China Car Sales Reportedly Jumped in January-February Period
5 Hours Ago
A large number of Chinese-made cars are being gathered at Yantai Port for shipment for export in Yantai, China, on January 10, 2024.
Cosfoto | Nurphoto | Getty Images
China’s passenger vehicle sales jumped 16.3% year-over-year in the January-February period, data from the China Passenger Car Association showed Friday according to Reuters.
In January, sales totaled 3.16 million or a 57.1% year-over-year rise, but fell 21.6% year-over-year in February.
Sales of EVs during the two months rose 18.2% from a year ago, a slower pace than the 20.8% across 2023.
— Reuters
Yen Continues to Strengthen after Japan’s Largest Union Agrees to 6.7% Wage Hike
10 Hours Ago
The Japanese yen continued to strengthen against the U.S. dollar, a day after it hit a month high.
The yen hit 147.57 on Friday, its strongest level since Feb. 1. On Thursday, Japan’s biggest industrial union group, UA Zensen, reportedly said employers have agreed to hike wages by 6.7% for full-time workers as part of the annual spring wage negotiations.
Higher wages are a prerequisite for the Bank of Japan to start unwinding its ultra-easy monetary policy, which could lead to rate hikes and a stronger yen.
Japan Household Spending Falls 6.3% in January
11 Hours Ago
The Bank of Japan headquarters (top C) is seen in Tokyo on December 19, 2023.
Kazuhiro Nogi | Afp | Getty Images
Spending by households in Japan with two or more people fell 6.3% year on year in January, official data showed Friday.
It was down for the 11th consecutive month. The reading was also much lower than a Reuters poll forecast of a 4.3% decline.
On a month-on-month basis, household spending unexpectedly fell 2.1%, compared with a Reuters poll estimate of a 0.4% rise.
— Shreyashi Sanyal
Broadcom, Gap, Costco Among Stocks Making Biggest Moves in After-Hours Trading
12 Hours Ago
A general view of a Gap store.
Gap Inc.
Check out the companies making headlines after market close:
- Broadcom — The semiconductor stock shed 1.6% after posting full-year revenue guidance that was in line with analysts’ expectations, per LSEG. For the fiscal first quarter, Broadcom exceeded analysts’ adjusted earnings and revenue expectations, however.
- Marvell Technology — Shares dropped 6.5% after Marvell, which supplies data infrastructure semiconductor products, posted light first-quarter revenue guidance. Marvell also reported softer-than-expected guidance for adjusted earnings the first quarter.
- Gap — The apparel retailer’s stock price jumped 3.7% after earnings blew past analysts’ expectations for the latest quarter. Gap posted earnings per share of 49 cents on $4.3 billion in revenue, while analysts had called for earnings of 23 cents per share on $4.22 billion in revenue, according to LSEG.
— Pia Singh
Stock Futures Open in the Red
