Adani Enterprises has reached the mark while its affiliates continue to fall
Shares of Adani Enterprises Its chief financial officer expressed confidence in the public offering, which is scheduled to close on Jan. 31, after a sharp loss in previous sessions, which rose 10 percent.
The stock is still down more than 20% in the first month of the year.
China ‘may take ten years’ to achieve advanced chip technology: Analyst
China could take a decade to catch up with advanced chip technology as the Netherlands and Japan join the U.S. in imposing bans, Futurum Research co-founder and chief analyst Daniel Newman told CNBC’s “Street Signs Asia” on Monday.
The two advanced semiconductor equipment makers agreed Friday to limit shipments of some chip-making machinery to China, Bloomberg reported.
One top Chinese supplier is ASML, a Dutch company that produces the deep ultraviolet (DUV) lithography systems needed to produce the most advanced chips.
According to the CEO Paul Wennk, China in 2010 It will account for 15 percent of sales by 2022.
“The advanced lithography machines made by ASML are the most advanced in the world. This is not something that any other company can start doing. It could take ten years if China really makes up its mind,” Newman said.
– Sheila Chiang
Adani Group CFO says he is ‘confident’ about secondary share sale.
Adani Group Chief Financial Officer Jugeshinder Singh said on Monday that he is confident. Adani EnterprisesContinuous public provision will be fully documented.
The $2.5 billion secondary share sales were offset by approximately $48 billion. A decades-long approach.”
In an interview with CNBC affiliate CNBC-TV18, Singh said the value of Adani Enterprises is not “just” driven by share price volatility, but instead depends on its “ability to create new businesses”.
He added that the Hindenburg report was “simply false” and the timing of the report was “malicious”.
The Adani Group over the weekend published a lengthy response to the Hindenburg report of more than 400 pages.
Hindenburg on Monday morning described the group’s response as “inflated” and said it “ignores all the key allegations” he raised in Congress.
– Jihye Lee
A week ago: China PMI release, Federal Reserve meeting
Economic data will be released in the Asia Pacific this week as the US Federal Reserve begins its two-day FOMC meeting on Tuesday. The central bank will announce its interest rate decision on Wednesday after the meeting.
China’s National Bureau of Statistics released its purchasing managers’ index on Tuesday, with economists polled by Reuters expecting to see a reading of 49.8, below 50, which distinguishes growth from contraction.
Japan’s unemployment and industrial production publications are also scheduled for release on the same day. A reading of South Korea’s industrial production will also be released.
On Wednesday, Malaysia will celebrate a public holiday, while Indonesia will release its latest inflation data.
Australia’s building approvals publication and South Korea’s inflation will be released on Thursday.
On Friday, Hong Kong will publish its latest retail sales data.
– Jihye Lee
Oil will approach $100 per barrel in the second half of 2023, RBC Capital Markets forecasts
Oil prices could reach $100 a barrel in the second half of the year, said Michael Tran of RBC Capital Markets.
“The bottom line here is that China is going to buy a lot of crude over the next several months,” he said.
Brent crude futures last traded at $86.85 a barrel, while U.S. West Texas Intermediate futures rose 0.09 percent to $79.75 a barrel.
Investors and OPEC+ will also be waiting to see if the European Union’s ban on Russian oil production leads to any major disruptions this Sunday. The oil cartel is not expected to make any real changes to its quotas or production guidance at the upcoming meeting, Tran forecasts.
– Lee Ying Shan
China A stocks rise, consumer cyclicals and basic materials led gains.
China’s CSI 300 rose 2 percent at the open, led by consumer cyclicals, basic materials and industrials, Refinitiv data showed.
Mainland listed stocks Baidi It jumped more than 6%, Lens Technology gained more than 15%, and Yunnan Energy New Materials rose nearly 10%.
Contemporary Amperex Technology Co. Ltd gained 5.9% and Kweichow Moutai It increased by 1.65 percent.
– Jihye Lee
Chinese stocks are set to enter a bull market as they return from the New Year holidays.
China’s CSI 300, which tracks the biggest mainland-listed stocks, is poised to enter a bull market as trading continues for the day.
According to Refinitiv data, the CSI 300 is up 19.18 percent from the low seen on October 31. It ended the last trading session on January 20 at 4,181.53.
A bull market is a market period in which stocks are up at least 20 percent from their recent lows.
of ChinaAMC CSI 300 Index ETFIt is up 23% from October’s low, which tracks the index’s performance.
Stocks higher, week after victory
All the major midfielders finished the week with a win on Friday.
For the session, the Nasdaq Composite jumped 0.95% to close at 11,621.71, while the S&P 500 gained 0.25% to close at 4,070.56. The Dow Jones Industrial Average added 28.67 points, or 0.08%, to end at 33,978.08.
– Samantha Subin
Michigan’s consumer sentiment index comes in higher than expected
January’s consumer sentiment data from the University of Michigan came in stronger than expected.
The January reading came in at 64.9, slightly above the consensus estimate of 64.6 among economists polled by the Dow Jones. The index measures the outlook of current and future economic conditions.
– Alex Haring
The S&P 500’s 62% of Friday’s 52-week highs are also all-time highs.
Nearly two-thirds of the 13 stocks in the S&P 500 that touched 52-week highs early Friday were also trading at all-time highs. The list is expanding from the recent energy/materials/resources focus. Caterpillar, one of the 13, is also in the Dow Industrials.
- BorgWarner (BWA), from January 2022 onwards
- Las Vegas Sands (LVS), the highest since June 2021.
- Starbucks (SBUX), from a high in January 2022
- Ulta (ULTA), all-time high to 2007 IPO
- Win (WYNN), the highest since September 2021.
- Marathon Petroleum (MPC), returning to an MRO spinoff in June 2011 at an all-time high
- Arthur J. Gallagher (AJG), all-time high since 1984 IPO
- Chubb (CB), all-time high
- Caterpillar (CAT), an all-time high until the 1929 NYSE listing
- General Electric (GE), from November 2021 onwards
- TransDigm Group (TDG), all-time high to 2006 IPO
- United Rentals (URI), until 1997. All time high
- Metal flexible (STLD), all-time high since 1996 IPO
Other notable peaks outside of 500 are:
- Churchill Downs (CHDN), peak from October 2021
- Lennar (LEN.B), from January 2022 onwards
- In the year (NOV), since January 2020 max
- Axis Capital (AXS), the highest since February 2020
- Hiko (HEI), circa 1960
- Knight-Swift transportation (KNX), from January 2022 max
- Lincoln Electric Holdings (LECO), an all-time high until the 1995 Nasdaq listing
- Allegro MicroSystems (ALGM), from January 2022 max
- Fair Isaac (FICO), an all-time high until the 1986 NYSE listing
- Dependent steel and aluminum (RS), all-time high
– Scott Schnipper, Christopher Hayes
Tesla is on pace for its best week since May 2013
Tesla Shares are up more than 33% this week, on pace for the electric vehicle stock’s best weekly performance since the week ended May 10, 2013, when it rose 40.72%.
If Tesla closes at these levels, it will mark the stock’s second-best weekly performance. As of 12:40 pm EST, shares were up 33.8% for the week.
The gain in Tesla stock followed the company’s latest earnings report, which showed record revenue and earnings growth. Shares rose more than 11 percent on Friday.
The sharp rise in Tesla stock comes after shares plunged 65% in 2022 and have suffered tremendously on a monthly, quarterly and yearly basis.
Tesla’s gains boosted the S&P 500 consumer discretionary sector by more than 2 percent.
Tesla is on pace for its best week since May 2013.