mixed – Business News Updates https://newsdaily.business Tue, 17 Jan 2023 11:09:46 +0000 en hourly 1 https://wordpress.org/?v=6.4.3 https://newsdaily.business/wp-content/uploads/2021/02/cropped-handshake-hand-gesture-dollar-money-finance-coin_96px-32x32.png mixed - Business News Updates https://newsdaily.business 32 32 Oil prices mixed on Chinese data and demand growth hopes https://newsdaily.business/2023/01/17/oil-prices-mixed-on-chinese-data-and-demand-growth-hopes/ https://newsdaily.business/2023/01/17/oil-prices-mixed-on-chinese-data-and-demand-growth-hopes/#respond Tue, 17 Jan 2023 11:09:46 +0000 https://newsdaily.business/2023/01/17/oil-prices-mixed-on-chinese-data-and-demand-growth-hopes/ LONDON, Jan 17 (Reuters) – Oil prices were mixed on Tuesday after China posted its second-weakest annual economic growth in nearly half a century, though its recent shift in COVID-19 policy underpinned hopes of a recovery in fuel demand this year. Brent crude futures rose 69 cents, or 0.8%, to $85.15 a barrel by 0913 […]]]>


LONDON, Jan 17 (Reuters) – Oil prices were mixed on Tuesday after China posted its second-weakest annual economic growth in nearly half a century, though its recent shift in COVID-19 policy underpinned hopes of a recovery in fuel demand this year.

Brent crude futures rose 69 cents, or 0.8%, to $85.15 a barrel by 0913 GMT.

U.S. West Texas Intermediate (WTI) crude was down 7 cents, or 0.1%, at $79.79, heading for the first daily loss since Jan. 4 after touching its highest since Jan. 3.

There was no settlement on Monday because of the U.S. public holiday for Martin Luther King Day.

China’s gross domestic product expanded 3% in 2022, missing the official target of “around 5.5%” and marking the second-worst performance since 1976, hit by COVID curbs and a property market slump.

The economic data still beat analysts’ earlier forecasts after Beijing’s rolling back of its zero-COVID policy in December bolstered consumption.

Data released on Tuesday showed China’s oil refinery output in 2022 had fallen 3.4% from a year earlier for its first annual decline since 2001, though daily December oil throughput rose to the second-highest level of 2022.

“The country’s crude oil imports were up 4% in December and a considerable demand boost for transportation fuel … is anticipated when the Lunar New Year begins on Sunday,” said PVM analyst Tamas Varga.

He added that reports from the Organization of the Petroleum Exporting Countries (OPEC) on Tuesday and the International Energy Agency (IEA) on Wednesday will shed more light on the strength of oil demand while recession fears loom.

In a survey released at the annual World Economic Forum in Davos, two thirds of private and public sector economists polled expected a global recession this year, with about 18% considering it “extremely likely”.

A survey of chief executives’ views by PwC was the gloomiest since the poll was launched a decade ago.

A slight strengthening of the dollar from seven-month lows also pressured oil prices, making dollar-priced oil more expensive for buyers holding other currencies.

Reporting by Shadia Nasralla
Additional reporting by Sonali Paul in Melbourne and Muyu Xu in Singapore
Editing by David Goodman

Our Standards: The Thomson Reuters Trust Principles.

Shadia Nasralla

Thomson Reuters

Writes about the intersection of corporate oil and climate policy. Has reported on politics, economics, migration, nuclear diplomacy and business from Cairo, Vienna and elsewhere.



Read More:Oil prices mixed on Chinese data and demand growth hopes

2023-01-17 10:20:00

]]>
https://newsdaily.business/2023/01/17/oil-prices-mixed-on-chinese-data-and-demand-growth-hopes/feed/ 0
Asia-Pacific markets trade mixed as investors digest Chinese economic data https://newsdaily.business/2023/01/17/asia-pacific-markets-trade-mixed-as-investors-digest-chinese-economic-data/ https://newsdaily.business/2023/01/17/asia-pacific-markets-trade-mixed-as-investors-digest-chinese-economic-data/#respond Tue, 17 Jan 2023 05:09:17 +0000 https://newsdaily.business/2023/01/17/asia-pacific-markets-trade-mixed-as-investors-digest-chinese-economic-data/ Credit Suisse says iron ore prices to peak at around $130 to $140 this year Iron ore prices are forecast to be around $130 to $140 as traders keep China’s reopening in focus, said Credit Suisse’s Head of Energy and Resources Research, Saul Kavonic. “We are expecting that $130 to $140 mark to be where […]]]>


Credit Suisse says iron ore prices to peak at around $130 to $140 this year

Iron ore prices are forecast to be around $130 to $140 as traders keep China’s reopening in focus, said Credit Suisse’s Head of Energy and Resources Research, Saul Kavonic.

“We are expecting that $130 to $140 mark to be where prices kind of end up and top out this year,” he said.

While the last few weeks of iron ore demand strength is buoyed by speculative buying and holiday period purchases, he said the markets are currently watching how China’s reopening plays out and the rolling out of any infrastructure stimulus.

He said these measures will “sustain that demand for iron ore throughout the course of this year well into next year.”

Australia’s mining giant Rio Tinto posted their fourth quarter production results which slightly beat estimates.

“The real focus [of] Rio has been on iron ore, which is supportive the whole sector over the last few months which has been a call that’s finally come good at the end of last year and early this year,” he said.

Rio Tinto‘s shares last traded down 1.11%.

China’s retail sales beat estimates, economy expands more than expected

China’s December retail sales beat estimates, falling only 1.8% on an annualized basis, significantly better than the decline of 8.6% projected in a Reuters poll.

Industrial output also grew 1.3% in December, higher than expectations for an increase of 0.2%.

In the fourth quarter, China’s economy expanded by 2.9% on an annualized basis, better than the expected 1.8% growth. While quarterly growth was flat, it still beat expectations for a 0.8% contraction.

Despite better-than-expected data, the Chinese offshore yuan weakened sharply from 6.7403 to 6.7563 against the U.S. dollar shortly after the release.

Alibaba stock inches up after Ryan Cohen reportedly takes stake in company

Shares of Alibaba rose after the Wall Street Journal reported that Ryan Cohen 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 boost its share-repurchase program, the Journal report said.

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

– Jihye Lee

China’s Liu He to meet with U.S. Treasury Secretary Janet Yellen

U.S. Treasury Secretary Janet Yellen is scheduled to hold a meeting with Chinese Vice Premier Liu He on the sidelines of the World Economic Forum, China’s commerce ministry said in a statement.

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

The meeting will take place in Zurich on Jan. 18, according to the statement, adding that the two will discuss the implementation of the agreements reached between U.S. President Joe Biden and Chinese President Xi Jinping late last year in Bali, Indonesia.

