Live updates for Asian markets: US inflation, BOJ yen

2 hours ago

Korean Air gets EU approval for Asiana Airlines merger

Korean Air is the largest airline in South Korea. Korean Air planes at Gimpo International Airport in Seoul, South Korea.

Seung Joon Cho | Bloomberg | Getty Images

Korean Air said On Tuesday, the European Commission approved its merger with Asiana Airlines.

Shares of Korean Air were down 1% in afternoon trading on Wednesday, while Asiana Airlines shares were down nearly 8%.

The approval was based on conditions that Asiana Airlines sell its cargo business and eliminate four overlapping passenger routes between Korea and the European Union.

“These measures are designed to maintain a competitive environment in the relevant markets,” Korean Air's statement said.

Korean Air needs to find a buyer for Asiana's cargo business, once the merger is complete.

“With approval from the European Commission, Korean Air continues to focus on its discussions with the US competition authority to finalize the comprehensive merger reviews as soon as possible,” Korean Air said.

The deal, worth $1.4 billion, was first announced in late 2020 and has not yet received regulatory approval from US authorities.

– Shreyashi Sanyal

6 hours ago

Japanese 10-year government bond yields rose as the yen fell beyond 150

6 hours ago

CNBC Pro: Beyond automakers, Morningstar's chief strategist names two under-the-radar stocks to play the electric vehicle revolution

The electric car industry is witnessing fierce competition between investor favorite Tesla and several Chinese automakers such as BYD.

However, one strategist has his sights set on the broader electric vehicle ecosystem.

“While Tesla is grabbing all the headlines, we don't necessarily think it's the electric car makers that are going to do the best,” said David Sekera, chief market strategist at Morningstar, naming two companies he likes in the spotlight.

CNBC Pro subscribers can read more here.

– Amala Balakrishner

7 hours ago

The Japanese yen breaches 150 against the dollar, and weakens for the seventh day in a row

The Japanese yen rose to 150 yen to the dollar on Wednesday, falling for the seventh straight session.

Masato Kanda, the country's chief currency diplomat, reportedly said that “recent movements in the foreign exchange market have been rapid” regarding the yen.

Kanda also noted that authorities are monitoring the activity and will take “appropriate forex action if necessary,” according to Reuters.

The Bank of Japan's exit from negative interest rates and other policy measures has been on investors' radar amid expectations of interest rate cuts by the US Federal Reserve this year.

– Shreyashi Sanyal

6 hours ago

CNBC Pro: Will the rally continue in Japan? Here's what the pros say, and how to invest

11 hours ago

Dow Jones records biggest one-day loss since March 2023

Stocks closed lower Tuesday after a hotter-than-expected January inflation report sent the stock market tumbling early in the morning.

The Dow Jones Industrial Average fell 524.63 points, or 1.35%, to 38,272.75 points. It was the worst day for the 30-stock index since March 2023. The S&P 500 fell 1.37% to close at 4,953.17, while the Nasdaq Composite fell 1.80% to close at 15,655.60.

-Lisa Kailai Han

11 hours ago

Oil prices rise despite stubborn inflation in the United States

Oil futures rose on Tuesday despite stubborn U.S. inflation pushing the stock market lower.

The March West Texas Intermediate crude contract rose 95 cents, or 1.24%, to settle at $77.87 a barrel. The settlement price for the Brent contract for April was set at $82.77 per barrel, up 77 cents, or 0.94%.

WTI is struggling to break out of a range of around $68-$78 per barrel amid uncertainty over the war in the Middle East and an unclear supply and demand outlook for this year.

However, WTI and Brent rose by about 8.68% and 7.44%, respectively, during the year.

-Spencer Kimball

12 hours ago

All sectors of the S&P 500 are seeing losses

All 11 sectors that make up the S&P 500 were trading down at least 1% on Tuesday afternoon. Overall, the benchmark index lost about 1.8%.

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Real estate stocks led the index lower, affected by a 5% decline in Boston Real Estate and Alexandria Real Estate stocks. The utilities and consumer discretionary sectors also weighed on the S&P 500, each falling more than 2%.

Healthcare, on the other hand, saw the smallest decline at 1.2%. Sector losses were mitigated by gains of more than 2% in Incyte and McKesson.

-Alex Haring

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