54 minutes ago
Ripple CEO Warns More Crypto Firms Could Exit US Due to “Role Disruption”
The CEO of blockchain service firm Ripple has said that “confusing” crypto rules could cause more companies to leave the US for other jurisdictions such as Europe and the UAE. .
“I think it’s fair to say that the U.S. has disrupted traffic rules in the crypto industry as much as possible,” Garlinghouse said, with companies like Ripple calling for clarity on crypto regulation. .
He added that jurisdictions such as Europe “are really showing leadership, and even the UK and Singapore have made it clear how they will regulate these digital assets.”
His comments were announced Wednesday that Ripple has acquired Swiss cryptocurrency custody service Metaco to expand its overseas operations at a time when U.S. regulators are cracking down on companies such as Ripple and Coinbase. I received what I did.
“Frankly, that’s why entrepreneurship and investment is pouring into other jurisdictions, and Europe is certainly a big beneficiary of the turmoil that exists in the United States,” said Garlinghouse. said, adding that companies like Ripple are encouraged to invest more abroad.America
— Sheila Chan
4 hours ago
Tencent Shares Fall More Than 3% Despite Better First-Quarter Earnings
Hong Kong shares of Chinese tech giant Tencent fell more than 3%, even as the company reported an 11% increase in quarterly sales to CNY150 billion ($21.4 billion).
This marked the fastest growth in over a year as the company’s payments, ad revenue and games rebounded significantly.
Net profit rose 10% to 25.8 billion yuan, below the 31 billion yuan forecast of economists polled by Reuters.
— Lim Huijie, Ryan Brown
2 hours ago
CNBC Pro: Analysts say this EV stock puts other EV stocks ‘head and shoulders above’
Consulting firm Sino Auto Insights says the competition in China’s electric vehicle market is “just getting started.”
China’s EV market has been disrupted by Tesla’s aggressive price cuts and the government’s end of subsidies for electric vehicle buyers.
But Sino Auto Insights managing director Tu Lee remains bullish on electric-vehicle giant Tesla and its Chinese company BYD.
CNBC Pro subscribers can read more here.
— Li Yingxiang
5 hours ago
Japanese stocks extend winning streak led by energy and technology stocks
The Japanese market extended its winning streak on Thursday, with the Nikkei Stock Average leading the gains in the region and continuing to trade above 30,000.
TOPIX maintained the level since August 1990.
Energy and technology stocks led the TOPIX, with Sony and electronics company Tokyo Electron leading the way.
Meanwhile, FactSet found that electronics stocks boosted the Nikkei average, with semiconductor test equipment maker Advantest followed by Tokyo Electron as the top performers in the index.
— Lim Huisier
4 hours ago
Nomura cuts full-year growth forecast for China
Nomura cut its full-year growth forecast for China to 5.5% from 5.9%, according to a note Wednesday.
“China’s post-COVID-19 recovery is rapidly losing momentum,” wrote Nomura’s Ting Lu, adding that the latest activity data and May’s high-frequency data are “Weak confidence in the market is partly to blame,” he said, indicating a loss of momentum.
“As the disappointment sets in, we see increasing risks of slower economic growth, higher unemployment, persistent disinflation, lower market interest rates and currency depreciation,” he said.
Nomura also added that China’s 2024 full-year gross domestic product forecast will be revised down to 4.2% from 4.4%. It now forecasts GDP growth of 7.8% in the second quarter, 4.9% in the third quarter and 5.0% in the final quarter.
– Lee Ji Hye
6 hours ago
Japan’s trade deficit narrows in April, imports fall more than expected
Japan’s trade deficit narrowed It nearly halved in April, down from 854.93 billion a year ago to 432.41 billion.
Most notably, imports fell 2.3% year-on-year, beating the 0.3% decline expected by economists polled by Reuters.
Exports were broadly in line with expectations, rising 2.6% year-on-year compared to the expected 3%.
— Lim Huisier
6 hours ago
New Zealand producer price index fell slightly in the first quarter
New Zealand’s Producer Price Index rose 0.3% in the first quarter of 2023 compared to the last quarter of 2022. government data showed that.
The Input Producer Price Index rose 0.2%, the Agriculture Cost Index rose 0.7% and the Capital Goods Price Index rose 1%.
