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Asian stock market news: Data on decline in Chinese exports caused Asia’s stock market to plummet

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Asian stock market news: Asian stock indices fell in today’s trading after data showed a decline in Chinese exports.

China’s exports fell 8.7 percent year on year in November to $296.1 billion, official data showed. The index fell for the second month in a row (in October it dropped by 0.3%), and the rate of its decline was the highest since February 2020. Experts attribute this reduction mainly to a drop in demand in the world amid a slowdown in the global economy. Even EURODOLLAR futures were affected by the situation.

Asian stock market today – what’s happening right now?

Imports fell 10.6% year-on-year last month to $226.2 billion, after declining by 0.7% a month earlier. China’s foreign trade surplus narrowed to its lowest since April, $69.84 billion in November, down from $85.15 billion a month earlier and $71.7 billion a year earlier.

Meanwhile, investors welcomed the news of further easing of coronavirus restrictions in China. Now, entire neighborhoods and blocks will not be closed for lockdowns, as they used to be, but only residential floors and buildings. Also, people who test positive for COVID-19 will be able to self-isolate at home rather than in overcrowded hospitals. Also, schools that have not had outbreaks will have to return to the face-to-face format.

Japan’s Nikkei 225 stock index was down 0.7%. Australia’s S&P/ASX 200 index was down 0.9%. Australia’s GDP rose 0.6% in Q3 from the previous quarter, according to the country’s Bureau of Statistics. Analysts on average had expected the Australian economy to grow by 0.7% in July-September, Trading Economics wrote.

The country’s GDP grew by 0.9% in the 2nd quarter. Thus, the Australian economy has shown an upturn for the fourth consecutive quarter. but the rate of increase was the weakest in that period amid weak growth in consumer spending due to high inflation and higher interest rates. On an annualized basis, GDP rose 5.9% in Q3 after climbing 3.4% in Q2 and compared to the 6.2% expected by analysts.

Earlier, we reported that European stock markets mostly closed lower on December 5.

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Skechers CEO sells shares worth over $1.8 million

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Skechers CEO sells shares worth over $1.8 million
© Reuters.

Skechers USA Inc . (NYSE:) has reported several transactions involving its shares by company insiders, including the Chief Executive Officer, Robert Greenberg. According to the latest filings, Greenberg sold a total of 30,339 shares at prices ranging from $61.11, amounting to over $1.8 million.

The transactions, which took place on March 15, 2024, were part of a series of recent insider activities at the footwear company. On the same day, Greenberg also received 59,650 restricted shares of Class A Common Stock as an award, with a portion vesting over the next three years based on continued service with the company. These shares are subject to performance-based metrics that will determine the final number of shares earned.

Another transaction reported on March 14 involved the exercise of options where Greenberg disposed of 31,176 shares at a price of $61.42 per share, which totaled approximately $1.9 million. The shares were part of a performance-based stock award granted in March 2021, which were linked to the company’s total stock return over a three-year period.

The filings also noted the award of additional performance-based shares that are eligible to vest based on the company’s achievement of certain performance objectives over the next three years. These transactions are a routine part of executive compensation and are often scheduled in advance.

Investors and market watchers closely monitor insider transactions as they can provide insights into executives’ perspectives on the company’s future performance. Shares of Skechers USA Inc. are publicly traded, and such disclosures are required by regulations to ensure transparency in the financial markets.

InvestingPro Insights

Amidst the recent insider transactions at Skechers USA Inc. (NYSE:SKX), investors might find it useful to consider the company’s current financial health and market performance as reflected by InvestingPro metrics. Skechers is trading at a P/E ratio of 17.16, which is considered low relative to its near-term earnings growth. This indicates that the stock may be undervalued given its earnings potential, a point underscored by the adjusted P/E ratio for the last twelve months as of Q4 2023, which stands slightly lower at 16.92.

The company’s liquidity position is also robust, with liquid assets surpassing short-term obligations, suggesting financial stability and the ability to meet immediate liabilities. Furthermore, Skechers operates with a moderate level of debt, which may provide some comfort to investors concerned about financial leverage in uncertain economic times.

