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  • Markets – planetcirculate https://planetcirculate.com Tue, 19 Mar 2024 23:38:56 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.3 Nvidia stomps the bears. Jim Cramer on struggling stocks Starbucks, Abbott https://planetcirculate.com/nvidia-stomps-the-bears-jim-cramer-on-struggling-stocks-starbucks-abbott/ https://planetcirculate.com/nvidia-stomps-the-bears-jim-cramer-on-struggling-stocks-starbucks-abbott/#respond Tue, 19 Mar 2024 23:38:56 +0000 https://planetcirculate.com/nvidia-stomps-the-bears-jim-cramer-on-struggling-stocks-starbucks-abbott/

    Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. (We’re no longer recording the audio, so we can get this new written feature to members as quickly as possible.) Markets rebound as Nvidia goes green: […]

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    Jensen Huang, co-founder and chief executive officer of Nvidia Corp., arrives at an event in Taipei, Taiwan, on Thursday, Jan. 25, 2024.

    Lam Yik Fei | Bloomberg | Getty Images

    Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. (We’re no longer recording the audio, so we can get this new written feature to members as quickly as possible.)



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    JetBlue cuts routes spanning LAX, South America https://planetcirculate.com/jetblue-cuts-routes-spanning-lax-south-america/ https://planetcirculate.com/jetblue-cuts-routes-spanning-lax-south-america/#respond Tue, 19 Mar 2024 21:17:39 +0000 https://planetcirculate.com/jetblue-cuts-routes-spanning-lax-south-america/

    A JetBlue Airways plane prepares to take off from the Fort Lauderdale-Hollywood International Airport in Fort Lauderdale, Florida, on Jan. 31, 2024. Joe Raedle | Getty Images JetBlue Airways told staff on Tuesday that it is culling a host of routes, making it the carrier’s latest move to cut costs in the wake of a […]

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    A JetBlue Airways plane prepares to take off from the Fort Lauderdale-Hollywood International Airport in Fort Lauderdale, Florida, on Jan. 31, 2024.

    Joe Raedle | Getty Images

    JetBlue Airways told staff on Tuesday that it is culling a host of routes, making it the carrier’s latest move to cut costs in the wake of a failed attempt to acquire Spirit Airlines and a Pratt & Whitney engine issue that has grounded some of its Airbus planes.

    The carrier will reduce its departures from Los Angeles International Airport from about 34 a day to 24, focusing on profitable transcontinental routes that include its Mint business class cabin, according to a memo to staff, which was seen by CNBC. Cuts include service from Los Angeles to San Francisco; Seattle; Miami; Las Vegas; Reno, Nevada; and Puerto Vallarta, Mexico.

    JetBlue is also ending flights to Bogota, Colombia; Quito, Ecuador; Lima, Peru; and Kansas City, Missouri, in June, and flights between Fort Lauderdale, Florida, and Austin, Atlanta, Nashville and Salt Lake City as well as between New York and Detroit.

    “With less aircraft time available and the need to improve our financial performance, more than ever, every route has to earn its right to stay in the network,” Dave Jehn, vice president of network planning and airline partnerships, said in the memo.

    Along with transcontinental flying, JetBlue said it will focus on “bread and butter” routes along the East Coast, and those serving Caribbean vacation destinations.

    CEO Joanna Geraghty is a month into the top job and is under increasing pressure to reduce expenses and return the airline to profitability after activist investor Carl Icahn disclosed a nearly 10% stake in the carrier last month and won two board seats.

    JetBlue had already begun a cost-cutting program before Icahn’s stake and said in January that it was on track to reduce expenses by $200 million by the end of the year. The carrier trimmed some other routes earlier this year, CNBC reported.

    The changes announced Tuesday don’t affect JetBlue’s planned capacity for the year, which it expects to be down in the low single digits from 2023, the memo said.

    JetBlue is charting its path as a stand-alone airline after a judge blocked its plan to purchase Spirit Airlines in January. JetBlue walked away from that deal entirely earlier this month. Last year, a separate judge knocked down its partnership with American Airlines in the Northeast.