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

Separately, Politico reported U.S. Secretary of State Antony Blinken will meet newly appointed Chinese 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 fall by more than 20% in December

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

The steep decline was driven mainly by exports to China, Indonesia and Hong Kong, according to the government release. Exports to South Korea and Japan rose, it said.

The nation’s total trade declined 7.7% in the month of December compared with a year ago – with exports dropping 7.1% and imports also dropping 8.2%.

Jihye Lee

CNBC Pro: This under-the-radar global carbon capture stock could soar by 65%, investment banks say

Shares of an under-the-radar carbon capture company are expected to rise by 65% due to increasing global demand for emissions reduction technology, according to investment banks analyzing the stock.

The company’s latest innovation, revealed last week, could cut 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 read more here.

— Ganesh Rao

Where the major indexes stand coming off the first two weeks of 2023 trading

With the first two weeks of 2023 trading done, the three major indexes are up so far for the year.

The Nasdaq Composite is leading the way, adding 5.9% as investors bought beaten-down technology stocks on rising hopes of an improving landscape for growth holdings. The S&P 500 and Dow followed, gaining 4.2% and 3.5%, respectively.

— Alex Harring

Stock futures open lower

Stock futures were lower despite the market coming off a winning week.

Futures tied to the Dow dipped 0.1%. S&P 500 and Nasdaq-100 futures fell 0.2% and 0.4%, respectively.

— Alex Harring



Read More:Asia-Pacific markets trade mixed as investors digest Chinese economic data

2023-01-17 04:47:00

]]>
https://newsdaily.business/2023/01/17/asia-pacific-markets-trade-mixed-as-investors-digest-chinese-economic-data/feed/ 0
Stocks mixed after December jobs report https://newsdaily.business/2023/01/06/stocks-mixed-after-december-jobs-report/ https://newsdaily.business/2023/01/06/stocks-mixed-after-december-jobs-report/#respond Fri, 06 Jan 2023 16:20:13 +0000 https://newsdaily.business/2023/01/06/stocks-mixed-after-december-jobs-report/ U.S. stocks charged forward Friday morning — then stumbled off of their highs — after December employment data showed strong job growth last month, while wages rose at a slower pace than expected. The S&P 500 (^GSPC) advanced 0.6%, while the Dow Jones Industrial Average (^DJI) was up 0.7% as of 10:05 a.m. ET after […]]]>


U.S. stocks charged forward Friday morning — then stumbled off of their highs — after December employment data showed strong job growth last month, while wages rose at a slower pace than expected.

The S&P 500 (^GSPC) advanced 0.6%, while the Dow Jones Industrial Average (^DJI) was up 0.7% as of 10:05 a.m. ET after each index jumped 1.1% at the open. The technology-heavy Nasdaq Composite (^IXIC) rose 0.3%. All three major averages were on pace to round out the first week of 2023 with losses unless Friday’s gains hold and place the indexes in positive territory.

The Labor Department’s final jobs report of 2022 showed the U.S. economy added 223,000 payrolls last month while the unemployment rate fell to 3.5%. Economists had expected readings of 200,000 and 3.7%, respectively.

Employment has moderated in recent months, but hiring remains momentous despite the Federal Reserve’s efforts to quell a tight labor market that has placed upward pressure on wages and contributed to stubborn inflation.

“With over 1.8 unfilled jobs for every unemployed person, investors should expect higher rates for longer after today’s release,” Lazard Chief Market Strategist Ron Temple said in a note. “As long as the labor market remains this tight, the Fed cannot rest assured that inflation will return to its 2% target.”

In specific stock moves, beleaguered Tesla (TSLA) shares resumed their recent slide, falling as much as 6.5% in morning trading after the electric carmaker slashed prices in China following a December drop in deliveries.

The starting price for Model 3 was cut to 229,000 yuan, or around $33,000, while prices on the Model Y have been lowered to 259,900 yuan, or $37,886, according to Tesla’s website.

Elsewhere in markets, World Wrestling Entertainment (WWE) shares surged 13.5% after the company announced former chief executive Vince McMahon will return to explore a sale of the business. McMahon retired in July 2022 following a misconduct probe. The Wall Street Journal first reported the planned return late Thursday.

Bed Bath & Beyond (BBBY) slid another 24% Thursday morning after revealing in a statement the previous day that the company was exploring bankruptcy as it runs out of cash. On Wednesday, shares tanked 30% following the announcement.

Costco (COST) stock gained more than 5%, emerging from a six-month low after the bulk retailer released upbeat December sales data. Revenue last month came in at $23.8 billion, up 7% year-over-year, while total comparable store sales grew 5.5%, beating analyst expectations of 5%. Costco was Yahoo Finance’s company of the year.

In commodities markets, oil prices steadied Friday morning after a gloomy start to the year that saw crude futures plunge nearly 10% this week. West Texas Intermediate (WTI) crude futures, the U.S. benchmark, were trading around $73 per barrel Friday morning.

A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., January 5, 2023. REUTERS/Andrew Kelly

A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., January 5, 2023. REUTERS/Andrew Kelly

Outside of the main monthly jobs report, a bevy of other labor market updates this week suggested hiring remains strong and job openings are still high. For investors, the figures suggested labor conditions remain tight enough for the Federal Reserve to keep raising interest rates, sending stocks lower.

In the previous trading session, all three major averages shed more than 1% after the ADP National Employment report showed private payrolls grew by 235,000 jobs in December, while filings for unemployment insurance fell to the lowest since September.

“Last year, it was the Fed versus the markets — they needed valuations to come down, they wanted equities to go down, they wanted bonds to go down, they wanted housing prices to go down — they got that,” David Waddell, CEO of eponymous firm Waddell and Associates told Yahoo Finance Live on Wednesday. “This year, it’s going to be the Fed versus employers, and what the Fed has told employers is, ‘We’re not going to stop until you fire two million people.'”

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

Click here for the latest trending stock tickers of the Yahoo Finance platform

Click here for the latest stock market news and in-depth analysis, including events that move stocks

Read the latest financial and business news from Yahoo Finance

Download the Yahoo Finance app for Apple or Android

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube





Read More:Stocks mixed after December jobs report

2023-01-06 15:00:06

]]>
https://newsdaily.business/2023/01/06/stocks-mixed-after-december-jobs-report/feed/ 0
Ex-Bureaucrat’s “Mixed” Review Of Notes Ban https://newsdaily.business/2023/01/03/ex-bureaucrats-mixed-review-of-notes-ban/ https://newsdaily.business/2023/01/03/ex-bureaucrats-mixed-review-of-notes-ban/#respond Tue, 03 Jan 2023 04:19:47 +0000 https://newsdaily.business/2023/01/03/ex-bureaucrats-mixed-review-of-notes-ban/ New Delhi: On a day the Supreme Court upheld Prime Minister Narendra Modi’s 2016 demonetisation, with a dissenting judgment from one judge, a former bureaucrat shared a mixed review of the move. Rajiv Kumar, the former vice-chairman of government’s thinktank,Niti Aayog, told NDTV on Monday that he didn’t think the notes ban had managed to […]]]>


New Delhi:

On a day the Supreme Court upheld Prime Minister Narendra Modi’s 2016 demonetisation, with a dissenting judgment from one judge, a former bureaucrat shared a mixed review of the move.

