Equity futures haven’t changed much as traders hope to get a debt ceiling deal: live updates

4 hours ago

Japanese stocks extend their winning streak, led by energy and technology stocks

Japanese markets extended their winning streak on Thursday, with the Nikkei 225 extending gains into the region and continuing to trade above the 30,000 mark.

Topix has maintained levels not seen since August 1990.

Energy and technology stocks led the Topix index, with Sony and electronics firm Tokyo Electron being the biggest gainers.

Meanwhile, Facttest revealed that electronics stocks led the Nikkei index, as the biggest gainer in the index was Advantest, a semiconductor testing equipment manufacturer, followed by Tokyo Electron.

– Lim Hwi Ji

3 hours ago

Tencent shares fell more than 3% despite better first-quarter results

Shares of Hong Kong-based Chinese tech giant Tencent fell more than 3% even as the company reported an 11% jump in quarterly revenue to CNY150 billion ($21.4 billion).

This marks its fastest growth in over a year, as the company has seen a significant recovery in payments volumes and ad and game sales.

Net profit jumped 10% to 25.8 billion yuan, less than the 31 billion yuan forecast by economists in a Reuters poll.

– Lim Hwi Ji, Ryan Brown

4 hours ago

Nomura downgrades China’s growth forecast for the full year

Nomura cut its full-year growth forecast for China from 5.9% to 5.5%, according to a note on Wednesday.

“China’s post-Covid recovery is rapidly losing steam,” Nomura’s Ting Lu wrote, noting that the latest activity and high-frequency data in May show the momentum has lost steam “due in part to weak confidence among consumers and business investors.”

“As disappointment sets in, we see rising risks of slower activity growth, higher unemployment, continued low inflation, lower market interest rates, and currency weakness,” he wrote.

Nomura added that it will also lower its 2024 full-year GDP forecast for China from 4.4% to 4.2%. It now expects Q2 GDP to grow by 7.8%, Q3 by 4.9%, and Q4 by 5.0%.

– Jihe Lee

5 hours ago

Japan’s trade deficit narrowed in April, and imports fell more than expected

Japan’s trade deficit almost halved in April, dropping to 432.41 billion from 854.93 billion a year earlier.

In particular, imports fell 2.3% year-on-year, more than the 0.3% drop expected by economists polled by Reuters.

Exports were largely in line with expectations, rising 2.6% year-on-year compared to the 3% expected.

– Lim Hwi Ji

7 hours ago

The Russell 2000 closed above the 50-day moving average for the first time since March

The three major averages were not the only indicators that had a strong session on Wednesday. The Russell 2000 Index – the small cap benchmark – rose 2.21% to close above its 50-day moving average at 1,765.83, the first since March 8.

The smaller companies that make up the 2000 stock index are particularly sensitive to the economic cycle. At the same time, the 50-day moving average is important for chart technicians: a close above this boundary can indicate the emergence of a positive trend for the indicator.

Stocks leading the Russell 2000 index higher on Wednesday include National Western Life, Korate Retail and Microvast.

Darla Mercado, Gina Francola

7 hours ago

Stocks make the biggest moves after hours

Check out which companies are making headlines in extended trading.

Take-Two Interactive – Shares jumped 8.1% on Wednesday during after-hours trading. The video game company reported $1.39 billion in adjusted revenue in its fiscal fourth quarter, beating analyst estimates of $1.34 billion, according to Refinitiv. Meanwhile, the company’s estimates for bookings for the first quarter and the full year missed Wall Street’s expectations.

Cisco Systems – Shares fell nearly 4% despite the company reporting better earnings and revenue in its fiscal third quarter. Cisco reported adjusted earnings of $1 per share on revenue of $14.57 billion. Analysts estimated earnings per share of 97 cents on revenue of $14.39 billion, according to Refinitiv.

You can get the full list here.

– Hakyung Kim

8 hours ago

Stock futures are open

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