    Don’t miss these stories from CNBC PRO:



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    Wall St falters in lead-up to Fed meeting https://planetcirculate.com/wall-st-falters-in-lead-up-to-fed-meeting/ https://planetcirculate.com/wall-st-falters-in-lead-up-to-fed-meeting/#respond Tue, 19 Mar 2024 14:22:56 +0000 https://planetcirculate.com/wall-st-falters-in-lead-up-to-fed-meeting/

    The S&P 500 and the Nasdaq have fallenwith most megacap and chip stocks weakening, while sentiment remained fragile ahead of the Federal Reserve’s March policy meeting. Investor darling Nvidia fell three per cent after the company unveiled the Blackwell B200, an AI chip it says is up to 30 times faster than its previous chip. […]

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    The S&P 500 and the Nasdaq have fallenwith most megacap and chip stocks weakening, while sentiment remained fragile ahead of the Federal Reserve’s March policy meeting.

    Investor darling Nvidia fell three per cent after the company unveiled the Blackwell B200, an AI chip it says is up to 30 times faster than its previous chip. Some investors suggested the news was priced into the high-flying stock.

    Fellow chipmakers such as AMD, Marvell Technology and Intel shed between 1.9 per cent and 4.9 per cent, while the Philadelphia Semiconductor index dipped 2.3 per cent.

    AI server maker Super Micro Computer dropped nearly 11.5 per cent after announcing that it will sell two million shares that could fetch about $US2 billion ($A3.1 billion).

    In early trading on Tuesday, the Dow Jones Industrial Average was up 42.20 points, or 0.11 per cent, at 38,832.63, the S&P 500 was down 11.67 points, or 0.23 per cent, at 5,137.75, and the Nasdaq Composite was down 114.69 points, or 0.71 per cent, at 15,988.76.

    Five of the 11 major S&P 500 sectors were trading were lower, with information technology down 0.8 per cent.

    Most megacap stocks fell in early trading, with Tesla losing 3.2 per cent and Meta Platforms retreating 2.3 per cent.

    All three major stock indexes finished higher in the previous session, with the Nasdaq bouncing back from two successive small weekly losses as growth stocks such as Alphabet and Tesla boosted the tech-heavy index.

    Focus will remain on US central bankers who are expected to hold rates steady at the end of their two-day meeting on Wednesday.

    But, investors are concerned that their new economic projections may be a wild card, potentially signaling fewer interest rate cuts and a later start to the policy easing cycle.

    “It’s all about the dot plot,” said Mike Reynolds, vice president of investment strategy at Glenmede.

    “There’s almost no expectation that they’re taking rates off the highs but the Fed is going to be taking a hard look at inflation, which for the first two months of the year has been pretty sticky.”

    Robust inflation data has pushed traders to pull back bets of the first rate cut coming in June to 55.2 per cent from 71 per cent at the start of last week, according to the CME FedWatch Tool.

    Among other movers, crypto-exchange operator Coinbase Global and miners Riot Platforms and Marathon Digital Holdings shed between 6.4 per cent and 7.7 per cent, tracking the sharp slide in bitcoin.

    Spire Global jumped 56.3 per cent after the company announced a collaboration with Nvidia for AI-driven weather prediction.

    Fusion Pharmaceuticals jumped 97.4 per cent after AstraZeneca said it will buy the Canadian drug developer for $US2 billion ($A3.1 billion) in cash.

    Advancing issues outnumbered decliners by a 1.28-to-1 ratio on the NYSE and declining issues outnumbered advancers for a 1.04-to-1 ratio on the Nasdaq.

    The S&P index recorded 29 new 52-week highs and one new low, while the Nasdaq recorded 24 new highs and 57 new lows.



