Wed, Nov 22 2023 1:00 AM EST
We are ‘really positive’ about Vietnam in the long term, PropertyGuru says
PropertyGuru, a Singapore-based online property portal, reported 13% year-over-year revenue growth, reaching 39 million Singapore dollars ($29.1 million) in the third quarter. Revenue from Singapore’s property market increased to SG$22.5 million in the third quarter, helping to offset a decrease in revenue from the Vietnamese market, the company reported.
“Singapore has been sort of pretty robust to date, although we are noticing a little bit more supply coming into the market, probably demand is dropping off a little bit … but fundamentally, it’s a strong property market,” Joe Dische, chief financial officer at PropertyGuru told CNBC’s “Squawk Box Asia.”
Dische noted that although Malaysia and Vietnam are going through some some short-term headwinds, the company is still “very positive” on the long-term prospects of both countries.
Vietnam’s marketplace revenue decreased 32.9% year-over-year to SG$4.1 million in the third quarter and the country is not expected to make recovery in 2023, PropertyGuru stated in its report. Nonetheless, Dische believes that down the road, Vietnam’s “market will come back and we’ll get a lot of additional revenue quite quickly.”
— Quek Jie Ann
Tue, Nov 21 2023 8:47 PM EST
Japan expects economy to recover at moderate pace
Japan’s government said it expects the economy to recover but only at a moderate pace.
“The Japanese economy is recovering at a moderate pace, although it recently appears to be pausing in part,” Japan’s Cabinet Office said in a press release.
A global economic slowdown amid monetary policy tightening cycles and waning prospects of a speedier recovery in China were mentioned as key risks to Japan’s growth.
“The Government will accelerate the initiative of new capitalism to transform the economy from a cost-cutting economy that has been in place for 30 years to a growth-oriented economy driven by sustained wage increases and active investment,” the press release said.
— Shreyashi Sanyal
Tue, Nov 21 2023 7:53 PM EST
Singapore’s economy grows faster than expected in third quarter
Singapore’s gross domestic product grew 1.1% year on year in the third quarter, beating advance estimates of 0.7% and higher than the 0.5% growth seen in the second quarter.
The 1.1% rate was also higher than expectations from economists polled by Reuters, which expected growth of 0.7%.
Government data showed that on a quarter-on-quarter, seasonally-adjusted basis, GDP climbed 1.4%, sharply higher than the 0.1% seen in the second quarter.
Following the results, Singapore’s trade and industry ministry revised its GDP growth forecast for Singapore to “around 1%” for 2023, from 0.5%-1.5% previously.
— Lim Hui Jie
Tue, Nov 21 2023 8:46 PM EST
CNBC Pro: Forget Big Tech? Fund manager names 6 lesser-known tech stocks to buy instead
Big Tech names have been getting a lot of love this year, with investors piling into the so-called Magnificent Seven stocks.
One portfolio manager, however, is shifting his focus to other tech players — particularly small mid-cap names.
“I would probably balance between large cap stocks and start to be more constructive on small mid-cap stocks by increasing my exposure to them,” Karen Kharmandarian, senior portfolio manager at Thematics Asset Management, told CNBC Pro.
— Amala Balakrishner
Tue, Nov 21 2023 7:47 PM EST
CNBC Pro: As the hype around ‘solid-state’ EV batteries grows, UBS reveals the global stocks to play it
Investment bank UBS has identified and named the stocks set to benefit from the growth of next-generation ‘solid-state’ battery technology electric vehicles.
Solid-state batteries are seen as a potential breakthrough technology because they can store more energy than lithium-ion batteries and charge faster. While researchers have known about the technology for decades, commercialization on a large scale has not yet been possible.
CNBC Pro subscribers can read more about the UBS analyst stock picks here.
— Ganesh Rao
Tue, Nov 21 2023 2:03 PM EST
Fed gives no indication of rate cuts in latest minutes
The Federal Reserve released the minutes from its Oct. 31-Nov. 1, which showed the central bank didn’t give an indication of possible rate hikes coming.
“In discussing the policy outlook, participants continued to judge that it was critical that the stance of monetary policy be kept sufficiently restrictive to return inflation to the Committee’s 2 percent objective over time,” the minutes stated.
— Jeff Cox
Tue, Nov 21 2023 7:47 PM EST
CNBC Pro: These big names in retail could get hit by Temu’s surging growth, Bank of America says
Explosive growth of Temu, the U.S. arm of Chinese e-commerce giant Pinduoduo,…