3 Hours Ago
Asian week ahead: China inflation, Bank of Korea rate decision
Key economic releases and an interest rate decision from South Korea are expected this coming week.
On Monday, investors will digest key inflation releases from China as well as trade data from Japan for the month of May.
Australian consumer confidence for the month of July is due on Tuesday as well as new loans and money supply from mainland China for the month of June.
South Korea’s unemployment rate for June will be published on Wednesday as well as Japan’s producer price index and machinery orders.
India’s industrial production and consumer price index will also be released.
Asian investors will also digest inflation reports from the US as well as a central bank decision from Canada.
On Thursday, the Bank of Korea’s interest rate decision will be closely watched. China’s trade balance for June will also be released.
The week ends with the results of the second quarter of Singapore’s gross domestic product after seeing a quarter-on-quarter decline in the first quarter of the year.
Japan’s industrial production for the month of May will also be published.
— Jihye Lee
3 Hours Ago
Alibaba shares rose as much as 5% amid hopes that the regulatory probe will end
Hong Kong-listed Alibaba shares rose as much as 5% in Monday morning trading amid hopes that a long-running probe into its financial arm Ant Group will end.
The stock opened strongly, though it has since pared gains to settle about 3.2% higher than Friday’s closing price.
The 7.12 billion yuan ($985 million) fine handed down to Ant Group by Chinese regulators on Friday for violations of laws and regulations looks to mark the end of Beijing’s two-year clampdown on domestic its tech company.
Chinese regulators on Friday said that most of the outstanding problems related to the financial businesses of platform companies have been resolved and that the domestic tech industry will see “normalized management.”
— Sheila Chiang, Lim Hui Jie
4 Hours Ago
CNBC Pro: Barclays names stocks set to benefit from AI in the medium to long term
Barclays has named several global stocks that are expected to do well as the use of artificial intelligence (AI)-related services evolves.
The investment bank acknowledged that hardware and infrastructure giants, especially Nvidia and Microsoft, are currently reaping immediate economic benefits. However, in the long term, this could see service sector businesses cash in significantly.
Among the companies named by Barclays, analysts expect both stocks to rise by more than 50% in the next 12 months.
CNBC Pro subscribers can read more here.
— Ganesh Rao
6 hours ago
Producer prices in China fell significantly, consumer prices remained unchanged
China’s producer price index fell more than expected with a decline of 5.4% year-on-year, more than the 5% fall expected by economists surveyed by Reuters.
Consumer prices remained unchanged year-on-year, broadly in line with expectations as the month-on-month reading fell 0.2%.
The onshore Chinese yuan strengthened fractionally and last traded at 7.2194 against the US dollar.
6 hours ago
CNBC Pro: As investor focus shifts to EVs, analysts expect these auto stocks to rise
6 hours ago
CNBC Pro: JPMorgan reveals its ‘pecking order’ for second half including high-yielding global stocks
In a note detailing its outlook for the second half of the year, JPMorgan analysts said: “Our pecking order for 2H is: strength in Staples, Utilities, Telecoms and Healthcare, the European Energy can be good.”
JPMorgan has named a raft of European stocks from across sectors that it says have high yields, strong balance sheets and safe dividends.
CNBC Pro subscribers can read more here.
— Lucy Handley
Fri, Jul 7 2023 3:47 PM EDT
June inflation data will be closely watched by investors in the coming week
Investors turned their attention to inflation data next week, after this week’s hot jobs data, to further clarify the path to future monetary policy.
Market participants are hoping next week’s release of the June consumer price index on Wednesday, as well as last month’s producer price index on Thursday, will show a downward trajectory in inflation after this week’s strong data. of ADP prompted investors who fear more rate hikes ahead.
“The CPI is a big number,” said James Ragan, director of wealth management research at DA Davidson. “You saw the reaction of the market, that big drop yesterday and then the market came back a little bit today, it just kind of shows that there’s still a lot of discussion about what the interest rate path is, and what what the Fed can do. . . And so, I think the CPI kind of feeds into that.”
CNBC Pro subscribers can read the full story here.
— Sarah Min
Fri, Jul 7 2023 10:28 AM EDT
The jobs report showed the smallest increase in nonfarm payrolls since December 2020
Friday’s Labor Department report showed 209,000 jobs were added in June and marked the smallest increase since December 2020, when nonfarm payrolls lost 268,000 roles.
Elsewhere, labor force participation among those between 25 and 54 rose to 83.5%, the highest level since May 2002. The labor force participation rate among prime-age women rose to 77.8 % for the highest level on record since 1948.
— Gian Francolla, Samantha Subin
Fri, Jul 7 2023 2:14 PM EDT
Energy stocks are leading the way higher
Fri, Jul 7 2023 2:39 PM EDT