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    Disney gets a win in Nelson Peltz board fight. 2 other portfolio stocks mount comebacks https://planetcirculate.com/disney-gets-a-win-in-nelson-peltz-board-fight-2-other-portfolio-stocks-mount-comebacks/ https://planetcirculate.com/disney-gets-a-win-in-nelson-peltz-board-fight-2-other-portfolio-stocks-mount-comebacks/#respond Tue, 19 Mar 2024 10:55:18 +0000 https://planetcirculate.com/disney-gets-a-win-in-nelson-peltz-board-fight-2-other-portfolio-stocks-mount-comebacks/

    Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. (We’re no longer recording the audio, so we can get this new written feature to members as quickly as possible.) Markets bounce : Stocks kicked off […]

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    Traders work on the floor during morning trading at the New York Stock Exchange (NYSE) on March 06, 2024 in New York City. 

    Spencer Platt | Getty Images

    Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. (We’re no longer recording the audio, so we can get this new written feature to members as quickly as possible.)



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    Unilever to split off its ice cream unit including Ben & Jerry’s https://planetcirculate.com/unilever-to-split-off-its-ice-cream-unit-including-ben-jerrys/ https://planetcirculate.com/unilever-to-split-off-its-ice-cream-unit-including-ben-jerrys/#respond Tue, 19 Mar 2024 09:42:43 +0000 https://planetcirculate.com/unilever-to-split-off-its-ice-cream-unit-including-ben-jerrys/

    Ben & Jerry’s ice cream on May 24, 2022. Nurphoto | Nurphoto | Getty Images Shares of consumer goods giant Unilever popped on Tuesday after the company announced plans to separate its ice cream unit, which includes Ben & Jerry’s and Magnum, as part of a restructuring that will impact 7,500 jobs. “The proposed changes […]

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    Ben & Jerry’s ice cream on May 24, 2022.

    Nurphoto | Nurphoto | Getty Images

    Shares of consumer goods giant Unilever popped on Tuesday after the company announced plans to separate its ice cream unit, which includes Ben & Jerry’s and Magnum, as part of a restructuring that will impact 7,500 jobs.

    “The proposed changes are expected to impact around 7,500 predominantly office-based roles globally, with total restructuring costs now anticipated to be around 1.2% of Group turnover for the next three years (up from the around 1% of Group turnover previously communicated),” a statement said.

    Shares of Unilever were up 5.6% moments after the announcement, before paring gains slightly to trade up 4.1% at 9:20 a.m. London time.

    The restructuring will begin immediately and is expected to be completed by the end of 2025, the company said. It is anticipated to deliver total cost savings of around 800 million euros ($868.3 million).

    Unilever said the restructuring would allow it to become “a simpler, more focused company,” with four distinct business divisions across beauty and wellbeing, personal care, home care and nutrition.

    The company added that its ice cream division, which generated 7.9 billion euros in revenue in 2023, would perform better as a standalone business. The ice cream division accounted for around 13% of Unilever’s 59.6 billion euros in total revenues in 2023.

    Unilever said plans for the spinoff have not yet been finalized, but that a “demerger is the most likely separation route.”

    It said that costs of the move would be determined once a final decision had been made.

    The move is the most radical yet in a wider overhaul by CEO Hein Schumacher, who took the reins of the company in July 2023.

    Unilever has faced growing calls over recent years, including from activist investors, to overhaul its sprawling business amid wide fluctuations in the share price. The stock has lost around 6% from a year ago.

    Chris Beckett, head of equity research at Quilter Cheviot, questioned how much of an impact the restructuring would have on the company’s wider performance.

    “The division in question is noted for its lower growth compared to Unilever’s overall performance, suggesting that the demerger might not significantly alter the company’s growth trajectory,” Beckett said.

    “Historically, Unilever’s decision to sell its tea business did not lead to a transformative impact on the company’s operations or value. It stands to reason that this latest move to split off the ice cream business may follow a similar pattern, offering no substantial metamorphosis.”

    The Ben & Jerry’s brand has also proven a thorn in the company’s side, taking an active stance on various political issues.

    In 2023, Unilever faced a U.S. lawsuit claiming it misled investors by not immediately disclosing a decision by its Ben & Jerry’s unit to stop selling ice cream in Israeli-occupied Palestinian territories — a case that was ultimately dismissed, according to Reuters.

