Asia markets mostly rise after Wall Street sees tech rally

Macau, also known as the Las Vegas of Asia, has added yet another luxury casino resort to the Cotai Strip. This time it’s a British-themed resort called The Londoner Macau.

The $2 billion resort preserves replicas of iconic British buildings. Other London monuments include the Palace of Westminster, the Prime Minister’s Office at 10 Downing Street, and the Shaftesbury Memorial Fountain.

“What we are trying to do is build a hotel that works together. So we’re going to be open three days and they’ll never have to go to the casino,” Las Vegas Sands CEO Robert Goldstein told CNBC.

Las Vegas Sands shares are up more than 16% year-to-date.

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— Charmaine Jacob

Headline inflation in Malaysia eased slightly to 3.3% y/y in April from 3.4% in March.

This was the lowest inflation rate in Malaysia since May 2022. The country’s inflation rate peaked at 4.7% in August 2022. — April marked the sixth month of easing inflation.

This was reported by the country’s statistics bureau. The increase in consumer prices in Malaysia was still mainly driven by restaurant and hotel price hikes, as well as higher food and non-alcoholic beverage prices, up 6.6% and 6.3%, respectively.

However, this average inflation rate was dampened by transport prices, whose rate of increase slowed to 2.3% from 2.4% in March.

— Lim Huisier

HDFC Bank, India’s largest private lender, said India was less affected by the economic downturn in the West than other countries.

“First of all, in theory, the impact of the economic recession in the West will be faced by all countries in the world,” said Keki, HDFC Bank Vice Chairman and CEO. Mistry said Friday on CNBC’s “Street Signs Asia.”

But the impact on India “will be much smaller” than on other countries such as China, he said. HDFC Bank is also a global 11th largest bank with a market capitalization of $119.91 billion.

“This is because India is primarily a domestic economy, and as long as we can create jobs – which we do very successfully every year – and people have money, spend money, consume, buy goods and services. because the demand for

As a result, manufacturers will have to produce more and hire more people to keep up with the increased output, which will create more jobs, Mistry said. rice field.

— Sheila Chan

U.S. Commerce Secretary Gina Raimond spoke with China’s Commerce Secretary Wang Wentao about recent actions taken against U.S. companies operating in China. The Department of Commerce said in a statement:.

“Secretary Raimond also expressed concern over the recent string of incidents in China. [People’s Republic of China] Actions taken against U.S. companies doing business in China,” the statement read.

“The two sides held candid and substantive discussions on issues related to US-China trade relations, including the two countries’ overall trade and investment environment and potential areas of cooperation,” the report said.

The talks are held as China It is reported that it conducted an inspection of an audit firm in the United States in violation of national security in China.

— Lee Ji-hye

Australia’s retail sales were flat in April, below the 0.2% increase expected by economists polled by Reuters and the 0.4% increase in March.

However, retail sales increased by 4.2% year-on-year. government data showed.

Diana Muzina, deputy chief economist at AMP, said the slowdown in retail spending reflected rising interest rates as well as high inflation leading to lower consumer spending.

In a note on Friday, Mujina said the data “gives the RBA room to keep rates stable (and high) and assess the impact of past rate hikes.”

He said there was no “urgency” for the RBA to raise the cash rate at its next meeting in June, adding that he did not expect any further hikes this cycle.

Mujina noted that while retail sales largely reflect spending on goods, spending on consumer services is also strong, but both indicators are expected to slow in Australia through 2023.

He also said job growth, housing finance, building approvals, retail spending, consumer and business confidence indicators were all weakening in Australia, and inflation was falling with no sign of wage gains.

— Lim Huisier

Core inflation in the Japanese capital rose 3.2% in May from a year earlier. government data showeddown from April’s 3.5% rise.

Tokyo’s consumer price index, excluding fresh food, fell below the 3.3% forecast of economists polled by Reuters. The overall inflation rate also increased by 3.2%.

The core-core consumer price index excluding fresh food and fuel costs in Tokyo is 3.9% increaseIt was the fastest year-on-year growth since April 1982, according to government data.

— Lee Ji-hye

Bank Indonesia kept the 7-day reverse repo rate unchanged at 5.75% for the fourth consecutive month, while keeping the deposit facility rate at 5% and the lending facility rate at 6.5%.

Bank Indonesia said the decision was “consistent with the monetary policy stance of keeping core inflation within a range of 3% to ±1% this year, with headline inflation returning to that range in the third quarter of 2023.” ‘ said.

Indonesia’s April consumer price index fell to 4.33% from 4.97% in March, while core inflation slowed to 2.83% in April from 2.94% in March, well within the central bank’s target range.

— Lim Huisier

Parts of the market are in overbought territory, but Morningstar’s Dave Sequera said some stocks the firm views bullish are still trading below fair value estimates. Stated.

Among them are a large tech company and a large US bank.

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— Tan Weizhen

Earnings season is over and Goldman Sachs has identified three stocks with big upside potential.

In the first quarter, investors focused on the health of global consumers and the balance between post-pandemic growth and higher profit margins, according to the investment bank. Looking ahead, however, he expects investors to focus on large companies with profitable business models.

Goldman expects shares of the three identified companies to rise more than 75% based on their first-quarter results.

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— Ganesh Rao

Boston Fed President Susan Collins believes the central bank should stop raising rates.

In a speech Thursday to graduates of Rhode Island Community College, Collins said inflation was showing “signs of easing” that could negate the need for future rate hikes.

“We think monetary policy may be at or near the point where it can pause rate hikes. It will be an opportunity to more fully assess the impact of the tightening on economic activity,” she said in a prepared remark.

But market pricing has shifted, raising expectations that the Fed will raise rates by a quarter of a percentage point before its July meeting.

— Jeff Cox

Reportedly, congressional leaders and President Joe Biden were close to reaching a tentative deal on Thursday to raise the debt ceiling. Reuters According to a person familiar with the matter.

The report says progress between Biden and House Speaker Kevin McCarthy is pegged at $70 billion in discretionary spending.

— Brian Evans

The Nasdaq Composite and S&P 500 closed higher on Thursday as tech stocks rallied after Nvidia’s strong quarterly report.

The tech-rich Nasdaq rose 1.71% to close at 12,698.09, while the S&P rose 0.88% to close at 4,151.28. The Dow Jones Industrial Average fell 35.27 points, or 0.11%, to close at 32,764.65.

— Samantha Soobin