$SAM
Boston Beer Co., Inc.
PRICE
$305.78 βΌ-1.333%
Extented Hours
VOLUME
36,573
DAY RANGE
302.97 - 315.23
52 WEEK
287 - 990.4
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By Sam Byford TOKYO (Reuters) - Asian stock markets fell on Wednesday, extending Wall Street's overnight losses amid concerns over inflation and the possibility of recession, which also boosted the safe-haven dollar. Japan's Nikkei index fell 0.98%, while MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.37%, dragged lower by Australian shares, off 0.81%, and Korea's KOSPI, down 1.54%. Asian shares had ended the Tuesday session on an upward trajectory after China announced an easing of its quarantine requirements for inbound passengers, in what some observers saw as the biggest relaxation so far of its "zero COVID" strategy. But the positive impact had petered out on Wednesday. "Inevitably, markets tend to overreact to these sorts of news," said Carlos Casanova, senior economist at UBP in Hong Kong. "In order for that to be sustainable, we really want to see these measures materialise into actual reopening." Chinese blue chips, which hit a four month high the day before, lost 1.16% while the Hong Kong benchmark fell 1.83%. [.SS] EUROSTOXX 50 futures were down 0.57% and FTSE futures lost 0.68% before European markets opened. The losses in Asia followed a turbulent day on U.S. markets, with the S&P 500 index down more than 2% after data showed U.S. consumer confidence dropped to a 16-month low in June due to fears high inflation could cause the economy to slow significantly in the second half of the year. "It's all pointing to rising expectations of an economic slowdown, potentially a recession in the US economy, maybe as soon as this year," said Casanova. Renewed worries over the potential for a global recession drove investors into the safe haven dollar, and the dollar index remained firm at 104.5. The euro dropped 0.6% on the greenback overnight, and was little changed in Asia at $1.0506. The Japanese yen stood at 136.03 per dollar, not far off last week's 24-year low of 136.7. The yen has struggled as the Bank of Japan keeps monetary policy loose even as other major banks tighten, a point reiterated by BOJ governor Haruhiko Kuroda on Wednesday. The yield on 10-year U.S. Treasury notes fell seven basis points to 3.134%. Oil prices fell back slightly after three sessions of gains, but global supply tightness limited the losses. An overnight report suggested that Saudi Arabia and the United Arab Emirates are unable to raise output significantly in the near future. Brent crude futures fell 0.86% on the day to $116.96 a barrel. U.S. crude was down 0.72% to $110.94. Spot gold was flat, gaining 0.07% to trade at $1,820.7600 an ounce.
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By Kevin Buckland and Sam Byford TOKYO (Reuters) - Shares rose broadly across Asia on Monday, building on morning gains and a Friday Wall Street rebound as sentiment improved and oil prices steadied, tempering fears of prolonged inflation. Treasury yields remained subdued and the dollar hovered near the lowest in more than a week as investors continued to assess the outlook for U.S. rate hikes, and the potential for a recession. Japan's Nikkei rallied 1.51%, while Australia's benchmark jumped 2.03% and looked set for its best day in more than six weeks. Chinese blue chips rose 1.17% and Hong Kong's Hang Seng advanced 2.39%. South Korea's KOSPI gained 1.83%. MSCI's broadest index of Asia-Pacific shares rose 1.81%. U.S. stock futures are up slightly by 0.8% after falling earlier in the day. On Friday, the S&P 500 surged more than 3%, adding to an almost 1% gain on Thursday. FTSE futures and EUROSTOXX 50 futures both rose 0.45% ahead of the start of European market trading. "I don't think anyone's got any smoking guns for this market right now," said Chris Weston, head of research at Pepperstone. "If you're looking for proper risk-on, all markets moving the same direction, correlation across asset classes going to 1, weβre not seeing that today." "The Aussie's the worst performer, the yen's the best performer, you're not seeing much love in crypto, there's no real move in the energy space. It's more of an equities story today." Crude oil fell in volatile trading on Monday as the market grapples with concerns that a global economic slowdown could depress demand versus worries about lost Russian supply amid sanctions over the Ukraine conflict. Both Brent and U.S. West Texas Intermediate (WTI) futures were flat on the day after back-and-forth trading in the morning. Brent is up 0.1% at $113.2 a barrel, while WTI fell 0.01% to $107.63. U.S. long-term Treasury yields hovered around 3.16% after bouncing off a two-week low just above 3% at the end of last week as traders removed bets for hikes next year, but still pondered if aggressive tightening this year could trigger a recession. Yields have dropped from 3.456%, the highest in more than a decade, reached before the mid-month Fed meeting. Then, the central bank hiked rates by 75 basis points, the biggest increase since 1994, and signalled that a similar move is possible in July. "The market remains focused in the trade-off between the policy response to high inflation and fears of a hard landing," Westpac rates strategist Damien McColough wrote in a client note. "There will be ongoing discussions as to whether long-end yields have peaked, however we would not yet expect 10-year yields to fall materially or sustainably below 3%." The dollar was steady on Monday, continuing to consolidate near the lowest since the middle of the month against major peers. The dollar index - which measures the currency versus six rivals - was little changed at 103.950, after gradually gravitating over the past few sessions toward the June 17 low of 103.83. Gold ticked 0.49% higher to $1,835.16 per ounce. Bitcoin was flat, trading at $21,170.88 after falling as low as $17,588.88 earlier this month.
