Asia markets live updates: Japan CPI, Apple lawsuit

An Hour Ago

Yuan slides to four-month low, China’s state banks reportedly intervene

China’s onshore and offshore yuan slipped to its weakest levels against the greenback since November 2023, with both metrics breaching the 7.2 level.

The onshore yuan last traded at 7.225, while the offshore yuan stood at 7.254.

Reuters reported that China’s state banks were swapping dollars for yuan in a bid to arrest the slide.

— Lim Hui Jie, Reuters

An Hour Ago

Li Auto plunges over 9% to lead decline in EVs, weighs down Hong Kong stocks

Hong Kong-listed shares of Li Auto plunged as much as 9.2% on Friday, weighing down the broader Hang Seng index.

The Chinese electric vehicle firm cut its deliveries outlook for the first quarter. It now expects to deliver between 76,000 and 78,000 vehicles, down from 100,000 to 103,000 units forecast earlier.

The Hang Seng index fell 2.7%, while the Hang Seng Tech index dropped 3.8%.

Other EV makers also declined — Xpeng dropped 8.3% and Nio fell 3%.

— Shreyashi Sanyal

2 Hours Ago

China’s CSRC launches onsite inspections into mutual funds companies: Reuters

China’s securities regulator has reportedly launched inspections into mutual fund companies, according to a Reuters report.

Reuters, citing local newspaper 21st Century Business Herald, said the inspections were conducted by local branches of the China Securities Regulatory Commission.

These inspections covered daily operations, training, and Chinese Communist Party building, the newspaper said. It did not name the asset managers that were inspected.

Last week, China’s state run Global Times reported that the CSRC had vowed to build a “textbook-style” supervision model to regulate China’s $3.8 trillion mutual fund industry.

On Feb. 7, the CSRC appointed markets veteran Wu Qing — known as the “Broker Butcher” for his crackdown on traders — as chairman.

2 Hours Ago

Most Apple suppliers in Asia fall after DOJ lawsuit; Foxconn climbs

Apple suppliers in Asia largely fell after the U.S. Department of Justice sued Apple in an antitrust case on Thursday, saying that the iPhone maker has a monopoly over the phone market that harmed consumers, developers, and rival companies.

Shares of Taiwan Semiconductor Manufacturing Corp, which supplies the chips that power the iPhone, were down 0.77%.

South Korean electronics firms Samsung Electronics and LG Display lost 1.13% and 2.41% respectively. Both firms produce OLED screens for the iPhone.

However, iPhone manufacturer Foxconn, known as Hon Hai Precision Industry in Taiwan, jumped 3.16%.

4 Hours Ago

Taiwan central bank unexpectedly raises interest rate to highest level since 2008

Taiwan’s central bank raised its main policy rate from 1.875% to 2%, its highest level since 2008, in a surprise move on Thursday, according to an official statement.

The Central Bank of the Republic of China (Taiwan) said “inflation has stayed at a relatively higher level since 2021 and that a proposed electricity rate hike might be implemented in April this year, inflation expectations might shift upwards.”

In a Reuters poll, 25 out of 26 economists said the central bank would keep the rate unchanged. 

“The decision reinforced CBC’s commitment in containing inflation,” Commerzbank said, while adding that it now expects the central bank to take a cautious approach.

— Shreyashi Sanyal

4 Hours Ago

South Korea’s producer prices climb at fastest pace since April 2023

South Korea’s producer price index rose 1.5% year on year in February, higher than the 1.3% in January and at its fastest rate since April 2023.

On a month-on-month basis, the PPI rose 0.5%, faster than January’s 0.3% gain.

In South Korea, the PPI measures monthly variations in the prices of goods shipped by industrial producers within the domestic market.

— Lim Hui Jie

5 Hours Ago

Japan inflation accelerates in February, snapping three months of declines

Japan’s headline inflation rate accelerated to 2.8% in February, climbing from the 2.2% in January and ending a streak of three straight months declines.

The core inflation rate — which strips out prices of fresh food — also climbed to 2.8% from 2%, in line with expectations from a Reuters poll of economists.

The so called “core-core” inflation metric, which strips out prices of both fresh food and energy and is watched by the Bank of Japan, came in at 3.2%, up from 2.6% in January.

— Lim Hui Jie

11 Hours Ago

Reddit opens at $47 a share

The New York Stock Exchange welcomes Reddit, Inc. (NYSE: RDDT) to celebrate its initial public offering. To honor the occasion, Snoo, rings the Opening Bell®.


Reddit popped 38% on Thursday to open at $47 a share in its New York Stock Exchange debut.

The social media company began trading under the ticket symbol “RDDT” after pricing its IPO at $34 a share on Wednesday. It marks the first major social media company to go public since Pinterest in 2019.

— Samantha Subin, Jonathan Vanian

13 Hours Ago

Industrials lead S&P 500’s gain

14 Hours Ago

Apple shares slide after DOJ antitrust…

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