5 Hours Ago
Foxconn shares spike almost 7% after April sales soar almost 20%
Shares of iPhone manufacturer Foxconn spiked as much as 6.73% after the company reported a 19.03% year-on-year rise in April revenue.
Foxconn, which trades as Hon Hai Precision Industry in Taiwan, recorded 510.9 billion New Taiwan dollars ($15.83 billion) in revenue in April, compared to the NT$447.54 billion recorded in March.
The company said that its component business, as well as its cloud and networking products “delivered strong growth,” while its smart consumer electronics and computing products segment “showed significant year on year growth in revenue.”
6 Hours Ago
Yen to face resistance at 150 against the dollar: SMBC
The Japanese yen will face upside resistance against the U.S. dollar at the 150 level despite two rounds of suspected intervention by Japanese authorities last week, says SMBC economist Ryota Abe.
The yen abruptly strengthened on April 29 and May 2, leading analysts to believe that Japan’s finance ministry bought yen to stem the currency’s slide.
Abe also noted that Japan’s authorities are unlikely to intervene unless the yen weakens again. But he also said that the rate differential between the U.S. and Japan will remain as such if both central banks keep their monetary policies unchanged.
The yen was trading at 153.64 at 11:18 a.m. Tokyo time.
6 Hours Ago
Caixin China services PMI comes in at 52.5 in April
A private survey showed the expansion in China’s services activity slowed slightly in April from March.
The Caixin/S&P Global services purchasing managers’ index came in at 52.5 in April, ticking down from 52.7 in March.
“Although slightly softer, growth was again solid and has now been sustained for 16 consecutive months,” the survey read.
A PMI reading above 50 indicates an expansion in activity, while a reading below that level points to a contraction.
— Shreyashi Sanyal
7 Hours Ago
Hong Kong’s private sector expands at slower pace in April
Business activity in Hong Kong’s private sector expanded at a slower pace in April, according to S&P Global.
The purchasing managers’ index for the city slipped to 50.6 from March’s 50.9.
Jingyi Pan, Economics Associate Director at S&P Global Market Intelligence, said the reading signaled another improvement in business conditions at the start of the second quarter.
However, Pan said the growth appears to be on “shaky ground,” highlighting that forward-looking indicators, such as the decline in new business orders in April, hinted at softening conditions.
— Lim Hui Jie
10 Hours Ago
Berkshire Hathaway cut Paramount exposure entirely
Warren Buffett revealed that he dumped Berkshire Hathaway’s entire Paramount stake at a loss.
“I was 100% responsible for the Paramount decision,” Buffett said at Berkshire’s annual shareholder meeting on Saturday. “We’ve sold it all and we lost quite a bit of money.”
The Omaha-based conglomerate first bought a nonvoting stake in Paramount’s class B shares in the first quarter of 2022. Since then the media company has had a tough ride, experiencing a dividend cut, earnings miss and a CEO exit. The stock is down nearly 24% in 2024.
CNBC Pro subscribers can read the full story here.
— Hakyung Kim, Yun Li
10 Hours Ago
Stock futures slightly higher Sunday night
U.S. stock futures were in the green Sunday evening.
Dow Jones Industrial Average futures rose 55 points, or 0.1%. S&P 500 and Nasdaq-100 futures added 0.2% each.
— Hakyung Kim