Rajiv Kumar, the former vice-chairman of government’s thinktank,Niti Aayog, told NDTV on Monday that he didn’t think the notes ban had managed to achieve all it set out to do. One positive, he said, was digitisation.

The Supreme Court, backing the notes ban in a 4-1 verdict, said it is “not relevant” whether the objective of the overnight ban was achieved or not.

The outcome of demonetisation was “quite mixed”, Mr Kumar told NDTV in an exclusive interview.

“Six years later, I am not so sure of it. I was convinced that it was worth it when it was undertaken, but the way things have turned out…well let me say that the fillip that it has given to digitisation and to the growth of the fintech industry and to the fact that we have gotten a lot more financial inclusion in the economy etc. I won’t maybe repeat it, but the purpose it was done with has been largely achieved,” he said, on being asked whether it was worth it.

While announcing the notes ban in November 2016, PM Modi had made it clear that the ban was part of a larger plan to curb black money, and thereby terrorism.

But six years on, the amount of fake currency in circulation is far more than 2016.

Mr Kumar said: “Given the nature of our economy, the unorganised sector in our economy, a large segment of our economy is running on cash, the large sectors like construction etc. the attempt to weed out the cash economy or the black money etc, I don’t think it would have been achieved.”

The value of the total currency in March last year went up 89% to Rs 31,05,721 crore, compared with Rs 16,41, 571 crore as of March 2016, the Finance Ministry told parliament recently.

According to data shared by the ministry in Lok Sabha, the volume of currency in terms of the number of notes in circulation to has jumped 44 per cent to touch 1,30,533 million in March 2022.

The value of digital payments, meanwhile, has shot up from Rs 6,952 crore in 2016 to Rs 12 lakh crore in October 2022.

The majority judgment from the top court maintained that the government has the power to demonetise bank notes of all series and proper procedure was followed while banning notes of Rs 500 and Rs 1000 denomination in 2016. The court said decision passes the test of proportionality – meaning it is a reasonable way to root out black money and fake currency. The 52-day time given for exchange of notes was not unreasonable, the judges said.

In a strong dissenting judgment, Justice BV Nagarathna said the notes ban was “vitiated and unlawful”.



Read More:Ex-Bureaucrat’s “Mixed” Review Of Notes Ban

2023-01-03 03:57:00

]]>
https://newsdaily.business/2023/01/03/ex-bureaucrats-mixed-review-of-notes-ban/feed/ 0
Stocks closed mixed, yields rise to start final trading week of 2022 https://newsdaily.business/2022/12/27/stocks-closed-mixed-yields-rise-to-start-final-trading-week-of-2022/ https://newsdaily.business/2022/12/27/stocks-closed-mixed-yields-rise-to-start-final-trading-week-of-2022/#respond Tue, 27 Dec 2022 21:37:06 +0000 https://newsdaily.business/2022/12/27/stocks-closed-mixed-yields-rise-to-start-final-trading-week-of-2022/ U.S. stocks closed mixed Tuesday after Wall Street returned from the long holiday weekend to barrel through the final four trading days of 2022. The S&P 500 (^GSPC) fell 0.4%, while the technology-heavy Nasdaq Composite (^IXIC) slid 1.4%. The Dow Jones Industrial Average (^DJI) was an outliner, advancing a modest 0.1%. Tesla (TSLA) was among […]]]>


U.S. stocks closed mixed Tuesday after Wall Street returned from the long holiday weekend to barrel through the final four trading days of 2022.

The S&P 500 (^GSPC) fell 0.4%, while the technology-heavy Nasdaq Composite (^IXIC) slid 1.4%. The Dow Jones Industrial Average (^DJI) was an outliner, advancing a modest 0.1%.

Tesla (TSLA) was among the day’s biggest movers, extending a sharp downtrend after Reuters reported the electric vehicle giant will run a reduced production schedule at its Shanghai factory in January, extending the reduced output it began this month into the new year. Tesla stock tanked more than 11% on Tuesday.

Tesla is now down 40% in the last month and 69% in 2022 so far, placing the company on pace for its worst year on record.

Other electric carmakers were also hit hard on Tuesday, including Chinese automaker NIO (NIO), whose shares slid 8.3% after slashing fourth-quarter deliver guidance over COVID-related supply chain disruptions.

Tesla’s sell-off has weighed heavily on Cathie Wood’s ARK Invest — a bellwether for speculative technology stocks and large holder of the electric vehicle company. ARK Innovation (ARKK), the firm’s beleaguered flagship ETF, hit a new five-year low on Tuesday, falling below $30. The fund is down nearly 70% year-to-date.

Megacaps including Apple (AAPL), Amazon (AMZN), and Alphabet (GOOG, GOOGL) sank 1.4%, 2.6%, and 2.1%, respectively.

Shares of Southwest Airlines (LUV) tumbled 6% after the airline canceled roughly more than 5,000 flights over the past two days.

The U.S. Transportation Department (USDOT) called the magnitude of canceled flights “unacceptable” and said it would investigate whether the company was responsible.

In other pockets of the market, the U.S. dollar index retreated as China’s easing of virus protocols spurred a move out of safe-haven assets. U.S. Treasury yields climbed toward the highest since mid-November.

Oil prices steadied after touch three-week highs as prospects for reopening demand from China added to concerns about the impact of colder weather in the United States on production. West Texas Intermediate (WTI) crude futures settled just below $80 per barrel.

A move by China to scrap quarantine requirements for inbound travelers beginning Jan. 8 had given sentiment a boost earlier in the day, with the country broadening its reopening after three years of zero-COVID controls and travel restrictions. The National Health Commission also said Monday that the nation’s management of the virus will be downgraded to Category B from the top-level Category A.

The moves come after an up modest gains Friday that helped the S&P 500 and Dow avert a third-straight weekly loss. The indexes advanced 0.6% and 0.5%, respectively. The Nasdaq also closed Friday higher but was down 1.5% for the week.

Investors have been hopeful a Santa Claus Rally can offer some reprieve to equity markets as they head toward their worst year since 2008. The phenomenon – a seasonal rise in the stock market that occurs at the end of December – is typically defined as the last five trading days of the year and first two of the new year. Yale Hirsch, creator of the Stock Trader’s Almanac, discovered the pattern in 1972.

