Adani China returns from New Year’s, CSI 300, New Zealand trading

Adani Enterprises is spreading while subsidiaries of the group continue their decline

shares Adani projects It rose 10% after seeing sharp losses in previous sessions as the company’s CFO expressed confidence in the IPO, which closes on January 31.

The stock is still down more than 20% in the first month of the year.

Analyst: “It will probably take a decade” for China to catch up with advanced chip technology

It could take a decade for China to catch up in advanced chip technology, as the Netherlands and Japan join the United States in imposing restrictions, Daniel Neumann, co-founder and principal analyst at Futurum Research, told CNBC.street signs asia” Monday.

The two advanced semiconductor equipment makers agreed on Friday to join the United States in restricting exports of some chipmaking machinery to China, Bloomberg reported.

One of the largest suppliers in China is Dutch company ASML, which makes the ultraviolet (DUV) lithography systems needed to manufacture the most advanced chips.

said the company’s CEO, Paul Wenink China accounted for about 15% of sales in 2022.

“The advanced lithography machines that ASML makes are some of the most advanced in the world. This is not something another company can start making. It would probably take a decade if China really set its mind,” Newman said.

– Sheila Chiang

Adani Group’s chief financial officer says he is “confident” about selling the secondary shares

Adani Group Chief Financial Officer Jugeshinder Singh on Monday said he was confident Adani projectsThe next public offering will be fully subscribed.

Secondary stock sales of $2.5 billion Defeat overwhelmed him by nearly $48 billion as share prices of the conglomerate’s subsidiaries fell for the second consecutive session after the short-selling Hindenburg accused the conglomerate of being “engaged in a brazen stock manipulation and accounting fraud scheme for decades.”

The value of Adani Enterprises has not changed “just because” of stock price volatility, Singh said in an interview with CNBC-TV18, an affiliate of CNBC, adding that it lies instead in its “ability to incubate new business.”

He added that the Hindenburg Report was “a lie”, and that the timing of the report was “a sham”.

Adani group published a prolonged response of more than 400 pages to Hindenburg’s report over the weekend, saying it would exercise its rights to “pursue remedies” to protect stakeholders “in front of all relevant authorities.”

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Hindenburg Sabah on Monday described the group’s response as “bloated” and claimed it “ignores every major allegations” against the group that it has raised.

– Jihe Lee

Next week: China PMI, Fed meeting

A batch of economic data will be released this week in the Asia-Pacific region, as the US Federal Reserve kicks off its two-day Federal Open Market Committee meeting on Tuesday. The central bank will announce its interest rate decision on Wednesday when the meeting concludes.

China’s National Bureau of Statistics released its Purchasing Managers’ Index on Tuesday, with economists polled by Reuters expecting a reading of 49.8, just below the 50 mark that separates growth from contraction.

Unemployment and Industrial Production data in Japan is also due to be published on the same day. South Korea’s Industrial Production readings will also be released.

On Wednesday, Malaysia celebrates a market holiday while Indonesia is due to release its latest inflation data.

Australian Building Approvals are being printed and South Korea’s inflation reading will be released on Thursday.

On Friday, Hong Kong will publish its latest retail sales data.

– Jihe Lee

Oil is close to $100 a barrel by the second half of 2023, according to forecasts from RBC Capital Markets

Oil prices could approach $100 a barrel in the second half of the year, according to Michael Tran of RBC Capital Markets.

“The bottom line here is that China is going to buy a lot of crude oil over the next several months,” he said.

Brent Crude oil futures settled at the latest trading at $86.85 a barrel, while US contracts were flat Midwest Texas Futures rose 0.09% to $79.75 a barrel.

Investors and OPEC+ will also wait to see if the EU’s ban on Russian oil products, which starts on Sunday, will lead to any major disturbances. The oil cartel is not expected to make any real changes to its quotas or production guidance at an upcoming meeting, Tran forecasts.