    Earlier in the year it also faced backlash over Ben & Jerry’s calls for the return of “stolen” U.S. indigenous land.



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    ‘Soul destroying’: Property Coordination enters voluntary administration with $20m in debt https://planetcirculate.com/soul-destroying-property-coordination-enters-voluntary-administration-with-20m-in-debt/ https://planetcirculate.com/soul-destroying-property-coordination-enters-voluntary-administration-with-20m-in-debt/#respond Tue, 19 Mar 2024 09:07:27 +0000 https://planetcirculate.com/soul-destroying-property-coordination-enters-voluntary-administration-with-20m-in-debt/

    A 50-year-old construction company that accrued $20m of debt in the past two months has gone into administration. Company directors of Property Coordination (Australia) made the “soul destroying” decision to relinquish control and appoint RSM Australia Partners as voluntary administrators on Tuesday. RSM Australia Partners administrator Jonathon Colbran said even though the company had a […]

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    A 50-year-old construction company that accrued $20m of debt in the past two months has gone into administration.

    Company directors of Property Coordination (Australia) made the “soul destroying” decision to relinquish control and appoint RSM Australia Partners as voluntary administrators on Tuesday.

    RSM Australia Partners administrator Jonathon Colbran said even though the company had a $90m pipeline of future work, they did not have enough funds to continue operating.

    “Despite injecting a significant amount of their own personal money into the company, the directors advised me that losses incurred from fixed price contracts combined with escalating subcontractor, supplier and operating costs had negatively impacted the company

    financially,’’ he said.

    Camera IconThe collapse of Property Coordination follows of wave of construction company breakdowns as input costs continue to rise. Supplied Credit: Supplied

    Project Coordination (Australia) had been operating in Canberra and Wollongong for the past five decades.

    On Tuesday, about 55 staff members were informed they had been made redundant, many of whom had been with the company for more than 15 years.

    Property Coordination chairman Paul Murphy and managing director Gavin Murphy said in a statement that they agonised over the decision.

    “Despite seeing other construction companies collapse around us over the past year, we never thought we would be one of them,” they said in a statement.

    “We thought we had the means, forward order book, capability and industry goodwill to get through this.”

    The company had $120m worth of projects in the field and another $90m ready to start, but the directors could not secure external investment.

    CreditorWatch Chief Executive Patrick Coghlan says there is “a lot of pressure” on businesses in the construction industry as business defaults in Australia surge to a record high. The company’s latest survey says one in 14 businesses in the food industry are at risk of business failure. Western Sydney, South East Queensland and Merrylands-Guilford are said to be the riskiest areas to be in business right now. “There is a lot of pressure obviously on construction,” Mr Coghlan told Sky News Business Editor Ross Greenwood. “We’re seeing the likes of services around the construction and building industry, like safety, for example, admin and support services … so plenty of pressure on those.”

    “The economic and regulatory environment that building companies are working in now is more challenging than any other I’ve experienced in the past 50 years – worse than the recessions in the 1980s and 1990s and the Global Financial Crisis in 2007-08,” Mr Murphy said.

    “Nothing has been as bad as this.’’

    Project Coordination (Australia) is the latest company in a series of building and construction company insolvencies.

    The Australian Bureau of Statistics reported the construction industry lost $5.4bn in 2022.

    In recent years, the industry has continually faced increased costs, skilled worker shortages and productivity issues.



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    BHP recommits to diversity, ESG initiatives https://planetcirculate.com/bhp-recommits-to-diversity-esg-initiatives/ https://planetcirculate.com/bhp-recommits-to-diversity-esg-initiatives/#respond Tue, 19 Mar 2024 07:33:02 +0000 https://planetcirculate.com/bhp-recommits-to-diversity-esg-initiatives/

    Mining giant BHP is doubling down on its commitment to diversity, equity and inclusion (DEI) initiatives despite bubbling investor discontent over the controversial doctrines. Chief executive Mike Henry, facing a question from an investor who pleaded for the company to reject DEI and return to “meritocracy”, argued the company’s diversity policies had boosted “operational performance” […]

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    Mining giant BHP is doubling down on its commitment to diversity, equity and inclusion (DEI) initiatives despite bubbling investor discontent over the controversial doctrines.

