SeaPRwire

Omicron risks likely to keep markets volatile as economies recover

elean
1 minute

SINGAPORE - Two important data points from last week confirm that, overhanging fears of Omicron aside, economic growth is starting to pick up. First, US weekly jobless claims tumbled during the first week of December, reflecting tightness within the labour market. The initial filings for unemployment insurance which totalled 184,000 for the week ended Dec 4 were the lowest going back 52 years to Sept 6, 1969. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

SeaPRwire

Tech shares tumble to end losing week for US stocks

elean
2 minutes

NEW YORK (AFP) - The Nasdaq led Wall Street lower on Friday (Dec 3) as stocks concluded a losing week on a downcast note following disappointing results from tech highflyer DocuSign and lacklustre US jobs growth. Investors shunned highly valued tech shares after DocuSign offered a disappointing outlook and signalled that demand for its e-signature business was ebbing after a strong run during the worst of the Covid-19 pandemic. Shares of the company plunged more than 40 per cent, while other tech names like Adobe and several chipmakers were also hammered. "The growth stocks are driving the declines," said Briefing.com analyst Patrick O'Hare, who also cited lingering unease over the Omicron variant of Covid-19 and disappointment that Thursday's rally in equities was not extended. The Nasdaq ended the day down 1.9 per cent at 15,085.47. The Dow Jones Industrial Average slipped 0.2 per cent to 34,580.08, while the broad-based S&P 500 shed 0.8 per cent to close the week 1.2 per cent lower. Friday's much-anticipated jobs report showed the US economy added just 210,000 jobs, less than half the increase forecasters expected. But analysts characterised the report as better than the headlin...

SeaPRwire

Covid-19 flare-up in Europe casts pall over markets

elean
1 minute

SINGAPORE - It was a mixed week for markets with tech shares rallying on the back of positive earnings and an appetite for growth stocks, while the broader market appeared somewhat nervous amid a seeming resurgence of Covid-19 on several fronts. In New York, the big board's Dow Jones index gave up 1.38 per cent, or 498.33 points, for the week to close last Friday at 35,601.98 points. The S&P 500, which is more representative of the broader market, was flattish, closing just 0.32 per cent, or 15.11 points, higher at 4,697.96. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

SeaPRwire

Dow ends at record, capping strong week for US stocks

elean
2 minutes

NEW YORK (AFP) - The Dow finished at a record Friday (Oct 22), capping a strong week for US stocks following mostly solid corporate earnings that have offset worries about inflation. The blue-chip Dow Jones Industrial Average ended up 0.2 per cent at 35,677.02, its first record since mid-August. But both of the other two major indices retreated, even as all three indices won gains for the week. The tech-rich Nasdaq Composite Index dropped 0.8 per cent to 15,090.20, while the broad-based S&P 500 ended down 0.1 per cent to 4,544.90. For the week, the S&P 500 was up 2.4 per cent. "While just about every company is talking about supply chain pressures, you're not seeing a lot of companies talking about how demand is falling," said Briefing.com analyst Patrick O'Hare. O'Hare said investors have been reassured by statements that companies have managed to pass on price increases to consumers, preserving profit margins. Among individual companies, American Express jumped 5.4 per cent as it reported better-than-expected profits on rising consumer spending. But Snap plunged 26.6 per cent as it cited a hit from Apple's move to change its privacy settings that have made it more difficult to ta...

