2 Mins Ago
Most Apple suppliers in Asia fall after DOJ lawsuit; Foxconn climbs
Apple suppliers in Asia largely fell after the U.S. Department of Justice sued Apple in an antitrust case on Thursday, saying that the iPhone maker has a monopoly over the phone market that harmed consumers, developers, and rival companies.
Shares of Taiwan Semiconductor Manufacturing Corp, which supplies the chips that power the iPhone, were down 0.77%.
South Korean electronics firms Samsung Electronics and LG Display lost 1.13% and 2.41% respectively. Both firms produce OLED screens for the iPhone.
However, iPhone manufacturer Foxconn, known as Hon Hai Precision Industry in Taiwan, jumped 3.16%.
An Hour Ago
Taiwan central bank unexpectedly raises interest rate to highest level since 2008
Taiwan’s central bank raised its main policy rate from 1.875% to 2%, its highest level since 2008, in a surprise move on Thursday, according to an official statement.
The Central Bank of the Republic of China (Taiwan) said “inflation has stayed at a relatively higher level since 2021 and that a proposed electricity rate hike might be implemented in April this year, inflation expectations might shift upwards.”
In a Reuters poll, 25 out of 26 economists said the central bank would keep the rate unchanged.
“The decision reinforced CBC’s commitment in containing inflation,” Commerzbank said, while adding that it now expects the central bank to take a cautious approach.
— Shreyashi Sanyal
An Hour Ago
South Korea’s producer prices climb at fastest pace since April 2023
South Korea’s producer price index rose 1.5% year on year in February, higher than the 1.3% in January and at its fastest rate since April 2023.
On a month-on-month basis, the PPI rose 0.5%, faster than January’s 0.3% gain.
In South Korea, the PPI measures monthly variations in the prices of goods shipped by industrial producers within the domestic market.
— Lim Hui Jie
2 Hours Ago
Japan inflation accelerates in February, snapping three months of declines
Japan’s headline inflation rate accelerated to 2.8% in February, climbing from the 2.2% in January and ending a streak of three straight months declines.
The core inflation rate — which strips out prices of fresh food — also climbed to 2.8% from 2%, in line with expectations from a Reuters poll of economists.
The so called “core-core” inflation metric, which strips out prices of both fresh food and energy and is watched by the Bank of Japan, came in at 2.5%, down from 2.6% in January.
— Lim Hui Jie
9 Hours Ago
Reddit opens at $47 a share
The New York Stock Exchange welcomes Reddit, Inc. (NYSE: RDDT) to celebrate its initial public offering. To honor the occasion, Snoo, rings the Opening Bell®.
NYSE
Reddit popped 38% on Thursday to open at $47 a share in its New York Stock Exchange debut.
The social media company began trading under the ticket symbol “RDDT” after pricing its IPO at $34 a share on Wednesday. It marks the first major social media company to go public since Pinterest in 2019.
— Samantha Subin, Jonathan Vanian
10 Hours Ago
Industrials lead S&P 500’s gain
11 Hours Ago
Apple shares slide after DOJ antitrust lawsuit
Apple shares slid 3% after the Department of Justice sued Apple on Thursday, saying that its iPhone ecosystem is a monopoly that drove its “astronomical valuation” at the expense of consumers, developers and rival phone makers.
Federal antitrust enforcement and 16 attorneys general also say that Apple’s anti-competitive practices extend beyond the iPhone and Apple Watch businesses, citing Apple’s advertising, browser, FaceTime and news offerings.
“Each step in Apple’s course of conduct built and reinforced the moat around its smartphone monopoly,” the complaint filed in the District of New Jersey said.
— Kif Leswing, Rohan Goswami