    Chief executive Mike Henry, facing a question from an investor who pleaded for the company to reject DEI and return to “meritocracy”, argued the company’s diversity policies had boosted “operational performance” and rejected the position there was a disconnect between DEI aspirations and delivering shareholder returns.

    “At the same time we have been focused on those things, company performance has lifted,” he said.

    “We’ve gone from being an operational laggard in the industry to now leading the industry when it comes to our op performance. Returns for shareholders have been strong.

    “And so not only do I believe both things can be achieved in parallel, I believe that what is required to achieve some of those things actually boosts underlying performance as well.”

    Camera IconBHP chairman Ken MacKenzie and chief executive Mike Henry face the music at the company’s annual shareholder meeting. NCA NewsWire / Emma Brasier Credit: News Corp Australia

    The $214bn behemoth is pursuing a range of diversity and environmental, social and governance commitments, from a gender balanced workforce by 2025 to net-zero operational emissions by 2050.

    It also backed last year’s Voice to Parliament proposition, though some investors expressed frustration at the position and said the company’s pro-Voice stance had created a fissure between management and shareholders.

    BHP chair Ken MacKenzie, speaking at the company’s shareholder meeting in Adelaide in November, argued there were “clear business reasons” for backing constitutional change.

    “We operate on the traditional lands of Indigenous peoples,” he said.

    “These are critical relationships.”

    A push for more diverse workforces has swept through corporate Australia in recent years, a response in part to reflect the country’s changing demographics and a sense traditionally organised workplaces may have unfairly shut out some workers from equal opportunity.

    Female participation at BHP had moved from 16 per cent 2016 to about 35 per cent now, Mr Henry said.

    “That is going to both boost and then support sustainable high performance for the company into the future,” he said.

    Chief financial officer Vandita Pant is part of a growing female workforce at BHP. Supplied
    Camera IconChief financial officer Vandita Pant is part of a growing female workforce at BHP. Supplied Credit: News Corp Australia

    BHP’s female workforce traverses the company hierarchy, from new apprentices at its Central Queensland coalfields to the upper echelons of the miner’s leadership structure, including chief financial officer Vandita Pant and Australia president Geraldine Slattery.

    Mr Henry also reaffirmed the company would spend money to hit net-zero operational emissions by 2050 and was working with equipment manufacturers to deliver battery electric trucks and locomotives to its mine sites at the end of this decade.

    BHP has already signed an MOU with car giant Toyota to electrify its 5000 diesel-powered work vehicles.

    It is also purchasing renewable energy to power its mine sites.

    Mr Henry and Ms Pant said the company would “partner” with its steelmaking customers on low carbon technologies to lower scope 3 emissions.

    “We are working very hard to make sure that we are very much across all of these technologies, which over the next few decades will start to come in as steel decarbonises,” Ms Pant said.

    In Australia, BHP operates coalmines in Queensland and NSW, iron ore mines in Western Australia and copper mines in South Australia.



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    Tesla-rival BYD pushes into emerging markets amid Western uncertainty https://planetcirculate.com/tesla-rival-byd-pushes-into-emerging-markets-amid-western-uncertainty/ https://planetcirculate.com/tesla-rival-byd-pushes-into-emerging-markets-amid-western-uncertainty/#respond Tue, 19 Mar 2024 00:39:34 +0000 https://planetcirculate.com/tesla-rival-byd-pushes-into-emerging-markets-amid-western-uncertainty/

    BYD electric cars waiting to be loaded onto a ship are seen stacked at the international container terminal of Taicang Port in Suzhou, in China’s eastern Jiangsu province on February 8, 2024. STR | AFP | Getty Images In the race against Tesla for the global electric car market, Chinese automaker BYD is pushing hard […]

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    BYD electric cars waiting to be loaded onto a ship are seen stacked at the international container terminal of Taicang Port in Suzhou, in China’s eastern Jiangsu province on February 8, 2024.

