futures traded in early trading after the Paris-based International Energy Agency predicted demand would rise by 1.2 million barrels per day this year, down nearly 50% from the 2.3 million barrels per day increase in 2023. It fell by about 1%.
— Spencer Kimball
2 hours ago
CNBC Pro: AI’s ‘underappreciated beneficiary’: Morgan Stanley shares Asian name, gives room for 113% upside
While many U.S. companies are attracting investor attention amid the artificial intelligence boom, there are “underappreciated beneficiaries” in the Asia-Pacific region, according to Morgan Stanley.
Japan stands out, according to the report, with 53% of businesses considered to be benefiting from AI, roughly on par with 54% in the United States, 50% in Europe and 50% in Asia excluding Japan. This is 39% higher than in the Pacific region.
Among Morgan Stanley’s selection of AI beneficiaries (enablers, adopters, and both), here are some of the names that Morgan Stanley says are “most likely to outperform over the next 12 months.”
CNBC Pro subscribers can read more here.
— Tan Weizhen