Tag: Stock markets

May82023 by Waqas-ChNo Comments

HSBC spinoff: Bank’s top execs face tense shareholders in Hong Kong calling for a breakup

Hong Kong CNN — HSBC’s top brass defended their strategy Monday to frustrated shareholders in the lender’s largest market, as Europe’s biggest bank continued to face calls to be split up. At an informal shareholder meeting in Hong Kong, Chairman Mark Tucker and CEO Noel Quinn took questions from investors on issues ranging from how the bank was approaching demands for an overhaul of its business to its purchase of Silicon Valley Bank’s UK arm. In prepared remarks, Tucker and Quinn each reiterated the board’s recommendation that shareholders vote against a resolution on the docket for its annual general meeting in May that would force the bank to come up with a plan to spin off or reorganize its As...

May52023 by Waqas-ChNo Comments

Stock market today: Live updates

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Traders work on the floor of the New York Stock Exchange on April 21, 2023 in New York City.Spencer Platt | Getty Images News | Getty ImagesStock futures ticked higher early Friday morning.S&P 500 futures inched up by 0.4%, while Nasdaq 100 futures added 0.5%. Futures tied to the Dow Jones Industrial Average gained 77 points, or 0.23%.Investors received a fresh slate of corporate earnings, including Apple after Thursday's close. The tech giant posted beats on the top and bottom lines for the fiscal second quarter, propelled by iPhone sales. Apple shares gained more than 2% in extended trading.During the regular session on Thursday, the three major averages closed lower for the fourth consecutive day. The S&P 500 lost 0.72%, while the Nasdaq Composite dropped 0.49%. The Dow lost ...

Apr112023 by Waqas-ChNo Comments

BYD announces new shock absorption tech for premium EVs

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BYD's Han electric car, pictured here at the 2021 Shanghai auto show, is one of the most popular new energy vehicles in China.Evelyn Cheng | CNBCSHENZHEN, China — Electric vehicle giant BYD is banking on new driver-assist technology to smooth out car rides.BYD, backed by Warren Buffett's Berkshire Hathaway, announced Monday a new technological system for stabilizing car rides through rugged terrain, sharp turns and even shallow water. The shock absorption tech is set to be a feature of the company's recently launched premium brand Yangwang."Traditionally, luxury cars were determined by brand and history. For luxury new energy vehicles, it's a matter of what tech and products," BYD founder Wang Chuanfu said in Mandarin at a launch event Monday, according to a CNBC translation.He claimed ...

Apr102023 by Waqas-ChNo Comments

Stock market today: Live updates

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Traders work on the floor of the New York Stock Exchange (NYSE) on March 28, 2023 in New York City. Spencer Platt | Getty ImagesThe S&P 500 fell Monday as fears of a recession grew on Wall Street, and investors looked ahead to key inflation data this week.The broader index slid 0.65%. The Dow Jones Industrial Average traded 15 points lower, or 0.05%. The Nasdaq Composite lagged, falling 1.26%.Tech stocks struggled, with shares of Apple falling 1.9% and Google-parent Alphabet sliding 1.7%. Tesla shares fell 3.6% after the company said it will cut prices again on some electric vehicles.Markets are coming off a choppy week as investors digested signs of a weakening labor market. However, the March jobs report on Friday showed a resilient economy and moderate inflation, which pushed sto...

Apr62023 by Waqas-ChNo Comments

Stock market today: Live updates

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Traders work the floor of the New York Stock Exchange.Getty ImagesStock futures were mixed Thursday as investors considered what the latest data suggested about the health of the broader economy.Futures tied to the Dow Jones Industrial Average gained 13 points, trading near flat. S&P 500 futures were 0.1% down, and Nasdaq-100 futures declined 0.3%.Those moves come as investors digest new data that shows signs of a potentially weakening labor market. The ADP private payrolls report released Wednesday showed job growth slowed in March. Meanwhile, a Tuesday report showed that the number of available positions fell below 10 million in February — a first in almost two years.Over the past several months, investors had cheered signs of economic cooling on the hope that it could push the Fe...

