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Samsung earnings guidance, Japan services PMI, US jobs data

Tesla cuts some model prices in China, suppliers rise

Tesla cut prices for some models in China for the second time in three months, the company announced in a Weibo post.

The firm said its Model 3 and Model Y vehicles in China are now priced at 229,900 yuan and 259,900 yuan respectively.

It is a fall of 6% to 13.5%, a separate calculation from Reuters showed.

Shenzhen-listed shares of Tesla’s Chinese suppliers rose amid optimism that the price cut could increase demand for the electric car maker.

Shares in Anhui Shiny Electronic Technology rose as much as 10% in Asia trade, and Hengdian Group DMEGC Magnetics rose nearly 9%. Zhejiang Chint Electrics rose around 1[ads1]0% and Shandong Jinjing Science & Tech rose more than 7%.

– Jihye Lee

Several Chinese electronics companies will take market share from Taiwanese companies such as Foxconn: Investment fund

Several Chinese manufacturers of electronic components are set to take market share away from Taiwanese counterparts such as FoxconnKirk Yang, chairman and CEO of Kirkland Capital, told CNBC’s “Squawk Box Asia” on Friday.

apple Supplier Foxconn faces rivalry from Luxshare, which was awarded an iPhone manufacturing contract in China, even as Foxconn posted record sales and its Zhengzhou plant returned to normal after Covid restrictions and labor unrest.

“Chinese companies are getting pretty competitive for iPhone assemblers. China is doing pretty well in pretty much everything except semiconductors,” Yang said.

Yang further added that with China-Taiwan geopolitical tensions, Taiwanese companies in China, in the past five years, have seen a lot of pressure. “A lot of them are moving out of China,” Yang said.

This is why Apple needs to diversify, he said, adding that the tech war between the US and China is also prompting companies to move even faster out of China to diversify.

– Sheila Chiang

Samsung Electronics may cut production in the coming months, says CLSA

Samsung electronics can follow its competitors Micron technology and SK Hynix in cutting production in the later part of 2023, said Sanjeev Rana, senior analyst at CLSA.

The company has “no option but to cut production because inventories are rapidly building up,” Rana said on CNBC’s Squawk Box Asia on Friday.

“If they don’t cut production, inventories could go up even higher,” he said, adding that demand for IT products has plunged in recent months, causing sales of memory chips to fall as well.

On the demand side, Rana said China’s reopening could lead to double-digit growth in smartphone shipments to China on an annual basis.

Samsung earnings guidance, Japan services PMI, US jobs data

The oil price will stay around 85 dollars per barrel for the next five years, says an analyst

Oil prices are expected to hover around $85 a barrel for the next five years as a result of “underinvestment on the supply side” and likely rising demand, said Dan Pickering of Pickering Energy Partners.

As China gets through its Covid wave, “a million to two million barrels per day of incremental demand” can be expected, Pickering said, adding that this will support commodity prices.

He added further support will also be priced in as the world emerges from the global economic downturn.

Brent crude futures rose 1.12% to $79.57 a barrel. Similarly, US West Texas Intermediate rose 1.15% to $74.74 a barrel.

Overnight in the US also reported lower fuel inventories in the wake of a winter storm, adding to pressure on supplies.

– Lee Ying Shan

China lowers mortgage interest rates for first-time buyers

The People’s Bank of China and the China Banking and Insurance Regulatory Commission announced approval for lower mortgage interest rates for first-time home buyers if new-build home prices fall for three consecutive months, it said in a statement.

The latest measures show further support from the government to the property sector.

Home sales in China fell more than 20% year-on-year in each month last year to November, factual data showed. Home prices fell for the fourth straight month in November on a monthly basis, Reuters reported.

Property shares listed in Hong Kong were mostly up, with Logan Group up 5.48% and Cifi Holdings up 0.79%. Country Garden and Longfor Group were flat in Friday’s morning session.

– Jihye Lee

CNBC Pro: Veteran investor sees energy as the biggest winner in 2023 — and names the stocks to play it

After an outstanding performance in 2022, energy stocks have had a slow start to the year.

But veteran investor Louis Navellier is unfazed. He believes the sector is set for another bumper year in 2023, and has a number of stock picks to play it.

