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Asian stock markets today: live updates

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3 hours ago

Evergrande shares fall more than 20% after the detention of wealth management employees

Shares of beleaguered Chinese property developer Evergrande fell as much as 22.6% on Monday after police detained some employees from the group’s wealth management unit over the weekend.

Reuters reported “Public security agencies have taken mandatory criminal measures against Du and other suspected criminals at Evergrande Financial Wealth Management,” the police in the southern city of Shenzhen said in a statement.

It is not clear who Du is, although Reuters said he was identified by employees in 2021 as the managing director and legal representative of Evergrande’s wealth management division.

Evergrande shares recovered later in the session to rise 1.61% from Friday’s close.

5 hours ago

SoftBank looks to tie up with OpenAI after Arm IPO: FT

Japanese investment holding company SoftBank is said to be planning to invest “tens of billions” in artificial intelligence, According to the Financial Times.

Quoted by “two people familiar with… [SoftBank founder Masayoshi] “Son’s thinking,” the FT reported that the company is considering several options, including investing in or a “broad strategic partnership” with Microsoft-backed OpenAI.

The report added that SoftBank may also invest in competitors. The FT also said SoftBank had taken a first-hand approach to buy UK-based AI chipmaker Graphcore.

SoftBank told the FT that it does not comment on rumours, and Graphcore denied to the FT that it had received an offer from SoftBank.

– Lim Hui Ji

6 hours ago

Singapore trade declines more than expected in August; Eleventh straight month of decline

Singapore’s domestic non-oil exports It fell for the eleventh consecutive month, falling 20.1% year-on-year.

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The decline was much larger than the 15.8% decline expected by economists polled by Reuters, but slightly lower than the 20.3% decline recorded in July.

Singapore’s total trade fell 15.2% year-on-year in August to S$100 billion ($73.4 billion), after a 20.9% contraction the previous month.

Both imports and exports declined year-on-year, falling by 15.6% and 14.7%, respectively.

– Lim Hui Ji

7 hours ago

CNBC Pro: AI applications in China are coming — where it matters for monetization

China’s market advantage is a huge user base, coupled with the ability to leverage Internet penetration to support the online ecosystem – from e-commerce sales on Taobao to ride-hailing bicycle stocks.

“First movers in [large language model] “The market has already begun the commercialization process, and regulatory approval to open more than 10 LLM programs to the public has removed barriers,” Nomura analysts said in a note dated September 10, citing meetings with companies and industry experts in Beijing within a few days. In front of generating income. A few days ago.

CNBC Pro subscribers can read more here.

7 hours ago

CNBC Pro: Bank of America named two European chip stocks as its “top picks” through the end of the year

Bank of America named two European chip stocks as its “top picks” through the end of the year.

The Wall Street bank’s “Top Auto Semi-Final Pick” is expected to rise more than 60% over the next 12 months.

CNBC Pro subscribers can read more here.

– Ganesh Rao

Friday, September 15, 2023 at 10:09 AM EST

Inflation expectations are falling to their lowest levels since early 2021, the survey showed

Inflation expectations one year from now have fallen to their lowest level in more than two-and-a-half years, according to a widely followed gauge of sentiment released on Friday.

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the Consumer opinion survey conducted by the University of Michigan One-year inflation expectations fell to 3.1% in September, the lowest since January 2021. The five-year forecast also fell to 2.7%, tied for the lowest since December 2020.

However, the overall confidence index fell to 67.7, down from 69.5 in August and below the Dow Jones estimate of 69.2.

—Jeff Cox

7 hours ago

CNBC Pro: Nvidia or ARM? Dan Niles reveals what he’d rather own

Friday, September 15, 2023 at 11:44 AM EST

Arm’s shares rose slightly on Friday after the IPO-led surge

Arm Holdings shares rose 0.8% during midday trading on Friday, retreating slightly from their previous high. The stock rose nearly 25% during Thursday’s trading session, when the company made its Nasdaq debut with an initial public offering that priced shares at $51 per share and valued the company at about $54.5 billion.

Some analysts are concerned about Arm’s valuation.

Needham earlier initiated coverage of the British semiconductor stock with a hold rating, but said the company’s valuation could look “full” in the post-smartphone era. Quilter Cheviot previously told CNBC that “the price is expensive.”

Investors are focusing on some of the risks surrounding the company, including its exposure to China and growing competition from a rival semiconductor architecture, called RISC-V, which is supported by some of Arm’s largest customers. Arm’s chip architecture is found in 99% of the world’s smartphones.

– Piya Singh

Friday, September 15, 2023 at 12:50 PM EST

The dollar index is on pace for its longest weekly winning streak since 2014

– Hakyung Kim, Gina Francola

Friday, September 15, 2023 at 2:40 PM EST

Netflix, chip equipment stocks are among the biggest weekly losers on the Nasdaq

The Nasdaq Composite erased its previous weekly gain on Friday, putting the tech-heavy index on track for a 0.5% loss for the week. The Nasdaq 100 Index is set to suffer a loss of 0.6%.

Among the biggest laggards were chip equipment stocks KLA Corporation, Lam Research and Applied Materials, each down at least 7%. Adobe shares lost more than 6%, while semiconductor shares fell by 5.4%. Netflix is ​​the biggest loser on the Nasdaq-100, heading for a weekly loss of 10.6%.

Despite the downward trend, some stocks are poised for weekly gains. This includes Charter Communications, PayPal and Qualcomm, each up more than 6%. Tesla is the biggest gainer, on track for a 9.2% gain, followed by Moderna.

-Samantha Sobin

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