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

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

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

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.

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— Ganesh Rao

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.”

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— Lucy Handley

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

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.”  

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— Sarah Min

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:

• Netflix, trading at highest since Feb. 2022
• Booking Holdings, trading at record high back to 1999 IPO
• D.R. Horton, all-time high back to 1992 IPO
• Lennar, all-time high back to start of trading in 1971
• PulteGroup, trading at all-time high back to its IPO in 1972
• CBOE Holdings, all-time high back to 2010 IPO ‎
• Intercontinental Exchange, highest since April 2022
• JPMorgan (JPM), highest since Feb. 2022
• Moody’s, highest since Feb. 2022
• S&P Global, highest since April 2022
• Visa, highest since August 2021
• Align Technology, highest since April 2022
• Cooper Companies, highest since April 2022
• DexCom, highest since Dec. 2021
• IDEXX Laboratories, highest since April 2022
• Intuitive Surgical, highest since Jan. 2022
• Steris, highest since June 2022
• Copart, all-time high back to 1994 IPO
• Masco, highest since Feb. 2022
• Rollins Inc., highest since 1968 start of trading
• Adobe, highest since Feb. 2022
• Ansys, highest since Jan. 2022
• Cadence Design Systems, all-time since predecessor ECAD went public in 1987
• Salesforce.com, highest since Feb. 2022
• Fortinet, all-time high back to 2009 IPO
• Gartner, highest since Nov. 2021
• ServiceNow, highest since March 2022
• NVIDIA, all-time high since 1999 IPO
• ON Semiconductor, all-time high since 2000 IPO
• Teradyne, highest since April 2022
• Sherwin-Williams, highest since June 2022
• Equinix, highest since Jan. 2022

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