Asian shares advanced on Thursday even after sinking technology stocks sent Wall Street lower in the S&P 500's worse losing streak since the start of the year. U.S. futures were lower, while oil prices gained. Tokyo's Nikkei 225 climbed 0.3% to 38,079.70 and the Hang Seng in Hong Kong gained 1.3% to 16,468.07. The Shanghai Composite index added 0.6% to 3,089.02. South Korea's Kospi led the region's gains, surging 2.2% to 2,642.02. In Australia, the S&P/ASX 500 rose 0.4% to 7,638.10. On Wednesday
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The European Central Bank has made it "crystal clear" that interest rates could be cut in June but has also been firm that policy decisions beyond that remain up in the air, ECB Vice President Luis de Guindos said on Thursday. The ECB put a June rate cut on the table last week and has spent the past week reinforcing that guidance, despite rising oil prices, a weaker euro and bets that its biggest peer, the U.S. Federal Reserve, would delay its own rate cuts. "I think that we have been crystal clear: if things continue as they have been evolving lately, in June we'll be ready to reduce the restriction of our monetary policy stance," de Guindos told a parliamentary hearing in Brussels.
Bosch, the world's largest automotive supplier, on Thursday warned of further cost cuts and staff reductions, forecasting stagnating vehicle production that will keep a lid on profit margins in 2024. "For 2024, we aren't expecting any economic tailwind," Chief Financial Officer Markus Forschner said at the group's annual press conference. "Restructuring and process improvements will also have a negative impact at first, with their positive effect coming only after a delay."
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