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By Sam Byford TOKYO (Reuters) - Asian stocks slipped across the board on Wednesday, failing to extend Wall Street's rally as persistent worries about interest rates and inflation remained a key focus for investors, while the Japanese yen hit a fresh 24-year low against the dollar. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.39%, still up 1.02% on the more than five-week low it hit on Monday. Tokyo's Nikkei gave up early gains and was flat. Investors are continuing to assess how worried they need to be about central banks pushing the world economy into recession as they attempt to curb red hot inflation with interest rate increases. The main U.S. share benchmarks rose 2% overnight on the possibility the economic outlook might not be as dire as thought during trade last week when the S&P 500 logged its biggest weekly percentage decline since March 2020. [.N] But the lift in sentiment did not last long with S&P 500 and Nasdaq futures both down nearly 1% on Wednesday while EUROSTOXX 50 futures lost 1.3% and FTSE futures shed 0.9%. "I think that this recent post-holiday bear market rally is a reflection of the uncertainty that investors have regarding whether we have seen the peak of inflation and Fed hawkishness or not β I think we're close," said Invesco global market strategist for Asia Pacific David Chao. "Even though I suspect global equity markets could end higher at the end of the year than where we are today, it's conceivable to expect continued market volatility until it becomes clear that the Fed is not going to force the U.S. economy into contraction in order to tamp down persistent levels of inflation." Chinese blue chips lost 0.44%, Hong Kong's Hang Seng Index fell 1.24% and South Korea's KOSPI was down 1.82%. U.S. Federal Reserve chair Jerome Powell is due to start his testimony to Congress on Wednesday with investors looking for further clues about whether another 75-basis-point rate hike is on the cards in July. Economists polled by Reuters expect the Fed will deliver a 75-basis-point interest rate hike next month, followed by a half-percentage-point rise in September, and won't scale back to quarter-percentage-point moves until November at the earliest. Most other global central banks are in a similar situation, apart from the Bank of Japan, which last week pledged to maintain its policy of ultra-low interest rates. The gap between low interest rates in Japan and rising U.S. rates has weighed on the yen, which hit a new 24-year low of 136.71 per dollar in early trading, before drifting firmer to 136.25. Minutes from the Bank of Japan's April policy meeting released Wednesday showed the central bank's concerns over the impact the plummeting currency could have on the country's business environment. Other currency moves were more muted on Wednesday, with the dollar index, which tracks the greenback against six peers, a touch firmer at 104.62. The yield on benchmark U.S. 10-year Treasuries was fairly steady at 3.2617%. Oil prices fell with U.S. President Joe Biden expected on Wednesday to call for a temporary suspension of the 18.4-cents a gallon federal tax on gasoline, a source briefed on the plan told Reuters. [O/R] Brent dropped 3.37% to $110.79 a barrel, while U.S. crude fell 3.71% to $105.46. Spot gold dropped 0.32%, trading at $1,826.72 an ounce. Bitcoin lost 6.54% from its Tuesday high, trading at $20,288 after falling as low as $17,592 last week.
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Key Metrics
Market Cap
3.10 B
Beta
0.83
Avg. Volume
174.35 K
Shares Outstanding
10.22 M
Yield
0%
Public Float
0
Next Earnings Date
2022-07-21
Next Dividend Date
Company Information
CEO: David Burwick
Website: http://www.bostonbeer.com/
HQ: One Design Center Place, Suite 850 C/O The Boston Beer Company Boston, 02210-2313 Massachusetts
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