Amazon recognises the significance of the current moment in generative AI and the importance of being in the conversation, alongside rivals Microsoft and Google.
Amazon was 3.6 per cent higher at the time of writing. Microsoft and Google were 1.3 and 1.1 per cent higher.
Ford Motor and its battery manufacturing partner BlueOval SK will receive a US$9.2 billion loan to build three battery factories in Kentucky and Tennessee.
The loan is the single biggest financial commitment the Biden administration has made in its effort to build an electric vehicle manufacturing network in the United States.
The factories, one in Tennessee and two in Kentucky, are said to employ 7,500 people. Ford’s share price was 1.5 per cent higher at the time of writing.
Rest of the World
The Bank of England raised interest rates 50 basis points, its 13th consecutive hike, to 5.0 per cent – a level last seen in April 2008.
The Monetary Policy Committee voted 7-2 in favour of the half percentage point increase.
This comes after Wednesday’s higher-than-expected CPI result, with core inflation at 7.1 per cent, the highest level since March 1992.
Commodities
At the time of writing, Brent Crude Oil futures had fallen 4.1 per cent to US$74/barrel, as the Bank of England rate hike prompted worries about the economy and fuel demand.
US West Texas Intermediate (WTI) crude futures were also down 4.3 per cent to US$69.4/barrel.
New Zealand
The NZX 50 declined 0.3 per cent.
Stats New Zealand released the May 2023 Trade Balance data.
Compared with May 2022, goods exports rose $189 million (+2.8 per cent) to $7.0 billion, while goods imports rose $292 million (+4.4 per cent) to $6.9 billion.
The annual trade balance was a deficit of $17.1 billion. In the year ended May 2022 there was a deficit of $9.4 billion.
Pacific Edge released its Annual Report for the year ended March 31.
All eyes were on managerial comments surrounding the Novitas decision and outlook for the company.
CEO Dr Peter Meintjes believes despite the recent setback, the company still sees significant opportunities for Cxbladder to deliver in the US and around the world.
He also said it was too early to determine the outlook for test volumes and revenue for financial year 2024. Pacific Edge closed 14.1 per cent lower.
Major tourism operator Skyline Enterprises, whose shares are traded on the New Zealand Unlisted Securities Exchange, released its March 31 2023 Preliminary Profit Announcement.
Revenue from continuing operations was up on the prior year at $183 million (compared to $123 million), with the reopening of international travel markets being a strong contributor to that result.
Preliminary profit before tax for continuing operations was $71.3 million for the year, up from $34.9 million in the prior year. The share price closed at $18.00 (+2.9 per cent higher).
Australia
On Thursday, the ASX 200 slid 1.6 per cent, to 7195.5, with all sectors finishing lower.
Information technology was the worst performing sector, down 3.9 per cent.
Xero lost 4.4 per cent, WiseTech fell 4.0 per cent, and NEXTDC declined 2.8 per cent. On a year-to-date basis, the sector remains the strongest performer within the ASX, up 26.0 per cent.
Northern Star Resources declined 3.2 per cent despite announcing that the board approved the A$1.5b KCGM Mill Expansion Project to increase and modernise its processing capacity of gold from 13Mtpa to 27Mtpa (Million tonnes per annum).
The construction phase has commenced and will last three years until financial year 2026 with milling capacity expected to reach 27Mtpa by financial year 2029.
A group of minority shareholders of infant formula manufacturer Bubs Australia are seeking to vote out the current board of directors.
The group of shareholders, controlling 5.04 per cent of the company, is seeking to remove all four non-executive directors citing “destruction” of the company.
The share price fell 5.3 per cent. This follows a 31.0 per cent increase during Wednesday’s trading after the company informed the market that US revenue will be at the top end of guidance for financial year 2023.
Coming up today
US: S&P Global Manufacturing PMI.
Eurozone: Consumer Confidence.
UK: Retail Sales.
Japan: National CPI.
Australia: Judo Bank PMI Composite.
NZ: ANZ Truckometer, NZ Rural Land ASM.
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