    STR | AFP | Getty Images

    In the race against Tesla for the global electric car market, Chinese automaker BYD is pushing hard overseas despite rising barriers to the U.S. market.

    The Shenzhen-based company has already tested the waters in a number of countries with some immediate sales success, often just one year after entering. 

    Given policy uncertainty around Chinese EV exports to major markets like the U.S. and Europe, BYD is seeking to bolster overseas sales by moving production to regions perceived as more friendly. Already, the company has factories in Thailand, Brazil, Indonesia, Hungary and Uzbekistan in the works. 

    “They are targeting countries without very strong domestic auto industries, where they are likely to face less political pushback or headwinds from a policy perspective,” said CLSA research analyst Xiao Feng, noting that recent developments in the U.S. underscored the need for such an approach. 

    The Biden administration last month said it’s begun investigating whether Chinese-made cars pose national security risks, and raised the possibility of restricting the vehicles. The U.S. has tried to support adoption of electric cars domestically, but sales penetration is well below that of China.

    BYD is moving quickly, beginning with Thailand, where the company expects its first factory outside China to be in operation by the end of this year. The automaker surpassed Toyota to grab the top spot for passenger car sales in Thailand in January, despite having no sales there just one year prior, according to data from Marklines.

    Once operating, the Thailand factory will likely serve the rest of Southeast Asia. EY predicts the electric car market in the region will grow exponentially to at least $80 billion a year in sales in the next decade. 

    BYD has established itself in Southeast Asia as the top-selling EV brand, grabbing more than one-third of the market last year after barely selling cars there previously, according to data from Counterpoint Research. 

    Edge against Tesla

    Why China is beating the U.S. in electric vehicles

    The company is also investing $1.3 billion to build an electric car factory in Indonesia in 2024, local media reported in January. This year, BYD also reportedly plans to significantly increase the number of its stores in Singapore and the Philippines. 

    The company did not respond to a request for comment about the reported plans. 

    While BYD does not break out capital expenditure by country, it disclosed 81.52 billion yuan ($11.33 billion) in autos-related capex in the first six months of 2023, nearly double the 45.94 billion yuan reported for all of 2022.

    In another contrast with Tesla’s direct-dealership model, BYD often relies on local distributors and partners for sales in countries outside China. For example, in late 2022, BYD signed a distribution agreement with Sime Darby Motors in Malaysia. 

    Plan for the Americas 

    While U.S. scrutiny on China’s electric vehicle dominance is only growing, BYD is expanding in Brazil and has its sights on Mexico, on the U.S. border.

    The company’s Americas CEO Stella Li told Reuters BYD is considering plans for a factory in Mexico, where it has started selling more electric cars.

    If BYD does build a factory in the country, that could make it a “beachhead for the Americas,” Bill Russo, founder and CEO of investment advisory firm Automobility, recently told CNBC’s “Squawk Box Asia.”

    “Mexico is part of the USMCA so there is an opportunity to export perhaps from Mexico to North America,” he said, referring to the free trade agreement that the United States, Mexico and Canada enacted in 2020. 

    It's a 'war of attrition' for Nio and other Chinese EV makers, says advisory firm

    BYD does not plan to sell passenger cars to the U.S., Li reportedly said at the end of February.

    The automaker did not respond to a request for comment on this story.

    China remains by far BYD’s largest market. Out of more than 3 million new energy passenger vehicles the company produced last year, just over 242,000 went overseas.

    The rapid growth of BYD and other Chinese electric car companies has other automakers worried.

    In February, the Alliance for American Manufacturing released a report warning that low-cost Chinese imports could be an “extinction-level event for the U.S. auto sector” and called on Washington to prematurely block imports from Mexico.

