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Tokyo inflation, Singapore manufacturing, EVs fall

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An Hour Ago

Japan December services producer prices rise 2.4% — fastest growth since March 2015

Japan’s services producer price index rose 2.4% year on year in December, the same as the revised 2.4% reading for November which was also released Friday.

This means that Japan’s service prices have hit their fastest rate of growth since March 2015.

Over the whole of 2023, the services PPI rose 2% year on year, faster the prior year’s 1.8% and 2021’s 0.9%.

— Lim Hui Jie

An Hour Ago

Bank of Japan in no hurry to change monetary policy stance, meeting minutes show

Japan’s central bank will not terminate its negative interest rate and yield curve control policy based on “specific numerical values” including negotiations around wage increases.

According to minutes of the BOJ’s December meeting, several board members said exiting from the NIRP and YCC will be “decided at each future meeting based on various data and information obtained at each point in time.”

At the meeting, some members also expressed the view that the bank was currently not in a situation where it would “fall behind the curve” if it did not rush to raise policy interest rates.

The members added even if the BOJ made a decision once the labor-management wage negotiations conclude in spring 2024, “it would not be too late.”

— Lim Hui Jie

2 Hours Ago

CNBC Pro: Buy or avoid China? The pros share their take — and stock picks

2 Hours Ago

Tokyo inflation softens for third straight month; core inflation lower than expected

The inflation rate in Japan’s capital city of Tokyo fell to 1.6% in January, down from 2.4% in December.

Tokyo’s inflation rate is widely considered to be a leading indicator of nationwide inflation trends in Japan.

Tokyo’s core inflation rate, which strips out prices of fresh food, also came in at 1.6%, lower than the 1.9% expected by economists polled by Reuters and also lower then December’s 2.1%.

The so called “core-core” inflation rate, which strips out fresh food and energy prices and is watched by the Bank of Japan, fell to 2.2% in January from 2.7%.

— Lim Hui Jie

2 Hours Ago

CNBC Pro: Goldman Sachs likes this under-the-radar European sector, naming 2 stocks with almost 40% upside

Europe’s power grid is in dire need of an upgrade, Goldman Sachs says, naming stocks it expects to benefit from the network’s expansion and modernization.

“We believe that stocks with a large exposure to power grids will benefit from a solid growth driver, for at least the coming ten years,” they wrote. “Power grids sit in the sweet spot of electrification: besides an accelerating top line, we highlight attractive risk-adjusted returns, which are usually set on a ‘cost plus’ basis.”

Goldman’s analysts named two buy-rated stocks to play the theme.

CNBC Pro subscribers can read more here.

— Amala Balakrishner

13 Hours Ago

U.S. GDP grows at much faster-than-expected pace

The U.S. economy expanded by 3.3% in the fourth quarter, easily surpassing expectations. Economists polled by Dow Jones had forecast the economy grew by 2% in the fourth quarter.

The report also included encouraging data on the inflation front. The price index for personal consumption expenditures rose 2.7% on an annualized basis, down from 5.9% a year prior. Core PCE increased by 3.2%, down from 5.1%.

The report comes as investors look ahead to possible Federal Reserve rate cuts later this year.

— Fred Imbert

9 Hours Ago

U.S. crude breaks above $76 on strong economic growth, China stimulus

Oil prices rallied on Thursday as demand expectations rose on strong U.S. economic growth and China stimulus, while supply tightened after winter storms hit crude production.

The West Texas Intermediate contract for March rose $1.22, or 1.62%, to trade at $76.31 a barrel. The Brent March contract gained $1.21, or 1.51%, to trade at $81.25 a barrel.

U.S. crude remaining above $76 a barrel would indicate a breakout that confirms oil’s immediate trend has moved to the upside, according to Matt Maley, chief market strategist with Miller Tabak.

This would be also a good sign for energy stocks which have lagged crude prices since mid-December, Maley said. If crude oil confirms a change in trend, energy stocks will have to play catch up, he told CNBC.

— Spencer Kimball

6 Hours Ago

Tesla in 2024 is approaching, and in some cases exceeding, solar stocks’ losses

Tesla (-26.5%) has already lost more value in 2024 than Boeing (-23%), quite an impressive feat.

Now the EV maker is competing with washed out solar energy stocks to register some of the largest declines early in the new year.

For the time being, Sunnova Energy (-31.3% in 2024) and Sunrun (-27%) have declined more than Tesla so far this year. But Tesla now surpasses the declines in both SolarEdge Technologies (-25.3%) and Enphase Energy (-19.6%).

See Chart…

Tesla vs Sunnova shares so far in 2024.

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