Adani Enterprises rises while group affiliates continue to plunge
shares Adani Enterprises Shares rose 10 percent after sharp losses in previous sessions as its chief financial officer expressed confidence in a follow-on public offering that is due to close on Jan. 10. 31.
The stock is still down more than 20% for the first month of the year.
It may take a decade for China to catch up with advanced chip technology: analyst
Daniel Newman, founding partner and principal analyst at Futurum Research, told CNBC’s “Street Signs Asia” on Monday that it could take a decade for China to catch up in advanced chips as the Netherlands and Japan join the U.S. technology.
The two advanced semiconductor equipment makers agreed on Friday to join the United States in restricting exports of some chip-making equipment to China, Bloomberg reported.
One of China’s biggest suppliers is Dutch company ASML, which makes the deep ultraviolet (DUV) lithography systems needed to make the most advanced chips.
Its chief executive, Paul Wennink, has said that China will account for about 15% of sales by 2022.
“The advanced lithography machines ASML makes are some of the most advanced in the world. It’s not something that other companies can start making. If China really made up its mind, it could take a decade,” Newman said.
Adani Group’s CFO expresses ‘confidence’ in secondary share sale
Adani Group chief financial officer Jugeshinder Singh said on Monday that he is confident Adani Enterprises‘ The subsequent public offering will be fully subscribed.
Shares in the conglomerate’s affiliates tumbled for a second straight session after short-selling firm Hindenburg accused the group of “participating in a brazen scheme of stock manipulation and accounting fraud, leading to $2.5 billion in secondary share sales being closed. Overshadowed by a $48 billion plunge. The course of decades.”
In an interview with CNBC-TV18, a subsidiary of CNBC, Singh said that the value of Adani’s enterprise has not changed “just because of” stock price fluctuations, but in its “ability to incubate new businesses.”
He added that Hindenburg’s report was “a complete lie” and that its timing was “malicious.”
Adani Group published a lengthy response of more than 400 pages to Hindenburg’s report over the weekend, saying it would exercise its right to “seek remedies” to protect its stakeholders “before all relevant authorities”.
Hindenburg called the group’s response “bloated” on Monday morning and claimed it “disregarded” every key accusation against the conglomerate it had made.
— Lee Ji Hye
The week ahead: China PMI releases, Fed meeting
A slew of economic data will be released across the Asia-Pacific region this week as the Federal Reserve kicks off its two-day Federal Open Market Committee meeting on Tuesday. The central bank will announce its interest rate decision at the end of its meeting on Wednesday.
China’s National Bureau of Statistics released its purchasing managers’ index on Tuesday, which economists polled by Reuters expected to come in at 49.8, just below the 50-point mark that separates growth from contraction.
Japan’s unemployment rate and industrial production data are also scheduled for release on the same day. Data on industrial production from South Korea is also to be released.
On Wednesday, Malaysia ushers in a market holiday, while Indonesia is due to release its latest inflation data.
Building permits data from Australia and inflation data from South Korea are due on Thursday.
On Friday, Hong Kong is to release the latest retail sales data.
— Lee Ji Hye
RBC Capital Markets predicts oil prices will approach $100 a barrel by the second half of 2023
According to Michael Tran of RBC Capital Markets, oil prices could approach $100 a barrel in the second half of this year.
“The bottom line here is that China will be buying a lot of crude oil in the coming months,” he said.
Brent crude futures were last flat at $86.85 a barrel, while U.S. West Texas Intermediate crude futures inched up 0.09% to $79.75 a barrel.
Investors and OPEC+ will also be waiting to see if the European Union’s embargo on Russian oil products, which went into effect this Sunday, will cause any major disruption. The oil cartel is not expected to make any real changes to its quotas or production guidance at the upcoming meeting, Tran predicted.
China A-shares rise, led by consumer cycle, basic materials
China’s CSI 300 index opened 2% higher, led by consumer cyclicals, basic materials and industrials, according to Refinitiv data.
