2 hours ago
Hong Kong producer prices rise 1% in first quarter
Hong Kong producer price index rises 1% The first quarter was down 0.4% year-on-year, a sharp reversal from the 0.4% decline recorded in the fourth quarter of 2022.
The city’s Census Bureau detailed that the highest rise in producer prices was recorded, mostly in paper products, rising 3.7% year-on-year.
Other sectors that saw increases included the food, beverage and tobacco industries, metals and electronics industries.
Over the same period, producer prices fell slightly in the textile and apparel industry, down 0.1% year-on-year.
— Lim Huisier
2 hours ago
Singapore’s domestic non-oil exports fall more than expected in May, falling for 8th straight month
Singapore’s non-oil domestic exports fell 14.7% in May from a year earlier, the biggest drop since April’s 9.8% decline, and above the 8.1% decline expected by economists polled by Reuters.
The May figures also mean that Singapore’s non-oil domestic exports have fallen for the eighth straight month. On a seasonally adjusted month-to-month basis, non-oil domestic exports fell 14.6%, well above the expected 1.3% decline.
Government data showed that both electronics and non-electronics exports fell, with exports to Hong Kong, Malaysia and Taiwan leading the decline. In contrast, exports to the US and China increased.
Singapore’s total trade value fell by 17.9% year-on-year in May, following a fall of 18.9% in the previous month.
Total exports fell 15.2%, slightly smaller than April’s 18.1% decline. On the other hand, total imports decreased by 20.7%, expanding the range of 19.7% decrease in the previous month.
— Lim Huisier
3 hours ago
CNBC Pro: UBS loves this global airline giant and expects its stock to rise 50% next year
Swiss investment bank UBS expects global airline shares to rise 50% next year
The company’s stock has already risen 50% this year and plans to nearly triple by 2030.
CNBC Pro subscribers can read more here.
— Ganesh Rao
3 hours ago
CNBC Pro: ‘Green Light for Stocks:’ Fundstrat’s Tom Lee Shares S&P 500 Goals, Names Stocks to Buy
Fundstrat’s Tom Lee has set a target for the S&P 500 in 2024 and expects the S&P 500 to rise further into next year.
“Our view is that we want to take risks this year,” he added, listing stocks to buy.
CNBC Pro subscribers can read more here.
— Tan Weizhen
8 hours ago
Stocks beat historical June averages
In June, the Dow and the S&P 500 circled their historical averages about halfway through the month, according to Equity Traders Almanac data.
In a typical June, the Dow Jones Industrial Average fell an average of 0.2%. But so far this month, the average of the 30 stocks is up 4.4%. This is above the overall average, with a relatively modest rise of 0.7% in a typical month.
Similarly, the S&P 500 Index gained 5.5% this month, surpassing its historical June average of just 0.1%. Averaging all month historical performance of the S&P 500, the index typically increases by 0.7%.
This performance means that June has historically been considered a weak month, and both have defied conventional wisdom. On average, it resulted in his second-worst performance in history on the Dow Jones Industrial Average and his fourth-worst performance on the S&P 500.
— Alex Haring
10 hours ago
Regional bank stocks among top market performers on Thursday
See chart…
SPDR S&P Regional Banking ETF (KRE).
14 hours ago
Dollar hits unprecedented highs against yen this year
The US dollar hit its highest level since November compared to the yen.
The dollar reached 141.50 yen against the yen. This is the highest level since 141.61 on November 23, 2022.
Meanwhile, the dollar index turned negative as the euro hit a one-month high against the dollar. The euro hit $108.78 against the dollar, its highest since $1.0904 on May 16.
— Alex Haring, Gina Francola
14 hours ago
Let’s take a look at the plethora of economic data released on Thursday
Various economic data were released on Thursday morning. Here are the results compared to the Dow Jones Consensus estimates:
- Weekly unemployment claims: 262,000 vs. Dow Jones estimate of 245,000. Recurring claims 1.757 million vs. 1.79 million (FactSet).
- May retail sales: 0.3% vs. -0.2% forecast. Ex-Auto 0.1% vs flat estimate.
- Import prices May: -0.6% vs expectations -0.5%.
- Empire State Manufacturing June: 6.6 vs. -16 expected.
- Philadelphia Fed Manufacturing June: -13.7 vs -14.8 expected.
— Jeff Cox
