Asian stocks fall amid China-EU trade jitters; inflation in focus
Most Asian stocks fell on Monday, with Chinese markets leading losses on the prospect of a trade war with the European Union, while anticipation of key U.S. inflation data also kept sentiment on edge. Regional markets took middling cues from Wall Street, as a mix of profit-taking and rate fears saw U.S. stock indexes slip […]
China’s ByteDance working with Broadcom on advanced AI chip- Reuters
Chinese technology firm ByteDance is working with U.S. chipmaker Broadcom Inc (NASDAQ:AVGO) to develop an advanced artificial intelligence processor, Reuters reported on Monday. The move is intended to help the TikTok owner secure a steady supply of AI chips, especially in the face of strict U.S. restrictions on chip exports to China, the report said. […]
Exclusive-China’s ByteDance working with Broadcom to develop advanced AI chip, sources say
China’s ByteDance is working with U.S. chip designer Broadcom (NASDAQ:AVGO) on developing an advanced AI processor, two sources familiar with the matter said, a move that would help TikTok’s owner secure sufficient supply of high-end chips amid U.S.-Sino tensions. The 5 nanometre chip – a customised product known as an application-specific integrated chip (ASIC) – […]
Australia to make supermarket industry code mandatory, breaches may result in huge fines
Australia could impose billion dollar fines on big supermarket chains that fail to comply with an industry code of conduct, the federal government said on Monday as it seeks to address concerns that suppliers have been unfairly squeezed on pricing. Grocers with more than A$5 billion ($3.3 billion) in annual revenue – currently Woolworths, Coles, […]
Earnings call: CarMax reports mixed Q1 FY2025 results, growth initiatives
CarMax, Inc. (KMX) in its Q1 Quarter Fiscal Year 2025 Earnings Release Conference Call, presented a mixed financial performance with total sales of $7.1 billion, marking a 7% decrease from the previous year. Despite the drop in total sales and unit sales, the company reported positive developments, such as a 7% year-over-year increase in CarMax […]
Italy’s Eni likely to finalise Enilive stake sale by year-end, CEO says
Italian energy group Eni expects to complete the sale of a minority stake in its biofuel unit Enilive by the end of 2024, Chief Executive Claudio Descalzi said on Monday. “The (sale) plan is in progress, there are still issues that are being discussed… our goal is to close by the end of this year, (talks) have accelerated,” […]
RXO to buy UPS’s Coyote Logistics for $1 billion, shares surge
United Parcel Service (NYSE:UPS) announced Sunday it will sell its Coyote Logistics business unit to RXO (RXO) for $1.025 billion. RXO shares surged more than 14% in premarket trading Monday. Per RXO’s announcement, the deal will be financed through a combination of equity and debt, including a $300 million equity investment from MFN Partners and a […]
US stock futures largely higher; inflation cues in focus this week
U.S. stock index futures largely edged higher Monday, remaining near record highs as investors looked to key inflation data this week for more cues on interest rates. At 06:00 ET (10:00 GMT), Dow Jones Futures rose 130 points, or 0.3%, S&P 500 Futures climbed 5 points, or 0.1%, while Nasdaq 100 Futures fell 20 points, or 0.2%. The main indices had […]
Morning Bid: On alert for yen intervention, US inflation
A look at the day ahead in European and global markets from Wayne Cole. It’s been a mildly risk-off start to the week with most share indices in the red, the dollar up and Treasury yields down a touch, though there was no obvious catalyst for the moves. The dollar got as far as 159.94 […]
China’s Kaisa gets seven-week stay on liquidation petition; adjournment likely its last
A Hong Kong court gave Chinese property developer Kaisa Group a seven-week respite on Monday to finalise a debt restructuring plan, adjourning a hearing on a liquidation petition for what it said could be the last time. The High Court adjourned the hearing to Aug. 12 after the petitioner representing a key group of bondholders […]