Pro subscribers can read more here.

— Zavier Ong

Japan’s service sector grows for fourth consecutive month

Japan’s services sector activity posted a fourth straight month of growth in December as the country’s central bank maintains its ultra-dovish policy, in contrast to its hawkish global peers.

The final au Jibun Bank Japan Services Purchasing Managers’ Index rose to 51.1, compared with the sharp fall in November’s reading of 50.3 from 53.2 in October.

The 50-point mark in PMI readings separates contraction from expansion.

The Japanese yen traded marginally stronger after the report and last stood at 133.38 against the dollar.

– Jihye Lee

Samsung Electronics’ earnings guidance shows a nearly 70% drop in quarterly profits

Samsung Electronics posted its worst quarterly performance in nearly 8 years with a roughly 70% decline in its latest quarter’s operating profit, according to the company’s latest earnings guidance.

The tech giant estimated that profit fell to 4.3 trillion won ($3.37 billion) in the October-December period due to weakened global demand, after posting a profit of 13.87 trillion won ($10.92 billion) in the previous quarter.

Shares of the tech giant rose 0.17% shortly after the guidance.

– Jihye Lee

CNBC Pro: Citi’s Chronert Says A Recession Is Near; shares his “top conviction conversations” to tough it out

Citi’s Scott Chronert expects a mild recession in the first half of this year and revealed three strategy calls that could help investors trade the downturn.

He shared three “top conviction calls” with CNBC that can help investors navigate the macro environment.

CNBC Pro subscribers can read more here.

— Weizhen Tan

St. Louis Fed President James Bullard says 2023 is shaping up to be a year of disinflation

There are a number of factors that could make 2023 a year of disinflation, according to St. Louis Federal Reserve Bank President James Bullard in a speech Thursday.

He noted that GDP growth was likely to improve in the second half of 2022 and inflation has fallen recently, although it is too high overall.

He added that while current policy is not yet “sufficiently restrictive”, it is moving closer and will reach that level this year. This signaled to markets that he might pull back from the more than 5% terminal rate he sees the central bank reaching before halting or reversing interest rate hikes, bringing stocks down from today’s lows.

The labor market strength that has been seen in the middle of a hike cycle is unprecedented, he said.

—Carmen Reinicke

CNBC Pro: Goldman Sachs reveals 7 under-the-radar global stocks to buy this year

Many under-the-radar stocks are key to a green energy transition, according to Goldman Sachs — and it expects them to take off in 2023.

The Wall Street bank said the decade-long trend of investing in large clean energy stocks would change this year, with focus shifting to smaller supply chain firms.

The investment bank identified seven stocks in the Europe, Middle East and Asia regions that will benefit from the new trend.

CNBC Pro subscribers can read more here.

– Ganesh Rao

Big drops for Silvergate, Bed Bath & Beyond highlight dinner movers

Here are some of the biggest stock moves during Thursday’s trading session:

Silvergate — Shares in the crypto-focused bank plunged more than 42% after Silvergate revealed massive customer withdrawals during the fourth quarter. The bank said it had $3.8 billion in assets from digital asset clients at the end of December, down more than 60% from three months earlier. The company also sold more than $5 billion of debt securities to cover the withdrawals, resulting in a loss on sales of $718 million.

Bed Bath & Beyond — The home goods retailer fell 24% after reporting it is running out of cash and considering bankruptcy, citing weaker-than-expected sales. The company said it is exploring financial options, including restructuring, seeking additional capital or selling assets, in addition to a potential bankruptcy.

Lamb Weston Holdings — The food processing company jumped 9% after it crushed quarterly earnings and revenue estimates. Lamb Weston also raised its financial guidance for the full year.

Check out more new arrivals here.

— Jesse Pound

Continued fall in unemployment claims, which signals strength in the labor market

Initial jobless claims rose slightly to 225,000 in the week ended Dec. 24, according to the Labor Department. But continuing claims – which count those who have been unemployed for more than one week – fell.

Continuing claims fell more than 24,000 to 1,569,764 last week. This signals that people are finding new jobs amid a strong labor market.

—Carmen Reinicke

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