Top NewsAsian markets mostly rose as higher US inflation data...

Asian markets mostly rose as higher US inflation data came in softer than expected

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9 minutes ago

China’s growth is slowing, says International Monetary Fund

The International Monetary Fund said China’s growth is slowing due to weak private investment and a slowdown in exports and falling domestic demand.

Spokesperson of the organization Julie Kozak told a conference“The pace of growth has been slowing in China recently, largely due to weaker-than-expected private investment,” pointing to a recent decline in exports after seeing a strong performance in the first quarter of the year.

“The overall picture for China’s growth is one of a slower economy, and this is consistent with the forecast we had in April,” the “updated forecast” for China will reflect in the IMF’s next World Economic Outlook.

– Jihye Lee

57 minutes ago

Barclays cuts growth forecasts for Singapore

Barclays cut Singapore’s full-year GDP growth forecast to 1.0% from 1.5%, after a recent government release showed the economy is avoiding a technical recession.

“With H1 GDP growth coming in at 0.6% year-on-year, we cut our full-year 2023 forecast to 1.0% from 1.5% – which is in the lower half of the Ministry of Trade and Industry’s official forecast range of 0.5 -2.5%,” economist Brian Tan said in a note on Friday. .

“We believe the slowdown in manufacturing and regional trade activity – which may show more signs of stabilization in Q3 – will be a drag this year, with a recovery in service activity an important offset,” he said.

Tan noted that the services sector in Singapore’s economy has been the “source of upside surprise” in recent growth metrics, offsetting the continued decline seen in the manufacturing sector.

– Jihye Lee

3 hours before

Michael Bullock has been appointed as the new Governor of the Central Bank of Australia

Reserve Bank of Australia deputy governor Michael Bullock has been appointed as the new central bank governor, the country’s Treasury said on Friday.

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He succeeds incumbent Philip Lowe, whose term ends on August 17 – bringing to a close his 43 years at the bank. Treasurer Jim Chalmers described Bullock’s appointment as “the perfect balance between providing exceptional experience and expertise and providing a fresh leadership perspective.”

Bullock’s appointment means the RBA will have a vacant deputy governor post, which the government said will be filled in the coming months.

– Lim Hui Jee

3 hours before

Singapore is avoiding a tech recession, growing at 0.7% year-on-year

Singapore’s economy shrank from a technical slowdown in the second quarter, growing 0.7% year-on-year and 0.3% quarter-on-quarter. Advanced assessments showed.

Economists polled by Reuters had expected growth of 0.3% for the quarter and 0.6% for the year.

In the first quarter, Singapore’s economy shrank by 0.4% quarter-on-quarter.

– Jihye Lee

3 hours before

The Fed’s Waller says two more rate hikes are needed to bring down inflation

Federal Reserve Board Governor Christopher Waller has voiced the need for two more rate hikes to bring inflation down to its target.

“I see two more 25-basis point hikes in the target range in the remaining four meetings this year,” he said at an event at New York University on Thursday.

He called the latest Consumer Price Index estimate, which showed a cooling inflation rate, “welcome” news, while adding that “one data point does not make a trend.”

“I need to see this progress before I can be sure that inflation has come down,” he said.

– Jihye Lee

2 hours ago

CNBC Pro: This high-yield bond with ‘conservative’ assets pays a 10% dividend

The fund manager behind a fixed income fund that pays a 10% dividend has predicted a “debt collapse” for the wider economy in the near future.

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However, the portfolio manager expects the fund to remain well-positioned in such a scenario while generating market-beating returns.

It is one of the few funds currently offering double-digit yields to retail investors across Europe.

CNBC Pro subscribers can read more here.

– Ganesh Rao

2 hours ago

CNBC Pro: ‘Undeniably Vast’ Opportunity: Bank of America Builds AI Global ‘Winners’

Bank of America has described the AI ​​opportunity in the software industry as “undeniably vast” and ranked European companies in the field.

Along with productivity improvements, we see Gen AI as an opportunity for the software industry to capture both an enhanced value proposition and potential revenue enhancements through data monetization,” the bank said.

CNBC Pro subscribers can read more here.

– Lucy Handley

14 hours ago

The producer price index rose less than expected

The producer price index, a measure of what wholesalers pay for goods, rose 0.1% in June. Economists polled by Dow Jones expected a 0.2% increase. Core PPI, which strips out volatile food and energy prices, also fell by 0.1% – more than expected.

– Fred Imbert

9 hours ago

The S&P 500 is up more than 3% since the rate hike began

In another good sign for the market, the S&P 500 is now up 3.3% since the Fed began raising rates in March 2022. The move comes as traders cheer the central bank’s prospects of reining in inflation without pushing the economy into recession.

Check out the chart…

SPX since the start of Fed rate hikes

8 hours ago

St. Louis Fed Bullard went down

The St. Louis Federal Reserve announced Thursday that Jim Bullard will step down as president effective August 14.

Beginning August 15, Purdue University’s Mitchell E. Daniels is leaving to assume the position of dean in the Junior School of Business, the bank said. It also said that Bullard “removed himself from his monetary policy role at the Federal Reserve Federal Open.” Market Committee and other related duties and all public speaking ceased.”

“It has been a privilege and an honor to be a part of St. Louis Feder for the past 33 years, including serving as its president for the past 15 years,” Bullard said in a statement. “I am grateful to have worked with dedicated and inspiring colleagues across the Federal Reserve System.”

Bullard was not a voting member of the policymaking committee this year.

– Fred Imbert

7 hours ago

Thursday’s U.S. stock market rally was broad and deep

Nearly 2.4 stocks advanced on Thursday for every 1 decline on the New York Stock Exchange, with 71% advancing and less than 29% declining, according to FactSet data. New NYSE highs total 167 and only 11 new lows.

On the Nasdaq stock market, nearly 2 stocks are up for every 1 that is down, and volume is down 73%, compared to volume down 27%. The Nasdaq made a new high of 256 versus just 52 new lows.

– Scott Snapper

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