1 hour ago
China’s consumer prices remain flat, falling below expectations
China’s consumer prices were flat in September, but the rate of decline in factory prices slowed for the third consecutive month.
The consumer price index was flat on an annual basis in September, according to data from the Office for National Statistics. This was below the median forecast for a 0.2% rise in a Reuters poll.
China’s producer price index fell 2.5% from a year earlier, lower than economists’ expectations for a 2.4% decline.
The slump in prices underscores what top Chinese leaders have called a “tortuous” economic recovery after the country emerged from strict zero-coronavirus measures towards the end of last year.
— Clement Tan, Li Ying Xiang
2 hours ago
Singapore will not change its monetary policy stance
central bank of singapore monetary policy left unchanged The Singapore dollar’s nominal effective exchange rate maintained its rate of increase within the policy range for the second consecutive meeting.
The Central Bank of Singapore controls monetary policy through setting exchange rates rather than interest rates.
It guides the Singapore dollar against a private basket of currencies from major trading partners, adjusting the pace of appreciation or depreciation by fine-tuning the slope, width and center of the currency band. The Monetary Authority of Singapore has not disclosed any details about the band.
The Southeast Asian city-state’s core inflation rate in August was 3.4% year-on-year, slowing from July’s figure.
The Monetary Authority of Singapore said in a statement on Friday that it expects core inflation to “decline further to 2.5-3.0% year-on-year by December”. “The outlook for Singapore’s economy is bleak in the short term, but should gradually improve in the second half of 2024.”
— Li Yingshan
2 hours ago
Singapore’s third quarter GDP expands more than expected
Singapore GDP According to the government’s preliminary estimates, the economy grew faster than expected in the third quarter, expanding by 0.7% compared to the same period last year.
The construction sector grew by 6% year-on-year, further increasing the 7.7% growth seen in the previous quarter.
“Growth was supported by expansion in public and private sector construction output,” the Department of Trade and Industry said in a statement.
Conversely, Singapore’s manufacturing industry shrank by 5%. The cause of the poor performance was a decline in production across all manufacturing clusters except for the transportation engineering cluster.
On a seasonally adjusted quarter-on-quarter basis, Singapore’s GDP grew by 1%, exceeding the 0.1% expansion in the previous quarter.
— Li Yingshan
2 hours ago
India’s inflation rate falls to three-month low
India’s inflation statistics rise by 5.02% In September, the year-on-year comparison fell to the lowest level in three months due to the decline in vegetable prices.
The figure was lower than the 5.5% rise expected by economists polled by Reuters, but still above the central bank’s target of 4%.
Just last week, the Reserve Bank of India kept interest rates unchanged at 6.5%.
— Li Yingshan
6 hours ago
The Fed needs to see core inflation below 4% and falling further to stop raising rates, Wolf says
Chris Seniek, chief investment strategist at Wolfe Research, said Thursday’s September consumer price data was “slightly higher than expected” and that the Federal Reserve will raise interest rates again by the end of 2023. It was said that it was not sufficient to prevent it.
“Our sense is that the FOMC needs to see core inflation below 4% and that the trend continues to decline for core inflation to pause and remain flat for an extended period of time,” Seniek said in a letter to clients. I think it will continue.”
In the medium term, Seniec said, the delayed effects of the Fed’s first interest rate hike since March 2022 will ultimately “trigger economic disappointment, heightened recession fears, and a cycle of downward EPS revisions in the coming months.” We believe that lower interest rates alone will not be enough to offset the recession. Downward bias.
— Scott Schnipper, Michael Bloom
3 hours ago
CNBC Pro: ‘Best-performing emerging markets’: Analysts name stocks that stand to benefit from India’s booming economy
Zomato delivery driver based in New Delhi, India.
Nasir Kakroo | Nurfoto | Getty Images
Strong economic growth, accelerating government spending and bottoming out inflation are just some of the reasons why many analysts are bullish on India, including asset manager AllianceBernstein.
Analysts predict that the South Asian country will be “one of the most profitable major markets around the world in the coming years.”
AllianceBernstein has revealed some of its favorite stocks in the country, including two new stocks on its radar.
CNBC Pro subscribers can read more here.
— Amara Balakrishna
3 hours ago
CNBC Pro: ‘Big tailwind’: Asset managers are bullish on this under-the-radar AI stock
Artificial intelligence stocks rose as the topic gained traction this year, with investors rushing into favorites like Nvidia and Microsoft.
But there’s one lesser-known AI stock that could be essential to long-term artificial intelligence infrastructure deployment, according to Deepwater Asset Management.
CNBC Pro subscribers can read more here.
— Tan Weizhen
11 hours ago
Demand is concerned about subdued oil prices, Croft says.
Oil prices rebounded on Thursday, with U.S. benchmark West Texas Intermediate crude oil futures up 1.6%, trading at just under $85 a barrel. The move erases some of Wednesday’s decline, leaving oil prices still below Monday’s highs and levels seen in late September, when WTI was trading above $90 a barrel.
Helima Croft, commodity strategist at RBC Capital Markets, said on “Squawk on the Street.” report Despite concerns that the Israeli-Hamas war could escalate and disrupt global oil supplies, a surprising increase in gasoline production in the United States last week showed it was helping keep prices down. It was done.
“The question is what will prevail this year: broader concerns about the macro backdrop of potential softer demand, or questions about the security of supply,” Croft said.
— Jesse Pound
3 hours ago
CNBC Pro: Birkenstock IPO could help push another footwear stock up 65%, analyst says
Birkenstock’s recent initial public offering (IPO) is expected to lead to a rise in the British shoe brand’s stock price, according to analysts at Investec.
German shoe brand Birkenstock’s listing on the New York Stock Exchange earlier this week gave investors and analysts, for the first time, insight into the financials and metrics of a large, single-brand shoe company. . Using this information as a benchmark, Investec’s analysts believe the London-listed stock has significant growth potential that the market may be underestimating.
CNBC Pro subscribers can read more here.
— Ganesh Rao