Live Updates — China Caixin and Hong Kong Purchasing Managers’ Index (PMI) halt trading

23 minutes ago

Samsung Electronics shares jump more than 6% after it announced a new memory chip

Shares of South Korean electronics giant Samsung Electronics rose as much as 6.12% on Friday following the crisis The company announced It has developed the first 32Gb DDR5 DRAM chip using 12nm process technology.

DRAM stands for Dynamic Random Access Memory, which is typically used for data or program code that a computer’s processor needs to function.

This will enable DRAM modules with capacities up to 1TB, “allowing us to be ideally positioned to meet the growing need for high-capacity DRAM in the era of artificial intelligence and big data,” Samsung said.

– Lim Hui Ji

one hour ago

Major banks in China reduce interest rates on yuan deposits

Reuters reported that five of the largest Chinese banks cut interest rates on yuan deposits. They include the Industrial and Commercial Bank of China, the China Construction Bank, and the Agricultural Bank of China.

This comes on the same day the People’s Bank of China announced it would do so Reducing foreign exchange reserve requirements for financial institutions by 200 basis points as of September 15.

The Industrial and Commercial Bank of China cut the interest rate on one-year yuan deposits by 10 basis points to 1.55% and the two-year yuan deposit rate by 20 basis points to 1.85% with immediate effect. Interest rates on three- and five-year term deposits were cut by 25 basis points.

Reuters reported The Bank of China cut interest rates by the same amount as the Industrial and Commercial Bank of China, adding that the Agricultural Bank of China “made similar cuts.”

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— Reuters, Lim Hui Ji

2 hours ago

Factory activity in South Korea shrinks at a faster pace in August

Factory activity in South Korea has decreased At a faster pace in August, according to private polls conducted by S&P Global.

The country’s manufacturing PMI fell to 48.9 from 49.4, marking the 14th straight month that the PMI has remained below the breakeven level of 50.

A PMI reading above 50 represents expansion, while a reading below 50 represents contraction in the sector.

– Lim Hui Ji

3 hours ago

Japanese factory activity is in contraction territory for the third straight month in July

Factory activity in Japan contracted for the third straight month in August, according to Kyodo News. Special surveys conducted by au Jibun Bank.

The country’s manufacturing purchasing index came in at 49.6, slightly lower than 49.7 in preliminary estimates last week and unchanged from July’s figure.

“Weak customer confidence and weak economic conditions impacted new orders, although some companies reported that new product launches partially offset the decline,” the bank said in a report.

– Lim Hui Ji

5 hours ago

The Chinese central bank reduces the reserve ratio by 200 basis points

The People’s Bank of China announced on Friday that, starting from September 15, it will reduce the foreign exchange reserve requirement ratio for financial institutions to 4%, from 6%.

This reduction comes after a number of different interest rate cuts in the past few weeks in an attempt to support the economy.

7 hours ago

CNBC Pro: September is the toughest month for stocks. The pros share their trading tips – and what to buy

August has been an erratic month. September, a historically stormy month, may not be any better.

Professionals think about how investors will trade next month and share stocks to buy.

CNBC Pro subscribers can read more here.

-Weezin Tan

6 hours ago

Hong Kong’s financial markets halted trading as the city braced for Super Typhoon Saola

Trading in Hong Kong was delayed as Typhoon Saola approached The Hong Kong Stock Exchange and Clearing Limited (HKEX) said..

If storm signal number 8 or above remains issued at 9am Singapore/Hong Kong time, morning trading sessions for all markets will be cancelled, the Hong Kong Stock Exchange said in a statement.

As of 7:45 a.m., Hong Kong Observatory noted He added that Saola is approaching Hong Kong, and the weather is expected to “deteriorate rapidly later today.” Signal No. 8 is expected to remain in effect for most of the day.

According to the Hong Kong Stock Exchange GuidelinesTrading will be stopped if signal number 8 or above is issued before the pre-opening and will remain in place until 12 noon

-Li Ying Shan

7 hours ago

CNBC Pro: ‘Very strong strategy’: Fund manager makes case for dividend stocks and names 5 people to buy

11 hours ago

Nasdaq records worst month since December

August was a tough time for tech stocks, with the Nasdaq Composite and Nasdaq 100 posting their worst months since December 2022.

During the month, the Nasdaq Composite Index fell about 2.2%, while the Nasdaq 100 finished down 1.6%.

The biggest laggards included software stocks Fortinet and Datadog, down 22.5% and 17.3% during the month, respectively. JD.com shares lost 19.6%, while Lucid Group and PayPal lost more than 17% each.

-Samantha Sobin

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