32 minutes ago
Singapore elects Chia Del Jeeun as next central bank governor
The Monetary Authority of Singapore announced late Monday. Chia Del Jiun Mr. Chia will become the next managing director effective January 1. Chea is currently the Permanent Secretary of Singapore’s Ministry of Labor.
Chia will succeed Ravi Menon, who will retire from public service on December 31 and resign from his position at MAS.
The central bank of Singapore did not give details of the reason for Menon’s departure. In May he Reappointed for a further two years.
— Christine Wang
38 minutes ago
Inflation in South Korea accelerates more than expected after six months of slowdown
Korean consumer price index Inflation in August rose 3.4% year-on-year, marking the first rise in inflation since January.
The figure was well above July’s 2.3% rise and exceeded the 2.7% forecast of economists polled by Reuters.
The consumer price index also rose 1% month-on-month, beating expectations of 0.3%.
— Lim Huisier
56 minutes ago
CNBC Pro: UBS downgrades two of the world’s biggest automakers over threat of ‘competitive’ Chinese EVs
UBS downgraded the ratings of two of the world’s biggest automakers, citing increased competition from Chinese electric car makers.
The investment bank also lowered its price target after seeing mass-market car makers losing market share to Chinese companies such as Warren Buffett-backed BYD.
CNBC Pro subscribers can read more here.
— Ganesh Rao
55 minutes ago
CNBC Pro: Here’s Where You Can Invest $50,000 Right Now, According To The Pro
The market looks very different today than it did just a few months ago when stocks were rising.
If you have $50,000 to invest, where should you put it and how much should you allocate to each asset class? CNBC Pro spoke to portfolio managers and other investors to find out.
We also asked those who told CNBC Pro how they would allocate the $50,000 in June what, if anything, they would change.
CNBC Pro subscribers can read more here.
— Tan Weizhen
1 hour ago
UBS expects ‘clear signs of slowdown’ in US economy by November FOMC
UBS has stuck to its view of a “soft landing” for the U.S. economy, arguing that there will be no recession this year and that inflation is close to the Fed’s target.
“August was a tough month for investors,” said Mark Hefele, chief investment officer at UBS Global Wealth Management, after the S&P 500 ended last month down 1.6%. Mentioned. “Contradictory evidence and interpretations of economic data, asset pricing and the Fed’s policy outlook have weighed on asset prices in recent weeks as hopes of a soft landing for the U.S. economy ebb and flow.”
Höfele said in a note Monday that some uncertainties may still be straining markets. The analyst said last month’s core PCE gains were well above the Fed’s target, keeping the possibility of another rate hike possible. UBS is also eyeing a potential recovery in the savings rate and a further cooling in the labor market.
“Our basic view is that by the November FOMC, the economy will show clear signs of a slowdown and the Fed will finally end its steepest rate-hiking cycle since the 1980s. We expect U.S. Treasury yields to fall year over year, “ending as both U.S. economic growth and inflation moderate,” Häfele wrote.
— Pia Singh
2 hours ago
Stocks Try to Maintain Momentum Next Month, But Headwinds Await
Investors are bracing for the weakest month for the market in history.
In September, traders will weigh the latest data in economic reports, including the Fed’s preferred inflation gauge, the Personal Consumption Expenditure Price Index. Traders are also waiting for the Fed’s two-day meeting in September when central bank policymakers will announce a rate decision on Sept. 20.
CNBC Pro subscribers can read more about what’s happening in the coming week here.
— Pia Singh, Sara Min
