April 13, 2024
Economy

Asia markets mixed as investors await key U.S., China economic data


An Hour Ago

India’s GDP set to fall below 7% in fiscal third quarter of 2023, poll shows

A person is selling second-hand LCD TV sets inside a second-hand electronics market in Kolkata, India, on February 26, 2024. (Photo by Sudipta Das/NurPhoto via Getty Images)

Nurphoto | Nurphoto | Getty Images

India’s economic growth was set to fall below 7% for the first time during the fiscal year in the October-December quarter, a Reuters poll showed.

Asia’s third-largest economy likely saw growth moderate to 6.6% year on year in the fiscal third quarter as government spending slowed and agriculture sector growth remained muted.

The data will follow a GDP reading of 7.8% growth in the first quarter and 7.6% in the second quarter of the current Indian fiscal year that ends in March.

But momentum likely slowed last quarter, according to the poll which said none of the 63 economists surveyed from Feb. 16-26 expected similar growth rates in the October to December quarter.

— Reuters

An Hour Ago

Aussie retail sales rebound in January, but underlying growth stalling

Retail sales in Australia rebounded in January, data from the Australian Bureau of Statistics showed.

Australian retail sales rose 1.1% last month, after a 2.1% fall in December.

“The rebound in January follows a sharp fall in December when consumers pulled back on spending after taking advantage of Black Friday sales in November. Retail turnover is now back at a similar level to September 2023,” said Ben Dorber, ABS head of retail statistics.

Retail sales had risen 1.5% in November 2023.

“Spending patterns have shifted because of changes in seasonality around Black Friday as consumers took advantage of discounting in response to cost of living pressures,” Dorber said.

— Shreyashi Sanyal

2 Hours Ago

Japan’s manufacturing activity contracts more than expected in January

Japan’s manufacturing output declined 7.5% in January from the prior month, according to official data.

The reading was slightly below a Reuters poll forecast of a 7.3% drop.

Separately, data showed Japan’s retail sales rose 2.3% year over year in January, in line with Reuters estimates.

— Shreyashi Sanyal

2 Hours Ago

Ready to respond to excess currency volatility, Japan’s top forex diplomat says

Japanese yen and U.S. dollar on display in Yichang, Hubei province, Nov 13, 2023.

Costfoto | Nurphoto | Getty Images

Japan’s top currency diplomat Masato Kanda said the country was ready to respond to excessive choppiness in the currency market, according to a Reuters report.

“I won’t comment on recent currency moves. But it’s desirable for exchange rates to move stably reflecting fundamentals,” Kanda, told reporters on the sidelines of the G20 meeting in Sao Paulo.

Kanda is also the vice finance minister for Japan’s international affairs, and had reassured investors last month that he was closely watching how central bank decisions would affect currency markets.

The Japanese yen marginally strengthened against the U.S. dollar and was last trading at 150.58.

— Reuters, Shreyashi Sanyal

3 Hours Ago

CNBC Pro: This fund beat the S&P 500 without holding any Magnificent 7 stocks. Here’s what they’re buying right now

An outperforming fund manager that beat the S&P 500 for two years in a row has named cheap stocks that could ‘easily double’.

The fund returned 31% in 2023 compared to 24% for the S&P 500. It also outperformed in 2022 with 1.8% total return when the U.S. benchmark nearly fell into a bear market.

CNBC Pro subscribers can read more here.

— Ganesh Rao

3 Hours Ago

CNBC Pro: ‘Exciting idea’: Fund manager loves this pharma stock – and analysts see more upside ahead

Healthcare companies have gained traction in the past year, with investors piling into likes of weight-loss drug manufacturers Eli Lilly and Novo Nordisk.

One firm in the wider ecosystem that’s perhaps lesser known stands out to fund manager Freddie Lait, however.

“[It’s a] great example of the sort of things we’re looking for – if I’m honest, it’s a business I’ve been watching for about 10 years,” the chief investment officer at Latitude Investment Management told CNBC Pro Talks on Feb. 21.

CNBC Pro subscribers can read more here.

— Amala Balakrishner

6 Hours Ago

Stocks close lower Wednesday

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., February 28, 2024. 

Brendan Mcdermid | Reuters

U.S. stocks ended Wednesday’s trading session in the red.

The Dow Jones Industrial Average shed around 23 points, or 0.06%.

The S&P 500 and Nasdaq Composite dropped 0.17% and 0.55%, respectively.

— Hakyung Kim

6 Hours Ago

Market breather is overdue—but that’s not to worry about, according to BMO Capital Markets

Technical corrections almost always happen during the second year of bull markets, but that’s normal and healthy, according to BMO Capital Markets.

“We believe the almost unimpeded rally off the October 2023 low and elevated valuation levels necessitate some near-term caution, if history is any sort of guide,” chief investment strategist Brian Belski wrote in a Tuesday note, saying a breather is overdue. “Fortunately, the somewhat unexpected strength and resilience in earnings is likely to sustain stock prices since this is a trend we expect to continue throughout the year based on our above-consensus EPS target ($250).”

Belski advised investors to “not be too concerned” if the market sees some weakness in the upcoming months, and instead use potentially weaker periods as an opportunity to increase their exposure to some favored spots in their portfolios.

The S&P 500 is up 6.2% so far this year, but has lost 0.5% week-to-date.

— Pia Singh

7 Hours Ago

Bitcoin hits $64, 000 level

In this photo illustration, a visual representation of the digital cryptocurrency Bitcoin is displayed in front of a Bitcoin course’s graph on February 13, 2024.

Chesnot | Getty Images

Bitcoin reached a fresh high of $64,000 Wednesday before turning lower, according to Coin Metrics. This marks the cryptocurrency’s highest level since Nov. 15, 2021, when it rose as much as $66,333.33.

It was last trading at $61,097.00.

— Hakyung Kim



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