34 Mins Ago
Nio shares plunge over 12% after company announces $1 billion bond issue
Shares of Chinese electric vehicle maker Nio tumbled 12.63% after the company announced a $1 billion convertible bond issuance, split into two bonds late on Tuesday.
A $500 million bond will mature in 2029 and carries a coupon of 3.875% per year, while the remaining $500 million bond will mature in 2030 and carries a coupon of 4.625%
Nio said the proceeds from the bonds will be used to repurchase $500 million of bonds expiring in 2026 and 2027, as well as “to further strengthen its balance sheet position as well as for general corporate purposes.”
— Lim Hui Jie
An Hour Ago
Japan trade deficit falls by two thirds year-on-year in August
Japan’s trade deficit fell 66.7% in August, coming in at 930.5 billion yen ($6.3 billion) compared with the 2.79 trillion yen deficit a year ago.
However, the trade deficit was still wider than the 659.1 billion yen expected by economists polled by Reuters.
Both imports and exports to the world’s third-largest economy fell 17.8% and 0.8% year-on-year respectively, lower than Reuters expectations of a 19.4% fall for imports and 1.7% drop for exports.
— Lim Hui Jie
An Hour Ago
CNBC Pro: Strategist says this tech giant is the ‘cheapest of all the mega-cap names’ right now
Raymond James Investment Management’s Matt Orton says one tech giant is the “cheapest of all the mega-cap names” right now.
It’s one of “two big long-term winners” in artificial intelligence and is underappreciated in that area, he told CNBC.
CNBC Pro subscribers can read more here.
— Weizhen Tan
2 Hours Ago
South Korea wholesale inflation rate rises for first time in over a year
South Korea’s producer price index rose 1% year on year in August, marking the first time the wholesale inflation rate has risen since July 2022.
This is higher than the 0.3% year-on-year gain recorded in July. On a month on month basis, the PPI gained 0.9% in August, compared with a 0.2% rise the month before.
Agricultural, forestry and marine products saw the largest rise in prices in August, with prices climbing 3.6% year-on-year and 7.3% month-on-month
The PPI measures the average change in price of goods and services sold by manufacturers and producers in the wholesale market.
— Lim Hui Jie
An Hour Ago
CNBC Pro: House prices are falling and rents are rising in the UK. These 2 stocks will benefit, analysts say
Falling house prices and rising rents are expected to benefit two U.K. stocks, according to stock analysts.
As mortgage rates go up and pile pressure on housebuilders to improve sales, these two unique stocks are poised to take advantage of the environment.
The analysts expect one of the stocks to rise by more than 60% over the next 12 months, thanks to the trend.
CNBC Pro subscribers can read more here.
— Ganesh Rao
13 Hours Ago
Central banks take center stage around the world
It’s a big week for central banks — both within the U.S. and abroad.
The Federal Reserve begins its two-day policy meeting Tuesday. Traders are pricing in a 99% probability the Fed skips a rate hike when announcing policy on Wednesday, according to CMEGroup’s FedWatch tool, which gauges pricing in fed funds futures. The Fed will also offer economic forecasts on Wednesday.
The central banks of multiple other countries are also expected to announce policy decisions this week. Here’s a list of the countries scheduled to release decisions in the 36 hours following the Fed’s announcement expected at 2 p.m. ET on Wednesday, per Bespoke Investment Group:
- Brazil
- Indonesia
- Japan
- Norway
- South Africa
- Sweden
- Switzerland
- Taiwan
- Turkey
- The United Kingdom
Sam Stovall, chief investment strategist at CFRA Research, said investors around the globe “are on edge waiting to find out what their central banks are likely to do.”
— Alex Harring
11 Hours Ago
Oil prices jump Tuesday on growing supply concerns
Oil prices surged more than $1, marking a fourth consecutive session of gains as weak U.S. shale output added to supply concerns from extended production cuts by Saudi Arabia and Russia.
Here’s how prices fared Tuesday morning:
Prices have gained for three consecutive weeks, with both benchmarks reaching their highest since last year.
— Pia Singh
9 Hours Ago
All S&P 500 sectors trade down
All 11 sectors in the S&P 500 traded down on Tuesday.
The broad index slipped around 0.7% shortly after 1 p.m. ET. Consumer discretionary, energy and industrial stocks were among the worst performing, with the three sectors all down more than 1%.
Utilities and health care were able to keep losses mitigated, down just 0.3% each.
— Alex Harring
11 Hours Ago
