Wednesday, May 22, 2024
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Live Updates: Today’s Asia Stock Markets in a Nutshell

China’s industrial profits in August showed a softer fall compared to previous months, with a year-on-year decline of 11.7%. This marks a slight improvement compared to the 15.5% drop in the first seven months of the year. The National Bureau of Statistics reported that profits of industrial enterprises increased by 17.2% year on year in August, the first monthly growth since the second half of 2022. Despite the ongoing challenges, this positive trend suggests that China’s industrial sector is gradually recovering.

The Bank of Japan (BOJ) is facing a split opinion among its board members regarding the timing of raising interest rates. Minutes from its July meeting revealed that some members believe the negative interest rate policy should be maintained, while others believe that achieving the 2% inflation target is within sight and that an assessment can be made in early 2023. With inflation remaining above the target for 15 consecutive months, the BOJ faces a delicate balancing act in deciding when to normalize its monetary policy.

British chip designer shares are predicted to surge by over 100% in the next year, according to investment bank Jefferies. The company is believed to be designing chips for major American tech firms, which is expected to significantly boost its profit margins. The growing demand for artificial intelligence applications presents a favourable market environment for the chip stock. This forecast further strengthens the position of the British chip designer in the industry and highlights the potential for substantial growth in the coming months.

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