SeaPRwire

S&P and Nasdaq enjoy boost from big tech firms; Dow ends a hair lower

elean
3 minutes

NEW YORK (REUTERS) - The S&P and Nasdaq closed higher on Monday (Oct 18) with the biggest boosts from the highest-profile technology and communications companies, while investors eyed product news from Apple and appeared optimistic about the third-quarter earnings season. After a weak start following disappointing economic data from China, the S&P and Nasdaq gathered steam in late morning with gains in "Faang" stocks - Facebook, Amazon, Apple, Netflix and Google - as well as Microsoft. Apple shares closed 1 per cent higher after the company made a splash by unveiling new Mac laptop computers with more powerful processor chips. Facebook shares, under pressure recently, closed up more than three per cent with some positive reports out, including its plans to create 10,000 jobs in Europe to help build the so-called metaverse - an online world. With just a small minority of companies having reported quarterly results so far, investors were hopeful for some good news in the days and weeks ahead. "You're going to get a heavier slate of earnings reports this week from a diverse set of industries," said Mr Michael James, managing director of equity trading at Wedbush Securities in Los Ange...

SeaPRwire

Sept equity pullback an opportunity for investors

elean
5 minutes

SINGAPORE - Today, the spectre of stagflation haunts many economies as they try to break free of Covid-19 and regain some semblance of normality. Inflation is already making a comeback after a two year break. Unemployment - or rather under-employment - remains an issue many governments are grappling with. This is the scenario against which stock markets are struggling to make headway as we enter the final quarter of 2021. That said, markets ended the week on a stronger note as the US Senate took steps to pass a short term US$480 billion (S$650 billion) increase in Treasury borrowings to avert a debt default later this month. Sentiment was also helped by the better than expected US jobless claims data, with initial claims at 326,000 compared to consensus estimate of 348,000. That said, September added 194,000 jobs versus a forecasted 500,000, suggesting that hirings have slowed significantly in the world's largest economy. Still, the unemployment rate fell to 4.8 per cent versus an expected 5.1 per cent. However under-employment has become persistent, especially amongst workers in the over-55 years category. US data suggest many older workers are also dropping out of the regular wor...

SeaPRwire

Govt to announce decision on HBL extension for primary schools later this week

aseanpr
3 minutes

SINGAPORE - An announcement will be made later this week on whether home-based-learning (HBL) will be extended for primary schools, said Education Minister Chan Chun Sing. All Primary 1 to 5 pupils are currently due to return to school next Monday (Oct 11) after two weeks of HBL to help reduce the risk of transmission amid Singapore's largest surge in Covid-19 cases. MOE had initially announced that these pupils would be placed on HBL from Sept 27 to Wednesday (Oct 6) - the end of this year's PSLE exams. This was later extended by a day to Thursday, with Children's Day on Friday. Mr Chan said the announcement is not being made immediately because school staff should focus on the ongoing PSLE, and his ministry wants to inform educators first. He was responding in Parliament on Monday (Oct 4) to Mr Darryl David (Ang Mo Kio GRC), who had asked if HBL could be extended past this week or even to the start of the school holidays - which start on Nov 20 this year. Mr David had also asked about HBL plans for older students taking the upcoming N, O and A level exams. Mr Chan replied that the considerations for primary and secondary schools are different. HBL was necessary to protect primary...

SeaPRwire

Dow Jones, S&P 500 end with gains up after bumpy week, but Nike drags

elean
3 minutes

NEW YORK (REUTERS) - The Dow and S&P 500 edged higher on Friday (Sept 24) and ended a turbulent week with slight increases, helped by gains in Tesla and Facebook that offset a tumble by Nike. Athletic wear company Nike's shares fell 6.3% and were the biggest drag on the Dow and the S&P 500 after it delivered a downbeat sales forecast and warned of delays during the holiday shopping season, blaming a supply chain crunch. Shares of footwear retailer Foot Locker also fell sharply. On the flip side, Facebook climbed 2% and Tesla rose 2.7%. The S&P communication services sector climbed 0.7% and was the second-biggest sector gainer of the day after energy, up 0.8%. Stocks bounced back from a sharp selloff at the start of the week tied in part to concerns over a default by China's Evergrande and its potential risk to global financial markets. On Friday, Evergrande's electric car unit warned it faced an uncertain future unless it got a swift injection of cash, the clearest sign yet that the property developer's liquidity crisis is worsening in other parts of its business. "You've had a good recovery from the lows" this week, said Rick Meckler, partner, Cherry Lane Investments, a family inv...