Santa Claus looks on at the 98th Annual Christmas Tree lighting ceremony at the New York Stock Exchange on December 1, 2021 in New York. (Photo by Bryan R. Smith / AFP) (Photo by BRYAN R. SMITH/AFP via Getty Images)

Santa Claus looks on at the annual Christmas tree-lighting ceremony at the New York Stock Exchange on December 1, 2021. (Photo by BRYAN R. SMITH/AFP via Getty Images)

A brutal December marked by rate and recession fears has kept selling pressures high all month and dampened hopes for the typical year-end rally.

DataTrek’s Jessica Rabe points out that the S&P 500 has a meaningfully better win rate and overall average performance following a negative calendar year of less than 10% than ones that post a higher loss — and 2022 is poised to end in the latter category.

“That said, when the index is down in the double digits as it is today, the odds of it being positive next year is essentially a coin flip and the returns aren’t nearly as promising as they would be if the S&P ended down less than 10%,” Rabe said in a recent note. “If there had been a real ‘Santa Claus Rally’ this month, the S&P might have ended the year with less than a double-digit decline.”

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

Click here for the latest trending stock tickers of the Yahoo Finance platform

Click here for the latest stock market news and in-depth analysis, including events that move stocks

Read the latest financial and business news from Yahoo Finance

Download the Yahoo Finance app for Apple or Android

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube





Read More:Stocks closed mixed, yields rise to start final trading week of 2022

2022-12-27 21:07:02

]]>
https://newsdaily.business/2022/12/27/stocks-closed-mixed-yields-rise-to-start-final-trading-week-of-2022/feed/ 0
Forexlive Americas FX news wrap: Consumers spending up marginally. Durable orders mixed https://newsdaily.business/2022/12/24/forexlive-americas-fx-news-wrap-consumers-spending-up-marginally-durable-orders-mixed/ https://newsdaily.business/2022/12/24/forexlive-americas-fx-news-wrap-consumers-spending-up-marginally-durable-orders-mixed/#respond Sat, 24 Dec 2022 09:02:46 +0000 https://newsdaily.business/2022/12/24/forexlive-americas-fx-news-wrap-consumers-spending-up-marginally-durable-orders-mixed/ There was a flurry of data today before markets settled into the holiday week ahead that will have Stock and bond markets closed on Monday in observance of Boxing Day and Christmas and early closes next Friday and on Monday for New Years. The forex market will be open Monday to Friday as is customary, […]]]>


There was a flurry of data today before markets settled into the holiday week ahead that will have Stock and bond markets closed on Monday in observance of Boxing Day and Christmas and early closes next Friday and on Monday for New Years. The forex market will be open Monday to Friday as is customary, but with the economic schedule light and most traders taking the week off, the activity should be limited.

For year end flows (tax related), activity must be completed by Wednesday to get under the end of year wire.

Today the US had durable goods, Core PCE including personal consumption, Michigan consumer confidence and new-home sales.

Durable goods orders came out mixed. The headline number was weaker than expectations but if you subtracted out the transportation, it wasn’t so bad. Revisions were not so great though.

PCE headline and core inflation came in about as expected with the core PCE still up 4.7% but down from 5.0% last month. Included in that report is personal income which rose by a greater than expected 0.4% versus 0.3%. But consumption was worse than expected at 0.1% versus 0.2%.. Later in the morning, the Univ. of Michigan final reading came in at 59.7 up from 59.4 the preliminary. Both were higher than last month’s 56.8 reading. The current conditions rose to 59.4 from 58.8 last month. The expectations Index was also higher 59.9 versus 55.6. Inflation one year forward came in at 4.4% versus 4.9% last month. Although lower, it is still above the Federal Reserve’s estimate of 3.1% at the end of 2023.

In the forex market, the strongest of the majors was the NZD and the AUD. The weakest were the JPY and CHF. THe USD was also weaker today vs most of the major currencies.

The strongest to the weakest of the major currencies

In other markets:

  • spot gold is up $5.88 or 0.32% at $1798.04
  • spot silver rose to $0.16 or 0.69% at $23.72
  • WTI crude oil closed higher by $1.90 at $79.41
  • bitcoin was steady and $16,814. It was near mid range of the day’s trading range

In the US stock market, the major indices worked their way from negative territory to positive terrritory by the close:

  • Dow rose 0.53%
  • S&P rose 0.59%
  • Nasdaq rose 0.21%
  • Russell 2000 rose 0.39%

Let me take this opportunity to wish you all a happy and healthy holiday season.

Joy to the world….



Read More:Forexlive Americas FX news wrap: Consumers spending up marginally. Durable orders mixed

2022-12-23 22:01:29

]]>
https://newsdaily.business/2022/12/24/forexlive-americas-fx-news-wrap-consumers-spending-up-marginally-durable-orders-mixed/feed/ 0
Asia-Pacific markets mixed as Japan stocks see second day of losses https://newsdaily.business/2022/12/21/asia-pacific-markets-mixed-as-japan-stocks-see-second-day-of-losses/ https://newsdaily.business/2022/12/21/asia-pacific-markets-mixed-as-japan-stocks-see-second-day-of-losses/#respond Wed, 21 Dec 2022 09:27:57 +0000 https://newsdaily.business/2022/12/21/asia-pacific-markets-mixed-as-japan-stocks-see-second-day-of-losses/ Indonesia to ban bauxite exports starting June 2023 India’s central bank chief warns that the next financial crisis will come from private cryptocurrencies The next financial crisis will come from private cryptocurrencies, Shaktikanta Das, India’s central bank governor said on Wednesday. Speaking at the BFSI Insight Summit 2022 organized by Business Standard, Das said he […]]]>


Indonesia to ban bauxite exports starting June 2023

India’s central bank chief warns that the next financial crisis will come from private cryptocurrencies

The next financial crisis will come from private cryptocurrencies, Shaktikanta Das, India’s central bank governor said on Wednesday.

Speaking at the BFSI Insight Summit 2022 organized by Business Standard, Das said he stands firm that cryptocurrencies should be prohibited, adding that it has no underlying value and poses risks for macroeconomic and financial stability.

Bitcoin was last higher by about 0.24% at $16,840, according to Coin Metrics. Ether rose 14% to $1,211.77.

— Charmaine Jacob

Japan’s 2-year yield briefly tops zero for first time since 2015

The yield on 2-year Japanese government bonds briefly rose above zero for the first time since 2015 in Wednesday morning trade. The note gained 2.7 basis points to stand just below the flatline.

Japan’s 2-year yield rises above zero for the first time since 2015

The yield on the 10-year JGB jumped more than 3 basis points to stand at 0.451%, also reaching 2015 highs, while the yield on the 30-year JGB inched up 2 basis points to trade at 1.6%.

Yields move inversely to price, and a basis point is equal to 0.01%.

— Jihye Lee

HKEX launches New York office in boost to expand international reach

Hong Kong’s stock exchange operator launched its New York office in a bid to expand its international reach and grow its global client base.

The new office of the Hong Kong Exchanges and Clearing Limited (HKEX) will be promoting its connectivity with Mainland China’s markets and its liquid primary and secondary cash markets, it said.