Apr52023 by Waqas-ChNo Comments

Stock market today: Live updates

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U.S. stock futures were lower on Wednesday as traders assess the state of the global economy following a losing session.The Dow Jones Industrial Average futures fell by 45 points, or 0.1%, while S&P 500 and Nasdaq-100 futures slid 0.2% each.Johnson & Johnson shares rose nearly 3% in premarket trading after the pharmaceutical company said Tuesday it would pay $8.9 billion over the next 25 years to settle claims that its talc products caused cancer. Wednesday's moves come as concern over higher rates simmered once again. New Zealand's central bank overnight hiked rates by 50 basis points, noting that inflation was "too high and persistent."On Tuesday, the Dow shed nearly 200 points, snapping a four-day win streak as broader economic concerns weighed on equities. The S&P 500 fe...

Apr32023 by Waqas-ChNo Comments

Nasdaq 100 futures fall ahead of first trading day of the second quarter: Live updates

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Nasdaq 100 futures retreated on Monday morning as Wall Street turned its attention to the start of the second quarter.Nasdaq 100 futures shed 0.57% while S&P 500 futures slid 0.27%. Futures for the Dow Jones Industrial Average ticked up 14 points, or 0.04%.The moves in futures come ahead of the first trading day of the second quarter on Monday. All three major averages were positive in the first quarter, despite turmoil in the banking sector highlighted by the collapse of Silicon Valley Bank in March.The Nasdaq Composite led the way in the quarter with a gain of 16.8% as tech stocks rebounded from a brutal slide last year. It was the index's best stretch since the second quarter of 2020.Meanwhile, the S&P 500 rose 7% in the first three months of the year for its second-straight ...

Mar302023 by Waqas-ChNo Comments

Bed Bath & Beyond again warns of bankruptcy with new stock offering

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An exterior view of a Bed Bath & Beyond store on February 7, 2023 in Clifton, New Jersey. Kena Betancur | Corbis News | Getty ImagesBed Bath & Beyond is warning of a bankruptcy filing — again — if a proposed $300 million stock offering doesn't pay off. The beleaguered retailer said in a securities filing Thursday that its lenders downsized its loan. If it doesn't receive proceeds from the stock offering, Bed Bath & Beyond warned Thursday it will likely need to file for bankruptcy protection.related investing newsIn addition, the company disclosed that the loans it secured last year were downsized. According to the filing with the Securities and Exchange Commission, the company said its $565 million revolving loan was decreased from $565 million to $300 million. As part of th...

Mar302023 by Waqas-ChNo Comments

China’s Premier Li Qiang seeks to rally Asia behind Beijing

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China's Premier Li Qiang addressed an international audience at Boao Asia forum in Boao, Hainan on March 30, 2023.Lintao Zhang | Getty Images News | Getty ImagesBO'AO, China — Chinese Premier Li Qiang sought to rally Asian countries behind China in his first public address to an international audience as premier.On Wednesday, Li claimed that China had acted "responsibly" in its role as a big country, and generally contributed to world peace.related investing news"Peace is the prerequisite for development," Li said in Mandarin translated by CNBC.His speech of about 25 minutes at the Boao Forum for Asia did not delve into China's heightened tensions with the U.S.The annual meeting, hosted by China, is seen by some as the region's answer to the World Economic Forum's gathering of global le...

Mar272023 by Waqas-ChNo Comments

Pfizer signs agreement with China on improving health coverage in the country

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Pfizer CEO Albert Bourla speaks during the China Development Forum in Beijing on March 25, 2023.Lintao Zhang | Getty Images News | Getty ImagesBEIJING — U.S. pharma giant Pfizer has signed an agreement with China to cooperate on improving the country's health coverage, according to the company."We are aligned very much with the China 'Healthy 2030' [initiative] and we are trying to contribute as much as we can," Pfizer CEO Albert Bourla told CNBC's Eunice Yoon on Saturday. He declined to share further details, including dollar amounts.China in 2016 announced a "Healthy China 2030" plan for improving the country's public health services, medical industry and food and drug safety. The Covid-19 pandemic also highlighted shortfalls in China's still-developing public health system. Pfizer's ...