    That was just weeks after company releases confirmed that BYD was well ahead of Tesla in terms of vehicle production.

    Europe and other markets



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    Share market edges higher ahead of Reserve Bank’s March interest rate call https://planetcirculate.com/share-market-edges-higher-ahead-of-reserve-banks-march-interest-rate-call/ https://planetcirculate.com/share-market-edges-higher-ahead-of-reserve-banks-march-interest-rate-call/#respond Mon, 18 Mar 2024 07:47:13 +0000 https://planetcirculate.com/share-market-edges-higher-ahead-of-reserve-banks-march-interest-rate-call/

    Australian shares edged higher on Monday as the benchmark was dragged lower by a sharp sell-off in real estate stocks, ahead of a run of key central bank decisions. At the closing bell, the S&P/ASX200 added just 0.1 per cent, or 5.5 points, to sit at 7675.8, while the broader All Ordinaries was unchanged at […]

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    Australian shares edged higher on Monday as the benchmark was dragged lower by a sharp sell-off in real estate stocks, ahead of a run of key central bank decisions.

    At the closing bell, the S&P/ASX200 added just 0.1 per cent, or 5.5 points, to sit at 7675.8, while the broader All Ordinaries was unchanged at 7925.2.

    The Australian dollar finished higher, adding 0.1 per cent to US65.65c.

    Alongside the US Federal Reserve, the Bank of England and the Bank of Japan, the Reserve Bank will meet this week, where it is largely expected to keep interest rates on hold at 4.35 per cent.

    Kyle Rodda, senior financial market analyst at Capital.com, said a recent spate of weaker-than-expected economic data had raised the possibility of a dovish pivot from the RBA at Tuesday’s meeting.

    “While (inflation is) still above the RBA’s two-to-three per cent target band, the trend is clearly to the downside and may indicate a shift in the balance of risks for interest rate policy and Australian economic fundamentals,” Mr Rodda said.

    Camera IconShares edged higher on Monday, buoyed by a rally in materials and financial stocks. NCA NewsWire/ Gaye Gerard Credit: News Corp Australia

    However, despite recent data flows, bond traders have tempered their expectations for an easing in interest rates, with money markets now fully priced for a cut by November, bringing the cash rate to 4.1 per cent.

    Previously, they were fully priced for a 25 basis point cut in September.

    Interest rate sensitive property stocks were the biggest laggard on the benchmark, shedding 1.9 per cent.

    Sector heavyweights Goodman Group sank 3.6 per cent to $29.74, Charter Hall lost 1.9 per cent to $13.20, and Scentre slipped 1.8 per cent to $3.28.

    The resources sector added 0.3 per cent after iron ore prices on the SGX rose 1.3 per cent to $US101.20 for the April contract, after the key steelmaking ingredient hit a eight-month low over the weekend.

    Heavyweight miners were mixed with Rio Tinto adding 0.5 per cent to $117.48, while Fortescue slipped 1.1 per cent to $23.69. BHP was unchanged at $42.41.

    Financials were the top performers, rising 0.6 per cent.

    The big four banks all finished higher, led by Commonwealth Bank up 0.8 per cent to $116.46.

    ANZ added 0.6 per cent to $28.86, Westpac rose 0.5 per cent to $26.33, and NAB rallied 0.7 per cent to $34.03.

    In corporate news, South32 suspended operations at its manganese mine located on the island of Groote Eylandt, 630km east of Darwin, after the site was struck by Cyclone Megan. Shares added 4.7 per cent to $3.14.

    After losing a white-label deal to rival Superloop, Aussie Broadband was instructed to cut its 20 per cent stake in the internet provider in order to comply with Singaporean regulations.

    Shares in Superloop shed 6.4 per cent to $1.18, while Aussie Broadband added 0.6 per cent to $3.57.

    Mixed miner Mineral Resources rallied 0.4 per cent to $66.17 after it announced plans to acquire the Lake Johnston nickel processing facility, located in Western Australia.

    MinRes will repurpose the plant for lithium processing.