SeaPRwire

Prepare for bumpy ride in the rest of September

elean
5 minutes

SINGAPORE - September has traditionally been a rocky month for equity markets, and this year appears to be no exception. Wall Street's main indices - which have overwhelming influence over global markets - continued their slide, weighed down by concerns over stubbornly high Covid-19 infection numbers and uncertainties over policymakers' next moves, which could potentially impact market liquidity and sentiment. The Dow Jones index had its third straight week of losses to end at 34,584.88 points, for a 0.07 per cent loss over the five days. Over the past month, this marquee index is down 1.52 per cent, though it is still up 13 per cent year to date. The S&P 500, which captures a broader spectrum of the market, ended 0.57 per cent down for the week at 4,432.99, while the tech-heavy Nasdaq gave up 0.47 per cent to end the week at 15,043.97. In Singapore, the liquidity-starved Straits Times Index (STI) slid 27.57 points or 0.9 per cent for the week to 3,071.23. The STI is a diversified benchmark and while it was down almost 1 per cent on the week, performances ranged from City Developments gaining 8.7 per cent to $7.25, to Yangzijiang Shipbuilding declining 8.1 per cent to $1.48. While ...

SeaPRwire

Wall Street closes rollercoaster week sharply lower

elean
3 minutes

NEW YORK (REUTERS) - US stocks ended sharply lower in a broad sell-off on Friday (Sept 17), ending a week buffeted by strong economic data, corporate tax hike worries, the Delta Covid-19 variant, and possible shifts in the US Federal Reserve's timeline for tapering asset purchases. All three major US stock indexes lost ground, with the Nasdaq Composite Index's weighed down as rising US Treasury yields pressured market-leading growth stocks. They also posted weekly losses, with the S&P index suffering its biggest two-week drop since February. "The market is struggling with prospects for tighter fiscal policy due to tax increases, and tighter monetary policy due to Fed tapering," said David Carter, chief investment officer at Lenox Wealth Advisors in New York. "Equity markets are also a little softer due to today's weak Consumer Sentiment data," Carter added. "It's triggering concerns that the Delta variant could slow economic growth." A potential hike in corporate taxes could eat into earnings also weigh on markets, with leading Democrats seeking to raise the top tax rate on corporations to 26.5 per cent from the current 21 per cent. While consumer sentiment steadied this month it r...

SeaPRwire

Challenging time for equity markets; all eyes on US, China economic data

elean
1 minute

SINGAPORE - Is the equity market headed towards a correction? This is the question investors may be pondering as Wall Street continued to struggle through turbulence with its three main indexes pulling back by an average of 2 per cent over the past week. The Dow Jones index ended Friday at 34,607.72, down 761.35 points for the week. The broader S&P 500 gave up 79.43 points to end at 4,458.58, while the tech-heavy Nasdaq surrendered 248.03 points for the week at 15,115.49. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

SeaPRwire

Expect more stock market volatility in week ahead

elean
1 minute

It has been a turbulent week for markets following the release of the July 27-28 minutes of the US Federal Reserve meetings last Wednesday (Aug 18), showing that the potential for monetary tightening in the next five months is higher than anticipated. Despite a positive session for the Dow Jones Index last Friday, when it gained 226 points, the index lost a net 395.30 points for the week to close at 35,120.08 points. This, however, is still its third-highest close. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

