39 minutes ago
Meituan stock falls to 44-month low as delivery company warns of slowing growth in fourth quarter
Friday, May 27, 2022, a delivery man from Meituan in Shanghai, China.
Bloomberg | Getty Images
Meituan’s Hong Kong-listed shares fell more than 11% to HK$91.65 by afternoon trading.
Shares of the Chinese delivery company fell to their lowest since late March 2020, as the Chinese delivery company signaled a cautious stance on its third-quarter earnings report, according to FactSet records.
“We believe the fourth quarter’s year-over-year gross profit margin will be slightly lower than the third quarter’s growth rate,” Meituan management warned on a conference call.
The company announced Tuesday that third-quarter sales rose 22.1% year-on-year to 76.47 billion Chinese yuan ($10.81 billion). Adjusted net profit was 5.7 billion yuan ($809 million).
1 hour ago
Goldman Sachs says Korean market will deliver the highest profit growth next year
South Korean stocks have traditionally been undervalued and undervalued in Asia-Pacific stock markets, but that could be exactly what makes them attractive to investors next year, according to Goldman Sachs. .
Goldman even claimed that the Korean market offers the highest potential profit growth in the Asia-Pacific region in 2024 as the semiconductor sector recovers from significant profit declines. The investment firm remains overweight Korean stocks.
“We expect EPS growth to rebound to 54% in 2024 and grow an additional 20% in 2025,” Goldman said of South Korea’s Kospi benchmark index.
South Korea is Asia’s fourth-largest economy, but its market is often undervalued by analysts and is sometimes referred to as the “Korean discount.”
Read the full text here.
— Shreyashi Sanyal
1 hour ago
New Zealand dollar rises 1% as central bank holds interest rates unchanged, warns of further rate hikes
Pedestrians walk past the Reserve Bank of New Zealand headquarters on Thursday, September 13, 2012 in Wellington, New Zealand.
Mark Coote | Bloomberg | Getty Images
The New Zealand dollar rose 1% against the US dollar to nearly $0.62 after the Reserve Bank of New Zealand kept the official cash rate unchanged at 5.5% and warned that interest rates could rise to combat inflation.
The Kiwi dollar rose to its highest level in about four months after the decision. The currency has fallen 2.5% since the beginning of the year, heading for its third consecutive year of decline.
The central bank pointed out that inflation is still too high He said monetary policy needs to remain restrictive to control it.
Read the full text here.
4 hours ago
Australia’s inflation rate slowed more than expected in October
Australian weighted inflation rate Growth in October was slower than expected, at 4.9%, compared with 5.2% expected by economists polled by Reuters.
This was also lower than September’s 5.6%. The overall inflation rate was 4.8%, the lowest level since January 2022.
The country’s statistics office revealed that the biggest increases in prices were for housing, food, non-alcoholic drinks and transport.
— Lim Huijie
9 hours ago
Major indexes aim for best monthly performance this year
Despite weak trading on Tuesday, the three major indexes are on track to post strong monthly gains.
The Dow Jones Industrial Average is poised to end the November trading month 6.9% higher at Thursday’s close. This represents the best monthly performance since October 2022, when the average blue chip company increased by 14%.
The S&P 500 is on pace to rise 8.6% through the end of November. The Nasdaq Composite Index has outperformed, gaining 10.8% in the last two months of 2023 so far.
If these performances can be maintained, this will be the best month for both companies since July 2022. During the month, the S&P 500 index rose 9.1%, and the technology-heavy Nasdaq rose 12.4%.
— Alex Harring
8 hours ago
Crude oil prices settle 2% higher as speculation from the Organization of the Petroleum Exporting Countries (OPEC) meeting moves the market
Oil prices rebounded on Tuesday as traders speculated on OPEC output cuts as severe storms forced Kazakhstan to cut production.
The West Texas Intermediate January contract rose $1.55, or 2.07%, to settle at $76.41 per barrel, and the Brent Crude Oil January contract rose $1.70, or 2.13%, to settle at $81.68. .
OPEC and its allies OPEC+ are scheduled to meet virtually on Thursday, with most analysts expecting the group to extend current production cuts through at least 2024.
OPEC representatives told Bloomberg on Monday that Saudi Arabia is pressing members to cut production quotas, but Riyadh is meeting resistance.
“Oil awaits an OPEC+ deal, but speculation about a deal, no deal, or unexpected production cuts continues to drive the market,” said Phil Flynn of Price Futures Group.
Tamas Varga of OVM Oil Associates said the upside from production cuts should be limited given OPEC countries’ recent lack of appetite for compliance.
On the other hand, Kazakhstan’s largest oil field is Output with slash It fell by 56% as exports were disrupted by the Black Sea storm.
— Spencer Kimball
9 hours ago
Retail stocks outperformed on Tuesday
Investors appear to be feeling more comfortable with retail stocks, with early signs of consumer strength heading into the holiday season.
The SPDR S&P Retail ETF (XRT) rose about 1% on Tuesday, outperforming the broader market and erasing the modest decline the fund suffered on Monday.
See chart…
Retail stocks outperformed on Tuesday.
Foot Locker was one of the fund’s best-performing holdings, rising nearly 3%.
— Jesse Pound
11 hours ago
IPO pipeline crowds again as market recovers towards year-end
The initial public offering market has picked up again as interest rates stabilize and the stock market recovers towards the end of the year.
Chinese-founded fast fashion company Shein has secretly filed to go public in the United States as early as 2024. Meanwhile, Kim Kardashian’s shapewear brand Skims is reportedly discussing strategic options, including an IPO next year. Social media company Reddit has reportedly resumed IPO talks.
The action followed mixed performances by several debutantes who have been big hits over the past few months. Shares of grocery delivery company Instacart and German shoe brand Birkenstock both fell below their offering prices, while shares of semiconductor giant Arm, the biggest IPO of 2023, rose significantly.
The IPO market experienced significant stagnation in 2022 and early 2023 as the Federal Reserve’s aggressive stance, recession concerns, and geopolitical risks dampened investment appetite. Companies now want to test that territory in hopes that the Fed will orchestrate a soft landing after its hike and keep the market hot.
— Yun Lee