Microsoft opens first regional data center in Thailand
Tech giant Microsoft announced It will open its first regional data center in Thailand.
The company said it will also build new cloud and AI infrastructure in Thailand, as well as provide AI skills opportunities for more than 100,000 people.
Microsoft said the data center region will expand the availability of its hyperscale cloud services, “providing enterprise-grade reliability, performance, and compliance with data residency and privacy standards.”
– Lim Hui Ji
Mitsui’s full year profit fell 6%, shares rose due to announcement of buyback of $ 1.26 billion
Japanese business house Mitsui & Co. reported a 6.4% decline in profits That rose to 1.08 trillion yen ($6.84 billion) for the 2023 fiscal year ending March 31.
Pre-tax profit stood at 1.3 trillion yen, down 6.7% year-on-year, while revenue fell 6.9% to 13.32 trillion yen compared with the same period last year.
Despite poor results, the company’s shares rose 1.23% 200 billion yen share buyback announced From 2 May to 20 September.
Mitsui will buy back 40 million shares or 80 million shares after the stock split on July 1.
Currency market data suggests yen strengthening may trigger intervention: Reuters
sudden strengthening of yen That was likely due to intervention by Japanese authorities on Monday, Reuters reported, citing money market data from the Bank of Japan.
money market data It turned out that the central bank’s estimate for money market conditions on Wednesday indicated a net inflow of funds of 7.56 trillion yen ($47.91 billion).
That compared with a money market brokerage’s estimate of 2.05 billion to 2.30 billion yen, which does not include interventions, Reuters said, adding that currency trades take two days to settle.
On Monday, the yen weakened to a 34-year low against the greenback, hitting 160.03 before strengthening to around 155 in the span of a few hours.
South Korea’s exports registered better-than-expected growth in April
South Korea records 13.8% growth in exports The increase in April was sharper than the 3.1% increase in March, according to preliminary estimates from the country’s customs service.
The rise also beat the 13.7% growth expected by economists polled by Reuters.
Imports into South Korea rose 5.4%, below expected 6.2% growth and reversing a 12.3% decline in March.
Thus, the country’s trade balance declined to $1.53 billion from $4.29 billion recorded in March.
– Lim Hui Ji
Utilities were the only winning S&P 500 sector in April
Of the 11 sectors within the S&P 500, utilities managed to post modest gains for the month.
Utilities rose 1.6% in April, while the other 10 sectors were in the red. Energy managed a modest loss of 0.9%, while consumer staples – another defensive category – slipped 1.1%.
There was a jump in sector profits NextEra EnergyWhich increased by 4.8% in April. consolidated edison jumped 3.9%, and Dominion Energy There was an increase of 3.6%.
Utilities, known for their stable dividends, may come into focus as investors look for income-producing assets to bolster their portfolios during volatile markets. Consider that NextEra Energy boasts a dividend yield of 3.1%, while ConEd yields 3.5%.
,Darla Mercado
BofA said Tuesday that the Fed funds will not decline as quickly or as quickly as previously expected
Bank of America on Tuesday pushed back by six months when it expects the Federal Reserve to start lowering interest rates from June to December, and revised higher where it thinks the benchmark fed funds rate will end up then. When the Fed will be finished with the next cycle.
“Following recent inflation data, which were stronger than we expected, we revised down our outlook for inflation in 2024 and, in turn, revised down our outlook for Fed policy,” wrote US economist Michael Gapen. “We now expect rate cuts to begin in December rather than June, and the final rate in any easing cycle will end up at 3.5%-3.75%, up from 3.0%-3.25% previously.”
With the fed funds rate currently at 5.25%-5.50%, BofA’s move on Tuesday means the bank now anticipates no more than seven quarter-point cuts from the Fed, instead of the previous expectation of nine.
“In summary, we think the signals from recent inflation data are that monetary policy will need to tighten on average over the forecast horizon to get inflation down to 2.0% – and not just in 2024,” Gappen wrote.
-Scott Schnipper
Stocks making the biggest moves after hours
The Starbucks logo is seen on a cup at a cafe on April 26, 2024.
Jakub Porzycki/ | Nurfoto | getty images
Check out the companies making headlines in extended trading.
starbucks – Shares slip nearly 10% in extended trading after coffee chain misses out fiscal second quarter estimates On the top and bottom lines. Starbucks earned 68 cents per share on revenue of $8.56 billion, and missed analysts’ forecasts of 79 cents per share for earnings and $9.13 billion for revenue.
pinterest – Shares surged nearly 19% after first-quarter earnings and revenue declines. Pinterest reported adjusted earnings of 20 cents per share, which topped forecasts of 13 cents per share, according to LSEG. Revenue growth also accelerated in the quarter.
super micro computer – Shares fell nearly 8% after Super Micro Computer reported fiscal third-quarter revenue of $3.85 billion, missing the consensus estimate of $3.95 billion, according to LSEG. Adjusted per-share earnings of $6.65 topped the per-share estimate of $5.78. The company also issued strong revenue guidance for the fourth quarter.
– Hakyung Kim