1 hour ago
Japan’s GDP revised up significantly, growing 2.7% in Q1
Japan’s economy grew at an annualized rate of 2.7% in the first quarter of this year, more than the initial forecast of 1.6% last month. government data showedThis is because the economy continues to spend strongly.
Economists polled by Reuters had forecast 1.9%.
Immediately after the announcement, the Japanese yen gained 0.14% against the US dollar to 139.98 yen. The economy grew 0.7% quarter-on-quarter, beating Reuters forecasts of 0.5%.
Private demand increased by 1.2% and domestic demand by 1%, but exports of goods and services fell by 4.2%. Imports also fell by 2.3%, according to revised government estimates.
– Lee Ji Hye
1 hour ago
CNBC Pro: Buy this cheap insurance giant with a 9.2% yield, says Bank of America
Bank of America named large European insurers among its top contenders in the insurance sector, citing low valuations as attractive.
In addition to the generous dividend yield, investment banks expect the stock to rise 30% over the next 12 months.
CNBC Pro subscribers can read more here.
— Ganesh Rao
1 hour ago
CNBC Pro: Goldman Sachs is bullish on these 5 cornerstone AI stocks, with 140% upside for one
Goldman Sachs is bullish on generative artificial intelligence, which it hopes will lead to gains in the broader S&P 500 index and one specific sector of technology.
Shows the fair value upside of the S&P 500 and lists stocks to buy.
CNBC Pro subscribers can read more here.
— Tan Weizhen
6 hours ago
Mega Caps Underperform Wednesday
While small-cap stocks have had a good day, mega-cap stocks are underperforming the market.
Shares of tech giants Microsoft and Google fell 2.7% and 3.3%, respectively. Several semiconductor stocks also fell after gaining last week. Nvidia fell 1.1% and Qualcomm shares fell 1.2%.
Financial services firms Visa and Mastercard fell 1.5% and 2.2%, respectively.
— Ha Kyung Kim
13 hours ago
April trade deficit rises sharply, but falls short of expectations
The US trade deficit rose sharply in April, but not as much as expected.
The goods and services imbalance reached $74.6 billion in the month, $1 billion less than Dow Jones estimates, but $14 billion more than in March. Exports fell by $9.2 billion, while imports increased by $4.8 billion.
Imports are a net negative for GDP, so April’s numbers could mean lower growth in the second quarter.
— Jeff Cox
8 hours ago
Warner Bros. Discovery Shares Pop
Shares of Warner Bros. Discovery rose nearly 5% in midday trading after CNN announced the resignation of CEO Chris Licht.
CNN, owned by Warner Bros. Discovery, said Licht was stepping down after a difficult year at the helm, including criticism of the station’s town hall with former President Donald Trump. He also faced a talent and staff rebellion.
See chart…
warner bros discovery
8 hours ago
WSJ reports that Amazon plans to launch an ad tier for its Prime streaming service
reports that Amazon plans to create an ad-supported subscription tier for Prime Video. WSJ. The move comes at a time when other competing streaming services are also creating ad-supported tiers to increase revenue from their streaming services.
The company is also in talks with Paramount Global and Warner Bros. Discovery about potentially adding an ad-based layer for the streaming service to its Prime Video channel, according to the report.
Amazon shares fell more than 3% Wednesday afternoon.
