1 hour ago
Hong Kong stocks fall more than 2% led by real estate stocks
Hong Kong's Hang Seng index was Asia's worst performing index for the second day in a row, falling 2.76% on the back of declines in real estate stocks and consumer non-cyclical stocks.
Alibaba Health Information Technology, a subsidiary of Chinese tech giant Alibaba, plunged 7.43%, becoming the biggest loser on the HSI.
This was followed by residential property management company Longfour Group and tech giant Meituan, which fell 5.68% and 5.48%, respectively.
3 hours ago
China reports fourth-quarter GDP short of target as December retail sales disappoint
China's fourth-quarter GDP statistics were slightly lower than expected, with a growth rate of 5.2% in 2023.
China's National Bureau of Statistics said on Wednesday that the country's economic growth rate for the October-December period was 5.2%. This was lower than the 5.3% growth rate predicted by economists compiled by Reuters.
According to the China Bureau of Statistics, the urban unemployment rate was 5.1% in December, but the unemployment rate for 16- to 24-year-olds remains much higher at 14.9%.
This summer, the bureau temporarily suspended publishing the youth unemployment rate, saying it needed to revise its calculation method. This unemployment rate had previously risen to a record of over 20%.
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— Evelyn Chen
5 hours ago
Business confidence among large Japanese companies worsens
According to the monthly Reuters Tankan survey, business confidence among Japan's major manufacturers fell in January for the first time in four months.
The manufacturing sector sentiment index was +6, down from +12.6 points in December, but the service sector index in January was +29, up from +26 the previous month.
The monthly Reuters poll tracks the Bank of Japan's main quarterly Tankan survey and is calculated by subtracting the percentage of respondents who are optimistic from the percentage of respondents who are pessimistic. A positive number means that the number of optimists exceeds the number of pessimists and vice versa.
Reuters reported that the survey highlighted concerns about sluggish external demand, particularly from China.
— Lim Huijie
4 hours ago
Singapore's domestic non-oil exports unexpectedly fell in December
Customers at a cafe on a mostly deserted street in Singapore on Tuesday, September 28, 2021.
Lauryn Ishak | Bloomberg | Getty Images
Singapore's domestic non-oil exports unexpectedly fell in December compared to the same month last year, official data showed.
Singapore's NODX fell 1.5% last month, but a Reuters poll had predicted a 3.3% rise. NODX increased by 1% in November.
This decrease was due to a decrease in shipments of electronic products. Shipments of non-electronic products increased.
Exports to Singapore's main markets, Taiwan, South Korea and Japan, declined significantly in the last month of 2023.
On the other hand, NODX for China, Hong Kong, the European Union, and the United States rose.
— Shreyashi Sanyal
5 hours ago
CNBC Pro: 'Buy on the edge': Morgan Stanley names favorites for European tech stocks
A “roller coaster year” for Europe's technology and hardware sector in 2023 has ended on a high note, with a cyclical recovery now underway, according to Morgan Stanley.
Wall Street banks expect investors to focus on a cyclical recovery and key themes such as artificial intelligence, advanced packaging, silicon carbide and gate-all-around transistors.
Morgan Stanley analysts said these themes collectively could “drive earnings momentum this year, and particularly in the second half of 2024,” naming six stocks they are overweight.
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— Amara Balakrishna
5 hours ago
CNBC Pro: “A treasure trove of rebound opportunities'': Citi and others are bullish on biotechnology and other stocks
2023 wasn't a good year for the healthcare sector, but some investors are expecting a resurgence in the sector this year, highlighting biotechnology and medical technology as areas to watch.
Citi said that given demographic shifts and the benefits of artificial intelligence, the healthcare industry “seems poised to return to leadership,” adding that “a recovery in healthcare revenues in 2024 will drive this sector forward.” “This will be one of the main drivers of potential outperformance,” he added. . ”
CNBC Pro features stock picks and other investment tips for the sector from strategists at the bank and other countries.
Subscribers can read more here.
— Tan Weizhen
12 hours ago
Yields soar as Fed Governor Wallace says interest rate cuts may be slower than expected
The 10-year Treasury yield rose nearly 9 basis points on Tuesday after Federal Reserve President Christopher Waller suggested the central bank may need more time to cut interest rates.
“Unless inflation recovers and remains high, I [Federal Open Market Committee] “This year we could lower the target range for the federal funds rate,” Waller said in a speech at the Brookings Institution.
“We believe that when the time is right to start cutting rates, we can and should do so in a systematic and prudent manner,” he added. “In many previous cycles…rate cuts have been reactive, cutting very quickly and often in large numbers.But in this cycle…we have not acted as quickly or cut rates as quickly as in the past. I see no reason to do so.”
— Ha-Kyung Kim
10 hours ago
Crude oil falls due to strong dollar and interest rate expectations
Oil prices fell on Tuesday as the U.S. dollar strengthened after Federal Reserve officials indicated they may not cut interest rates as aggressively as markets expected.
West Texas Intermediate futures for February fell 56 cents, or 0.77%, to trade at $72.12 a barrel. Brent futures for March fell 13 cents, or 0.17%, to trade at $78.02 per barrel.
The dollar index rose nearly 1% after Federal Reserve President Christopher Waller said interest rates should be “systematically and prudently lowered” at the appropriate time.
Waller acknowledged that unless inflation recovers and remains high, a rate cut is likely before the end of the year.
Oil prices rose in early trading on Tuesday as investors monitored rising tensions in the Middle East, particularly in the Red Sea.
Oil giant Shell has suspended shipping through the Red Sea due to concerns about attacks by Houthi militants on commercial ships in the waterway, the Wall Street Journal reported.
— Spencer Kimball
11 hours ago
Microsoft and NVIDIA hit new highs among 16 S&P 500 companies
“7 Magnificent Stocks'' Microsoft and Nvidia were two of the 16 stocks in the S&P 500 that hit new highs on Tuesday. Microsoft's stock was trading at levels not seen since March 1986, while Nvidia's stock was trading at levels not seen since January 1999.
Other names that hit all-time highs include:
- palo alto networks Trading at highest price since IPO in July 2012
- Eli Lilly Trading at an all-time high dating back to 1952, when the company issued its first public stock.
- CBOE Holdings is trading at record high levels since its June 2010 IPO
- TJX companies trading at all-time highs since 1987 IPO
- allstate Roebuck is trading at its highest price ever since its 1993 IPO, when it was originally an insurance subsidiary of Sears.
— Lisa Kailai Han, Christopher Hayes
10 hours ago
Energy leads sector losses on Tuesday
The biggest decliner in the S&P 500 index on Tuesday was in the energy sector, which fell 2.1% as oil prices fell on the strength of the U.S. dollar. EQT, APA, and EOG Resources all fell about 3.4%.
Financial stocks also fell following a series of financial results announcements by major banks. Morgan Stanley, which released its quarterly results in the morning, fell 5.2%. PayPal and T. Rowe Price Group fell 4.6% and 3.9%, respectively.
— Ha-Kyung Kim