Asian markets are trading mixed after Wall Street’s rise on Friday

52 minutes ago

Japan’s service sector expands at record pace in April: au Jibun bank

Japan’s service sector expanded at a record pace in April, a private survey showed.

au Jibun Bank Japan Services Purchasing Managers’ Index was at 55.4, higher than March’s figure of 54.9 and marking its fifth straight month in expansion territory.

A reading above 50 indicates expansion in the sector, while a number below 50 indicates contraction.

Japan̵[ads1]7;s April composite PMI, which combines manufacturing and service sector figures – came in unchanged at 52.9.

This marks the fastest growth rate since June 2022, and the fourth month in a row the PMI remained above the 50 mark.

— Lim Hui Jie

36 minutes ago

The Bank of Japan warned that inflation accelerated more than expected in March, minutes show

Bank of Japan board members discussed concerns that inflation is rising more than expected, minutes from former governor Haruhiko Kuroda’s last meeting showed.

“Some members expressed a recognition that although the current situation was a phase of close monitoring of whether a good cycle between prices and wages would be achieved, attention was needed to the risk of prices rising more than expected,” it said the report.

Members of the central bank’s board “shared the recognition that the rate of increase was projected to accelerate moderately again” after slowing towards the middle of the 2023 fiscal year.

They also warned against “urgent” changes to the central bank’s monetary policy, including the 2% inflation target.

One member said, “the risk from a hasty policy change that could lead to missing a chance to achieve the price stability objective should be considered more significant than the risk from a delay in policy change,” minutes showed.

– Jihye Lee

2 hours ago

China’s trade surplus reportedly fell to $74 billion in April

China’s trade surplus is expected to have fallen slightly from $88.2 billion in March to $74.3 billion in April, a Reuters poll of economists showed.

Exports are forecast to have grown 8% year-on-year after growing 14.8% in March, while imports are expected to remain unchanged after a 1.4% year-on-year decline last month.

The softer April trade data is likely to reflect “residual seasonality” after this year’s Lunar New Year, economists at Goldman Sachs said in a Monday note.

“We expect the disappearance of this seasonal bias to slow export growth in April. We expect import growth to slow on a monthly basis,” economists wrote, adding that holiday-related seasonal patterns are less evident in imports.

The economy is also scheduled to report its inflation data later in the week.

– Jihye Lee

Thu May 4, 2023 9:39 PM EDT

The week ahead: China’s trade and inflation, South Korea’s unemployment, India’s industrial production

A range of economic data is expected next week for Asia-Pacific markets, including China’s inflation data, India’s industrial production and the Philippines’ trade balance.

On Monday, Taiwan reports its trade data. Economists at Citi expect Taiwan’s April exports to fall 21.4% year-on-year and imports to fall 22.6% year-on-year.

“Non-tech exports to China have not yet recovered (as indicated by trade data from China) and lower commodity prices will reduce the value of exports,” Citi economists wrote in a note on Thursday.

China’s April trade data will also be released on Tuesday along with Malaysia’s gross domestic product.

South Korea’s current account balance for March and unemployment for April are expected on Wednesday.

China’s producer price index and consumer price index are scheduled to be published on Thursday. For March, China’s CPI reading rose marginally by 0.7% year-on-year, while PPI marked a 2.5% year-on-year decline. The Philippines reports first-quarter gross domestic product this day as well.

India’s industrial production for March will be published on Friday after marking a year-on-year growth of 5.6% in February. Citi economists expect headline inflation to fall to 4.8% year-on-year, marking the first print below 5% since November 2021.

– Jihye Lee

54 minutes ago

CNBC Pro: Morgan Stanley Says Global Education Market Will Be Worth $8 Trillion, Names 4 Stock Picks

Global spending on education will be worth $8 trillion by 2030, Morgan Stanley predicts, saying there are opportunities in the market that are “only beginning to be enabled by technology.”

Morgan Stanley listed seven stock picks to capitalize on the trend.

CNBC Pro subscribers can read about four of them here.

— Weizhen Tan

54 minutes ago

CNBC Pro: Here are 10 global equities analysts love coming out of earnings week, says Bank of America

Major European companies reported big profits in the last two weeks.

However, according to strategists at Bank of America, there were more downgrades than upgrades from analysts for the company’s earnings estimates.

The investment bank investigated for European large shares that had an increase in net earnings per share revisions.

CNBC Pro subscribers can read more about the 10 stocks they highlighted here.

– Ganesh Rao

Fri May 5, 2023 8:01 AM EDT

Apple results show signs of resilience in tough environment, analysts say

Wall Street analysts see the latest results from Apple as another sign of the tech giant’s ongoing resilience and defensive positioning.

According to Evercore ISI’s Amit Daryanani, the findings underscore the company’s diverse revenue streams and demonstrate the iPhone’s “consumer staple.”

The share rose 2.7% in pre-market trading.

Read more about what analysts say after Apple’s results here.

See diagram…

Apple shares profit on earnings

Fri May 5, 2023 3:53 PM EDT

Oil prices close in losses for the week to date

WTI Crude (JUN) settled up 4.05% on Friday to $71.34 after hitting a high of $71.81 earlier on Friday. This was the highest level since May 2n.d. when WTI traded as high as $71.42

Meanwhile, WTI Crude is lower -7.09% week to date for 3rd outright negative week and the worst week since March 17, when WTI Crude lost -12.96%

Brent settled up 3.86% to $75.30 and touched a high of $75.75. Brent closed down -5.33% WTD for the 3rdrd straight negative week.

Natural Gas ( JUN ) settled up 1.71% to $2.137 after touching a low of $2.031. Nat gas closed down -11.33% week to date for its first negative week in 4 and the worst week since March 10, when natural gas lost -19.24% Natural gas is down 52.25% in 2023.

– Hakyung Kim

Fri May 5, 2023 8:34 AM EDT

American jobs grow by 253,000 in April

The U.S. economy added 253,000 jobs in April, the Labor Department said. Economists polled by Dow Jones expected 180,000 jobs to be added. The report comes after the Federal Reserve raised interest rates by 25 basis points on Wednesday and signaled that a pause may be on the horizon.

– Jeff Cox, Fred Imbert

Fri May 5, 2023 11:28 AM EDT

PacWest jumps 70% as regional bank stocks claw back losses

Regional bank stocks extended their Friday gains, led by PacWest with a gain of more than 70%.

The stock still has a long way to go to recoup all the losses from this year. In fact, PacWest shares are still trading below where they closed Wednesday.

See diagram…

The PacWest is still down this week despite Friday’s rally.

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