Live updates, FOMC meeting, Japan corporate inflation

Inflationary pressures are expected to ease in 2024 as global inflation slows to 4.9% year-on-year from 6.0% in 2023. report This was revealed by the Mastercard Economic Research Institute.

Most countries “have been stuck for some time, with inflation, interest rates, [and] There are migration flows in certain economies,” MEI’s David Mann told CNBC’s “Squawk Box Asia.”

“We’re still at the tail end of the bungee jump” in the wake of the coronavirus pandemic, he added, adding that next year could see lower inflation, slightly higher wage growth and potentially real We expect this to lead to wage growth.

MEI said in its report that although the global economy will feel “more normal” in 2024, consumers are likely to remain cautious with their spending.

Mann also highlighted that only about 55% of international travel has been recovered. However, in 2024, countries like China and Japan could see a further boost in international travel as China restarts its economy and tourists take advantage of the weaker yen, he explained. .

— Kwek Jie An

Philippines export In October, sales fell 17.6% year-on-year, worsening from September’s 6.3% decline and marking the biggest drop since April.

Imports decreased by 4.4% compared to the same month last year, slowing from the 14.7% decline in September.

Overall, total foreign trade in October was $16.9 billion, down 9.8% from the same month last year.

The Philippines’ trade deficit widened to $4.17 billion from $3.51 billion in September.

— Lim Huijie

Energy stocks have lagged for much of this year and were the only sector not to rise during November’s strong rally, but some analysts remain bullish.

In fact, Louis Navellier, chairman and founder of Navellier & Associates, says energy is now his “biggest belief.”

He and Citi named the stocks they liked.

CNBC Pro subscribers can read more here.

— Tan Weizhen

Japanese producer price Prices rose faster than expected in November, rising 0.3% year-on-year, compared with the 0.1% expected by economists polled by Reuters.

The 0.3% rise in the corporate goods price index was lower than the October revised value of 0.9%, marking the slowest growth rate since February 2021.

CGPI measures the prices of goods and services traded in the corporate sector.

Producer prices rose 0.2% from the previous month, reversing the 0.3% decline in October.

— Lim Huijie

The S&P 500 index hit a new 2023 high last week, surpassing the 4,600 level and continuing to rise since early November. The key question for investors now is whether this momentum can be maintained in the future.

In addition to using historical data, HSBC used artificial intelligence to analyze the language used in its most recent quarterly earnings report to predict stock market performance.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Many S&P 500 stocks reached yearly highs on Monday as the market looks to extend a six-week winning streak. Overall, 52 of the S&P 500 stocks set new 52-week highs. Some of them are introduced below.

• T-Mobile trades at all-time high since MetroPCS IPO in April 2007
• Booking Holdings traded at its highest price since its April 1999 IPO.
• Chipotle Mexican Grill trades at its highest level ever since its IPO in January 2006
• DR Horton trades at all-time high since IPO in June 1992
• Lennar trades at all-time highs dating back to its inception in 1971
• Lululemon trades at all-time high since its July 2007 IPO
• Marriott International was trading at its highest level ever since it was spun off from Marriott Corporation in 1993.
• NVR, Inc. returns to post-bankruptcy IPO in November 1993 and trades at record high levels
• Royal Caribbean trades at levels not seen since February 2020
• Boeing trades at levels not seen since June 2021
• Cintas is trading at its highest level ever since its 1983 IPO
• Fastena trading is at the highest level since January 2022
• FedEx trading at levels not seen since August 2021
• WW Granger is trading at its highest level ever since it began trading in 1967.
• Huntington Ingalls trades at levels not seen since November 2022
• Howmet Aerospace trades at record high following Alcoa spinoff in November 2016
• Ingersoll Rand trades at all-time high levels throughout its history through 1972

— Fred Imbert, Chris Hayes

Inflation expectations for next year are at their lowest level in more than two-and-a-half years, according to a New York Fed survey released Monday.

In the November Consumer Expectations Survey, the median one-year outlook fell to 3.4%, down 0.2 points from October and the lowest level since April 2021. The median three-year and five-year projections have been revised to 3% and 2.7% each.

However, the results are consistent with other surveys, such as the University of Michigan’s Consumer Sentiment Survey, which lowered the one-year outlook to 3.1%, the lowest level in the survey since March 2021. .

As part of this result, the forecast for the year-on-year change in petrol prices has been reduced by 0.5 percentage points to 4.5%, and the forecast for food costs has been reduced by 0.3 percentage points to 5.3%.

—Jeff Cox

Oil prices were little changed on Monday as investors weathered rising production on the back of slowing demand.

West Texas Intermediate’s January contract rose 9 cents, or 0.13%, to settle at $71.32 a barrel. The February Brent crude oil contract rose 19 cents, or 0.25%, to settle at $76.03 per barrel.

Oil futures have posted losses for the seventh consecutive week, driven by record U.S. production, a slowing Chinese economy and a lack of confidence in OPEC+’s ability to balance markets.

— Spencer Kimball