12 minutes ago
CNBC Pro: Morgan Stanley’s Slimmon Says S&P 500 Will Approach 5,000 By Year End, Names 3 Stocks To Buy
Morgan Stanley Investment Management’s Andrew Slimmon said he expects the market to head for a “strong rally” by the end of the year.
The company’s managing director and senior portfolio manager told CNBC’s Street Signs Asia on Tuesday that he believes the S&P 500 index will be “closer” to 5,000 by then. If it hits 5,000, it will be up nearly 13% from Monday’s close of 4,433.
He listed three stocks to buy.
CNBC Pro subscribers can read more here.
— Tan Weizhen
22 minutes ago
Parts of China’s consumer market have endured sharp declines
Authors David Schwartz and Susan Schwartz found that Costco in China averaged about 7,000 daily foot traffic this summer, twice as many as in the U.S. for similarly sized stores.
Chris Leiterman, CEO of Ogilvy Asia Pacific and Greater China, said, “You will see that the premium market is definitely going to continue to do well.”
But he said companies are generally holding back on marketing spending amid uncertainty over overall future growth.
Read the full article here.
— Evelyn Chen
12 minutes ago
CNBC Pro: ‘Painful trade’: UBS CIO warns of bear trap as Chinese stocks rally
UBS’s chief investment officer warned that the recent rally in Chinese stocks could provoke a backlash among investors, making it a “painful trade.”
Adrian Zurcher, Asia-Pacific chief investment officer at UBS, said this is a “bear trap” where traders take a short position believing the market is going down, but are forced to exit the position when the market goes up. He said it could lead to disappearance.
Pro subscribers can read more here.
— Lucy Handley
8 hours ago
Dollar to reach all-time high against yen in 2023
The US dollar gained 0.5% against the Japanese yen, reaching a new high of 147.24 yen. This is the highest value against the yen since November 7, 2022, when the dollar traded as high as $147.56 against the yen.
The Nikkei Stock Average fell -2.85% in August, marking the worst month of the year dating back to December 2022, when the Nikkei Stock Average fell -6.7%.
Japan ETF (EWJ) It has fallen almost -4.6% month-to-date, its first negative pace in six months. Sysmex, Yamaha, and Olympus led the decline, dropping almost 20% or more this month.
— Ha Kyung Kim, Gina Francola
7 hours ago
S&P 500, Nasdaq, Dow all trading above their 50-day moving averages
The three major indices are trading above their respective 50-day moving averages on Tuesday.
The S&P 500 has risen above its 50-day moving average for the first time in two weeks. If this pace continues, the S&P 500 could end above its 50-day moving average for the first time since Aug. 14.
Meanwhile, the Nasdaq Composite and the Dow Jones Industrial Average are both trading above their 50-day moving averages for the first time since Aug. 24.
— Brian Evans, Nick Wells
15 hours ago
US Treasury yields fall as investors preempt key economic data
U.S. Treasury yields on Tuesday revealed the latest developments in inflation and the labor market, a series of key economic data coming this week that could inform the Federal Reserve’s next monetary policy move. It fell on Tuesday as investors braced for the announcement.
As of 4:30 a.m. ET, the 10-year Treasury yield fell more than two basis points to 4.1922%. Yields on two-year bonds traded at 4.9979% in recent trading after falling more than a basis point.
Yields and prices move in opposite directions, with 1 basis point equaling 0.01%.
Ministry of Finance
| ticker | company | yield | change | %change |
|---|---|---|---|---|
| US1M | US 1 Month Treasury | 5.406% | +0.024 | 0.00% |
| US3M | US 3-month Treasury | 5.511% | +0.023 | 0.00% |
| US6M | US 6 Month Treasury | 5.572% | +0.022 | 0.00% |
| US1Y | US 1 year Treasury bonds | 5.393% | -0.004 | 0.00% |
| US2Y | US 2 year Treasury Note | 4.905% | +0.015 | 0.00% |
| US10Y | US 10 year Treasury bond | 4.133% | +0.011 | 0.00% |
| US30Y | US 30 year Treasury bond | 4.243% | +0.006 | 0.00% |
7 hours ago
Apple Sends Invitations to September 12th Launch Event
Apple has just sent out invitations to its September press event, which is expected to unveil the iPhone 15 and the new Apple Watch.
The new iPhone model, possibly branded as the iPhone 15, is expected to use a USB-C charging port. Reports suggest that some of Apple’s debut new devices could be made out of titanium.
Apple shares rose nearly 2% on the day.
— Yun Lee, Kif Lesswing