“At HKEX, we are fully focused on supporting the growth ambitions of our customers around the globe,” said HKEX CEO Nicolas Aguzin.

“We look forward to deepening our relationships with investors, companies and risk managers across the region, connecting capital with opportunities and East with West,” he added.

About 41% of Hong Kong’s cash equities market trading turnover are attributed to international investors. HKEX currently has offices in Beijing, Shanghai and Singapore. 

— Lee Ying Shan

Bank stocks in Tokyo rise again as wider index falls

Japanese yen at strongest in more than four months

The Japanese yen strengthened further overnight, after the Bank of Japan announced to widen its yield curve control band.

The currency strengthened by more than 5% against the Australian dollar and the New Zealand dollar – while it strengthened past 3% against the U.S. dollar.

The yen strengthened after the Bank of Japan announced to expand its yield curve control band

CNBC Pro: Fund manager says a recession is ‘imminent’ — and names cheap stocks to play it

Market watchers are increasingly worried about a looming recession and fund manager Steven Glass is no exception.

Against this backdrop, he says he’s focusing on companies with earnings visibility that are trading at attractive valuations.

His picks include a Big Tech name that he said is “extremely cheap” with “huge margin potential.”

Pro subscribers can read more here.

— Zavier Ong

Stocks hold onto gains, snap 4-day loss streak

Stocks eked out a gain Tuesday, snapping a four-day streak of losses.

The Dow Jones Industrial Average rose 92.47 points, or 0.28%, to close at 32,850.01. The S&P 500 gained 0.11% to 3,821.73, while the Nasdaq Composite ticked up 0.01% to close at 10,547.11.

—Carmen Reinicke

Bank of Japan is more hawkish sooner-than-expected, signals

The Bank of Japan’s surprise policy shift sent interest rates rising globally, as investors reacted to more evidence central bankers around the world will continue to pressure interest rates higher.

“It was definitely a surprise. I don’t think there was anyone out there who expected it,” said Ben Jeffrey, rate strategist at BMO. The Japanese central bank moved sooner-than-expected to tighten policy. The BOJ changed its yield curve policy to allow the yield on the 10-year Japanese government bond to move 50 basis poins either side of its zero target rate, up from 25 basis points.

The announcement drove rates higher around the world, as yields on Japanese government bonds (JGBs) rose to 7-year highs. Rates move opposite yield. The U.S. 10-year jumped o 3.68%.

“They were definitely the last one standing in terms of being dovish, and now they’re still dovish but less so,” said Jeffrey. “It’s obviously bearish JGBs and fixed income globally, but in the longer term it should help the yen which will make Treasurys more attractive to Japanese investors next year.”

–Patti Domm

Expect a more challenging environment ahead, says Atlantic Equities

Atlantic Equities analysts are anticipating a more challenging backdrop for the global consumer in 2023.

“Inflation may well have peaked on a headline basis but input costs still remain elevated and companies will be looking to at least hold if not take further pricing in some cases,” analyst Edward Lewis said in a note Tuesday. “That may become more challenging as levels of elasticity are beginning to normalize with U.S. retailers starting to push back against pricing, in line with where European peers have been all year.”

He highlighted Coca-Cola and Pepsi as some of his favorite consumer picks, citing “category momentum, ongoing investment and strong execution supporting elevated growth.”

— Tanaya Macheel

Stock market has shed $11.7 trillion so far this year

It’s been a rough year for stocks, which are currently in a bear market and down year to date.

From the market’s yearly high on January 3 to this morning, U.S. stocks have shed $11.7 trillion in market cap, according to data from Bespoke Group.

“The max drawdown was $13.6 trillion at the low on 9/30, so we’ve seen market cap increase by just under $2 trillion since then,” analysts wrote Tuesday. “In dollar terms, this drawdown has been more extreme than anything investors have ever experienced. That’s pretty deflationary if you ask us!”

Of the $11.7 trillion, more than $5 trillion in losses come from just five companies – Apple, Microsoft, Amazon, Alphabet, Meta and Tesla.

—Carmen Reinicke



Read More:Asia-Pacific markets mixed as Japan stocks see second day of losses

2022-12-21 08:19:00

]]>
https://newsdaily.business/2022/12/21/asia-pacific-markets-mixed-as-japan-stocks-see-second-day-of-losses/feed/ 0
Analysts forecast a mixed bag for commodities amid global economic slowdown https://newsdaily.business/2022/12/16/analysts-forecast-a-mixed-bag-for-commodities-amid-global-economic-slowdown/ https://newsdaily.business/2022/12/16/analysts-forecast-a-mixed-bag-for-commodities-amid-global-economic-slowdown/#respond Fri, 16 Dec 2022 02:19:05 +0000 https://newsdaily.business/2022/12/16/analysts-forecast-a-mixed-bag-for-commodities-amid-global-economic-slowdown/ Given the tumultuous past two years that saw global markets ebb and flow to extreme degrees, investors would be well advised to heed the axiom that the only thing certain for the 2023 commodities outlook is that it’s uncertain. Analysts generally agree that the global economy is headed for a slowdown, but depending on who […]]]>


Given the tumultuous past two years that saw global markets ebb and flow to extreme degrees, investors would be well advised to heed the axiom that the only thing certain for the 2023 commodities outlook is that it’s uncertain.

Analysts generally agree that the global economy is headed for a slowdown, but depending on who you ask, the outlook has elicited bifurcating forecasts from reputable industry sources.

Bank of America’s U.K.-based commodity strategist Michael Widmer shared some key macro-level assessments with a recent webcast conference. The bank expects that a less aggressive U.S. Federal Reserve policy may limit upside to the U.S. dollar, and China’s economy might rebound on a more pragmatic ‘Zero COVID’ policy, while it also anticipates a stabilization of the housing market. At the same time, Europe will be looking at how to navigate the worst of the energy crisis this winter.

“Against this backdrop, it is worth keeping in mind that inventories are extremely low for a range of commodities,” the analyst said. “But most importantly, perhaps, we see demand supported as the energy transition accelerates. As such, we are taking the out-of-consensus view that many mined raw materials, especially the base metals, will rally in 2023.”

Conversely, Moody’s Investors Services released a negative 2023 outlook in late November for non-financial companies in North America.

Moody’s senior VP Edmond DeForest said in a recent report all the ratings agency’s proprietary indicators point downward.

“Our roster of industry sector outlooks (ISOs) is flashing negative, although our earnings growth expectations are a less negative signal than the ISOs themselves. Our credit cycle gauge is also flashing red, forecasting that default rates will rise, albeit from historic low levels. But the debt boom that ended in early 2022 loosened restrictive terms for many leveraged companies, which will hold down defaults despite the weak conditions ahead,” wrote DeForest.

