Asian markets mostly fall as Japan hovers near 33-year highs

45 minutes ago

CNBC Pro: Global stocks soar. Analysts love these names – offering over 80% upside

US stocks are not the only ones rising this year.

Some global indices have followed these gains and climbed.

Analysts remain optimistic about some parts of the US market, but some expect international markets to do better this year.

CNBC Pro checked stocks in the MSCI World, S&P 500 and Vanguard FTSE All-World ex-US Index Fund for global names with big upside.

The resulting stocks have buy ratings from over 65% of analysts covering them and an average upside of at least 30%.

CNBC Pro subscribers can read more here.

— Weizhen Tan

45 minutes ago

CNBC Pro: Alibaba and more: Morgan Stanley names 5 global stocks with at least 50% upside

Morgan Stanley expects five of its top stock picks in Asia to rise more than 50% over the next 12 months.

The Wall Street bank is bullish on a set of Asian stocks as the broad MSCI Asia Pacific share index has entered a new bull market, rising 25% from last October’s low.

Alibaba is the investment bank’s top choice in the Internet sector in China.

CNBC Pro subscribers can read more about the remaining 4 stocks here.

– Ganesh Rao

Fri Jun 16, 2023 4:23 PM EDT

Shares close lower, S&P 500 holds on to best week since March

Stocks closed lower on Friday, with the S&P 500 notching its best week since March.

The 30-share Dow Jones Industrial Average fell 108.94 points, or 0.3%, to 34,299.12. Tech-heavy Nasdaq Composite fell 0.7% to end the session at 13,689.57, while the S&P 500 fell 0.4% to 4,409.59. The S&P 500 and Nasdaq Composites broke their six-session winning streaks on Friday.

See diagram…

The S&P 500 index.

Fri Jun 16, 2023 10:11 am EDT

Inflation prospects fall sharply in key consumer surveys

Consumer inflation expectations fell in June, lending support to the Federal Reserve in its fight against rising prices.

The closely watched University of Michigan Survey of Consumers showed one-year expectations plunged to 3.3%, down from 4.2% the previous month. It is the lowest level since March 2021.

The headline reading for the survey came in at 63.9, better than the Dow Jones estimate of 60.2 and up from May’s 59.2.

-Jeff Cox

Fri 16 June 2023 at 9:50 a.m. EDT

Fed’s Barkin is “comfortable” with more hikes if inflation does not improve

Richmond Federal Reserve President Thomas Barkin said Friday that he would be fine with raising interest rates if inflation does not continue to fall.

“I want to reiterate that 2% inflation is our target, and that I’m still looking to be convinced of the plausible story that a slowdown in demand returns inflation to that target relatively quickly. If upcoming data doesn’t support that story, I’m comfortable doing more,” Barkin said in prepared remarks for a speech in Maryland.

“I recognize that it creates the risk of a more significant downturn, but the experience of the ’70s provides a clear lesson: If you pull back inflation too soon, inflation comes back stronger, requiring the Fed to do even more, with even more damage. ” he added. “It’s not a risk I want to take.”

Barkin is a non-voting member this year on the rate-setting Federal Open Market Committee.

-Jeff Cox

Fri Jun 16, 2023 7:47 AM EDT

Fed’s Waller says inflation battle will continue

Federal Reserve Chairman Christopher Waller vowed on Friday that the central bank will not back down in its efforts to bring down inflation.

“The Fed’s job is to use monetary policy to achieve its dual mandate, and right now that means raising interest rates to fight inflation,” Waller said in prepared remarks for a speech in Oslo.

He addressed the banking crisis in March, rejecting the notion that the Fed’s aggressive rate hikes were a cause.

“It is the job of bank managers to manage interest rate risk, and almost all bank managers have done just that. I do not support changing the stance of monetary policy because of concerns about ineffective management in a few banks,” he said.

-Jeff Cox

Fri Jun 16, 2023 4:19 AM EDT

2-year Treasury yields rise as investors assess the interest rate outlook

U.S. Treasury yields rose on Friday as investors weighed the path forward for rates and looked to comments from Federal Reserve officials for details on potential further rate hikes. In guidance issued alongside the central bank’s decision to keep interest rates unchanged earlier this week, it had indicated that interest rates could go higher this year.

At 4:16 a.m. ET, the 10-year Treasury traded over two basis points higher at 3.7516%. The yield on the 2-year Treasury rose more than four basis points to 4.6948%.

—Sophie Kiderlin

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