Global Markets
Japan
The Nikkei reversed course and ended higher after the Bank of Japan’s announcement of exiting years of ultra-easy monetary policies, marking a historic shift away from fighting deflation.
China
Chinese stocks declined due to concerns over the country’s deepening property crisis. In the commodities market, oil prices showed mixed movements, while gold prices traded lower, influenced by a stronger U.S. dollar.
USA
In the U.S., stock indexes also rebounded as investors awaited the Federal Reserve’s decision on interest rates. European stocks, however, traded lower.
Canada
The Canadian main stock index initially opened lower but later moved higher as investors grew cautious following hotter-than-expected producer prices data, which raised concerns about a potential upside surprise in consumer prices data later in the day.
Stock News
- Nvidia’s New AI Chip: Nvidia experienced a dip in premarket trading despite significant growth over the past year due to the unveiling of its latest flagship product, aimed at solidifying its dominance in the AI chip market.
- Meta’s Subscription Fee Cut: Meta Platforms, parent company of Facebook and Instagram, proposed reducing its monthly subscription fee following discussions with regulators, addressing criticism about its ad-free subscription service.
- Pfizer’s Stake Sale in Haleon: Pfizer sold a substantial portion of its stake in Haleon, a consumer healthcare firm, reducing its holding to 22.6%.
- Wall Street Bonuses Decline: Wall Street saw a 2% decrease in cash bonuses for 2023, reflecting a more cautious approach to compensation by financial firms.
- U.S. Softens EV Mileage Rating Rule: The U.S. Energy Department is set to soften its proposal to lower electric vehicles’ mileage ratings, considered a win for automakers.
- DLocal Ltd Forecasts Growth: DLocal Ltd anticipates significant growth in total payment volumes and adjusted core earnings for 2024.
- Tencent Music Beats Revenue Estimates: Tencent Music Entertainment Group exceeded revenue expectations in Q4 due to growth in paid subscriptions.
- Xpeng Inc Forecasts Lower Revenue: Xpeng Inc projects lower first-quarter revenue due to economic sluggishness and competition.
- Dril-Quip and Innovex Downhole Solutions Merger: Dril-Quip and Innovex Downhole Solutions plan to merge, creating Innovex International, Inc.
- Kroger Co Sells Specialty Pharmacy Business: Kroger Co sold its specialty pharmacy business to CarelonRx.
- AstraZeneca to Acquire Fusion Pharmaceuticals Inc: AstraZeneca plans to purchase Fusion Pharmaceuticals Inc for approximately $2 billion in cash.
- International Flavors & Fragrances Inc Sells Pharma Solutions Business: International Flavors & Fragrances Inc agrees to sell its pharma solutions business to Roquette for $2.85 billion.
- Starbucks Appoints New CEOs: Starbucks International Holdings Ltd appoints new CEOs for its North America and international regions.
- Legal Action Against Reddit and Google’s YouTube: Reddit and YouTube face lawsuits over alleged roles in enabling a white supremacist attack.
- Home Sellers Seek Compensation: Home sellers seek compensation from Berkshire Hathaway unit HomeServices in a real estate commission case.
- Thyssenkrupp Evaluates Stake Sale: Thyssenkrupp considers selling a stake in its Marine Systems unit to Carlyle Group.
- Positive Results for Crinetics Pharmaceuticals: Crinetics Pharmaceuticals reports positive results for its experimental drug to treat acromegaly.
- Investigation Into Ford Motor Co: Ford Motor Co faces investigation into a fatal crash involving its Mustang Mach-E in San Antonio, Texas.
- Call for Improvements in U.S. Mine Permitting Process: Freeport-McMoRan Inc CEO urges improvements in the U.S. mine permitting process.
- Unilever Plc Announces Spin-off: Unilever Plc reveals plans to spin off its ice cream unit and cut 7,500 jobs.
- Nippon Steel’s Potential Headquarters Move: Nippon Steel pledges to relocate its U.S. headquarters to Pittsburgh if its acquisition of U.S. Steel is successful.
Top Analyst Ratings
- Adentra Inc: National Bank of Canada raises target price to C$51.5 from C$47 due to the company’s fourth-quarter revenue beating estimates.
- BRP Inc: National Bank of Canada cuts target price to C$105 from C$107, anticipating a continued slowdown in the powersports industry.
- Augmedix Inc: Evercore ISI cuts target price to $4.50 from $6.50, expecting slightly higher spending costs in FY2024.
- Murphy USA Inc: JPMorgan raises target price to $418 from $354, believing the company’s focus on a larger store format has improved the mix of higher-margin non-tobacco merchandise.
- Nike Inc: Wedbush cuts target price to $115 from $131, citing frustration with business volatility due to lack of product innovation.
- Nvidia Corp: Wells Fargo raises target price to $970 from $840 following the unveiling of the B200 “Blackwell” chip, expected to be faster than its predecessor.
