Hong Kong stocks rose over 2%, and Asian markets rose as investors weighed interest rate decisions in Asia

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‘We’re much better than we were at the start of the year,’ says Qantas CEO as the airline posts record $1.6 billion in profit

Australia’s Qantas announced Thursday that it made an underlying pre-tax profit of A$2.47 billion ($1.6 billion) for the year ended June 30, an improvement from a loss of A$1.86 billion last year. statement is reading.

“We’re much better than we were at the start of the year,” said airline chief executive Alan Joyce, attributing the airline’s profit to low cancellation rates and “on-time performance.”

Demand for domestic and international flights has seen a steady recovery since the pandemic, and the airline is set to increase its fleet. Qantas has placed a multi-billion dollar order for 12 Airbus 350s and 12 Boeing 787s, which will begin arriving in fiscal 2027.

“Our balance sheet is as strong as it has been in decades, and our earnings are at a $1 billion step level, which means we can sustain this fleet replacement growth into the future,” said Joyce.

Charmaine Jacob

3 hours ago

India on track to ban sugar exports: Reuters

India is preparing to ban sugar exports from October as a result of lower sugarcane production due to lack of rainfall, Reuters reports, citing three government sources.

The suspension of shipments will be the first in seven years.

A government source said, “Inflation in food prices is a source of concern. The recent increase in sugar prices eliminates any possibility of export.”

The potential ban follows India’s ban on exports of non-basmati white rice, as well as a 40% export tax on local onions.

— Reuters, Li Yingshan

4 hours ago

CNBC Pro: Nvidia and more: Morgan Stanley reveals its favorite global stocks to play ‘pivotal moment for AI’

Analysts at Morgan Stanley have picked several global stocks that they say will benefit from the AI ​​trend, from semiconductors to server companies.

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“AI earnings for 2024 are higher than they were on July 1, and the fundamentals for AI companies look better,” Morgan Stanley said in a note to investors, seen by CNBC on Tuesday, titled “A Pivotal Moment for AI.”

CNBC Pro subscribers can read more here.

– Lucy Handley

5 hours ago

The Bank of Korea keeps interest rates unchanged at 3.5%.

South Korea’s central bank kept its benchmark interest rate at 3.5% – an unchanged rate since the beginning of the year.

This is in line with the expectations of economists polled by Reuters, as all 43 economists surveyed said they did not expect a change in the underlying rate.

The South Korean won strengthened slightly against the dollar after the announcement, trading down 0.1% at 1325.11.

– Lim Hwi Ji

6 hours ago

Producer prices in South Korea rose 0.2% year-on-year in July

South Korea producer price index It grew by 0.2% year-on-year in July, marking the 13th consecutive month of slowing growth.

This was down from the revised figure of 0.3% in June and also the lowest growth rate since December 2020.

The producer price index tracks changes in the prices of goods shipped by industrial producers into the domestic market in South Korea, and is a measure of inflation from a producer’s point of view.

– Lim Hwi Ji

6 hours ago

CNBC Pro: ‘Dividend aristocrat’: Investors are getting more bullish on the sector, calling stocks to buy

11 hours ago

Technology stocks led gains on Wednesday

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Standard & Poor’s 500 and XLE

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CNBC Pro: JPMorgan says ‘democratization’ of AI could put these two US-listed Asian stocks at risk

JPMorgan has warned that the rapid growth in artificial intelligence does not guarantee a sustained expansion of profits — and could put many companies at risk.

The Wall Street bank said the rise in the number of companies using generative AI, a technology made popular thanks to OpenAI’s ChatGPT, will boost productivity and deepen customer engagement.

But she cautioned that if the underlying AI technology is the same, expanded use of generative AI could erode product differentiation and pricing power among currently competitive firms. She also noted that some companies are already anticipating deflationary pressure on prices.

It has identified two stocks at particular risk. CNBC Pro subscribers can read more here.

– Ganesh Rao

17 hours ago

WTI Crude Oil is touching its lowest level in almost a month

US West Texas Intermediate crude fell to its lowest level in almost a month after some global manufacturing data showed weakness in the sector around the world.

On Wednesday, WTI touched as low as 78.21. This is the lowest level in about a month going back to July 24 when WTI was trading as low as 76.44.

Meanwhile, Brent Crude Oil reached a low of 82.62, its lowest level since August 3 when it traded as low as 82.36. RBOB Gas touched as low as 2.7235, which is also the lowest level since August 3rd. It also fell below the 50-day moving average of 2.7247 on a daily basis, trading below it for the first time since July 7.

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The Energy Select Sector SPDR fund is trading lower in the pre-market, on pace for a third straight day of loss. Marathon, Devon and APA shares were down nearly 1% in early trade.

– Sarah Maine. Gina Francola

14 hours ago

Nike is on pace to extend its record losing streak

Nike’s loss of more than 3.5% during the Wednesday session put the retailer on track for a 10th losing day, extending its historic decline.

On Tuesday, the stock ended its ninth consecutive session down 1.4%. This is officially the longest losing streak ever.

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History of Nike as a stock

16 hours ago

Shares of Abercrombie & Fitch rose after the retailer beat earnings expectations

Shares of Abercrombie & Fitch rose nearly 25% on Wednesday after the retailer beat previous earnings estimates and raised its guidance. In its fiscal second quarter, Abercrombie reported earnings per share of $1.10, beating the 17 cents expected by analysts surveyed by Refinitiv. The retailer generated $935.3 million in revenue, while analysts expected $842.4 million.

The Abercrombie retailer said the chain — which has reinvented itself to serve a wider audience — will continue to open stores and invest in its digital experience.

The stock is up more than 120% so far this year.

– Piya Singh

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