|Day's Range||22,162.23 - 22,250.37|
|52 Week Range||18,948.58 - 24,448.07|
Nissan Motor Co Ltd said on Friday a report by the Nikkei that it would slash production this year was "completely incorrect" and that it had lodged a complaint with the business daily, in an unusually strong denial of a media report in Japan. The comment came after the Nikkei, revered in Japan for its business news and known for its market-moving scoops and previews, said Nissan would cut its global production by about 15 percent for the current fiscal year ending March 2020. The move would mark a shift away from the aggressive expansion campaign promoted by ousted former Chairman Carlos Ghosn, the Nikkei said.
The comment came after the Nikkei, revered in Japan for its business news and known for its market-moving scoops and previews, said Nissan would cut its global production by about 15 percent for the current fiscal year ending March 2020. The move would mark a shift away from the aggressive expansion campaign promoted by ousted former Chairman Carlos Ghosn, the Nikkei said. "The details reported in this story are completely incorrect, and Nissan has voiced its strong objection to the Nikkei," the Japanese automaker said in a statement posted on its website.
Shares edged higher in Japan and Korea, and fluctuated in China, with trading volumes lighter than usual. The yen steadied and Japanese 10-year bond yields rose after the Bank of Japan cut purchases of some longer-dated bonds in a regular operation.
European markets were lower on Thursday after PMI data signaled a stagnating economy. Market focus is largely attuned to corporate earnings, with first-quarter reports heavily influencing the performance of European stocks on Thursday morning.
Most participants are still underinvested in the markets globally, Fink said in an interview with CNBC Tuesday after his company reported earnings. The head of the world’s largest investment firm, with $6 trillion of assets under management, said “huge pools of money” is sitting on the sidelines as investors haven’t rushed back into equities even as the stock market bounced back this year. Fink’s comments come after an already potent rally across multiple benchmark stock indexes this year, with the S&P 500 on the cusp of a record high and the MSCI All-Country World Index about 5 percent away from its January 2018 peak.
Major Asia-Pacific markets closed lower. On the trade front, sources told CNBC on Wednesday that Beijing officials are looking at U.S. President Donald Trump's upcoming international travel dates that might offer potential for a summit off of American soil. Major Asia-Pacific markets closed lower on Thursday, with Indonesia's benchmark index bucking the overall trend as stocks jumped on election hopes.
Major Asian stock markets closed higher on Wednesday , following the release of better-than-expected economic numbers from China. China said on Wednesday its economy grew 6.4 percent in the first quarter of 2019. Analysts polled by Reuters had expected the country's gross domestic product to grow 6.3 percent year-on-year in the first three months of 2019.
The 10-year Treasury yield reached its highest level since the March Federal Reserve meeting. Apple Inc. was flat and Qualcomm Inc. surged after the two dropped litigation against each other. Netflix Inc. ended the regular session higher, but slid in late trading after a key metric missed estimates.
Futures on the S&P 500 and Dow indexes fluctuated as Goldman Sachs Group Inc. missed estimates for sales and trading revenue, sending its shares lower in pre-market trading, while Citigroup Inc. revenue matched expectations. The Stoxx Europe 600 Index traded in a tight range, as losses in mining shares offset increases in media and insurance. With Chinese trade and lending data showing signs of improvement for the world’s second-biggest economy, investors are turning to the U.S. earnings season to confirm the resilience of corporate America in the face of numerous challenges to growth.
In Japan, stocks may have been supported by the start of trade talks with the United States. BOJ’s Kuroda also told CNBC that there is room for reducing long-term and short-term interest rates.
Consumer sentiment figures out of Germany and Eurozone and industrial production figures out of the U.S will be in focus later today.
Hopes of a U.S – China trade agreement deliver support early. Will there be a renewed sense of optimism in Germany and the Eurozone?
Shares in major Asian stock markets were higher on the day. Bank of Japan Governor Haruhiko Kuroda said "some sort of protectionism" around global trade was the "most serious risk involved in the global economy," in an interview with CNBC that aired on Monday. Kuroda's comments come as the U.S and Japan kicked off trade talks in Washington on Monday.
The respective influences of economic data and earnings will be under debate as earnings season kicks in. Stats are weakening, yet earnings are not…
It’s risk-on in the early hours, support the EUR while pinning back demand for the Greenback. Earnings results will be key later.
“Pana cell lines at Giga are only at ~24GWh/yr & have been a constraint on Model 3 output since July,” Musk wrote in a tweet Saturday. Tesla shares tumbled Thursday after the Nikkei reported that the company and Panasonic were freezing plans to expand capacity at the plant near Reno. Panasonic didn’t immediately respond to a request for comment outside normal business hours.
U.S. stocks rose amid solid bank earnings and a major deal in the energy sector, while Treasuries fell as Chinese data bolstered optimism in the global economy. JPMorgan Chase & Co. surged on a strong first-quarter report, while Walt Disney Co. jumped to a record after it announced a new streaming service, sinking Netflix Inc.’s shares.
China trade figures ease some of the market jitters over the economy. The focus will now shift to earnings to support risk appetite throughout the day.
Lower earnings expectations don’t necessarily mean stock market weakness. First, earnings for the first quarter may actually come out positive. Companies have been issuing guidance, but there is always the chance that they were a little too conservative. Secondly, weaker earnings do not necessarily correlate with a decline in the stock market.
TOKYO/BENGALURU (Reuters) - Panasonic Corp and Tesla Inc will continue to make new investments in the U.S. electric carmaker's Gigafactory as needed, but believe they can squeeze more out of existing resources than previously planned, Tesla said on Thursday. Separately, Panasonic said it was watching the demand situation in the electric car market before making any further investments in expanding the capacity of the Nevada plant. The two companies were responding to a report by Japan's Nikkei that said they had frozen previous plans to raise the capacity of the plant, which supplies battery packs for Tesla cars.
Shares in major Asian stock markets were mixed on the day. The Wall Street Journal reported Thursday that China agreed to open its cloud-computing sector to foreign companies in an attempt to sweeten a deal with the U.S. Shares in Asia were mixed on Friday, with the Chinese markets slipping even as official trade data came in soaring past expectations .
Banking shares rose before Wells Fargo and JPMorgan report first-quarter earnings that will lead off the season Friday. The 10-year Treasury yield pushed toward 2.50 percent after data showed a strong U.S. labor market and tepid price gains. Oil in New York retreated from a five-month high as an increase in U.S. inventories to the highest since late 2017 overshadowed OPEC’s efforts to reduce production.