Foxconn shares surged almost 7% after reporting a remarkable 19% increase in revenue for April. The Taiwanese company, known as Hon Hai Precision Industry, recorded revenue of 510.9 billion New Taiwan dollars ($15.83 billion) in April, up from NT$447.54 billion in March. Foxconn attributed this growth to strong performance in its component business, cloud, and networking products, as well as significant year-on-year revenue growth in smart consumer electronics and computing products.
In other news, SMBC economist Ryota Abe predicts that the Japanese yen will face resistance at the 150 level against the U.S. dollar despite suspected intervention by Japanese authorities. The yen recently traded at 153.64. Meanwhile, a private survey revealed that China’s services activity expanded slightly slower in April, with the Caixin/S&P Global services purchasing managers’ index at 52.5, down from 52.7 in March but still indicating solid growth.
Additionally, Hong Kong’s private sector showed slower expansion in April, with the purchasing managers’ index slipping to 50.6 from March’s 50.9. While conditions improved at the start of the second quarter, forward-looking indicators suggest potential softening. Berkshire Hathaway also made headlines by cutting its exposure to Paramount entirely, with Warren Buffett admitting to a loss on the investment. Stock futures were slightly higher Sunday night, with Dow Jones, S&P 500, and Nasdaq-100 futures all seeing modest gains.
Vocabulary List:
- Surged (verb): To increase suddenly and strongly.
- Remarkable (adjective): Worthy of attention extraordinary.
- Attributed (verb): Regarded as being caused by or originating from a specified source.
- Resistance (noun): The refusal to accept or comply with something.
- Intervention (noun): Action taken to improve or alter a situation.
- Indicator (noun): Something that shows or suggests the presence or existence of something.