Moody’s believes persistent inflation, higher interest rates, and slowing economic growth create a ‘risk-off’ posture among credit investors. The continuous hikes in interest rates are forcing companies to slow investments and adopt defensive business strategies, which coincide with a downturn in mineral exploration financing and exploration activity.

On the other hand, Moody’s flags that higher interest rates will reduce demand from consumers and businesses alike while rising interest expenses will pressure earnings and hamper free cash flow. Furthermore, the strong dollar will diminish U.S. multinationals’ foreign profits, and U.S. exporters may find that their products have become too expensive compared to local alternatives, according to the company.

It’s worth noting that consumer-facing sectors will come under the highest stress.

“Persistent inflation, higher interest rates, the strong dollar and bleaker GDP growth prospects cast a cloud over North American nonfinancial companies. As we enter 2023, companies remain exposed to the many prominent downside risks in the financial markets. These include economic contagion from weaker regions and multiple geopolitical flashpoints”, says DeForest.

Also, Moody’s observes that consumer behaviour is shifting from discretionary purchases, such as furniture and electronics, to essentials like food and gasoline, especially as wage growth will not keep up with inflation, pinching consumer purchasing power. In that same vein, rising mortgage rates will severely curtail the housing market and reduce spending on the home, which hurts homebuilders, construction product companies, and real estate-related services.

“However, the debt boom that ended in early 2022 loosened restrictive credit terms for many leveraged companies, building resilience for the weak conditions ahead,” noted DeForest.

However, all is not negative in Moody’s forecast.

Factors that could prompt it to reconsider its outlook include stabilizing and reducing inflation, if interest rates stop rising or decrease and earnings expectations and business conditions improve.

“We would consider revising our outlook to positive if we expected a period of sustained GDP and earnings growth, driving an expectation for low defaults, robust liquidity and strong credit fundamentals across most key industries,” noted DeForest.

Commodities outlook

Meanwhile, macro-economic factors aside, BMO Capital Markets has released a more optimistic commodity outlook for 2023. The bank’s global metals and mining team expects that despite growing economic headwinds in the current milieu, most metals and bulk commodities prices remain healthy by historical norms.

“While 2023 metals demand growth is unlikely to be stellar, on a six-month view, we expect improved Chinese demand to offset weakness in the developed world,” the bank said in a Dec. 14 research note to clients.

“We see the recent general price rally as somewhat ahead of fundamentals, particularly given typical Q1 demand weakness. However, we’ve raised the majority of 12-month forward commodity forecasts as 2023 balances are incrementally tighter than might have been thought two months ago,” according to the global metals and mining team.

For 2023, the bank’s most significant revisions were to molybdenum, up 33% amid concerns surrounding Chilean supply, which accounts for about 20% of the global market. Other notable uplifts were seen in nickel (11%), hard coking coal (11%), semi-soft coal (10%), zinc (9%), and copper (9%), owing to a combination of supply downgrades and persistent low inventory levels. For precious metals, BMO has revised its silver forecast up slightly (3%) and, to a lesser extent, gold (2%).

Iron ore is one of the few commodities for which BMO has a more robust outlook in the first quarter, expecting it to move higher than current spot price levels.

This is doing little more than playing the usual seasonality in this market, with Chinese steel production in March likely to be higher than in the current quarter. BMO also sees steel prices as potentially having hit a low-water mark after recent sharp falls.

“Longer term, we have an upward trajectory in platinum, uranium and aluminium prices as future demand expectations improve. We see copper and nickel as requiring through-cycle demand rationing, leading to a consistent premium to the cost curve over the coming years,” wrote BMO.

BMO expects investors are looking beyond some of the near-term challenges, particularly in copper, towards what is likely to be a stronger second half of the year. Further, iron ore and coal producers present compelling near-term opportunities, offering above-average free cash flows and potential for “solid” shareholder returns.

BMO has increased the target price on 33 stocks (12% average) and lowered them on two companies, while no rating changes were made.

In the precious metals sector, BMO said an increase in its near-term price forecasts had driven positive revisions to earnings and cash flow estimates for precious metals companies. It has updated target prices on 28 companies in its coverage universe, up on average by 7%.

BofA says the table is set for copper to rally in the second quarter. Copper is set to rally as its use in green technologies is expected to offset cyclical demand weakness. The bank sees potential for the red metal to trounce US$12,000 per tonne (US$5.44 per lb) in 2023.

“Of course, there is also a risk that supply will underperform again, preventing a replenishment of depleted inventories,” said Widmer.

BofA also sees aluminium upside, partially because global supply is set to remain constrained. At the same time, more vigorous activity in China should reduce exports. “We expect a nickel market surplus next year, but this supply overhang is set to be temporary, and further supply growth is essential to prevent renewed constraints kicking in from 2024,” said Widmer.

Meanwhile, physical gold demand from central banks and India and China has been “quite strong.”

“A slowdown in the pace of tighter monetary policy will likely bring investors, the missing piece, back into the market,” said Widmer.

“Indeed, we see scope for a Fed pivot and a slowdown in the pace of rate hikes. This, along with reduced appreciation pressure on the U.S. dollar, should push gold higher, with the yellow metal likely stabilizing above US$2,000 per ounce.”

Similarly, the bank expects higher platinum prices on purchases from the auto industry, substitution for autocatalysts and the hydrogen economy. Palladium is set to decline.

BofA expects the uranium market to remain tight, so prices should rally 16% year-on-year to US$58 per lb. in 2023.

However, lithium supply is set to temporarily catch up with demand, likely ending the sharp rally in recent quarters. The bank said it has concerns over diamond demand on the back of an increasingly uncertain economic outlook, which it thinks could impact the demand for discretionary consumer goods such as diamond jewellery.



Read More:Analysts forecast a mixed bag for commodities amid global economic slowdown

2022-12-15 23:06:25

]]>
https://newsdaily.business/2022/12/16/analysts-forecast-a-mixed-bag-for-commodities-amid-global-economic-slowdown/feed/ 0
Live stock market news: Stocks mixed even as consumer inflation eases, Sam Bankman-Fried arrested in Bahamas with FTX https://newsdaily.business/2022/12/13/live-stock-market-news-stocks-mixed-even-as-consumer-inflation-eases-sam-bankman-fried-arrested-in-bahamas-with-ftx/ https://newsdaily.business/2022/12/13/live-stock-market-news-stocks-mixed-even-as-consumer-inflation-eases-sam-bankman-fried-arrested-in-bahamas-with-ftx/#respond Tue, 13 Dec 2022 20:35:00 +0000 https://newsdaily.business/2022/12/13/live-stock-market-news-stocks-mixed-even-as-consumer-inflation-eases-sam-bankman-fried-arrested-in-bahamas-with-ftx/ The Securities and Exchange Commission announced they have brought charges against Samuel Bankman-Fried for allegedly violating the Securities Act and the Securities Exchange Act. The new charges come in addition to the federal indictment Bankman-Fried faces in New York. The former billionaire was arrested in the Bahamas on Tuesday, hours before federal prosecutors announced their indictment. […]]]>


The Securities and Exchange Commission announced they have brought charges against Samuel Bankman-Fried for allegedly violating the Securities Act and the Securities Exchange Act.

