US stocks rebound and inflation in Asia

US stocks rebound and inflation in Asia

33 minutes ago

The Nifty 50 rallies to hit a new all-time high during the day

India’s Nifty 50 index rose to a new intraday record high of 22,126.80, surpassing the previous intraday record of 22,124.15 set on January 16.

The index was mainly driven by gains in shares of heavyweight Reliance Industries, which advanced as much as 3.3% on Friday, Reuters reported.

The report also added that IT stocks helped rise as well, and the Indian government’s fiscal prudence in its budget released on Thursday also boosted investor sentiment.

— Lim Hui Ji, Reuters

3 hours ago

Producer prices in Australia rose at a faster pace in the fourth quarter

The Australian Producer Price Index rose 4.1% year-on-year in the fourth quarter of 2023, accelerating from the 3.8% recorded in the third quarter.

The increase also marks the end of four consecutive quarters of lower growth in the Producer Price Index. On a quarterly basis, the country’s producer price index grew by 0.9%, lower than the third quarter growth rate of 1.8%.

The Australian Bureau of Statistics said producer prices saw “moderate rises in most industries”, adding that “sustained growth in construction output is driving the rise”.

Moreover, the rise in crude oil and energy prices in recent quarters has affected prices in other industries, the office added.

– Lim Hui Ji

6 hours ago

Japan’s Aozora Bank sinks again due to US commercial real estate losses, hitting 3-year low

Shares of Ozora Bank fell to their lowest levels in nearly three years for a second day, as investors again criticized the Japanese commercial bank for warning of an annual loss stemming from its exposure to U.S. office loans.

Aozora shares fell as much as 18.5% to 2,080 yen in early trading in Tokyo, sending its shares to their lowest levels since February 2021. That compares with a 0.5% gain on the Nikkei 225.

The Tokyo-based commercial bank said Thursday it expects to post a net loss of 28 billion yen ($191 million) for the fiscal year ending March 31, a swing from its previous forecast of a net profit of 24 billion yen.

Please read the full story for more.

– Clement Tan

7 hours ago

CNBC Pro: ‘Big Opportunity’: A pro names his top energy stocks for the long and short term

Energy stocks have had a mixed start to the year as geopolitical uncertainty and oil price volatility continue to weigh on the sector.

However, one senior investment officer sees potential in oil, citing an immediate investment opportunity and a long-term investment opportunity.

“I think there’s a big opportunity in geopolitics,” Jevons Global’s Kingsley Jones told CNBC’s Pro Talks on Jan. 25, naming two stocks he likes.

– Amala Balakrishner

7 hours ago

Inflation in South Korea slows for the third month in a row to 2.8%

South Korea’s consumer price index rose 2.8% year-on-year, recording a decline for the third month in a row.

This compares to the 3.2% recorded in the previous month, and slightly lower than the 2.9% expected in a Reuters poll.

Core inflation for January – which does not include food and energy prices – rose 2.5%, at a slower rate than 2.8% in the previous month.

– Lim Hui Ji

7 hours ago

CNBC Pro: Family offices are thriving. This is where they are putting their money now – and in the next five years

Family offices have boomed in the past few years, thanks in part to the growing number of wealthy individuals.

There has been a surge in “extreme” wealth in the past three years alone.

“Family offices are planning the largest adjustments in strategic asset allocation for several years,” UBS told CNBC Pro, adding that this comes “at a time when inflection points involving interest rates, inflation and economic growth appear likely.”

CNBC Pro delved into recent surveys and spoke to family office operators to find out how to customize now and in the next few years — in the face of major global shifts.

CNBC Pro subscribers can read more here.

-Weezin Tan

15 hours ago

Powell’s comments were the ‘last straw’ for the market: head of equity strategy at RBC Capital Markets

Comments made by Federal Reserve Chairman Jerome Powell following the central bank’s interest rate decision on Wednesday pushed the swing market to the brink, according to Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets.

“There was so much going on in this market that I felt like Powell was the last straw,” she said on CNBC’s “Squawk on the Street,” citing the deteriorating geopolitical landscape, the return of fears of a hard landing and the recent employment data.

Calvasina advised market participants to expect a decline in the market, noting that she was surprised that there had not been a decline yet.

She also said the “disappointing” earnings by big tech companies were unexpected, but made sense because the cap was set so high after the market’s recent outperformance.

-Alex Haring

17 hours ago

Productivity jumps, labor costs fall, and unemployment claims rise

Economic reports on Thursday brought good news for productivity and inflation, although initial jobless claims rose higher than expected.

The Labor Department’s Bureau of Labor Statistics reported that productivity, a measure of worker output, increased 3.2% in the fourth quarter, better than the Dow Jones estimate of 2.5%. Meanwhile, unit labor costs, or the difference between hourly wages and productivity, rose just 0.5%, below estimates of 1.1%.

However, a separate Labor Department report showed first-time claims for unemployment benefits totaled 224,000, up 9,000 from the previous week and ahead of the estimate of 214,000. Continuing claims, which were delayed a week, totaled just under 1.9 million, up 70,000 and above FactSet estimates of 1.84 million.

—Jeff Cox

16 hours ago

Ferrari shares rose after earnings

Ferrari shares rose nearly 10% after the luxury automaker reported quarterly results that beat analysts’ expectations.

The company earned €1.62 per share, excluding certain items, on revenue of €1.52 billion. Analysts polled by StreetAccount expected earnings of €1.48 per share on revenue of €1.51 billion.

“2023 was a very successful year, during which we strengthened our brand through a number of achievements that were reflected in our unprecedented financial results,” CEO Benedetto Vigna said in a statement. “We now have a very important year ahead of us in executing our business plan, which continues on schedule along its carefully planned path.”

Ferrari was also in the news on Thursday after several reports said Mercedes F1 driver Lewis Hamilton is preparing to join the Scuderia in 2025. Hamilton is one of the most successful drivers in the history of the sport, having won seven world titles – a record he shares with the Ferrari legend. . Michael Schumacher – 103 race victories, the most ever.

-Fred Imbert

16 hours ago

Manufacturing index beats estimates, but prices show unexpected increase

The US manufacturing sector remained in contraction during the month of January, while prices recorded an unexpected jump.

The ISM Manufacturing Index came in at 49.1, up 2 points from December and better than the Dow Jones estimate of 47.2. However, since the metric is a spread index that measures the share of expansion in business reports, any reading below 50 represents contraction. The sector has witnessed a contraction for 15 consecutive months.

On the inflation front, the price index jumped 7 points to 52.9, indicating price pressures at a time when other readings showed a decline.

In a separate data point, the Commerce Department reported that construction spending rose 0.9% in December, exceeding consensus expectations for a 0.5% increase.

—Jeff Cox

(Tags for translation) Shenzhen Component Index

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