SeaPRwire

US stocks finish losing week on positive note

elean
2 minutes

NEW YORK (AFP) - Wall Street stocks finished a lacklustre week on a positive note on Friday (Aug 20), rallying in a wave of bargain-hunting and cutting their losses for the week. Major indices still were in the red for the week, but all 11 sectors of the S&P 500 advanced, led by technology, utilities and communications services. The market is still operating with a "buy the dip mentality," said TD Ameritrade's JJ Kinahan. "It's the same trend seen most of the year, and this time it came despite worries about Fed policy, the Delta variant and a slowdown in China." The broad-based S&P 500 gained 0.8 per cent to 4,441.67, but down 0.6 per cent for the week. The Dow Jones Industrial Average climbed 0.7 per cent to 35,120.08 while the tech-rich Nasdaq Composite Index jumped 1.2 per cent to 14,714.66. Friday's gains followed losses earlier in the week in the wake of a poor July retail sales report and the Federal Reserve's signal it likely will begin tapering stimulus this year. Among individual companies, Tesla gained 1 per cent after chief executive Elon Musk touted the electric car maker's artificial intelligence investments in a presentation on Thursday night. Shares in the company h...

JCN Newswire
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NEC to host NEC Visionary Week 2021

ruth
3 minutes

TOKYO, Aug 16, 2021 - (JCN Newswire via SEAPRWire.com) - NEC Corporation (NEC; TSE: 6701) today announced the Global Program for NEC Visionary Week 2021, an online annual event taking place from September 16 to 17, 2021. During the event, NEC will present a shared vision of the future that highlights its latest technologies, solutions and customer case studies from various business domains.Themed "Seize the Future Together," this NEC flagship event will offer exclusive global sessions over a two-day period, envisioning and co-creating a brighter, more sustainable world with partners and stakeholders. The sessions will focus on how innovative technologies, such as AI and 5G, can contribute to addressing critical challenges for society, such as overcoming COVID-19 and implementing essential digital transformation measures in key industries. Thought leaders from around the world will gather to share their insights on the future of society and business. These sessions will be available on-demand until October 30. The opening keynote will be presented by Takayuki Morita, President and CEO of NEC Corporation, on September 16 from 15:00-15:20 (JST). Distinguished speakers will include Jef...

SeaPRwire

New Zealand expected to raise rates to cool overheating economy

elean
4 minutes

WELLINGTON (BLOOMBERG) - New Zealand is set to raise interest rates this week, the first advanced economy in the Asia-Pacific to begin normalising policy, as a powerful recovery unhindered by Covid-19 Delta outbreaks shows signs of overheating. The Reserve Bank of New Zealand (RBNZ) will lift the official cash rate by a quarter percentage point to 0.5 per cent at its review Wednesday in Wellington, according to 13 of 17 analysts surveyed by Bloomberg. One economist predicts a half-point increase and three see no change. Markets also expect a hike as concerns mount that labour shortages will unleash wage-push inflation. "It is clear the New Zealand economy no longer requires extreme monetary stimulus," said ANZ Bank New Zealand chief economist Sharon Zollner. "Signs of overheating are evident across the board, and the risks of a boom-bust cycle are high and rising." Governor Adrian Orr unexpectedly ended quantitative easing last month, a sign that the RBNZ was already concerned about the potential for overheating from its stimulus settings. Since then, unemployment has tumbled to 4 per cent and private wage gains have surged to a 13-year high. New Zealand is set to be first to move ...

SeaPRwire

Market rides on economic recovery, but tech stays tepid

elean
1 minute

SINGAPORE - Another week and another high for Wall Street stocks despite confusing Fedspeak and taper tantrums. The Dow closed at 35,515.38 last Friday, for a 306.87-point gain for the week. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

SeaPRwire

Markets ride on optimism, liquidity after virus fears

elean
4 minutes

SINGAPORE - Several weeks ago, I suggested that markets would remain volatile as sentiment swings between fear and greed. Sure enough, after a massive plunge last Monday over fears of Covid-19 resurgence and its more contagious Delta variant, markets bounced back by mid-week, fanned by optimism, opportunism and ample liquidity. The benchmark Straits Times Index (STI) did a 2.6 percentage point flip between its Monday lows and Thursday highs, before closing little changed on the week with a 0.2 per cent gain to 3,157.05 points. Over on Wall Street, the mainboard's Dow Jones index gained by over 1 per cent for the week to close at 35,061.55 points - the first time ever that it has breached 35,000 points. This brings total gains for the Dow this year to 14 per cent. Meanwhile, the S&P 500 index was up 2 per cent for the week, reaching a new record high at 4,411.79 points. Strong technology sector results from the likes of Twitter and Snap hoisted the Nasdaq to a new record at 14,836.99 points. All this came as the yield on the closely watched 10-year Treasury plumbed below 1.3 per cent. The Singapore market has proven to be more resilient than expected despite the latest lockdown meas...

