close
close

China LPR, Israeli strikes, oil, gold prices

43 minutes ago

China leaves key lending rates unchanged

China's central bank on Monday left its key interest rates on one- and five-year loans unchanged at 3.45% and 3.95%, respectively.

The one-year LPR is considered the basis for most household and business loans, while the five-year LPR is considered the benchmark for most property mortgages.

The decision was in line with a Reuters poll that expected both interest rates to remain unchanged.

China's CSI 300 index gained 1.9% last week.

—Shreyashi Sanyal

An hour ago

Tesla slashes prices worldwide after first quarter deliveries decline: Reuters

Electric vehicle giant Tesla has cut prices for its cars worldwide after first-quarter deliveries fell for the first time in nearly four years.

Reuters reported that the company cut the starting price of its Model 3 in China to 231,900 yuan ($32,000), a reduction of 14,000 yuan.

In Germany, the price of the rear-wheel-drive Model 3 was also cut to 40,990 euros ($43,670.75) from 42,990 euros, where it had been since February, according to Reuters.

Checks by CNBC found that websites in China and Germany reflected the updated prices.

There have also been price cuts in many other countries in Europe, the Middle East and Africa, a Tesla spokesman told Reuters.

—Lim Hui Jie, Reuters

2 hours ago

CNBC Pro: Analysts love this gold explorer's stock — and even the most cautious expect a 114% rise

Shares of a Canadian gold explorer could double, according to analysts at Scotiabank.

The investment bank reiterated its bullish stance after the mining company released new drilling results from its mine in the US.

And Scotiabanks aren't the only analysts who like the stock. BMO Capital Markets sees upside potential of 209%, while Beacon Securities thinks the stock could rise 400% over the next 12 months.

CNBC Pro subscribers can read more here.

– Ganesh Rao

2 hours ago

CNBC Pro: A top fund manager uses these 7 global stocks to beat the market

Global stock markets may be under pressure due to geopolitical tensions and persistent inflation – but one portfolio manager sees potential in several stocks.

“There are always investment opportunities in all market conditions. We look for stocks that we think are better than the market currently believes,” Rob Hinchliffe, managing director and equity analyst at PineBridge Investments, told CNBC Pro last month.

Hinchliffe manages more than $1 billion of PineBridge assets through his Global Focus Equity Fund. The fund, which was launched in 1999, holds investments in around 40 stocks.

He named some of his best stocks right now.

CNBC Pro subscribers can read more here.

— Amala Balakrishner

Fri, April 19, 2024, 3:36 p.m. EDT

Wharton's Jeremy Siegel still expects two or three rate cuts by year's end

Wharton professor Jeremy Siegel remains optimistic about the Federal Reserve's rate-cutting path, he told CNBC on Friday.

“We can all say that the market was very optimistic at the beginning of the year with four or five cuts,” he said, pointing out that Fed Chairman Jerome Powell had indicated that a slowing economy was another reason for rate cuts, it said unless inflation gets out of control.

The professor said he sees “good trends” looking at personal consumption spending data. He believes the Fed should cut interest rates when inflation falls, even if the economy is tanking, and said this is the “super best case” for stocks going forward.

—Pia Singh

Fri, April 19, 2024, 3:48 p.m. EDT

Barclays says Big Tech outperformed during the pullback

Barclays says Big Tech can't be blamed for the stock market rally losing ground.

Strategist Venu Krishna said in a note to clients on Friday that the earnings strength of the biggest technology stocks had somewhat protected them from this setback.

“Big Tech was more resilient through the MTD selloff than the rest of the tech sector, likely because Big Tech's profits were less dependent on multiple expansion. Overall, the losses were more evenly distributed than the gains,” Krishna said.

“First quarter earnings are the next overhang,” Krishna added.

–Jesse Pound

Fri, April 19, 2024, 3:20 p.m. EDT

Information technology stocks are weighing on the S&P 500

Micron Technology's solid-state drive for data center customers will be unveiled at a product launch event in San Francisco on October 24, 2019.

Stephen Nellis | Reuters

The information technology sector weighed on the S&P 500 on Friday, continuing a trend seen this week.

The sector fell more than 2% on Friday, making it the worst-performing sector among the 11 sectors that make up the benchmark. By comparison, the broad index slipped less than 1%.

For the entire week, the sector was also the biggest loser, down more than 6%. The S&P 500 as a whole lost less than 3%.

Super Micro Computer and Micron Technology led the sector into the red this week, falling more than 17% and 12%, respectively. Nvidia and Jabil also lost more than 10% each this week.

—Alex Harring