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Asian markets mixed ahead of crunch central bank meetings




An hour ago

China’s central bank governor says economy growth in second quarter will be ‘relatively high’

People’s Bank of China Governor Yi Gang said he expects China’s second-quarter gross domestic product to be “relatively high” thanks to a low base effect.

Yi, in a speech in Shanghai last week, said the latest soft inflationary pressures reflect a delayed increase in the level of demand and that he expects the consumer price index to pick up gradually in the second half of the year.

He reiterated his confidence that the economy will meet the government̵[ads1]7;s full-year growth target of around 5%.

Separately, China’s Securities Daily quoted economists as expecting the central bank to ease monetary policy by cutting the medium-term lending facility by 5 to 10 basis points on Thursday. The economists added that there would be room for the reserve requirement ratio in the third quarter of this year.

– Jihye Lee

2 hours ago

Bank of Japan to maintain ultra-easy monetary policy at upcoming meeting: Reuters

The Bank of Japan is likely to maintain its ultra-easy monetary policy when it meets later this week, Reuters reported.

Reuters, citing unnamed sources, reported that the BOJ may also “signal that inflation is exceeding its forecasts.” This could lead to the central bank upgrading its inflation view in July when it carries out a quarterly review.

However, the sources also told Reuters that an upgrade in the inflation outlook, should it occur, is “unlikely to automatically trigger a rate hike.”

In the past, BOJ Governor Kazuo Ueda has maintained his position that an ultra-loose policy is necessary until wages grow sustainably along with inflation.

– Lim Hui Jie

3 hours ago

Topix led by Sony, Daiichi Sankyo as Softbank gets 2%

Japanese health and technology stocks led gains in the Topix on Monday morning, led by drugmaker Daiichi Sankyo which traded 2.44% higher and Sony Group which rose 1%.

Shares of Japanese tech giant Softbank Group rose more than 2%, nearing their highest levels since February.

Other top winners also include electronics giant Sony, as well as automakers Honda Motor and Toyota Motor Corp.

4 hours ago

The inflation rate for wholesale trade in Japan falls more than expected in May

Japan’s wholesale prices rose 5.1% in May from a year earlier, slightly lower than the 5.8% recorded in April.

The increase in the producer price index was the slowest since July 2021, and lower than estimates from economists polled by Reuters who predicted a 5.5% rise.

On a month-on-month basis, wholesale prices fell 0.7%, sharply lower than the 0.2% expected by Reuters.

– Lim Hui Jie

4 hours ago

CNBC Pro: Analysts are super bearish on these 13 global stocks and expect them to decline

4 hours ago

CNBC Pro: Analysts are super bearish on these 13 global stocks and expect them to decline

4 hours ago

CNBC Pro: Wells Fargo strategist warns investors not to ‘chase this stock rally’ as Fed meeting approaches

There is a risk that stocks will go downhill from here, says Paul Christopher, head of global market strategy at the Wells Fargo Investment Institute.

“There’s probably more downside risk in stocks at this point (aka don’t chase this stock rally),” he told CNBC. “The markets are too complacent in our view.”

He explains why.

CNBC Pro subscribers can read more here.

— Weizhen Tan

5 hours ago

Week ahead: Central bank meetings in focus

Global central bank meetings will be in the spotlight this week, including the US Federal Reserve, the Bank of Japan as well as the European Central Bank.

On Monday, Japan’s producer price index and China’s new yuan loan will be released. Indonesia’s consumer confidence, Malaysia’s retail sales and India’s industrial production and inflation rates will also be published.

Tuesday will be a market holiday in South Korea and Indonesia will publish retail sales for the month of April. The US CPI for May will be released when the Federal Open Market Committee (FOMC) meets on 13-14.

South Korea’s import and export prices for May will be out on Wednesday along with the unemployment rate. China reports its foreign direct investment for the month of May. New Zealand is scheduled to publish its first quarter current account statement.

A range of economic data from China will be released on Thursday, including industrial production, retail sales, unemployment and house prices for the month of May.

New Zealand will publish its gross domestic product for the first quarter of this year also on Thursday, as Japan’s trade balance for May and machinery orders for April will be released on the same day as the central bank’s meeting starts. The Eurozone’s central bank will announce its latest interest rate decision overnight.

On Friday, Singapore’s non-oil domestic exports for May will be published and the Bank of Japan will conclude its central bank meeting.

– Jihye Lee

Fri Jun 9, 2023 4:27 AM EDT

U.S. Treasury yields rise as investors prepare for the Fed’s policy meeting

U.S. Treasury yields rose on Friday as investors looked ahead to the Federal Reserve’s June 13-14 monetary policy meeting, where officials will announce a new rate decision.

Uncertainty over whether the central bank will continue or pause its interest rate hike campaign has spread recently, but jobs data released on Thursday led investors to believe the Fed will not raise interest rates again next week.

At 4:24 a.m. ET, the yield on the 10-year Treasury note was up nearly four basis points to 3.7529%. The 2-year Treasury yield traded more than three basis points higher at 4.5556%.

—Sophie Kiderlin

Fri Jun 09 2023 11:46 AM EDT

South Korea ETF hits new 52-week high

See diagram…

iShares MSCI South Korea ETF

—Hakyung Kim, Gina Francolla

Fri Jun 09 2023 3:14 PM EDT

The company profit was expected to be down 6.4% in the 2nd quarter

Corporate earnings for the S&P 500 are expected to post a third straight decline in the second quarter, according to an estimate Friday from FactSet.

Profits are estimated to fall by 6.4% from a year ago in the period April-June. That would be the biggest drop since the pandemic scarred the second quarter of 2020 and worse than the 2.1% decline from the first quarter.

On March 31, FactSet expected a 4.8% drop for the quarter. Since then, 66 companies have issued negative earnings guidance while 44 have issued positive outlooks.

FactSet’s John Butters said the firm expects earnings to turn around in the second half, rising 0.8% in the third quarter and a robust 8.2% to end the year.

-Jeff Cox



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