The New Zealand dollar rose slightly to $0.6242 against the US dollar.
– Lee Ji Hye
6 hours ago
CNBC Pro: NVIDIA stock could rise 5x in 10 years due to AI trends, fund manager says
Nvidia, which makes the most powerful chips used to enable artificial intelligence (AI), could see its stock price increase fivefold within the next decade, according to investor and fund manager Philip Lippmann. It is said that there is
Investor enthusiasm for Nvidia centers around its business model of selling high-performance graphics processing units (GPUs), which are essential for running the complex algorithms behind artificial intelligence technology. Demand for GPUs is skyrocketing as AI becomes more important across industries.
CNBC Pro subscribers can read more of Lippman’s take on Nvidia here.
— Ganesh Rao
6 hours ago
CNBC Pro: Analysts say these top 11 stocks will continue to surge, with one stock having more than 85% upside.
As we approach the midpoint again this year, global equities are doing much better than in volatile 2022.
While many stocks have surged and outperformed the broader market, there is still room for investors to be bullish.
CNBC Pro has outperformed the market nearly half this year, picking stocks that analysts like. One is Buffett’s favorite, and his other two are his BofA and City’s top picks.
CNBC Pro subscribers can read more here.
— Tan Weizhen
6 hours ago
Montana becomes first US state to ban TikTok
Montana became the first US state to ban the video app TikTok.
“It is well-documented that the Chinese Communist Party uses TikTok to spy on Americans, violate their privacy, and collect personal and confidential information,” Montana Governor Greg Gianforte said in a release. there is,” he said.
“Today, Montana is taking more decisive steps than any other state to prevent the personal data and sensitive personal information of Montana residents from being collected by the Chinese Communist Party,” he wrote.
The governor also directed the state’s chief information officer and director of enforcement to “prohibit the use of all social media applications associated with foreign adversaries on state property and in state business.” The statement added.
TikTok called the move “a bill that violates the First Amendment rights of Montana citizens,” adding that the ban was “illegal.”
“As we continue to protect our users’ rights both inside and outside of Montana, we want to reassure Montana residents that they can continue to express themselves, earn a living and find community on TikTok,” TikTok said in a statement. Stated.
– Lee Ji Hye
11 hours ago
Bank of America says these stocks will outperform after the Fed’s last rate hike
The Fed’s rate hike cycle may be coming to an end, and Bank of America thinks some small businesses could outperform.
In a post-meeting statement in May, the central bank suggested it would not raise rates beyond the current range of 5% to 5.25%. Bank of America said economists expected inflation to subside and a mild recession to occur in the coming months following the end of monetary tightening.
If this is the case and the Fed ends its rate-hiking campaign, investors may consider investing in some of the historically successful small-cap stocks.
CNBC Pro subscribers can read about stocks that Bank of America believes will outperform here.
— Ha Kyung Kim
13 hours ago
Tech sector hits 52-week high for third straight day
Tech stocks rose in Wednesday’s rally. The Technology Select Sector SPDR Fund (XLK) rose 1.2% to a 52-week high. It is the third consecutive session that the fund reached this milestone.
The tech ETD is up 2% this month, reaching nearly 24% in 2023.
See chart…
Technology Select Sector SPDR Fund
15 hours ago
Defensive stocks underperform
Investors turned away from defensive stocks on Wednesday. Of the 11 sectors in the S&P 500 index, only health care, consumer staples and utilities were trading in negative territory in midday trading.
Health-care stocks fell 0.9% and utility stocks fell 0.5%. Consumer staples fell 0.4%.
— Sara Min
18 hours ago
McCarthy vows US will not default
House Speaker Kevin McCarthy expressed optimism on Wednesday that negotiations on the debt ceiling face obstacles but do not expect a default.
“At the end of the day, I don’t think there will be a default,” he said on CNBC’s “Squawkbox.” “I think we finally got the president to agree to the negotiations.”
The comments came a day after President Joe Biden met with congressional leaders to seek a solution to the debt stalemate. McCarthy said the talks had become a “structure” to find a solution, but the deadline remains as Republicans want spending cuts and Democrats want clean, unconditional legislation. “It’s tough,” he said.
“There comes a time when you hit a wall,” McCarthy said. “If we want to remain the strongest country in the world, we cannot continue down this path.”
— Jeff Cox