20 minutes ago
Taiwanese stocks rise after Chinese skeptic Lai Ching-ti wins the presidential race
Taiwan Vice President and ruling Democratic Progressive Party presidential candidate Lai Ching-te (center) greets supporters during his campaign parade in Kaohsiung on January 8, 2024, ahead of the presidential election.
Yasuyoshi Chiba | AFP | Getty Images
The Taiwan-weighted index started the week up 0.5% after Lai Ching-te won the island’s presidential election on Saturday.
Lai helped secure the Democratic Progressive Party’s third consecutive victory. A staunch China skeptic, Lai won more than 40% of the popular vote and said he was “determined to protect Taiwan from threats and intimidation from China.”
Beijing, which often described Lai as The “stubborn worker for Taiwan independence” and dangerous separatist rejected his victory.
Lai has pledged to remain open in his governing style, but his government has not yet formed a parliamentary majority. His victory also raised concerns about tepid Sino-US relations as well as security in the Indo-Pacific region.
Taiwanese stocks rose more than 26% in 2023, while China’s CSI 300 index fell more than 11% last year.
one hour ago
CNBC Pro: These are Wall Street’s top picks for semiconductor stocks this year
Semiconductor stocks had a good year in 2023, rebounding from post-pandemic underperformance in 2022.
The PHLX Semiconductor Index (Sox) is up 65% in 2023, outpacing the S&P 500.
Banks like BofA and UBS remain bullish on the semiconductor sector despite its strong run in 2023.
CNBC Pro delved into recent research conducted by Wall Street in January to look for the top semiconductor picks for 2024 cited by analysts.
Subscribers can read more here.
-Weezin Tan
one hour ago
Goldman Sachs says it’s time to buy this unloved global sector – and names some of the best stocks
Europe’s utilities sector may have been under pressure over the past three years, but Goldman Sachs says a turnaround is underway, as it names stocks to play the industry in 2024.
“We believe that improved expectations on inflation and interest rates are likely to favor capital-intensive/longer-term assets, such as renewable energy (where the capital cycle appears to have reversed favorably, as evidenced by rising yields) and power grids (where the capital cycle appears to have reversed favorably, as evidenced by rising yields) Money has turned favorably, as evidenced by rising yields) and energy grids (as the market appears to be ignoring incremental organic growth opportunities),” the bank’s analysts wrote.
The investment bank has named a group of stocks that it expects to rise by 30%.
CNBC Pro subscribers can read more here.
– Amala Balakrishner
Friday, January 12, 2024 at 3:26 PM ET
US crude prices fell after rising due to strikes against Houthi militants
US crude oil prices on Friday followed a familiar pattern in response to rising tensions in the Middle East, rising briefly due to the latest escalation before falling later in the day.
West Texas Intermediate crude futures briefly broke $75 a barrel after the US and British airstrike on Houthi militants in Yemen, but retreated later in the session to settle at $72.68. Brent crude futures exceeded $80 per barrel before settling at $78.29.
On Friday, several tanker companies suspended traffic towards the Red Sea after the air strikes. But traders remain unconvinced about the possibility of a broader conflict erupting in the Middle East and disrupting crude oil supplies. Analysts say the Strait of Hormuz is the real potential flashpoint that could push prices higher.
“The market will wait to see if we see this spreading to an important oil waterway like the Strait of Hormuz,” Helima Croft of RBC Capital Markets told CNBC on Friday.
-Spencer Kimball
Friday, January 12, 2024 at 8:36 AM ET
The producer price index unexpectedly fell in December
The producer price index fell 0.1% in December, a sign that inflation may be declining. Economists polled by Dow Jones expected a 0.1% increase.
-Fred Imbert
Friday, January 12, 2024 at 11:05 AM ET
Citigroup announces job cuts after recording a loss of $1.8 billion in the fourth quarter
Citigroup shares rose slightly on Friday after CEO Jane Fraser announced a new wave of job cuts to boost the bank’s stock price and earnings results.
Citigroup said that 20,000 employees, or about 10% of its workforce, will be laid off in the “medium term” as part of a new overhaul of the company. Shares had earlier risen nearly 2% on the news.
The layoffs were announced after the bank reported a loss of $1.8 billion in the fourth quarter, which was related to various risks and expenses. The company’s fourth-quarter revenue was $17.44 billion, below the $18.75 billion expected by analysts surveyed by LSEG.
-Lisa Kailai Han
Friday, January 12, 2024 at 7:29 AM ET
JPMorgan Chase shares rise even after earnings decline
Shares of JPMorgan Chase rose more than 2% premarket even after the bank reported lower fourth-quarter earnings due to a $2.9 billion charge related to regional bank failures last year.
Specifically, the bank said that profits fell by 15% to 9.31 billion year-on-year.
– Fred Imbert, Hyo-sun