eskisehir termal otel ankara evden eve nakliyat Antika mobilya alanlar
Business

Asia-Pacific markets mostly fall as investors digest Chinese economic data

Goldman Sachs: China’s ‘exit wave’ on reopening weighs on economy

China’s “exit wave” in its reopening process has slowed the economy significantly, Goldman Sachs economists said in a report.

“The ongoing ‘exit wave’ following China’s faster-than-expected reopening has weighed heavily on economic activity in recent months, due to a surge in infections, a temporary labor shortage, labor and supply chain disruptions,” he said in a report. .

“It is very surprising in our view that the figures reported for December were not worse,” the economists said.

– Jihye Lee

Credit Suisse says iron ore prices will hit around $130-$140 this year

Iron ore prices are expected to hover around $130 to $140 as traders focus on reopening China, said Saul Kavonic, head of energy and resources research at Credit Suisse.

“We expect the $130-140 mark to be where prices end and cap this year,” he said.

With the last few weeks of strength in iron ore demand supported by speculative buying and holiday buying, he said markets are currently watching the progress of China’s reopening and the rollout of any stimulus. infrastructures.

He said these measures “will sustain this demand for iron ore through this year into next year.”

Australian mining giant Rio Tinto published their fourth quarter production results which slightly exceeded estimates.

“The real purpose [of] Rio has been on iron ore, which underpins the entire sector for the past few months, which was ultimately a call that finally came to fruition late last year and early this year.” , did he declare.

Rio TintoShares of had last traded down 1.11%.

—Lee Ying Shan

China retail sales beat estimates, economy grows more than expected

December retail sales in China beat estimates, falling just 1.8% on an annualized basis, significantly better than the 8.6% drop projected in a Reuters poll.

Industrial production also rose 1.3% in December, beating expectations for a 0.2% increase.

In the fourth quarter, the Chinese economy grew by 2.9% on an annualized basis, better than the expected growth of 1.8%. Although quarterly growth was flat, it still beat expectations of a 0.8% contraction.

Despite better than expected data, the Chinese Offshore Yuan weakened sharply from 6.7403 to 6.7563 against the US Dollar soon after the release.

Alibaba shares rise after Ryan Cohen reportedly takes a stake in the company

Alibaba shares rose after the The Wall Street Journal reported that Ryan Cohen has built a stake in the company “worth hundreds of millions of dollars”.

Cohen, who founded online pet retailer Chewy and is also chairman of GameStop, is privately pushing Alibaba to accelerate and further strengthen its stock buyback program, according to the Journal report.

Hong Kong-listed shares of Alibaba rose 2% in the first hour of trading. The stock has since pared its gains to trade roughly flat.

– Jihye Lee

China’s Liu He to meet US Treasury Secretary Janet Yellen

US Treasury Secretary Janet Yellen is to meet with Chinese Vice Premier Liu He on the sidelines of the World Economic Forum, China’s Ministry of Commerce said in a statement. statement.

The two men will hold a meeting to “strengthen the coordination of macroeconomic and financial policies”, the ministry said.

The meeting will take place in Zurich on January 18, the statement said, adding that the pair will discuss the implementation of agreements reached between US President Joe Biden and Chinese President Xi Jinping late last year in Bali. , in Indonesia.

The sit-down will mark the first face-to-face meeting between Yellen and Liu.

Separately, Politics US Secretary of State Antony Blinken will meet China’s new Foreign Minister Qin Gang in Beijing on Feb. 5-6, citing Washington-based diplomats familiar with the matter.

– Jihye Lee

Singapore’s non-oil domestic exports drop more than 20% in December

Singapore’s non-oil domestic exports fell 20.6% in December on an annualized basis, a further decline from the 14.7% decline seen in November.

The sharp drop was mainly due to exports to China, Indonesia and Hong Kong, according to the government statement. Exports to South Korea and Japan have increased, he added.

The country’s total trade fell 7.7% in December from a year ago, with exports falling 7.1% and imports also falling 8.2%.

Jihye Lee

CNBC Pro: This Global Under-the-Radar Carbon Capture Stock Could Soar 65%, Investment Banks Say

Shares of an under-the-radar carbon capture company are expected to rise 65% on growing global demand for emissions-reducing technologies, according to investment banks analyzing the stock.

The company’s latest innovation, revealed last week, could reduce the energy needed to capture carbon and improve the company’s profitability in the future, according to analysts at a German investment bank.

CNBC Pro subscribers can learn more here.

—Ganesh Rao

Where are the major indices after the first two weeks of trading in 2023

With the first two weeks of trading of 2023 complete, all three major indices are up so far for the year.

The Nasdaq Compound leads the way, adding 5.9% as investors bought battered tech stocks on growing hopes of an improving landscape for growth holdings. The S&P500 and Dow followed, gaining 4.2% and 3.5% respectively.

—Alex Harring

Stock futures open lower

Stock futures were down despite the market having had a winning week.

Futures contracts linked to the Dow Jones fell 0.1%. S&P 500 and Nasdaq-100 futures fell 0.2% and 0.4% respectively.

—Alex Harring

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Close
Bolu escort gümüshane escort istanbul escort Kamagra Levitra Novagra Geciktirici