Mainland listed shares BYD It rose more than 6%, Lens Technology rose more than 15%, and Yunneng New Materials rose nearly 10%.
Contemporary New Energy Technology Ltd rose 5.9 percent and Kweichow Moutai Up 1.65%.
— Lee Ji Hye
Chinese stocks set for bull run after return from New Year holiday
China’s CSI 300 index, which tracks mainland China’s largest listed stocks, is poised to enter a bull market as trading resumes later in the day.
The CSI 300 Index has risen 19.18% from its October 10 low. 31, according to Refinitiv data. It closed at 4,181.53 on its last trading day on Jan. 4. 20.
A bull market is defined as a market period in which stocks are up at least 20% from recent lows.
This ChinaAMC CSI 300 Index ETFAn index tracking the index’s performance was recently up 23% from a low in October.
Stocks close higher, week after win
All major stock indexes ended the week with victories on Friday.
On the day, the Nasdaq Composite Index rose 0.95% to close at 11,621.71 points, while the S&P 500 Index rose 0.25% to close at 4,070.56 points. The Dow Jones Industrial Average rose 28.67 points, or 0.08%, to end at 33,978.08.
— Samantha Subin
Michigan consumer confidence index beats expectations
Consumer confidence data from the University of Michigan was stronger than expected in January.
The January reading of 64.9 was slightly above the consensus estimate of 64.6 among economists polled by Dow Jones. The index quantifies views on current and future economic conditions.
— Alex Haring
62% of the 52-week highs set by the S&P 500 on Friday were also all-time highs
Nearly two-thirds of the S&P 500 stocks that hit 52-week highs early Friday are also at all-time highs. The list is expanding from the energy/materials/resources focus of recent days. Caterpillar, one of 13 companies, is also in the Dow.
- Borg Warner (BWA), highest since January 2022
- Las Vegas Sands (LVS), highest since June 2021
- Starbucks (SBUX), highest since January 2022
- Ulta (ULTA), hitting an all-time high since its 2007 IPO
- Wynn (WYNN), the highest since September. 2021
- marathon oil (MPC), an all-time high since the MRO spin-off in June 2011
- Arthur J Gallagher (AJG), hitting an all-time high since its IPO in 1984
- Chubb (CB), an all-time high
- caterpillar (CAT), an all-time high since NYSE listing in 1929
- General Electric (GE), highest since Nov. 2021
- TransDigm Group (TDG), hitting an all-time high since its 2006 IPO
- joint tenancy (URI), hitting an all-time high since the 1997 IPO
- steel power (STLD), hitting an all-time high since its 1996 IPO
Other notable highs beyond 500:
- Churchill Downs (CHDN), highest 2021 since October
- leiner (LEN.B), highest since January 2022
- November (November), highest since January 2020
- Axis Capital (AXS), highest since Feb 2, 2020
- Heike (HEI), with a history dating back to the 1960 IPO
- Knight-Swift Vehicle (KNX), highest since January 2022
- Lincoln Electric Holdings (LECO), an all-time high since its Nasdaq listing in 1995
- Allegro Microsystems (ALGM), highest since January 2022
- fair isaac (FICO), an all-time high since its NYSE listing in 1986
- Reliance Steel Aluminum (RS), an all-time high
— Scott Schniper, Christopher Hayes
Tesla on track for best week since May 2013
tesla Shares soared more than 33% this week, putting the electric vehicle stock on track for its best weekly performance since surging 40.72% in the week ended May 10, 2013.
If Tesla closes at those levels, it would mark the stock’s second-best weekly performance ever. The stock was up about 33.8% for the week as of 12:40 p.m. ET.
The gains in Tesla shares came after the company released its latest earnings report, which showed record revenue and better-than-expected earnings. Shares soared more than 11% on Friday.
Tesla’s stock surge comes after a 65% plunge in 2022 and its worst monthly, quarterly and annual performance ever.
Tesla’s gains also lifted the S&P 500 consumer discretionary sector by more than 2%.
Tesla on track for best week since May 2013