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Asia markets mixed as Wall Street’s earnings season continues

An Hour Ago

People’s Bank of China leaves 1-year medium-term lending facility unchanged

China’s central bank left its 1-year medium-term lending facility operation unchanged at 2.75%.

The People’s Bank of China conducted liquidity injections of 170 billion yuan, smaller than market consensus of 220 billion yuan and higher than the maturity amount of 150 billion yuan.

The moves “signal that the PBOC is not particularly worried about the recovery of the Chinese economy,” ING’s greater China chief economist Iris Pang said in a note.

— Jihye Lee

An Hour Ago

China’s economy expected to have grown 4% in first quarter: Reuters poll

China’s economy is expected to have grown 4% in the first quarter of this year, according to a Reuters poll of economists.

This comes after the fourth quarter of 2022 saw growth of 2.9% and would mark the highest growth in a year, after China’s GDP rose 4.8% year-on-year in the first quarter of 2022.

Quarter-on-quarter, the economy is forecast to have expanded 2.2% on a seasonally adjusted basis after the reading was flat in the previous period.

China is slated to release its GDP report on Tuesday. The Chinese onshore yuan slightly weakened to 6.8772 in Asia’s Monday morning trade.

— Jihye Lee

An Hour Ago

Singapore’s March non-oil domestic exports posts sixth straight month of decline

Singapore’s March non-oil domestic exports fell 8.3% year-on-year, marking its sixth straight month of decline.

However, the decline was smaller than February’s 15.8% drop, and also below economists expectation of a 20.8% fall.

Government data revealed non-oil domestic exports to Singapore’s top markets as a whole declined in March, except to the U.S. and South Korea.

Non-oil domestic exports to Taiwan declined the most in March, falling 30.4% compared to last year, followed by Malaysia at a 23.1% drop, and China was down 14.1%.

— Lim Hui Jie

3 Hours Ago

China home prices in March see biggest monthly rise in 21 months

China’s new home prices in March fell 0.8% year-on-year, according to Refinitiv’s calculations of the National Bureau of Statistics’ house price data of 70 cities released on Saturday.

Home prices fell the least since June 2022, when the reading fell 0.5% year-on-year.

March’s reading marks a 0.5% month-on-month rise in comparison to a 0.3% rise in February, marking the fastest pace of gains in 21 months, according to Reuters.

“We expect more housing easing in the months ahead, but maintain our view that the property sector recovery should be gradual and bumpy,” Goldman Sachs economists said in a weekend note, citing demographic trends and tight financing conditions for developers.

— Jihye Lee

2 Hours Ago

IMF sees scope for BOJ to tweak yield target in 2023: Reuters

The International Monetary Fund sees scope for Bank of Japan to tweak its bond yield target this year on rising prospects the country could see durable wage increases, according to Reuters.

IMF’s Japan mission chief Ranil Salgado noted Japan’s wage dynamics were ”changing”, following talks between big firms and unions.

He also highlighted the BOJ should maintain its ultra-loose monetary policy, echoing governor Kazuo Ueda’s position. This is because, he added, a sustainable 2% inflation target is not yet in sight.

— Lim Hui Jie

2 Hours Ago

CNBC Pro: Should investors buy regional bank stocks? A bull and a bear weigh in — and share 3 top picks

U.S. regional banks largely sold off after the collapse of Silicon Valley Bank in March.

Should you buy the dip or steer clear of the uncertainty?

A bull and a bear on U.S. regional banks faced off on CNBC’s “Street Signs Asia” on Thursday and shared their stock picks — including one big bank stock and two regional names.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Fri, Apr 14 2023 12:27 PM EDT

Chicago Fed President: Latest economic data shows inflation moving in ‘right direction,’ but there’s still ways to go

While the latest batch of economic data shows positive developments on the inflation front, Chicago Federal Reserve President Austan Goolsbee said the central bank’s job is not over just yet.

“When you see the producer prices coming in as big negative numbers and you see these negatives on retail sales, you don’t want to overreact to short-run news, but it feels like that’s moving in the right direction,” he said on CNBC’s “Squawk Box” Friday to Steve Liesman.

Goolsbee, who succeeded Charles Evans in the president role earlier this year, is a member of the Federal Open Market Committee, which sets the federal funds rate.

— Alex Harring

2 Hours Ago

CNBC Pro: Analysts love these 15 cheap stocks — and give one 250% upside

Stocks are climbing, and tech stocks in particular have been a bright spot despite the market volatility brought on by the banking crisis, with the Nasdaq up around 16% so far this year — beating the S&P 500 and the Dow Jones Industrial Average.

But investors still have to contend with uncertainty as analysts warn of a recession this year.

But there’s opportunity in the chaos, with a number of companies trading at steeper discounts on a price-to-earnings basis than they have in recent history. CNBC Pro screened for such stocks with big upside.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Fri, Apr 14 2023 8:11 AM EDT

Citigroup joins parade of bank results topping expectations

Citigroup shares gained more than 2% in premarket trading as it too appeared to top expectations from Wall Street on Friday.

The bank reported $21.45 billion in revenue versus $19.986 billion expected, according to analysts polled by Refinitiv.

The bank’s $4.6 billion in net income for the period compares to $4.3 billion in the same period last year

Citigroup reported earnings of $2.19 per share for the quarter, while it was not clear how comparable that number is to estimates, it appeared to be a well above expectations.

JPMorgan, Wells Fargo and Citigroup are all up in the premarket after reporting generally better-than-expected results.

-John Melloy, Jesse Pound

Fri, Apr 14 2023 7:05 AM EDT

JPMorgan Chase jumps 4% after beating on top and bottom line

JPMorgan Chase shares jumped in premarket trading after the bank reported record revenue for the first quarter that was above expectations. Earnings per share also beat Wall Street’s estimates.

JPMorgan reported adjusted earnings of $4.32 per share for the first quarter vs. a $3.41 estimate from analysts polled by Refinitiv. Revenue for the first quarter was a record $39.34 billion vs. a $36.19 billion consensus estimate from Refinitiv.

See Chart…

JPMorgan, 1 day

“The U.S. economy continues to be on generally healthy footings—consumers are still spending and have strong balance sheets, and businesses are in good shape,” stated CEO Jamie Dimon in the earnings filing. “However, the storm clouds that we have been monitoring for the past year remain on the horizon, and the banking industry turmoil adds to these risks.”

-John Melloy, Hugh Son

Fri, Apr 14 2023 3:36 PM EDT

Next week opens the floodgates for first quarter earnings reports

Almost six times as many companies in the S&P 500 report latest quarter earnings next week as released results in the week just ended (10).

Although bank and financial companies results are sprinkled throughout the week (including a lot of regional banks, from MTB to CFG to CMA), the first of the big technology numbers are released next Wednesday LRCX TSLA FFIV IBM).

Earnings next week:






— Scott Schnipper

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