Tuesday, May 21, 2024
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    HomeBusinessAsia markets fall; China's economy grew 6.3%, missing expectations

    Asia markets fall; China’s economy grew 6.3%, missing expectations

    An Hour Ago

    China’s second quarter GDP grows 6.3%, slower than expected

    China’s second-quarter gross domestic product grew by 6.3% from a year ago, missing expectations compared to the 7.3% forecast by analysts polled by Reuters

    The 6.3% GDP print for the second quarter marked a 0.8% pace of growth from the first quarter, slower than the 2.2% quarter-on-quarter pace recorded in the first three months of the year.

    Seperately, the unemployment rate among young people ages 16 to 24 was 21.3% in June, a new record.

    — Evelyn Cheng

    An Hour Ago

    Hong Kong likely to cancel all trading sessions for Monday

    Hong Kong markets are likely to be shut for the whole of Monday, after the city observatory forecast that the typhoon warning for Typhoon Talim will remain in force until 4 p.m. Hong Kong time.

    The Hong Kong Exchange usually cancels the morning trading sessions if the typhoon signal is No. 8 or above after 9 a.m., and all trading sessions for the day will be cancelled if signal No. 8 or above remains in force by noon.

    — Lim Hui Jie

    2 Hours Ago

    Singapore non-oil domestic exports contracts for ninth straight month

    Singapore’s non-oil domestic exports fell 15.5% year on year in June, marking the ninth straight month that such exports have remained in contraction territory.

    This was a deeper fall than the 14.8% drop recorded in May, but slightly less than the 15.8% fall expected by economists polled by Reuters.

    Enterprise Singapore, Singapore’s enterprise development agency elaborated that the fall in non-oil domestic exports were due to weaker exports to Malaysia, Indonesia and South Korea, although exports to Hong Kong and China rose.

    — Lim Hui Jie

    3 Hours Ago

    CNBC Pro: ‘Red-hot upside’: This global high-growth tech fund’s stock could rise by 180%, says Berenberg

    Shares of a venture capital fund focusing on the high-growth technology sector could rise by more than 180%, according to Berenberg.

    The bank’s analyst said even if the VC fund’s portfolio experiences no growth and is valued at a 20% discount compared to its peers, it would still imply a 54% upside.

    CNBC Pro subscribers can read more here.

    — Ganesh Rao

    3 Hours Ago

    CNBC Pro: UBS updated its ‘highest conviction’ stock list — and it aims to beat a major index

    UBS named a raft of U.S. and global stocks it says are set to beat a major index in 2023, which it described as a year of “inflection points.”

    The stock picks are its “highest conviction” names, and the list is aimed at beating the MSCI All Countries World Index, the Swiss bank said in a July 11 research note, adding that it did not “shy away from taking some contrarian positions.”

    CNBC Pro subscribers can read more here.

    — Lucy Handley

    Fri, Jul 14 2023 3:48 PM EDT

    Global headline inflation appears to have peaked, says IMF

    Among the Group of 20 nations, headline inflation seems to have peaked, according to the International Monetary Fund. However, in most of the G20 countries, particularly the advanced economies, core inflation remains well above central banks’ targets.

    “In the fight against inflation there are some early signs of monetary policy transmitting to activity, with bank lending standards tightening in the euro area and the United States. That said, policymakers should avoid ‘premature celebrations’: lessons from previous inflationary episodes show that easing policy too early can undo progress on inflation,” IMF managing director Kristalina Georgieva wrote in a Friday note.

    The IMF forecasts global growth over the medium-term to fall around 3%, lower than the historical average of 3.8% over 2000 to 2019.

    — Hakyung Kim

    Fri, Jul 14 2023 12:48 PM EDT

    Investors count on upward market momentum in the week ahead as earnings rain down

    Stocks could continue to gain momentum in the week ahead as traders turn their attention to earnings results after the past week’s softer inflation news. 

    The major benchmarks are headed for a positive week Friday after encouraging consumer and wholesale inflation in June cemented the likelihood that the Federal Reserve is closer to the end of its rate-hiking campaign. Traders see a 95% certainty the Federal Reserve will hike at the central bank’s July meeting, according to the CME Group’s FedWatch Tool. They’re 81% sure the Fed will stand pat in September.

    “I think the Fed is kind of locked in for another hike,” said Sage Advisory’s Rob Williams. “But given this inflation data, I think they’re kind of one and done.”  

    CNBC Pro subscribers can read the full story here.

    — Sarah Min

    Fri, Jul 14 2023 1:51 PM EDT

    More than a third of Friday’s new 52-week highs in S&P 500 are all-time records

    More than one third of the 32 stocks making new 52-week highs in the S&P 500 Friday are also trading at all-time records. Three of the 32 (JPM, V, CRM) are also in the Dow Jones Industrial Average. Three of the all-time highs are homebuilders. And then there’s Nvidia, of course:

    Meanwhile, just five stocks fell to 52-week lows in the S&P 500 Friday, none of them records, although AT&T touched a 20-year low:

    — Scott Schnipper, Christopher Hayes

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