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Asia markets extends sell-off, China CSI 300 sinks to lowest since February 2019

Mon, Oct 23 2023 2:52 AM EDT

Singapore inflation rate creeps up to 4.1% in September

Singapore’s consumer price index recorded a 4.1% year on year increase in September, a slightly faster rate of increase than the 4% seen in August.

This is also the first rise in the headline inflation rate since April.

However, the so-called “MAS core inflation measure,” which the country’s central bank monitors, rose 3% year on year, lower than August’s 3.4% and the 3.1% expected by a Reuters poll of economists.

The MAS core inflation measure strips out prices of private transport and accommodation from the overall consumer price index.

— Lim Hui Jie

Sun, Oct 22 2023 11:47 PM EDT

Shares of Foxconn slip 3% after Chinese media announces probe

Shares of chipmaker and major Apple supplier Foxconn — also known as Hon Hai — fell about 3% after Chinese state media announced authorities conducted inspections on subsidiaries in various provinces on the mainland.

The Global Times, citing unnamed sources, said multiple offices of Hon Hai’s subsidiaries across China had been subjected to tax audits and on-site investigations into land use. The report did not elaborate on the investigations.

Foxconn, which trades as Hon Hai Precision Industry in Taiwan, said in a statement that “We will actively cooperate with the relevant units on the related work and operations.”

Read the full story here

— Lim Hui Jie, Sheila Chiang

Sun, Oct 22 2023 11:16 PM EDT

China benchmark index breaks below one-year low, hits lowest level since February 2019

Mainland Chinese markets fell to start the week, with the benchmark CSI 300 index diving below its one-year low on Monday and hitting its lowest level since February 2019.

The index, which tracks the top 300 stocks traded on the Shanghai Stock Exchange and the Shenzhen Stock Exchange, fell 0.81% to 3,482.28 after three straight days of losses, below the 3,508.7 recorded on Oct. 31, 2022.

The next level to watch would be 3,442.7, which it last hit on Feb. 21, 2019, according to data from LSEG.

— Lim Hui Jie

Sun, Oct 22 2023 8:30 PM EDT

Hong Kong inflation higher than expected in September

Hong Kong’s inflation rate came in above expectations for September, with the city’s consumer price index increasing 2% year on year.

This is compared to the 1.8% expected by economists polled by Reuters, and also faster than the 1.8% growth seen in August.

Hong Kong’s statistics bureau said increases in prices were recorded in most sectors, except durable goods.

Alcoholic drinks and tobacco, clothing and footwear, as well as meals out and takeaway food led the increases in prices, with alcoholic drinks notably increasing 18.9% year on year.

— Lim Hui Jie

Mon, Oct 23 2023 12:27 AM EDT

CNBC Pro: This Big Tech stock could be a hedge against a recession in 2024, UBS says

A tech giant could act as a defensive stock if the U.S. enters a mild recession next year, according to UBS analyst Karl Keirstead.

The investment bank’s economics team forecasts a mild recession in the United States next year, which could pressure broader equity markets.

Keirstead believes the Big Tech stock has “full geographic coverage across all industry verticals”, which makes it less susceptible to downturns in one area.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Mon, Oct 23 2023 12:27 AM EDT

CNBC Pro: Saving for your child’s college education with a 10-year plan? Here’s how to invest, say the pros

Parents thinking of saving for their children’s college education in around a decade could be in for some sticker shock.

In 10 years, tuition fees in the U.S. could soar to over $300,000, thanks to inflation — that’s around twice the cost right now, according to estimates from experts CNBC Pro spoke to.

Here’s the cost breakdown and how to invest, according to those experts.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Fri, Oct 20 2023 12:50 PM EDT

Fed’s Mester says interest rates are near their peak

Cleveland Federal Reserve President Loretta Mester said Friday she expects that interest rates likely won’t be raised much more from here, if at all.

“Regardless of the decision made at our next meeting, if the economy evolves as anticipated, in my view, we are likely near or at a holding point on the funds rate as we accumulate more information on economic and financial developments and assess the effects of the tightening in financial conditions that has already occurred,” Mester said in remarks delivered for a speech in New York.

The central bank official added that she agrees with Federal Open Market Committee estimate in September that another rate hike could come before the end of 2023, but noted that handicapping such moves is difficult now.

Mester is not a voting member of the FOMC this year but will vote in 2024.

—Jeff Cox

Fri, Oct 20 2023 9:21 AM EDT

Gold hits 3-month peak, on pace for second straight weekly gain

Gold climbed to a three-month peak on Friday, putting it on pace for a second straight weekly rise as fears of heightening conflict in the Middle East pushed investors towards safe-haven assets.

Gold is up 2.5% so far this week after gaining 5.22% last week. Spot gold was up 0.3% at $1,979.3 per ounce, after hitting its highest since July 20. U.S. gold futures added 0.5% to $1,991.4.

The VanEck Gold Miners ETF (GDX) is up 1.9% so far this week, on track for its first positive week in three. B2Gold, Barrick Gold and New Gold are all up about 5% or greater this week.

— Pia Singh, Gina Francolla

Fri, Oct 20 2023 2:31 PM EDT

S&P 500 drops below 200-day moving average

The S&P 500 slipped below its 200-day moving average of 4,233.25 for the first time since March 24. The index has not closed below the 200-day since March 17.

See Chart…

The S&P 500 fell below the key level of 4,233.25 in intraday trading Friday.

The index traded near the 200-day earlier this month, but appeared to bounce off the level. Such a move can sometimes be a positive sign for the market, but technical analysts were skeptical that the rally would have staying power.

— Jesse Pound, Gina Francolla

Fri, Oct 20 2023 2:51 PM EDT

Outflows seen from high-grade bond funds,

U.S. high-grade bond funds recorded $2.41 billion in outflows this past week ending Oct. 18, according to Bank of America. This marked a sharp reversal from the prior week, which recorded $2.08 billion in inflows. Credit strategist Yuri Selliger attributed the negative flows mostly to outflows from short-term high-grade bond funds.

High-yield bonds and global emerging market bonds also had outflows accelerate, with the two categories recording $1.84 billion and $2.16 billion in negative flows, respectively. Money markets reported a $101.12 billion outflow this week, sharply dropping from $8.33 billion in outflows from a week earlier.

Meanwhile, equity flows stayed nearly flat over the same period. Stocks recorded a $1.43 billion outflow.

— Hakyung Kim

Read More:Asia markets extends sell-off, China CSI 300 sinks to lowest since February 2019