Virus fears push Asian stocks to seven-week low, boost safe-haven assets
Asian stocks and currencies fell on Thursday as the death toll from a new virus spreading in China rose and more cases were reported around the world.
Asian stocks and currencies fell on Thursday as the death toll from a new virus spreading in China rose and more cases were reported around the world.
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(Bloomberg Opinion) — Samsung Electronics Co.’s earnings report and outlook reflect doom and gloom. Many are surprised. Positive signs from chip rival Taiwan Semiconductor Manufacturing Co. and smartphone stalwart Apple Inc. had fed the belief that the South Korean giant would put the worst behind it. The key takeaway here is that a rising tide doesn’t lift all boats.On the surface, as the one of the world’s biggest technology companies, it might be reasonable to suggest that Samsung ought to benefit from the turnaround enjoyed by major rivals. In reality, a major reason why Samsung is suffering while others …read more […]
Oil prices fell on Thursday as the death toll from the new virus in China climbed to 170 and more airlines canceled flights to the country’s major cities, while rising U.S. crude inventories added to the negative tone.
(Bloomberg) — Asian stocks slumped to a seven-week low and sovereign bonds rallied amid mounting evidence that the coronavirus epidemic is disrupting the world’s second-largest economy.A slew of companies have suspended some of their China operations for the time being in the effort to contain the disease, and economists have started cutting growth forecasts. Japanese shares slid more than 1%, and Korea, Hong Kong and Australia saw losses. Taiwan tumbled over 4% as that market came back from a holiday. U.S. futures dropped and Treasury yields added to declines. The yuan dipped offshore.Foxconn’s Hon Hai Precision Industry Co. — which …read more […]
The news raised concerns that Facebook’s days of astronomical growth were firmly in the rearview mirror, and shares of the world’s biggest social network dropped 7.2% in extended trading. Facebook reported its slowest-ever revenue growth for the fourth quarter, at 25%, and Facebook’s chief financial officer, David Wehner, said on a call with investors that the pace of expansion will slow further in the first quarter of 2020. Wehner forecast a percentage point decline in the growth rate in the low- to mid-single digits, citing Facebook’s maturing business, the impact of global privacy regulation and concerns about ad …read more […]
Oil prices fell on Thursday as the death toll from the new virus in China climbed to 170 and more airlines canceled flights to the country’s major cities, while rising U.S. crude inventories added to the negative tone.
Asian stocks slipped while gold and bonds were in demand on Thursday as worries about the spread of a new virus from China sent investors heading for safety.
Samsung Electronics Co Ltd said on Thursday it expects earnings to bounce back in 2020 after a fourth-quarter slump, helped by a gradual recovery in memory chip demand from data center customers and 5G smartphone makers.
(Bloomberg Opinion) — Three months ago, Tesla Inc. notched up a $9 billion gain in market capitalization in the immediate aftermath of reporting a $143 million quarterly profit. On Wednesday, it reaped $12 billion on $105 million. Don’t forget the $50 billion it racked up in between those dates, of course.Tesla’s market cap has more than doubled to more than $100 billion since reporting that surprise profit for the third quarter. Besides that boost to confidence, the company also managed to meet the low end of delivery guidance for the fourth quarter, started producing vehicles at its new plant in …read more […]
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Facebook Inc said on Wednesday that growth would continue to slow as its business matured and reported a surge in quarterly expenses, disappointing Wall Street expectations that the costs of improving privacy would level off.
While the overall U.S. response to climate change is up to elected officials, Federal Reserve Chair Jerome Powell said on Wednesday, the Fed can play a part in keeping global warming from destabilizing U.S. banks and financial markets.
(Bloomberg) — Samsung Electronics Co. reported a 38% decline in profit as memory chip prices continued to decline and weak demand hit the display business.Net income came in at 5.23 trillion won ($4.4 billion) for the three months ended December, compared with the 5.31 trillion won average of projections. Samsung reported preliminary numbers earlier this month that showed operating profit fell by 34%.Samsung has been struggling with a stubborn slump in its memory chip business, historically its most profitable division, although the company said there are signs of recovering demand from data center customers and wireless operators. The company also …read more […]
Samsung Electronics Co said on Thursday its fourth-quarter operating profit slid by a third as the South Korean conglomerate soaked up a downturn in the memory chip market, but forecast a gradual recovery in chip prices this year.
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