Asian markets trade mixed ahead of US vote on debt ceiling deal; Hong Kong is poised for new lows
2 hours ago
Softbank shares fall nearly 4%, leading losses on Topix
Shares in Softbank Group fell nearly 4% on Tuesday, leading losses on Japan’s Topix index.
This comes after Softbank-owned chip designer Arm announced it was launching new technology for mobile devices and Taiwanese smartphone chipmaker MediaTek Inc said it will use it for its next-generation product.
Shares in Softbank rose 8.8 percent on Monday.
3 hours ago
Japan’s unemployment rate falls to 2.6% in April
Japan’s unemployment rate fell slightly to 2.6% in April, down from March’s figure of 2.8%.
This was also lower than the 2.7% expected by economists polled by Reuters.
Government data showed that the ratio of jobs to applicants was 1.32, unchanged from March.
– Lim Hui Jie
3 hours ago
CNBC Pro: Parts of the market are getting more expensive. But analysts like these 4 cheap stocks
Markets have rallied this year despite economic uncertainty in the US.
Some parts of the markets are expensive right now, but analysts say some sectors are still cheap.
They name four stocks that are still cheap to buy, including one in technology.
CNBC Pro subscribers can read more here.
— Weizhen Tan
3 hours ago
CNBC Pro: Nvidia and AI are hot — and BofA says these 3 global stocks are worth the buzz, too
Nvidia’s earnings blockbuster has investors excited.
In a May 25 note, BofA said Nvidia’s “rosy outlook” when it comes to data centers and artificial intelligence has confirmed its positive view of the AI server hardware supply chain.
It named three global stocks to play the Nvidia and AI buzz.
CNBC Pro subscribers can read more here.
— Weizhen Tan
5 hours ago
Biden, congressional leaders strike out debt ceiling deal set for vote this week
President Joe Biden and congressional leaders reached a preliminary agreement over the weekend to avoid a US default, with the bill set for a vote as soon as this week.
House Majority Speaker Kevin McCarthy and Biden had been at odds for weeks over raising the debt ceiling, with the first signs of real progress last week. Key provisions that necessitated compromise included keeping non-defense spending flat for the next two years, as well as increasing work requirements for food stamp benefits.
Still, the bill will need both Republican and Democratic support to reach President Biden’s desk before the so-called “X date” of June 5, which is the earliest time the Treasury Department has signaled that the United States could default.
-Brian Evans
21 hours ago
Week ahead: China PMI readings; Bank of Thailand meeting, South Korea GDP
China’s purchasing managers’ index readings for May along with the Bank of Thailand’s meeting and South Korea’s inflation and gross domestic product reports will be in focus this week.
On Monday, Hong Kong’s trade data for April will be published after the region saw a 0.6% drop in imports and a 1.5% drop in exports in March.
Japan’s unemployment figures for April will be released as well as Australia’s construction approvals for the same month on Tuesday. Thailand’s industrial production for April will also be released.
China’s National Bureau of Statistics will publish the economy’s purchasing managers’ index for May. Economists polled by Reuters expect the reading to remain below the 50 mark that separates contraction and growth at 49.4, after April’s reading of 49.2.
The Bank of Thailand is set to announce its interest rate decision on the same day.
South Korea’s April industrial production on Wednesday is expected to show a further decline of 7.9% in April, according to economists polled by Reuters.
Retail sales for South Korea and Japan are also scheduled to be released on the same day. India will publish its gross domestic product for the third quarter of the year. South Korea will also publish its latest trade figures alongside Australia’s retail sales.
Indonesia’s markets will be closed on Thursday and Friday, while Singapore will observe a market holiday on June 2. South Korea’s gross domestic product and its latest inflation readings will be released on Friday.
– Jihye Lee