From a performance standpoint, Skechers has experienced a large price uptick over the last six months, with a 29.57% return, reflecting strong investor confidence. This is coupled with a notable 7.47% revenue growth in the last twelve months as of Q4 2023, which could be a positive signal for future profitability—a sentiment echoed by analysts who predict that the company will be profitable this year.

For those seeking more in-depth analysis, there are additional InvestingPro Tips available, including insights on Skechers’ high return over the last decade and its lack of dividend payments to shareholders. To access these insights and more, investors can visit: https://www.investing.com/pro/SKX. Moreover, users can take advantage of the special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a treasure trove of financial data and expert analysis.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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China Resources Beer stock target raised, retains Buy rating

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China Resources Beer stock target raised, retains Buy rating
© Reuters.

On Monday, Jefferies maintained a Buy rating on China Resources Beer Holdings Co Ltd. (291:HK) (OTC: CRHKY) and slightly increased the stock price target to HK$44.67 from the previous HK$44.50. The firm’s adjustment reflects modest earnings revisions and confidence in the company’s strategic direction.

China Resources Beer is embarking on its third three-year plan, emphasizing a premiumization strategy for its brewery operations.

The company aims to dominate the RMB12-15 price segment with its Heineken (AS:) brand. In addition, for its baijiu business, China Resources Beer is committed to achieving RMB10 billion in sales within the next three to five years. This goal will be pursued through a dual-brand strategy, retail price control, and a focus on five key provinces.

The marginal increase in the stock price target to HK$44.67 is attributed to revisions in earnings expectations. Jefferies’ analyst notes that the company’s strategic efforts are well-aligned with its aspirations to lead in its selected market segments.

China Resources Beer’s dedication to its premiumization approach and the baijiu business’s targeted growth plan are key components of the company’s ongoing efforts to enhance its position in the market. The firm’s approach to controlling the retail price and concentrating on strategic provincial markets is expected to contribute to achieving its sales objectives.

Investors have been provided with the updated price target as a reflection of the company’s potential trajectory based on its current strategies and market initiatives. The maintained Buy rating indicates a positive outlook on the stock’s future performance.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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Super Micro Computer stock falls after S&P 500 addition

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Super Micro Computer stock falls after S&P 500 addition
© Reuters. Super Micro Computer (SMCI) stock falls after S&P 500 addition

The Super Micro Computer (NASDAQ:) stock price declined more than 9% on Monday, the day the server-maker was added to the S&P 500.

At the start of March, S&P Dow Jones Indices announced changes to the index, saying Super Micro Computer and Deckers Outdoor Corp will replace Whirlpool and Zion Bancorporation in the S&P 500, respectively.

SMCI’s stock has been a significant winner in the last 12 months, rising an enormous 897% as the company continues to benefit from the surge in artificial intelligence demand. The company has become a go-to supplier for businesses and governments eager to participate in the AI boom.

The inclusion of SMCI stock in the S&P 500 means it is the index’s new top one-year performer. However, the SMCI stock price is currently trading at $968 per share after a 9.55% decline on Monday. If, as expected, SMCI shares do close lower, it will be their third down day in a row following an increase that saw them reach an intraday high of $1,229 last week.

“Supermicro is honored to be included in the prestigious ,” said Charles Liang, President and CEO of Supermicro. Liang has led the company for its entire history.

“This achievement shows the dedication and hard work of our entire worldwide team to deliver green computing and our Building Block Architecture to become a leader in the emerging AI space as large and small organizations move toward higher productivity,” he added.

Like Nvidia, SMCI has been a frontrunner in the AI boom. Its servers are the hardware used to run AI chips from Nvidia and other producers. In a recent interview with The Wall Street Journal, Liang said that the SMCI base in San Jose, California, is just a 15-minute drive from Nvidia’s headquarters in Santa Clara, their “engineering teams are able to work together from early morning to midnight.”

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