Asia markets fall; China’s economy grew by 6.3%, missing expectations

China’s second-quarter gross domestic product grew 6.3% from a year ago, missing expectations compared with the 7.3% forecast by analysts polled by Reuters

The GDP print of 6.3% for the second quarter marked growth of 0.8% from the first quarter, slower than the 2.2% quarter-on-quarter in the first three months of the year.

Separately, unemployment among young people aged 1[ads1]6 to 24 was 21.3% in June, a new record.

-Evelyn Cheng

Singapore’s non-oil domestic exports fell 15.5% year-on-year in June, marking the ninth consecutive month that such exports have remained in contraction territory.

This was a deeper drop than the 14.8% drop recorded in May, but slightly less than the 15.8% drop expected by economists polled by Reuters.

Enterprise Singapore, Singapore’s enterprise development agency elaborated that the drop in non-oil domestic exports was due to weaker exports to Malaysia, Indonesia and South Korea, although exports to Hong Kong and China increased.

— Lim Hui Jie

Shares in a venture capital fund that focuses on the high-growth technology sector can rise by more than 180%, according to Berenberg.

The bank’s analyst said that even if the VC fund’s portfolio is experiencing no growth and is valued at a 20% discount to its peers, it would still represent a 54% upside.

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– Ganesh Rao

UBS named a number of US and global stocks that it says are set to beat a major index in 2023, which it described as a year of “inflection points”.

The stock picks are its “highest conviction” and the list is aimed at beating the MSCI All Countries World Index, the Swiss bank said in a July 11 research note, adding that it did not “refrain from taking any contrarian positions.”

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– Lucy Handley

Among the Group of 20 nations, headline inflation appears to have peaked, according to the International Monetary Fund. However, in most of the G20 countries, especially the advanced economies, core inflation remains well above the central banks’ targets.

“In the fight against inflation, there are some early signs that monetary policy is being transmitted to activity, with bank lending standards tightening in the euro area and the US. That said, policymakers should avoid ‘premature celebrations’: lessons from past inflationary episodes show that easing policy for early may cancel out gains in inflation,” IMF Managing Director Kristalina Georgieva wrote in a Friday note.

The IMF estimates that global growth in the medium term will fall to around 3%, lower than the historical average of 3.8% from 2000 to 2019.

– Hakyung Kim

Stocks may continue to gain momentum in the week ahead as traders turn their attention to earnings results following last week’s softer inflation news.

The major benchmarks headed for a positive week on Friday after encouraging consumer and wholesale inflation in June cemented the likelihood that the Federal Reserve is nearing the end of its rate hike campaign. Traders see a 95% certainty that the Federal Reserve will hike at the central bank’s July meeting, according to CME Group’s FedWatch Tool. They are 81% sure that the Fed will stand pat in September.

“I think the Fed is kind of locked into another hike,” said Sage Advisory’s Rob Williams. “But given this inflation data, I think they’re kind of done.”

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—Sarah Min

More than a third of the 32 stocks hitting new 52-week highs in the S&P 500 Friday are also trading at record highs. Three of the 32 (JPM, V, CRM) are also in the Dow Jones Industrial Average. Three of the highlights of the time are house builders. And then there’s Nvidia, of course:

• Netflix, which has been trading at its highest since February 2022
• Booking Holdings, traded at record highs dating back to the 1999 IPO
• DR Horton, all-time high going back to 1992 IPO
• Lennar, all-time high back to start of trading in 1971
• PulteGroup, which traded at all-time highs dating back to its 1972 IPO
• CBOE Holdings, all-time high back to 2010 IPO ‎
• Intercontinental exchange, highest since April 2022
• JPMorgan (JPM), highest since February 2022
• Moody’s, highest since February 2022
• S&P Global, highest since April 2022
• Visa, highest since August 2021
• Align Technology, highest since April 2022
• Cooper Companies, highest since April 2022
• DexCom, highest since December 2021
• IDEXX Laboratories, highest since April 2022
• Intuitive Surgical, highest since January 2022
• Steris, highest since June 2022
• Copart, all-time high dating back to 1994 IPO
• Masco, highest since February 2022
• Rollins Inc., highest since trading began in 1968
• Adobe, highest since February 2022
• Ansys, highest since January 2022
• Cadence Design Systems, all time since its predecessor ECAD went public in 1987
• Salesforce.com, highest since February 2022
• Fortinet, all-time high back to 2009 IPO
• Gartner, highest since November 2021
• ServiceNow, highest since March 2022
• NVIDIA, all-time high since 1999 IPO
• ON Semiconductor, all-time high since 2000 IPO
• Teradyne, highest since April 2022
• Sherwin-Williams, highest since June 2022
• Equinix, highest since January 2022

Meanwhile, just five stocks fell to 52-week lows in the S&P 500 on Friday, none of them records, although AT&T hit a 20-year low:

—Scott Schnipper, Christopher Hayes