Asia markets mixed as China leaves lending rates unchanged; Negotiations on the US debt ceiling resume

24 minutes ago

South Korean exports fell by 16.1% year-on-year in the period 1-20. May

Exports from South Korea have fallen 16.1% in the first 20 days of May compared with the same period a year ago, the customs agency said.

Imports in the same period also fell by 15.3% from the previous year.

Export value for the first 20 days came in at $32.4 billion and imports were $36.7 billion, resulting in a deficit of $4.3 billion for the period 1[ads1]–20. May

Refinitiv data showed that South Korea’s exports have fallen for seven consecutive months, with April recording a 14.3% year-on-year drop.

— Lim Hui Jie

An hour ago

Japan’s nuclear machinery orders fell in March

Japan’s core machinery orders fell 3.9% in March compared with the previous month, falling further than expected.

Economists polled by Reuters had expected the reading to rise 0.7 percent month-on-month.

Compared to a year ago, machine orders also fell by 3.5%, against expectations that printing would rise by 1.4%

Japan’s machinery orders rose 9.8% from a year earlier in February.

– Jihye Lee

An hour ago

CNBC Pro: Tesla vs. BYD: Here’s why one fund manager prefers the Buffett-backed automaker

In an era defined by the need to tackle climate change, electric vehicles (EVs) are seen as an increasingly important part of the solution.

For Philip Ripman, portfolio manager at Storebrand Asset Management, one global electric car manufacturer stands out: China’s BYD – not Elon Musk’s Tesla.

As an investor, Ripman said BYD’s appeal goes beyond just producing electric cars.

CNBC Pro subscribers can read why the fund manager is bullish on BYD here.

– Ganesh Rao

An hour ago

CNBC Pro: These 4 stocks are on Goldman’s ‘conviction buy’ list – and that adds up to 115% upside

3 hours ago

Debt cancellation negotiations resume on Monday

Federal leaders are expected to continue negotiations on the US debt ceiling on Monday as the country nears a potential default.

President Joe Biden and House Speaker Kevin McCarthy, R-Calif., are scheduled to meet in person at the White House.

Treasury Secretary Janet Yellen said Sunday that “tough choices” will have to be made about which bills will remain unpaid if the debt ceiling is not raised, reaffirming her warning that the United States could default on its debt as early as June 1.

— Jesse Pound, Ashley Capoot

Fri May 19, 2023 11:46 AM EDT

Powell says interest rates may not need to rise as much as expected

Federal Reserve Chairman Jerome Powell said on Friday that interest rates may not have to rise as much as previously thought, in part because of stress in the banking sector.

“The financial stability tools helped calm conditions in the banking sector. Developments there, on the other hand, are contributing to tighter credit conditions and are likely to weigh on economic growth, employment and inflation,” he said as part of a panel on monetary policy.

“So as a result, our policy rate may not need to increase as much as it otherwise would have to achieve our targets,” he added. “Of course, the extent of that is highly uncertain.”

-Jeff Cox

Fri May 19, 2023 8:55 AM EDT

Fed’s Williams says ‘era of very low’ interest rates remains intact

New York Federal Reserve President John Williams said the long-term trend in interest rates is likely to be lower, despite the recent increases in an effort to fight inflation.

In a largely academic discussion at a forum in Washington, DC, Williams said the “natural” rate of interest remains on the downside as the outlook for economic output is subdued. That’s despite the rise in inflation from the pandemic and the increase in interest rates to combat the higher prices.

“Importantly, there is no evidence that the era of very low natural rates is over,” Williams said.

-Jeff Cox

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