SeaPRwire

Dow ends above 35,000 for first time as US stocks hit records

elean
2 minutes

NEW YORK (AFP) - US stocks rocketed to fresh records on Friday (July 23), with the Dow finishing above 35,000 for the first time, in anticipation of more blowout earnings next week after this week's positive round of results. All three major indices finished the week at records, with the Dow Jones Industrial Average surging 0.7 per cent to close at 35,061.55. The broad-based S&P 500 jumped 1 per cent to end at 4,411.79, while the tech-rich Nasdaq Composite Index also rose 1 per cent to 14,836.99. The records marked a sharp reversal from the sentiment at the start of the week, when the Dow suffered its worst session of 2021 amid worries over rising infections of the Delta variant of the coronavirus. But Maris Ogg of Tower Bridge Advisors said many of the companies that reported this week were upbeat about the outlook and not overly worried about the Delta variant. "It's encouraging that we are making new highs in the middle of the earnings season," Ogg said, adding that the underlying demand growth in a reopening economy remains strong. Companies with especially strong gains following reports Friday included the social media companies Snap, up 23.8 per cent and Twitter, up 3.1 per c...

ACN Newswire
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A Blockchain Art Show?

indie
2 minutes

US, Jul 22, 2021 - (ACN Newswire via SEAPRWire.com) - The Government Blockchain Association (GBA) will host an Art Show during Government Blockchain Week, (9/27-10/02,2021), in Washington DC. All submissions will be digital, and the show will be converted to NFTs, available for auction. Hundreds of attendees at Government Blockchain Week will vote on the show, sampling a mobile voting app, created by VOATZ, in a non-threatening contest. 'Contemplating Life' by Kylo HemmingwayWait, it gets better. The 5 winners, one for each category listed below, will be recognized from the stage of the US Capitol. Winners need not be present to win, however, being awarded a trophy from the stage of the US Capitol is an experience like no other.Unfortunately, there is one major deterrent to artists submitting their work. It's blockchain.As I mentioned, there will be 5 winners from 5 categories. They are:1) Creativity/Originality. How innovative is this idea?2) Practicality. Could this idea work?3) Helpful/ Humanity. Does this idea help anyone?4) Involvement. Is the artist involved in the deployment of this project?5) Visual appeal. How pleasing is the image to behold?These 5 categories must all rel...

ACN Newswire
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EST Global Inc. Sponsors CryptoNite

indie
2 minutes

Washington, D.C., Jul 16, 2021 - (ACN Newswire via SEAPRWire.com) - Dr. Sindhu Bhaskar, the Chairman and Founder of EST Global Inc. has sponsored CryptoNite Evening Reception during Government Blockchain Week.CryptoNite, one of the 3 Evening Receptions during Government Blockchain Week, will take place on the rooftop of the International SPY Museum. On Wednesday, September 29, CryptoNite will be a cryptocurrency party with a James Bond twist. What better way could there be to network with the finance and crypto leaders than to engage in espionage while dressed like a movie star? During a week of everything blockchain, CryptoNite will be one night you won't want to miss, and transformative innovators like EST Global Inc. are making it all happen.EST Global Inc. is leading the way in the banking and financial sector by developing tools that encompass every segment of banking. From digital wallets, to identity, investment, and digital asset management, EST Global is making banking united, sovereign, and secure. With EST, banking is as intuitive as unlocking your phone with your fingerprint. The EST Ecosystem is solving today's biggest problems in the existing financial system.Dr. Sind...