– Lee Ying Chan

China A shares rose, leading the cyclical gains consumer and basic materials

Chinese stocks are preparing to enter the bull market upon returning from the New Year holidays

China’s CSI 300, which tracks the largest stocks listed on the mainland, is preparing to enter a bull market as trading resumes later in the day.

The CSI 300 Index is up 19.18% from its lows of Oct. 31, according to Refinitiv data. It last closed the trading session at 4181.53 on January 20th.

a bull market Defined as the market period in which stocks have increased by at least 20% from their recent lows.

the China AMC CSI 300 Index ETFwhich tracks the index’s performance, it was last up 23% from its October low.

Stocks finish higher, after winning week

All the major averages capped off a winning week on Friday.

During the session, the Nasdaq Composite jumped 0.95% to settle at 11,621.71, while the S&P 500 rose 0.25%, closing at 4,070.56. The Dow Jones Industrial Average added 28.67 points, or 0.08%, to close at 33,978.08 points.

– Samantha Sobin

Michigan Consumer Confidence came in higher than expected

Consumer confidence data from the University of Michigan for January came in stronger than expected.

The January reading came in at 64.9, just above the consensus estimate of 64.6 from economists polled by Dow Jones. The indicator sets a view of current and future economic conditions.

– Alex Haring

62% of Friday’s 52-week high in the S&P 500 is also an all-time high

Nearly two-thirds of the 13 stocks in the S&P 500 that touched 52-week highs at the start of Friday are also trading at all-time highs. The list is expanding from energy/material/resource focus in recent days. One of the 13, Caterpillar, is also in Dow Industrial.

  • BorgWarner (BWA), the highest level since January 2022
  • Las Vegas Sands (LVS), the highest level since June 2021
  • Starbucks (SBUX), the highest level since January 2022
  • Ulta (ULTA), an all-time high dating back to the 2007 initial public offering
  • where (WYNN), the highest level since September 2021
  • Petroleum Marathon (MPC), an all-time high dating back to the MRO sub-supply in June 2011
  • Arthur Gallagher (AJG), an all-time high dating back to the 1984 IPO
  • Chubb (CB), an all-time high
  • Larva (CAT), all-time high back on NYSE’s 1929 list
  • General Electric (GE), the highest level since November 2021
  • TransDigm Group (TDG), an all-time high dating back to the 2006 IPO
  • United Rentals (URI), an all-time high dating back to the 1997 IPO
  • steel dynamics (STLD), an all-time high that dates back to the 1996 IPO
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Other notable highs outside the 500:

  • Churchill Downs (CHDN), the highest since October 2021
  • Linar (LEN.B), the highest level since January 2022
  • Nov (November), the highest level since January 2020
  • Access Capital (AXS), the highest level since February 2020
  • haiku (HEI), all the way back to 1960 going public
  • Knight-Swift Transfer (KNX), the highest level since January 2022
  • Lincoln Electric Holdings (LECO), an all-time high that dates back to the 1995 Nasdaq listing
  • Allegro Micro Systems (ALGM), the highest level since January 2022
  • Adel Isaac (FICO), all-time high dating back to 1986 NYSE listing
  • Reliance Steel and Aluminum (RS), an all-time high

– Scott Schneiber, Christopher Hayes

Tesla is on course for its best week since May 2013

Tesla And the shares rose more than 33% this week, which put the electric vehicle stock on pace to achieve its best weekly performance since the week ending May 10, 2013, when it rose by 40.72%.

If Tesla closes at these levels, it would mark the stock’s second-best weekly performance ever. As of 12:40 p.m., EST shares were trading up about 33.8% for the week.

Gains in Tesla stock track the company’s recent earnings The report, which showed record revenue and profitability. Shares rose more than 11% on Friday.

The sharp rise in Tesla shares comes after shares fell 65% in 2022 And he suffered the worst month evera quarter and a year.

Gains in Tesla also boosted the S&P 500’s consumer appreciation sector by more than 2%.

Tesla is on course for its best week since May 2013

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