1 hour ago
China’s manufacturing industry records unexpected contraction in October
China’s manufacturing activity recorded an unexpected contraction in October, According to official data.
China’s Purchasing Managers’ Economic Index for the same month was 49.5, compared to the Reuters poll’s forecast of 50.2. A PMI reading below 50 means the economy is contracting.
The data came as recent economic data showed slight signs of recovery in the world’s largest emerging economy.
So far, the Chinese government and central bank continue to take growth-promoting measures to meet the Chinese government’s annual growth forecast of around 5%.
— Shreyashi Sanyal
2 hours ago
CNBC Pro: Forget Big Tech. Bernstein likes these global stocks in the “less-loved” part of the technology industry.
While high interest rates are typically bad for tech stocks and are currently a key macroeconomic risk, especially for “expensive” names, Bernstein said there are two parts of the sector that are advantageous. He is said to be in a position.
One of them is the “cheapest sector in terms of price.” [price-to-sales ratio],” said.
It also named top stocks and updated the world’s tech stocks screen.
CNBC Pro subscribers can read more here.
— Tan Weizhen
2 hours ago
CNBC Pro: Is Meta a buy after a brutal tech stock selloff? Here’s what the pros say
Meta Platforms’ stock was caught up in the broader tech sell-off last week, but some analysts remain bullish.
Meta’s stock price fell 3.86% last week, but was trading up more than 2% on Monday.
“I think this technology will sell well here, but [when] We’re looking back three months, six months, and we think this is more than just now, it’s a golden opportunity. [for it] We need to go into hibernation mode,” Dan Ives of Wedbush Securities told CNBC’s “” on Thursday during the market downturn.
Other analysts also commented on the stock’s outlook.
CNBC Pro subscribers can read more here.
— Amara Balakrishna
2 hours ago
Japan’s retail sales growth declines after four consecutive months of acceleration
Japan’s retail sales increased by 5.8% The increase in September compared to the same month last year was slower than the 7% increase in August.
It was the first time that growth slowed after four consecutive months of acceleration, and was slightly below the 5.9% forecast by economists polled by Reuters.
Commercial sales in September reached 50.35 trillion yen ($337.17 billion), the highest level since March.
— Lim Huijie
3 hours ago
Japan’s October industrial production is significantly lower than expected
Japanese industrial production According to preliminary figures from the country’s Ministry of Economy, Trade and Industry, the rise in September was only 0.2% compared to the previous month.
This was a reversal from August’s 0.7% decline, but was well below the 2.5% month-on-month increase expected by economists polled by Reuters.
Industrial production in September decreased by 3.7% from the same month last year, slower than the 4.4% decline in August.
— Lim Huijie
9 hours ago
Oil prices fall as investors focus on war, Fed
Oil prices fell on Monday as investors prepare for the US Federal Reserve’s policy meeting later this week and keep an eye on the Israel-Hamas war.
Brent fell 2.9% to $87.88 per barrel. US West Texas Intermediate futures fell 3.5% to $82.59 per barrel.
— Alex Harring, Li Yingshan
12 hours ago
Morgan Stanley’s top strategist says a fourth-quarter rally is unlikely
Mike Wilson, chief U.S. equity strategist at Morgan Stanley, said the likelihood of a fourth-quarter rally has “diminished significantly” over the past month.
Wilson expects the S&P 500 to end the year at 3,900, making him one of the most bearish strategists on Wall Street, according to CNBC’s Market Strategist Survey. In a note to clients on Sunday, he said initial bullish sentiment waned in September and picked up again this month on improved third-quarter profits and hopes for seasonal strength heading into the year, but the overall market He noted that his downside forecast for the index remains in place.
Click here to read more about his call.
— Ha-Kyung Kim
13 hours ago
Bank of Japan to consider allowing yields to rise above 1% Press release
Bank of Japan officials are expected to consider allowing long-term bond yields to rise above a 1% cap on Tuesday as the central bank seeks to prevent interest rates from rising, according to a report on Monday. .
The rise in U.S. bond yields has spread globally, putting pressure on global bond yields, especially since Federal Reserve Chairman Jerome Powell recently emphasized his commitment to fighting inflation. Giving flexibility to the upper end of the previous yield curve could give BOJ officials some leeway. Nikkei Asia reported. The statement was made citing a source familiar with the talks.
Rising interest rates on U.S. bonds led to an influx of funds into the dollar, putting downward pressure on the yen and worsening inflation. Allowing some flexibility in the cap would ward off speculators while also allowing Japan to deal with its own inflation problems.
Following the Nikkei Shimbun report, the yen rose against the dollar, most recently trading at 149.21 yen.
—Jeff Cox
