An Hour Ago
Retail and industrial stocks lead Nikkei rebound on Friday
Retail and industrial stocks powered the Nikkei 225 to a 1.97% gain on Friday, leading gains among major indexes in the Asia-Pacific region.
The top gainer on the index was video game company Konami, which climbed 5.79%. Konami is known for creating the Metal Gear and Silent Hill series of games.
Other names on the top gainers list were retail giant Fast Retailing, chemicals company Mitsui and Co, and Daikin Industries, the world’s largest air conditioner manufacturer.
An Hour Ago
CBA sees 50% chance of Australia entering a ‘per capita recession’ this year
The Commonwealth Bank of Australia recently downgraded its growth forecasts on the Australian economy, predicting a 50% likelihood of the economy entering a per-capita recession in 2023, according to a Friday note.
It revised its fourth quarter gross domestic product from 0.9% to 0.7%, saying that its initial forecast was conditional on the Reserve Bank of Australia as already having reached its peak interest rate at 3.85%.
The central bank earlier this week raised its benchmark rate by 25 basis points to 4.1%, the highest since April 2012.
“We put the odds of a recession in 2023 at 50% as the lagged impact of the RBA’s rate increases continues to drain the cash flow of households that carry debt,” CBA’s Gareth Aird wrote.
“It will almost certainly be confirmed that Australia is in a ‘per capita recession’ when the national accounts [for the second quarter] are published in early September,” Aird wrote.
— Jihye Lee
6 Hours Ago
China’s consumer prices rise 0.2%, producer prices fall
China’s consumer price index rose 0.2% in May compared to a year ago, government data showed.
Economists surveyed by Reuters expected to see a 0.3% rise, ticking up after marking a two-year low of 0.1% in April. Month-on-month, prices fell 0.2% — economists predicted a 0.1% decline.
China’s producer deflation continued in May, with the producer price index dropping 4.6% for the month, a further decline from -3.6% in April and marking the steepest drop since June 2016.
A Reuters poll of economists expected to see a decline of 4.3% in producer prices.
— Jihye Lee
6 Hours Ago
Philippines’ trade deficit narrows in April, but both exports and imports tumble
The Philippines’ trade deficit in May narrowed to $4.53 billion, down from a $4.93 billion deficit in March.
The country’s exports and imports both slid sharply compared to April 2022, with exports falling 20.2% and imports sliding 17.7% year-on-year.
In comparison, March saw a 9.1% fall in exports and 2.7% drop in imports compared to a year ago.
Government data revealed that the commodity group with the highest annual decline in export value in April was electronic products, which dropped by $582.6 million.
Electronic products were also the second highest contributor to the fall in imports, only surpassed by mineral fuels, lubricants and related materials, which fell by $927.86 million.
China still remained as the Philippines top trading partner, contributing to 15.8% of its export value and supplying 23.9% of its imported goods in April.
— Lim Hui Jie
7 Hours Ago
CNBC Pro: Forget Nvidia: Fund manager says buy these two chip giants instead, giving one 30% upside
At the center of the recent AI excitement lies Nvidia.
But one fund manager told CNBC Pro he would not buy Nvidia right now. He explains why and says he would invest in two other chip giants instead.
He calls one “very cheap” and “a great story at a great valuation,” and the other a “keystone in all technology,” giving one of them 30% potential upside.
CNBC Pro subscribers can read more here.
— Weizhen Tan
7 Hours Ago
CNBC Pro: UBS strategist: There’s too much risk in Big Tech right now — here’s where to invest instead
Big Tech valuations have been driven higher by excitement over A.I, but a UBS strategist believes there’s another sector that can now offer similar returns with less risk.
CNBC Pro subscribers can read more here.
— Ganesh Rao
12 Hours Ago
Watch these stocks as they signal bullish run in the past five trading sessions
A collection of stocks are trading above their respective 50-day moving average, which is a key level that could signal a bullish turn.
While still falling short of the celebrated “golden cross,” a stock’s price trading above its 50-day moving average is still a key indicator that more upside could be on the horizon.
CNBC screened for stocks within the S&P 500 using FactSet data. The list includes names like Caterpillar and General Motors as well as finance sector picks Citizens and Truist Financial.
CNBC Pro subscribers can read the full list here.
— Brian Evans, Nick Wells
19 Hours Ago
Weekly jobless claims show unexpected increase
Initial jobless claims posted an unexpected jump last week, indicating that the labor market could be softening up.
First-time filings for unemployment benefits totaled 261,000 for the week ended June 3, up 28,000 from the previous period and well ahead of the Dow Jones estimate of 235,000, the Labor Department reported Thursday.
That’s the highest weekly level for claims since Oct. 20, 2021.
Continuing claims fell on the week, dropping 37,000 to 1.757 million.
—Jeff Cox
23 Hours Ago
U.S. Treasury yields climb as investors assess interest rate outlook
U.S. Treasurys rose on Thursday as investors prepared for the Federal Reserve’s next interest rate policy decision, which is expected on June 14. In a week that is light on the data front, investors reflected on economic reports and comments from central bank officials made since the last Fed meeting.
At 4:14 a.m. ET, the 10-year Treasury yield was trading more than one basis point higher at 3.7973%. The 2-year Treasury yield was up by over one basis point to 4.565%.
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