2 hours ago
Australia’s central bank governor says further rate tightening may be needed to curb inflation
Reserve Bank of Australia Governor Philip Lowe, who held interest rates unchanged at 4.1% at its last meeting, said “further tightening may be needed to bring inflation back to target within a reasonable timeframe.” rice field.
in speechHe said further action on the part of the RBA “depends on the economic and inflation situation”. [situation] evolution. “
Low added that the RBA board will have an updated set of economic forecasts and a revised assessment of the balance of risks by the board’s next meeting on August 1.
By then, new data on inflation, the global economy, the labor market and household spending should have been released to help inform the central bank’s decision.
— Lim Huisier
6 hours ago
New Zealand keeps rates unchanged at 5.5%, first moratorium since October 2021
central bank of new zealand maintained the base interest rate At 5.5%, it will be the Reserve Bank of New Zealand’s first pause since October 2021.
The RBNZ said current interest rate levels were “restraining expected and needed spending and inflationary pressures”.
But the central bank said interest rates would need to “keep at a restrictive level for the foreseeable future” to ensure consumer inflation returns to its target range of 1-3%.
— Lim Huisier
7 hours ago
Japan’s wholesale inflation slows for 6th straight month to 4.1%
Japan’s corporate goods price index is Declined to 4.1% year-on-year in JuneAnd the growth slowed down for the sixth straight month.
The 4.1% figure, also known as the wholesale inflation rate, is lower than the May revision of 5.2% and is also the lowest inflation rate recorded since April 2021.
The Corporate Goods Price Index measures the prices that businesses charge to each other for goods and services.
— Lim Huisier
8 hours ago
South Korea’s unemployment rate rises to 2.6% in June
South Korea’s seasonally adjusted unemployment rate rose slightly to 2.6% in June after hitting a record low of 2.5% in May.
Compared with the same period last year, the number of unemployed people decreased by 0.4 percentage points in June to 763,000.
South Korea’s employment-to-population ratio stood at 63.5% in June, up 0.6 percentage points from the same month last year, according to data from the country’s statistics bureau.
— Lim Huisier
9 hours ago
CNBC Pro: Goldman Picks Dozens of Global Stocks Undervalued, Giving Two Stocks More Than 100% Upside
Analysts at Goldman Sachs have picked a number of global stocks that the firm claims are trading at bargain prices, and said two of them could rise more than 100% over the next 12 months. .
All of these stocks are on Goldman’s list of “Value Buy Stocks with Upside Earnings Potential.”
“We screen buy-rated stocks that trade at attractive valuations relative to historical performance…and analysts judge the upside risk to the consensus 2023/24E EPS. Screen broad market (SXXP) [earnings per share]said a bank analyst.
CNBC Pro subscribers can see which stocks have made the list here.
— Lucy Handley
9 hours ago
CNBC Pro: Stocks will crash if US avoids recession, says Investec equity strategist
Investec equity strategist Roger Lee said the stock market could suffer if the U.S. economy manages to avoid a recession that many believe is imminent.
Lee also explained why the market is going down and where to hide when the downturn starts.
CNBC Pro subscribers can read more here.
— Ganesh Rao
20 hours ago
Dollar index hits two-month low
The dollar index fell to 101.666 on Tuesday morning, the lowest since May 11’s low of 101.304.
The euro traded at $1.1026, its highest level since May 8, before falling negative against the dollar.
The pound hit a high of 1.2934 against the dollar, its strongest level since April 22, 2022, when it traded as high as 1.3035 against the dollar.
— Ha Kyung Kim, Gina Francola
17 hours ago
Activision Blizzard stock rises more than 11%
Shares of Activision Blizzard rose 11.3% on Tuesday after a federal judge in San Francisco denied the Federal Trade Commission’s motion for a preliminary injunction to stop Microsoft from completing its acquisition of the video game company. The companies are working to close the $68.7 billion deal by July 18.
Microsoft shares fell 0.4% on Tuesday.
Learn more about the deal here.
See chart…
Activision Blizzard Stock
— Ha Kyung Kim, Jordan Nove
16 hours ago
Nasdaq 100 to undergo ‘special rebalancing’ as tech stocks rise
The Nasdaq has made an unusual adjustment to its popular growth index after some of the already big tech stocks have surged this year.
The company announced on July 7, special rebalancing Inclusion in the Nasdaq 100 Index will take effect before the market opens on July 24.
The firm said it could use a special rebalancing to “address index concentration by redistributing weights.”
The Nasdaq Index already rebalances on a quarterly basis, but the Nasdaq seeks to keep the combined weight of the top five stocks below 40% in its annual rebalancing, designated as the annual adjustment, the company said. Says. methodology. According to holdings of the Invesco QQQ ETF, which tracks the index, the top five stocks now appear to be above that threshold.
Read more about rebalancing here.
— Ha Kyung Kim, Jessie Pound
13 hours ago
WTI Crude Oil Holds at Highest Since May
WTI crude rose 2.5% to 74.83, the highest since May 1 when it calmed down at 75.66. However, WTI crude is still down 6.7% year-to-date.
Brent crude rose 2.2% to 79.4, the highest level since April 28. The commodity will drop 7.6% in 2023.
— Ha Kyung Kim, Gina Francola
