Adani shares fell further for the second straight day of losses
Shares of Adani Group companies extended sharp losses for the second consecutive trading session in India after the short selling company Hindenburg made her stand short in conglomerate firms earlier this week.
Adani denied the allegations in two separate statements, Jatin Jalondwala, head of legal affairs at Adani Group, Jatin Jalondwala, said in a statement, adding that the group is “evaluating relevant provisions under US and Indian laws to take corrective and punitive action against Hidenburg Research.”
Stocks listed in Mumbai Adani projects It fell more than 5% in the trading session in India on Friday. Bring me back the transmission decreased by 16.8%, Adani for green energy fall 14.9% and Adani Power lost 8.4%. Adeni portThe share price also fell by 8.4%.
Hindenburg doubled down on his initial stance, asserting that Adani had not answered any of the questions raised in their allegations.
“We stand by our report in full and believe that any legal action taken against us would be without merit,” the statement read.
– Jihe Lee
Tokyo inflation remains above the BoJ’s target
Consumer prices in the Japanese capital, Tokyo, rose 4.3% in January, higher than expected by economists polled by Reuters.
The reading also maintained levels above the Bank of Japan’s 2% inflation target for the eighth consecutive month after rising by 2.1% in June 2022.
The Japanese Yen rose 0.3% after the data was released and was last traded at 129.82 against the US Dollar.
CNBC Pro: These six global ETFs are the only ones that have posted gains every year for the past five years
Six global equity ETFs have posted annual gains consistently over the past five years, according to a new analysis by CNBC Pro.
They are the only funds among the 7,000 exchange-traded funds traded worldwide to:
- There is not one year of negative returns between January 1, 2018, and December 31, 2022;
- And to be in positive territory this year so far.
CNBC Pro subscribers can find out about the ETFs here.
– Ganesh Rao
Singapore house prices increased less in the last quarter of 2022
A statement issued by the Urban Redevelopment Authority showed private residential real estate prices in Singapore increased by 0.4% in the fourth quarter of 2022.
The reading showed home prices rising less than the previous period’s increase of 3.8% and the slowest growth since the second quarter of 2020.
House prices rose 8.6% in the whole of 2022, which is also down from the 10.6% increase in the whole of 2021, the statement said.
– Jihe Lee
Australia’s producer price index increased by 5.8% from a year ago
Australia’s producer price index rose 5.8% for the fourth quarter of 2022 year on year, according to data from Australian Bureau of Statistics show up.
The reading was slightly lower than the previous quarter’s reading of 6.4%, a sign that inflation is easing in the country.
On a quarterly basis, the index rose 0.7%, also slower than the previous period’s reading of 1.9%.
the Australian dollars It strengthened slightly during the Asian morning session and was last traded at 0.7123 against the US Dollar.
– Jihe Lee
The economist says that the gross domestic product, and other data for the last quarter, show that the economic challenges are “beginning to become clear.”
Thursday’s gross domestic product data adds to the broadened picture of economic growth in the fourth quarter, according to Curt Long, chief economist for the National Association of Federally Insured Credit Unions. This signals to him that the economic outlook is improving.
“The big picture outlook for economic growth in the fourth quarter is positive. Much of that growth was concentrated in building inventory, something that is unlikely to grow at a similar pace in 2023,” Long said. “However, with resilient consumer spending, low unemployment claims, and subdued inflation, some of the clouds that have been forming over the economy for several months are beginning to clear.”
– Alex Haring
CNBC Pro: Buying the Dive? Morningstar’s top strategist names 3 stocks that trade at a steep discount
US stocks are undervalued by about 15%, according to Dave Sequeira, senior US market analyst at Morningstar, who says the extent of this undervalued territory is rare.
Since the end of 2010, he said, the market has traded at or below the current discount only 5% of the time.
He picks three stocks that he says trade at deep discounts.
CNBC Pro subscribers can read more here.
– Wizen tan
Tesla’s strong orders and weak profit margins have Wall Street analysts conflicted
Wall Street analysts are divided Tesla Following the latest quarterly results for the electric vehicle company.
Tesla reported a win over both Profits and revenue In the fourth quarter, investor concerns about weak growth at the company were allayed after it recently issued a round of price cuts. While the move brought used Tesla prices down, it also boosted demand for the vehicles.
“So far in January, we’ve seen the strongest orders in a year to date than at any time in our history. We’re currently seeing orders nearly double the rate of production,” Musk said during a call with analysts.
For Goldman Sachs’ Mark Delaney, that was “the most important takeaway from the call.”
Importantly, Tesla commented that since it cut prices, it has seen the strongest year-to-date orders in its history, with orders running about double output. While we think this order rate may not continue given the weak macroeconomic environment it does indicate Noting that the company is well tracking our estimate for delivery of 1.8 million.”
Other analysts were more negative about the stock outlook, however, saying that gross profit margins for Tesla vehicles, which were the lowest in the past five quarters, spelled trouble ahead.
AllianceBernstein’s Toni Sacconaghi reiterated an underperforming rating on Tesla, saying the automaker’s latest results and earnings call were “something for bulls and bears,” adding that he remains “torn” over the company. While strong orders are promising, the analyst said gross margins for the car were too thin to overlook.
“Although our energy storage forecast has materially increased, earnings per share for the fiscal year fall from $3.80 to $3.54 amid low margins. Moreover, while no one (including Tesla) knows what the elasticity of demand is, We believe it is uncertain whether the increased demand will continue, particularly in China, where we believe it is likely that further price cuts will be required before the end of the year.”
CNBC Pro subscribers can read the full story here.
— Sarah Min
CNBC Pro: Morgan Stanley has a ‘simple’ tech book, names TSMC and others as buy-now stocks
A recession could be coming, and the semiconductor sector — widely viewed as cyclical and volatile — could be an unlikely safe haven for investors.
Morgan Stanley says chip stocks have historically performed well in past recessions. The bank named its largest stock in Asia – giving a rally of 40%.
Professional subscribers can Read more here.
– Xavier Ong
US GDP rose slightly more than expected in the fourth quarter
The US economy expanded at an annual rate of 2.9%. in the fourth quarter, slightly beating the Dow Jones estimate of 2.8%. The Commerce Department report comes even as inflation persists and the Federal Reserve continues to raise interest rates.
Consumer spending rose 2.1% for the period, down slightly from 2.3% in the prior period but still positive.
– Jeff Cox
Bitcoin is heading for the best month since 2020
Bitcoin is still in bullish mode despite its decline in the past two days and the cryptocurrency is on track for its best month since 2020. Some investors see cryptocurrency prices as a major indicator of investors’ willingness to take risks.
So far this month and year, bitcoin is up nearly 40% and is poised to post its best monthly performance since December 2020, when it was up 49.47% in the month.
Meanwhile, the S&P 500 is up about 5% this month.
— Tanaya Machel