54 minutes ago
Japanese trading houses rise after Buffett raises stakes
Japanese trading houses jumped to the open on Tuesday after Berkshire Hathaway raised its stake in five Japanese trading companies to an average of more than 8.5%.
mitsui jumped 4.55%, marubeni gained 3.44%, and mitsubishi increased by almost 4% while itochu and sumitomo rose nearly 3% each.
Japan’s top five trading houses got a renewed boost from Warren Buffett, bucking the trend as Japanese stocks continued to slide for a second day.
The firm noted that the aggregate value of these interests exceeds that of shares held by Berkshire in any country outside the US, the firm said.
— Jihye Lee, Elliot Smith, Ruxandra Iordache
An hour ago
China is expected to deliver cuts to its prime lending rates
The People’s Bank of China is expected to cut prime rates on its 1-year and 5-year loans later today.
Economists polled by Reuters forecast a 10 basis point cut in its 1-year prime rate and a 15 basis point cut in the 5-year prime rate, according to Factset.
China last delivered cuts to its LPRs in August 2022. Investors will be closely watching today’s decision after the central bank cut its medium-term credit facility and its seven-day reverse repo rate.
—Jihye Lee
An hour ago
CNBC Pro: Analyst says this automaker could be next in line for a Tesla supercharger deal
A global auto giant may be the next company to sign a deal tesla to use its boost stations, according to RBC analyst Tom Narayan.
If the deal goes through, it will follow similar partnerships that Tesla has agreed with Ford and General Motors.
Investors have rewarded all parties to the deal in the past. The day after the deal, shares of Tesla and Ford rose 4.7% and 6.2%, respectively. The share prices of both automakers have risen more than 25% since then.
CNBC Pro subscribers can read more here.
—Ganesh Rao
An hour ago
CNBC Pro: This Veteran Investor’s Funds Have Outperformed Since 2006. Here Are His Top Strategies
Jordan Cvetanovski, a top-performing portfolio manager, has looked for certain attributes in his chosen companies for the past nearly 20 years.
And the results have proven consistent through the global financial crisis, the era of zero interest rates, and now high interest rates.
A fund managed by Cvetanovski of Pella Funds Management outperformed its benchmark by a staggering 27% over a four-year period.
CNBC Pro subscribers can read more here.
—Weizhen Tan
2 hours ago
A strong week, even with the weak finish on Friday
All three major averages hit notable milestones with last week’s wins, even though Friday ended on negative pace.
While the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite ended Friday’s session in the red, all three indices rallied for the week.
The S&P 500 jumped 2.6% on the week, its strongest weekly performance since March and the fifth consecutive positive week, its first since ending a streak of the same length in November 2021. week, its best since March and the eighth consecutive positive week for the first time since a 10-week streak ended in March 2019.
The Dow also posted a modest weekly victory, adding 1.25% and posting its third consecutive positive week since April of this year.
—Darla Mercado, Chris Hayes
3 hours ago
Stock futures open lower
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