4 Mins Ago
Asia chip stocks see gains after tech rally on Wall Street
Asian chip stocks rose after a tech-powered rally on Wall Street, led by Microsoft and Nvidia on Monday.
Shares of Taiwan Semiconductor Manufacturing Corporation were up 1.39%, outperforming the Taiex’s gains of 1.01%.
Hon Hai Precision Industry, known internationally as Foxconn, advanced 0.5%.
Separately, South Korea’s Samsung Electronics, which also supplies chips to Nvidia for some of its graphics cards, saw its share price inch up by 0.69%.
An Hour Ago
CNBC Pro: Cash is a ‘missed opportunity’ right now, says one pro — here’s where he’s investing instead
The persistent uncertainty in financial markets, along with high interest rates around the world, have raised the allure of holding on to cash — but one equities expert says this may not be the best idea.
“We’re at a point where cash deposits or money in cash and money market funds is the highest it’s been — a lot of investors are saying, maybe the [U.S. Federal Reserve] is peaking or going to cut rates so I should keep my money in cash — but I think that would be a missed opportunity,” Andy Budden, investment director of equities at financial services firm Capital Group, told CNBC Pro.
Instead, he said it’s time to “have a bit of courage” and revealed his favorite areas to invest in.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
2 Hours Ago
South Korean producer prices slow after two straight months of acceleration
South Korea’s producer price index climbed 0.8% year-on-year in October, a slower rate of increase compared with the 1.3% growth seen in the previous month.
On a monthly basis, producer prices fell 0.1%, the first time in three months that the PPI fell month-on-month. The decrease was led by a 5.5% decrease in prices of agricultural, forestry & marine products.
The PPI measures monthly variations in the prices of goods shipped by industrial producers within the domestic market.
— Lim Hui Jie
An Hour Ago
CNBC Pro: Fund manager reveals the under-the-radar global automation stock he prefers to its US rivals
It’s been a big year for Big Tech, with US favorites Nvidia and Meta Platforms among the stocks that have soared in 2023.
But for those investors who fear they might have missed the boat, portfolio manager Karen Kharmandarian has an under-the-radar global tech pick.
“This company would be one we would prefer to US companies when it comes to machine vision systems,” the senior portfolio manager at Thematics Asset Management told CNBC Pro.
— Amala Balakrishner
7 Hours Ago
Microsoft stock hits all-time high on Monday
Microsoft is trading at record high levels since its IPO in March 1986, hitting an all-time high of $378.81 on Monday. Shares are up 2.3%.
The moves were fueled by Microsoft’s announcement that former OpenAI CEO Sam Altman and president and board chair Greg Brockman will be joining the big tech giant to head a new artificial intelligence research team. Analysts and investors viewed this as a positive catalyst for Microsoft’s AI story in the long term.
6 Hours Ago
Nvidia stock hits all-time high ahead of earnings report
Nvidia stock climbed more than 2% during Monday’s session, trading at its most expensive level ever.
Monday’s record-breaking advance comes as investors prepare for the chip maker’s earnings report expected Tuesday after the bell. Analysts polled by FactSet expect the company to report $16.19 billion in revenue and $3.37 in earnings per share for the third quarter.
The high comes amid a banner year for the stock, with shares up more than 240% since the start of 2023.
Nvidia shares hit an all-time high
5 Hours Ago
Oil prices rise more than 2% as the market anticipates OPEC cuts
Oil prices rose more than 2% on Monday amid anticipation that the Organization of Petroleum Exporting Countries could implement another production cut this weekend.
The global benchmark Brent crude contract for January rose $1.71, or 2.12%, to settle at $82.32 a barrel, while the West Texas Intermediate contract for December increased $1.71, or 2.25%, to settle at $77.60 a barrel.
Oil has gained for two sessions in a row now after rapid selloff late last week on supply and demand concerns.
Traders are now eyeing whether OPEC and its allies will implement additional production cuts at a meeting Sunday in response to the drop in oil prices.
10 Hours Ago
Dow, S&P 500 headed for best month since October 2022
The S&P 500 and Dow Jones Industrial Average are up 8.01% and 6.05% in November. The two major averages are on pace for their best monthly performance since Oct. 2022, when the broad market index jumped about 8%, while the 30-stock Dow surged 13.95%.
Meanwhile, the Nasdaq Composite is headed towards its best month since January, when it gained 1.67%.
— Hakyung Kim