2 Hours Ago
Hong Kong’s producer prices climb 1% in the first quarter
Hong Kong’s producer price index climbed 1% in the first quarter compared with a year ago, a sharp reversal from the 0.4% drop recorded in the fourth quarter of 2022.
The city’s census bureau elaborated that the highest increases in producer prices were recorded mainly in paper products, which saw a 3.7% rise year on year.
Other sectors which saw increases include the food, beverages and tobacco industry, as well as the metal and electronics industry.
Over the same period, the textiles and wearing apparel industry saw a marginal fall in producer prices, decreasing 0.1% year on year.
— Lim Hui Jie
2 Hours Ago
Singapore non-oil domestic exports tumble more than expected in May, for eighth-straight month of decline
Singapore’s non-oil domestic exports slid 14.7% year-on-year in May, a larger fall than the 9.8% decrease in April and more than the 8.1% drop expected by economists polled by Reuters.
The May figures also mean that Singapore’s non-oil domestic exports have declined for eight straight months. On a month-on-month seasonally adjusted basis, non-oil domestic exports tumbled by 14.6%, sharply higher than the 1.3% fall forecast.
Government data revealed that both exports of electronics and non-electronics declined, with exports to Hong Kong, Malaysia and Taiwan leading the drop. In contrast, exports to the U.S. and China rose.
Singapore’s total trade declined by 17.9% year-on-year in May, following the 18.9% contraction in the preceding month.
Total exports declined by 15.2%, slightly smaller than April’s 18.1% decrease. Meanwhile, total imports contracted by 20.7%, extending the previous month’s 19.7% decline.
— Lim Hui Jie
3 Hours Ago
CNBC Pro: UBS loves this large global airline and expects its shares to rise 50% in the next year
Swiss investment bank UBS expects shares of a large global airline to rise by 50% in the next year
The airline’s stock is already up 50% this year as it plans to grow by nearly three-fold by 2030.
CNBC Pro subscribers can read more here.
— Ganesh Rao
3 Hours Ago
CNBC Pro: ‘Green light for stocks:’ Fundstrat’s Tom Lee shares his S&P 500 target, naming stocks to buy
The S&P 500 has further upside going into next year, predicts Tom Lee of Fundstrat, as he gives his S&P 500 target for 2024.
“Our view is that you want to be risk on this year,” he added, naming stocks to buy.
CNBC Pro subscribers can read more here.
— Weizhen Tan
8 Hours Ago
Stocks are smashing historical averages for June
The Dow and S&P 500 are running circles around historical averages for June about halfway into the month, according to data from the Stock Trader’s Almanac.
In a typical June, the Dow has shed 0.2% on average. But so far this month, the 30-stock average is up 4.4%. That also puts it ahead of the overall average, with a typical month bringing a relatively modest 0.7% advance.
Similarly, the S&P 500 has rallied 5.5% this month, blowing past the historical June average of just 0.1% gained. When averaging the historical performance of all months for the S&P 500, the index typical adds 0.7%.
That performance means both have defied conventional wisdom, with June historically considered a weak month. On average, it has brought the second worst historical performance for the Dow and fourth worse for the S&P 500.
— Alex Harring
10 Hours Ago
Regional bank stocks among top market performers Thursday
See Chart…
SPDR S&P Regional Banking ETF (KRE).
14 Hours Ago
Dollar hits high against yen not seen this year
The U.S. dollar reached a high not seen since November when compared with the yen.
The greenback reached 141.50 against the yen. That’s the highest level since Nov. 23, 2022, when it hit 141.61.
Meanwhile, the dollar index was negative as the euro reached a high against the dollar not seen in nearly a month. The euro hit 108.78 against the dollar, which was the highest since May 16 when it notched 1.0904.
— Alex Harring, Gina Francolla
14 Hours Ago
Here’s a look at the slew of economic data releases Thursday
Thursday morning saw a wide variety of economic data released. Here are the results against estimates from the Dow Jones consensus:
- Weekly jobless claims: 262,000 vs. 245,000 Dow Jones estimate. Continuing claims 1.757 million vs. 1.79 million (FactSet).
- Retail sales May: 0.3% vs. -0.2% estimate; ex-auto 0.1% vs. flat estimate.
- Import prices May: -0.6% vs. -0.5% estimate.
- Empire State Manufacturing June: 6.6 vs. -16 estimate.
- Philadelphia Fed Manufacturing June: -13.7 vs. -14.8 estimate.
—Jeff Cox
Read More: Asia markets largely higher; Bank of Japan leaves rates unchanged, in line with