The new charges come in addition to the federal indictment Bankman-Fried faces in New York. The former billionaire was arrested in the Bahamas on Tuesday, hours before federal prosecutors announced their indictment.

Tuesday’s SEC complained alleges “massive, years-long fraud.”

“We allege that Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto,” SEC Chair Gary Gensler said in a statement.

Lawmakers unveil bipartisan bid to ban China’s TikTok

Republican Senator Marco Rubio on Tuesday announced bipartisan legislation to ban China’s popular social media app TikTok, ratcheting up pressure on owner ByteDance Ltd amid U.S. fears the app could be used to spy on Americans and censure content.

The legislation would block all transactions from any social media company in or under the influence of China and Russia, Rubio’s office said in a news release, adding that a companion bill in the U.S. House of Representatives was sponsored by Republican congressman Mike Gallagher and Democrat Raja Krishnamoorthi.

ByteDance did not immediately respond to a request for comment.

The bill comes as scrutiny of TikTok has grown in Washington in recent weeks, after a failed bid by the Trump administration to ban the video-sharing app.

United Airlines makes big Boeing order, includes 100 Dreamliners

Symbol Price Change %Change
UAL $41.42 -2.82 -6.37

United Airlines said Tuesday it is ordering 100 Boeing 787 Dreamliners and 100 737 MAXs as it pushes for post-pandemic growth and replaces older, less-efficient aircraft.

The Chicago-based airline’s order for 200 airplanes is worth about $43 billion at list prices and represents a big boost to the U.S. planemaker after political and production issues for the two planes this year.

United said its new order for 100 737 MAX airplanes consists of exercising options to purchase 44 737 MAX aircraft for delivery between 2024 and 2026 and 56 additional MAX aircraft for delivery between 2027 and 2028. United now has a total of 443 MAXs on order.United’s big bet on the 787 reflects expectations for continued rising demand for long-haul travel and a desire to replace older airplanes.

Binance withdrawals hit $1.9 bln in 24 hours, data firm says

Binance has registered $1.9 billion of withdrawals in the past 24 hours, blockchain data firm Nansen said on Tuesday, as the world’s biggest crypto exchange said it had “temporarily paused” withdrawals of the USDC stablecoin.

How crypto exchanges such as Binance and its now-bankrupt former rival FTX handle customer deposits is under close scrutiny from users and regulators. FTX founder Sam Bankman-Fried was charged by the U.S. Securities and Exchange Commission on Tuesday with defrauding investors.

The $1.9 billion of withdrawals of tokens based on the ethereum blockchain mark the largest daily outflow over a 24-hour period since June 13, the Nansen data showed, and accounted for the majority of the funds being pulled in the last seven days.

“Binance’s withdrawals are increasing due to the growing uncertainty about its reserves report,” a Nansen spokesperson said.The withdrawals were “business as usual,” Binance CEO Changpeng Zhao tweeted. “We saw some withdrawals today (net $1.14b ish). We have seen this before. Some days we have net withdrawals; some days we have net deposits.”

Current FTX CEO points fingers in crypto exchange’s collapse

Current FTX CEO John Ray III says he has “never seen anything like FTX’s lack of controls in his 40 years of working on such cases. Ray steered bankrupt energy trader Enron through its bankruptcy.

In that case, former Enron CEOs Kenneth Lay and Jeffrey Skilling were found guilty on charges including conspiracy, securities fraud, wire fraud, and making false statements.

Ray is testifying before House Financial Services Committee on FTX’s collapse.

He also told lawmakers FTX did not have enough assets to cover its liabilities, adding that Sam Bankman-Fried could not have known about comingling of funds.Reuters contributed to this report.

JetBlue expects Q4 revenue per available seat mile to be at the lower end of prior guidance

Symbol Price Change %Change
JBLU $7.14 -0.55 -7.09

JetBlue says expected strong close-in demand for December has been below its previous expectations.

As a result the discount air carrier now expects revenue per available seat mile for the fourth quarter of 2022 to be at the low-end of its prior guidance range for a 15% to 19% increase.

The airline also cited negative impact from Hurricane Nicole in November.

GSK announces collaboration with clinical-stage genetic medicines company Wave Life Sciences

Symbol Price Change %Change
WVE $4.24 0.63 17.40
GSK $36.29 0.58 1.62

Wave Life Sciences and GSK announced a strategic collaboration to advance oligonucleotide therapeutics, including Wave’s preclinical RNA editing program targeting alpha-1 antitrypsin deficiency (AATD), WVE-006.The discovery collaboration has an initial four-year research term.

It combines GSK’s unique insights from human genetics, as well as its global development and commercial capabilities, with Wave’s proprietary discovery and drug development platform, PRISM.

Oligonucleotides are short strands of DNA or RNA that can reduce, restore, or modulate RNA through several different mechanisms.

Wave’s PRISM platform is the only oligonucleotide platform offering three RNA-targeting modalities (editing, splicing, and silencing, including siRNA and antisense).

Moderna, Merck cancer vaccine combo cuts melanoma recurrence by 44%

Symbol Price Change %Change
MRNA $202.53 37.40 22.65
MRK $109.59 0.62 0.57

A combination of Moderna Inc’s experimental melanoma vaccine and Merck & Co’s blockbuster immunotherapy Keytruda cut the risk of skin cancer’s recurrence or death by 44% compared with Keytruda alone in a mid-stage trial.

The study is the first randomized trial to show that combining mRNA vaccine technology – which has been behind the development of successful COVID-19 vaccines – with a drug that revs up the immune response would offer a better result for patients with the most deadly type of skin cancer.

Japan’s Takeda to buy Nimbus’ psoriasis drug for as much as $6B

Symbol Price Change %Change
TAK $15.25 0.33 2.21

Takeda Pharmaceutical will buy U.S.-based Nimbus Therapeutics’ experimental psoriasis drug for up to $6 billion, the Japanese drugmaker said on Tuesday, as it looks to cut reliance on treatments facing loss of patents.

The drug, codenamed “NDI-034858”, last week showed statistically significant reduction in moderate-to-severe psoriasis in a mid-stage study and is expected to enter late-stage trials next year.

The company is also studying the drug to treat inflammatory bowel disease and psoriatic arthritis.

The deal involves an upfront payment of $4 billion and an additional $2 billion if the drug achieves certain sales-based milestones, the companies said.

The upfront payment will be primarily funded by cash on hand.

Breaking News

Dow jumps after inflation data cools

Stocks rallied across the board after consumer prices for November rose less than expected but still remain elevated at 7.1% as the Federal Reserve begins its two day meeting. In commodities, oil jumped 2% to the $74 level. 

