Asian markets rise as S&P 500 hits new 2023 high, China’s producer price index falls

38 minutes ago

Retail and industrial stocks led the Nikkei rebound on Friday

Retail and industrial stocks gave the Nikkei 225 a 1.97% gain on Friday, leading the Asia-Pacific region’s major indexes.

Video game company Konami, which topped the index, rose 5.79%. Konami is known for developing the Metal Gear and Silent Hill series of games.

Retail giant Fast Retailing, chemical giant Mitsui & Co and Daikin Industries, the world’s largest air conditioner maker, were other names on the list of top gainers.

36 minutes ago

The CBA sees a 50% chance of Australia entering a ‘personal recession’ this year

The Commonwealth Bank of Australia recently lowered its growth forecasts for the Australian economy, predicting a 50% chance of the economy entering a per capita recession in 2023, according to Silver Note.

It revised its fourth-quarter GDP growth to 0.7% from 0.9%, after its initial forecast said the Reserve Bank of Australia had already hit its benchmark interest rate of 3.85%.

Earlier this week the central bank 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 hike continues to drain debt-laden households of cash flow,” wrote CBA’s Gareth Aird.

“At the time of the National Accounts Australia is almost certain to be in a ‘personal recession’ [for the second quarter] Will be released in early September,” Aert wrote.

– Jihye Lee

5 hours ago

China’s consumer prices rise 0.2%, producer prices fall

China’s consumer price index rose 0.2% in May from a year earlier, according to government data.

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Economists polled by Reuters had expected a 0.3% rise, up from April’s 0.1% mark, a two-year low. On a month-on-month basis, prices fell 0.2% – economists had predicted a 0.1% decline.

China’s producer deflation continued in May, with the producer price index falling 4.6% month-on-month, a further decline from -3.6% in April and marking the steepest decline since June 2016.

A Reuters poll of economists expected to see a 4.3% decline in producer prices.

– Jihye Lee

5 hours ago

The Philippines’ trade deficit narrows in April, but both exports and imports fall

The Philippines’ trade deficit narrowed to $4.53 billion in May, down from $4.93 billion in March.

Both the country’s exports and imports fell sharply compared to April 2022, with exports down 20.2% and imports down 17.7% year-on-year.

In comparison, March saw a 9.1% drop in exports and a 2.7% drop in imports from a year ago.

The government data is out The commodity group with the largest annual decline in export value in April was electronics, which fell by $582.6 million.

Exceeded only by mineral fuels, lubricants and related products, electronic products were the second largest contributor to the fall in imports, which fell by $927.86 million.

China was still the Philippines’ top trading partner, contributing 15.8% of its export value and 23.9% of its imports in April.

– Lim Hui Jee

6 hours ago

CNBC Pro: Forget Nvidia: Fund manager says buy these two chip giants, each up 30%

6 hours ago

CNBC Pro: UBS Strategist: Too Much Risk Right Now in Big Tech — Here’s Where to Invest Instead

Big tech valuations have been largely driven by excitement over AI, but one UBS strategist now believes there’s another sector that could offer similar returns with less risk.

CNBC Pro subscribers can read more here.

– Ganesh Rao

11 hours ago

Look for these stocks to signal a bullish run in the last five trading sessions

A collection of stocks are trading above their respective 50-day moving averages, a key level that signals a bullish turn.

While still short of the celebrated “golden cross,” a stock’s price trading above its 50-day moving average is a key indicator that a potential upside may still 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 the financial sector’s Citizens and Trust Financial.

CNBC Pro subscribers can read the full list here.

– Brian Evans, Nick Wells

18 hours ago

Weekly jobless claims show unexpected increase

Initial jobless claims posted an unexpected rise last week, indicating that the labor market may be softening.

First-time filings for jobless benefits came in at 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 said Thursday.

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This is the maximum weekly level for claims after October 20, 2021.

Continuous claims fell for the week, down 37,000 to 1.757 million.

– Jeff Cox

22 hours ago

US Treasury yields climb as investors assess the interest rate outlook

US Treasurys rose on Thursday as investors braced for the Federal Reserve’s next interest rate policy decision, expected on June 14. In the week ahead of the data, investors reflected on economic reports and comments from central bank officials. Last meeting of central bank.

At 4:14 am ET, the 10-year Treasury yield traded up a basis point at 3.7973%. The 2-year Treasury yield rose more than a basis point to 4.565%.

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