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    Wall St drops as investors assess rate outlook https://planetcirculate.com/wall-st-drops-as-investors-assess-rate-outlook/ https://planetcirculate.com/wall-st-drops-as-investors-assess-rate-outlook/#respond Sun, 17 Mar 2024 20:21:46 +0000 https://planetcirculate.com/wall-st-drops-as-investors-assess-rate-outlook/

    US stocks fell on Friday, led by technology-related megacaps that have propelled this year’s rally, while investors weighed the interest rate outlook ahead of next week’s Federal Reserve meeting. Traders have reined in bets of a June rate cut by the Fed after this week’s hotter-than-expected inflation data. Shares of Adobe dropped 13.7 per cent, […]

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    US stocks fell on Friday, led by technology-related megacaps that have propelled this year’s rally, while investors weighed the interest rate outlook ahead of next week’s Federal Reserve meeting.

    Traders have reined in bets of a June rate cut by the Fed after this week’s hotter-than-expected inflation data.

    Shares of Adobe dropped 13.7 per cent, a day after it forecast second-quarter revenue below analysts’ estimates, citing competition and weak demand for its artificial intelligence-integrated photography, illustration and video.

    The S&P 500 technology index was down 1.3 per cent on the day, leading declines among sectors. Microsoft fell 2.1 per cent and was among the biggest drags on the index.

    An index of semiconductors was down 0.5 per cent on Friday and registered its biggest weekly percentage decline since early January. The Nvidia GTC developer conference scheduled for March 18 to 21 will be watched closely for AI-related announcements.

    “We seem in a period here where everyone knows rates eventually will be lowered. The expectation of when it happens keeps getting slightly pushed back, but investors still believe it will happen,” said Rick Meckler, partner at Cherry Lane Investments in New Vernon, New Jersey.

    “It’s been a back-and-forth market as people reposition and consider whether some of the real winners have just gone a little bit too far, so you’re seeing them trade off.”

    The Dow Jones Industrial Average fell 190.89 points, or 0.49 per cent, to 38,714.77. The S&P 500 lost 33.39 points, or 0.65 per cent, at 5,117.09 and the Nasdaq Composite dropped 155.36 points, or 0.96 per cent, to 15,973.17.

    Major indexes registered slight declines for the week. The Dow was down 0.02 per cent, the S&P 500 was down 0.1 per cent and the Nasdaq was down 0.7 per cent.

    The small-cap Russell 2000 index fell 2.1 per cent for the week.

    Friday also marked the simultaneous expiry of quarterly derivatives contracts tied to stocks, index options and futures, also known as “triple witching,” which can boost volume.

    Friday’s volume was the year’s highest by far on US exchanges, with 18.76 billion shares traded. The average volume for a full session over the last 20 trading days was about 12.4 billion.

    The week started with investors’ options positions leaning toward call contracts – typically bought to express a bullish bias, said Brent Kochuba, founder of analytic service SpotGamma. However, the S&P 500’s failure to rise quickly eroded the value of upside call options, putting further downward pressure on the market, he noted.

    While Wall Street’s AI-driven rally has stalled, the S&P 500 remains up 7.3 per cent for the year to date.

    Among data released on Friday, production at US factories increased more than expected in February, but the January figure was revised sharply down as manufacturing remains hamstrung by higher interest rates.

    Also, the University of Michigan’s preliminary reading on the overall index of consumer sentiment came in at 76.5 this month, versus an estimated reading of 76.9.

    All eyes are now on next week’s Fed meeting and any clues on the central bank’s outlook for rate cuts.

    Among other declining shares, Ulta Beauty fell 5.2 per cent after forecasting full-year profit below Wall Street estimates, as elevated supply-chain costs and increased promotions hurt its margins.

    Advancing issues outnumbered decliners on the NYSE by a 1.11-to-1 ratio; on Nasdaq, a 1.12-to-1 ratio favoured advancers.

    The S&P 500 posted 27 new 52-week highs and no new lows; the Nasdaq Composite recorded 53 new highs and 134 new lows.



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