Asia markets rise as S&P 500 hits new 2023 high, China producer price index falls
An hour ago
Retail and industrial stocks lead the Nikkei gains on Friday
Retail and industrial stocks drove the Nikkei 225 up 1.97% on Friday, leading gains among major indexes in the Asia-Pacific region.
The biggest gainer on the index was video game company Konami, which climbed 5.79%. Konami is known for creating the Metal Gear and Silent Hill game series.
Other names on the top winners list were retail giant Fast Retailing, chemical company Mitsui and Co, and Daikin Industries, the world̵[ads1]7;s largest manufacturer of air conditioners.
An hour ago
The CBA sees a 50% chance of Australia entering a ‘per capita recession’ this year
The Commonwealth Bank of Australia recently downgraded its growth forecasts for the Australian economy, predicting a 50% chance of the economy entering a per capita recession in 2023, according to a Friday note.
It revised fourth-quarter gross domestic product from 0.9% to 0.7%, saying the original forecast was conditional on the Reserve Bank of Australia already reaching its peak rate of 3.85%.
Earlier this week, the central bank raised its benchmark interest rate by 25 basis points to 4.1%, the highest since April 2012.
“We put the odds of a recession in 2023 at 50% as the lagged effect of the RBA’s rate hikes continues to drain the cash flow of debt-carrying households,” wrote CBA’s Gareth Aird.
“It will almost certainly be confirmed that Australia is in a ‘per capita’ recession when the national accounts come out [for the second quarter] to be published in early September,” Aird wrote.
– Jihye Lee
6 hours ago
China’s consumer prices rise 0.2%, producer prices fall
China’s consumer price index rose 0.2% in May from a year ago, government data showed.
Economists polled by Reuters had expected to see a 0.3% increase, ticking up after marking a two-year low of 0.1% in April. Month-on-month, prices fell 0.2% – economists had forecast a 0.1% decline.
China’s producer deflation continued in May, with the producer price index falling 4.6% for the month, a further decline from -3.6% in April and marking the steepest fall since June 2016.
A Reuters poll of economists had expected to see a 4.3% decline in producer prices.
– Jihye Lee
6 hours ago
The Philippines’ trade deficit narrows in April, but both exports and imports fall
The Philippines’ trade deficit in May narrowed to $4.53 billion, down from a deficit of $4.93 billion in March.
Both the country’s exports and imports fell sharply compared to April 2022, with exports falling 20.2% and imports falling 17.7% year-on-year.
In comparison, March saw a 9.1% drop in exports and a 2.7% decline in imports compared to a year ago.
Government data revealed that the commodity group with the largest annual decline in export value in April was electronic products, which fell by $582.6 million.
Electronic products were also the second highest contributor to the fall in imports, surpassed only by mineral fuels, lubricants and related materials, which fell by $927.86 million.
China remained the Philippines’ top trading partner, contributing 15.8% of export value and supplying 23.9% of imported goods in April.
– Lim Hui Jie
7 hours ago
CNBC Pro: Forget Nvidia: Fund manager says buy these two chip giants instead, giving one 30% upside
At the center of the recent AI excitement is Nvidia.
But one fund manager told CNBC Pro that he wouldn’t buy Nvidia right now. He explains why and says he would invest in two other chip giants instead.
He calls one “very cheap” and “a great story at a good value,” and the other a “keystone in all technology,” giving one of them 30% potential upside.
CNBC Pro subscribers can read more here.
— Weizhen Tan
7 hours ago
CNBC Pro: UBS strategist: There’s too much risk in Big Tech right now — here’s where to invest instead
Big Tech values have been driven higher by excitement over AI, but one UBS strategist believes there is another sector that can now offer similar returns with less risk.
CNBC Pro subscribers can read more here.
– Ganesh Rao
12 hours ago
Watch these stocks as they signal bullish runs in the last five trading sessions
A collection of stocks is trading above their respective 50-day moving averages, which is a key level that can signal a bullish reversal.
While still falling short of the famous “golden cross,” a stock price trading above its 50-day moving average remains a key indicator that more upside may be on the horizon.
CNBC surveyed stocks within the S&P 500 using FactSet data. The list includes names such as Caterpillar and General Motors, as well as picks from the financial sector Citizens and Truist Financial.
CNBC Pro subscribers can read the full list here.
– Brian Evans, Nick Wells
19 hours ago
Weekly jobless claims show unexpected increase
Initial jobless claims posted an unexpected jump last week, indicating the labor market may be softening.
Initial filings for unemployment benefits totaled 261,000 for the week ended June 3, up 28,000 from the previous period and well ahead of the Dow Jones estimate of 235,000, the Labor Department reported Thursday.
It is the highest weekly level for claims since October 20, 2021.
Continuing claims fell on the week, falling 37,000 to 1.757 million.
-Jeff Cox
23 hours ago
Interest rates on US Treasuries are rising as investors assess the outlook for interest rates
US Treasurys rose on Thursday as investors prepared for the Federal Reserve’s next interest rate policy decision, which is expected on June 14. In a week light on the data front, investors reflected on economic reports and comments from central bank officials made since the last Fed meeting.
At 4:14 a.m. ET, the 10-year Treasury yield traded more than a basis point higher at 3.7973%. The 2-year government yield increased by over one basis point to 4.565%.