Sam Bankman-Fried’s demise

FOX Business Opinion takes a look at the demise of former FTX CEO Sam Bankman-Fried ahead of the first hearing on the collapse of the crypto firm.

Futures at a glance

U.S. stock futures are in the green again on Tuesday as investors keep an eye on new inflation data and the Federal Reserve’s final meeting of the year.

The U.S. Bureau of Labor Statistics released November’s consumer report ahead of the opening bell on Tuesday as inflation rose 0.1% month over month, reaching 7.1% year over year. 

Meanwhile, Dow Jones Industrial Average futures are up roughly 203 points, or 0.59%, while S&P and Nasdaq futures 0.58% and 0.60% higher, respectively.

Over the last five days, the Dow is now up by 1.37%, the S&P is up by 1.06% and the tech-heavy Nasdaq is up by 0.74%.

Pre-market, shares of Meta are up nearly 1.36%, Apple is higher by roughly 3.36%, while Microsoft
and Nvidia climbed approximately 4.78% and 6.93%, respectively.

In commodities, West Texas Intermediate crude futures rose 0.93% to $73.85 a barrel, as gold jumped 0.44% to $1,800.20 an ounce.

Breaking News

Consumer Inflation Data

Prices at the consumer level eased in November but remain elevated giving the Federal Reserve a dilemma as they begin their two day meeting.

United Airlines places massive Boeing Dreamliner order

United Airlines is buying 100 Boeing 787 Dreamliner wide-body jets with an option to purchase 100 more, the carrier announced on Tuesday.

United said it now expects to take delivery of about 700 new narrow and wide-body aircraft by 2032 – with the ability to choose among the 787-8, -9 or -10 models – including an average of more than two every week in 2023 and three a week in 2024.

The company also exercised its options to purchase 44 Boeing 737 Max aircraft for delivery between 2024 and 2026, and ordered 56 more Max aircraft for delivery between 2027 and 2028.

“With this investment in its future fleet, the 737 Max and 787 will help United accelerate its fleet modernization and global growth strategy,” said Boeing Commercial Airplanes CEO Stan Deal.

November inflation report likely to show prices moderated but remain painfully high

The final inflation report of the year is expected to show that while high consumer prices are slowly beginning to moderate, the path to a normal inflation level could be long and arduous.

The Labor Department is set to release the highly anticipated consumer price index (CPI) report Tuesday morning, providing a fresh look at just how hot inflation ran in November.

Economists expect the gauge
, which measures a basket of goods, including…



Read More:Live stock market news: Stocks mixed even as consumer inflation eases, Sam Bankman-Fried arrested in Bahamas with FTX

2022-12-13 18:20:49

]]>
https://newsdaily.business/2022/12/13/live-stock-market-news-stocks-mixed-even-as-consumer-inflation-eases-sam-bankman-fried-arrested-in-bahamas-with-ftx/feed/ 0
Asia-Pacific markets mixed as investors weigh economic risks https://newsdaily.business/2022/12/08/asia-pacific-markets-mixed-as-investors-weigh-economic-risks/ https://newsdaily.business/2022/12/08/asia-pacific-markets-mixed-as-investors-weigh-economic-risks/#respond Thu, 08 Dec 2022 02:08:16 +0000 https://newsdaily.business/2022/12/08/asia-pacific-markets-mixed-as-investors-weigh-economic-risks/ Japan’s economy contracted less than expected in third quarter Japan’s economy saw an annualized quarterly contraction of 0.8% in the third quarter, with the revised gross domestic product reading beating expectations in a Reuters survey for a 1.1% contraction. The government’s first preliminary estimate released in November was a 1.2% decline. The nation also reported […]]]>


Japan’s economy contracted less than expected in third quarter

Japan’s economy saw an annualized quarterly contraction of 0.8% in the third quarter, with the revised gross domestic product reading beating expectations in a Reuters survey for a 1.1% contraction.

The government’s first preliminary estimate released in November was a 1.2% decline.

The nation also reported a 64.1 billion yen ($469.3 million) deficit in its unadjusted current account balance, government data showed. The reading significantly missed estimates for a surplus of 623.4 billion yen in a separate Reuters poll.

– Jihye Lee

Australia’s trade surplus larger than expected in October

Australia’s trade surplus for October came in at 12.2 billion Australian dollars ($8.19 billion), slightly larger than expected, official data showed.

Economists polled by Reuters predicted a print of 12.1 billion Australian dollars, expecting a further drop than reported – after the economy saw a trade surplus of 12.4 billion Australian dollars.

Exports fell 0.9%, and imports declined 0.7%.

— Abigail Ng

Stocks close mostly lower

Stocks closed mostly lower Wednesday, with the S&P 500 slipping 0.19% to close at 3,933.92.

The Dow Jones Industrial Average closed flat, or 1.58 points higher, to finish the session at 33,597.92. The Nasdaq Composite fell 0.51% to end at 10,958.55.

— Samantha Subin

CNBC Pro: Bank of America says these two global chip stocks could rise by 75% on EV car sales

A shortage of semiconductors during a boom in electric-vehicle sales could help raise profits at a handful of chip makers, according to Bank of America.

The Wall Street bank predicted that two chip stocks could see their share prices rise by more than 75% on the back of that trend.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Pending economic data could launch a rally into next year, says Morgan Stanley’s Slimmon

Don’t be surprised if economic data coming out over the next week kicks off a rally into the end of the year and potentially 2023, according to Andrew Slimmon, Morgan Stanley Investment Management’s senior portfolio manager.

The key period of data releases begins Friday with the producer price index, followed by November’s consumer price index and another likely rate hike from the Federal Reserve next week.

“The last time those were released they all led to rallies in the stock market because we had better inflation prints,” he said.

Like many investors, Slimmon expects a downturn ahead, given the inverted yield curve, but does not anticipate the “big earnings collapse,” or downturn, many people are predicting in the first quarter.

This is in part due to the fact that many consumers have beefed up savings in recent years given the proximity of the most recent recession.

“The message of this year is that the economy has proven far more resilient than many people expect and I don’t think next quarter is going to be the end of that,” he said.

— Samantha Subin

CNBC Pro: Is Apple a stock to buy or avoid? Two investors face off

It’s been a tumultuous year for tech companies, as investors flee growth stocks in the face of rising interest rates, and other headwinds.

Apple has held up better amid the tech carnage, although there have been some headwinds.

Two investors faced off on CNBC’s “Street Signs Asia” on Wednesday to make a case for and against buying the stock.

CNBC Pro subscribers can read more here.

— Weizhen Tan



Read More:Asia-Pacific markets mixed as investors weigh economic risks

2022-12-08 01:40:00

]]>
https://newsdaily.business/2022/12/08/asia-pacific-markets-mixed-as-investors-weigh-economic-risks/feed/ 0