4 hours ago
Argentina devalues currency by more than half, cuts subsidies
Argentina drastically devalued its currency New Economy Minister Luis Caputo also cut subsidies for energy and transport as part of an economic shock package that he said was aimed at resolving the worst crisis in decades.
The peso has fallen by about 56% to 800 pesos to the dollar, from 366.5 pesos to the dollar before the policy was implemented. Argentina’s blue dollar (refers to unofficially traded cash dollars) traded at $1 = $1,050.
Caputo said the plan is needed to reduce the budget deficit and bring down triple-digit inflation.
Argentina’s annual inflation rate was 143% in October. The country also struggles with a budget deficit and a $45 billion debt to the International Monetary Fund.
— Associated Press
5 hours ago
Japan’s business confidence improved more than expected in the fourth quarter
Major manufacturers announce that Japan’s business confidence has improved more than expected The Tankan is published quarterly by the Bank of Japan.
The Tankan index for Japan’s major manufacturers rose to +12 from +10, beating the +10 forecast by economists polled by Reuters.
On the other hand, the preliminary figure for major non-manufacturing companies rose from +27 to +30, marking the seventh consecutive quarterly improvement and exceeding the +27 predicted by a Reuters poll.
A positive index value indicates that the number of optimistic respondents exceeds the number of pessimistic respondents.
— Lim Huijie
5 hours ago
South Korea’s unemployment rate rises to the highest level in five months in November
A shoe cleaning stall in Gangnam, Seoul, as South Korea’s central bank appears to be one of the first banks in the region to lower its benchmark interest rate.
Anthony Wallace AFP | Getty Images
South Korea’s unemployment rate has soared to its highest level since July, a news agency announced. Data release by the government.
South Korea’s unemployment rate rose to a seasonally adjusted 2.8% last month, higher than October’s 2.5%.
The country’s economy added about 277,000 jobs in November, the data showed, compared with an increase of 346,000 in the previous month.
South Korea’s unemployment rate reached a record low of 2.4% in August.
— Shreyashi Sanyal
5 hours ago
CNBC Pro: Morgan Stanley says it will be a ‘bump buy’ in these global growth stocks as the year ends
Morgan Stanley advised clients to get ahead of the next market cycle by buying shares in high-quality growth companies in Asia and emerging markets (EM).
“We believe the market is now in transition to a new cycle that prioritizes growth over value,” Wall Street bank strategists including Gilbert Wong wrote in a Dec. 11 note to clients. ” said in a note to customers. decline in quality growth stocks of [Asia Pacific region excluding Japan, and EM]. ”
CNBC Pro subscribers can read more about Morgan Stanley’s stock picks here.
— Ganesh Rao
5 hours ago
India’s consumer prices rose at the fastest pace in three months in November
A customer browses products at a store on the outskirts of New Delhi, India, in February. Prices continue to rise, with inflation approaching 7% in March.
Anindit Mukherjee/Bloomberg via Getty Images | Bloomberg | Bloomberg | Getty Images
Consumer prices in India rose at the fastest pace in three months in November due to higher food prices, the country said. government data It was released on Tuesday.
Annual retail inflation rose to 5.55% in November, still below the 5.7% expected in a Reuters poll. This was higher than October’s 4.87% rise.
Food prices, which account for more than half of consumer prices, rose 8.7% last month from 6.61% in October.
Inflation remains above the Reserve Bank of India’s 4% target for this year.
RBI maintained key repo rate Stable At the last monetary policy meeting of the year last Friday, the country’s growth rate was 6.5%, and the country is expected to grow at a pace of 7% in 2023.
— Shreyashi Sanyal
5 hours ago
CNBC Pro: ‘Big and very profitable’: Analysts rate this biotech stock highly, giving it significant upside potential
The biotech sector is finally regaining momentum after a tough 2022, but for fund manager Hugh Dive, it’s the lesser-known stocks that are attracting attention.
Dive, chief investment officer of Australia-based Atlas Asset Management, likes the stock, calling it “a very well-run, large and very profitable company.” do not have.
CNBC Pro subscribers can read more here.
— Amara Balakrishna
16 hours ago
CPI in November increased by 0.1% from the previous month
The consumer price index in November increased by 0.1% from the previous month. Economists polled by Dow Jones had expected the CPI to be flat from last month. On a year-on-year basis, print was up 3.1%, in line with expectations.
Excluding energy and food, CPI rose 0.3% month-on-month and 4% year-on-year, also in line with expectations.
— Fred Imbert
17 hours ago
The US Federal Reserve will start lowering interest rates in mid-2024, a CNBC survey reveals.
Respondents to the latest CNBC Fed survey are more optimistic about the possibility of a soft landing, expecting the central bank to start cutting rates in the middle of next year.
More than half of the 35 economists, strategists and analysts surveyed by CNBC expect June to be the first month the Fed cuts rates, and 69% expect another rate cut in July. On average, respondents expect a rate cut of about 85 basis points in 2024.
On the other hand, in the December survey, expectations for soft landing also increased compared to the previous month. Respondents increased the probability of a soft landing by one basis point to 47% from November, while lowering the probability of a recession in 2024 by eight basis points to 41%.
— Brian Evans
13 hours ago
Major indexes hit new 52-week intraday highs
All three major indexes set new 52-week intraday highs during Tuesday’s trading session.
The Nasdaq Composite Index rose to 14,474.02, its highest intraday value since April 5, 2022, at 14,500.29.
The S&P 500 hit 4,630.49, its highest intraday price since March 29, 2022. At its last intraday high milestone, the S&P 500 hit 4,637.30.
The Dow Jones Industrial Average hit a high of $36,531.97, its highest intraday level since January 5, 2022, when it hit $36,952.65.
— Ha-Kyung Kim
14 hours ago
US crude oil falls 3% on inflation concerns
U.S. oil prices fell more than 3% on Tuesday as traders worried that the Federal Reserve was still unable to control inflation.
The January contract for West Texas Intermediate fell $2.41, or 3.38%, to trade at $68.91 per barrel, while the February contract for Brent Crude Oil fell $2.33, or 3.06%, to trade at $68.91 per barrel. It traded for $73.70.
The US inflation rate was flat in October, but rose 0.1% in November. Phil Flynn, an analyst at Price Futures Group, said traders are concerned that the Fed is unable to control inflation and will have to keep its foot on the gas when it comes to interest rates.
Mr Flynn said confidence in the oil market had been shattered after seven consecutive weeks of losses.
Record U.S. oil production is colliding with China’s economic slump, raising concerns that a new round of production cuts planned for OPEC+ in the first quarter will not be able to stabilize oil prices. It’s increasing.
— Spencer Kimball