Shares of Japanese trading house rise after Buffett boosts stake
Japanese trading companies opened higher on Tuesday after Berkshire Hathaway increased its stake in five Japanese trading houses to an average of more than 8.5 percent.
Mitsui rose 4.55%, Marubeni rose 3.44%, Mitsubishi rose nearly 4%, and Itochu and Sumitomo rose nearly 3% each.
Japanese stocks fell for a second straight day as the country’s top five trading houses bucked the trend on the backing of Warren Buffett.
The company noted that the combined value of these interests exceeds Berkshire’s stock holdings in any country outside the United States, the company said.
—Jihye Lee, Elliot Smith, Ruxandra Iordache
China expected to cut its lending prime rate
The People’s Bank of China is expected to cut its prime rates for 1-year and 5-year loans later today.
Economists polled by Reuters forecast a 10 basis point cut to its prime rate on one-year loans and a 15 basis point cut to its prime rate on five-year loans, according to Factset.
The last time China lowered the LPR was in August 2022. Investors will pay close attention to today’s decision after the central bank lowered the medium-term lending facility and 7-day reverse repurchase rates.
— Lee Ji Hye
CNBC Pro: Analyst says the automaker could be next in line for Tesla Supercharger deal
A global auto giant could be next to sign a deal tesla Use its supercharging stations, according to RBC analyst Tom Narayan.
If the deal goes through, the deal would follow Tesla’s similar partnerships with Ford and General Motors.
In the past, investors have paid off to all parties to a deal. Shares of Tesla and Ford rose 4.7 percent and 6.2 percent, respectively, the day after the deal was struck. Shares of both automakers have risen more than 25% since then.
CNBC Pro subscribers can read more here.
— Ganesh Rao
CNBC Pro: This veteran investor’s fund has outperformed since 2006.Here are his main strategies
High-performing portfolio manager Jordan Cvetanovski has been looking for certain traits in the companies he picks for nearly two decades.
The results have proven to be consistent throughout the global financial crisis, the era of zero interest rates, and now the era of high interest rates.
One fund run by Cvetanovski of Pella Funds Management has outperformed its benchmark by a whopping 27% gain over four years.
CNBC Pro subscribers can read more here.
— Weizhen Tan
Strong week – even with Friday’s underwhelming performance
Despite Friday’s sluggish end, the three major averages hit notable milestones in last week’s wins.
While the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite closed lower on Friday, all three indexes rose for the week.
The S&P 500 rose 2.6% for the week, its strongest weekly performance since March and its fifth straight weekly gain — its first gain since a winning streak ended in November 2021. The tech-heavy Nasdaq rose 3.25%, its best week since March and its eighth straight week since March 2019 ended a 10-week streak.
The Dow also edged up on a weekly basis, rising 1.25%, marking its third straight weekly gain since April.
—Darla Mercado, Chris Hayes