Asia Pacific Markets, Trade Data, Bank of Japan

Hyundai reports stellar earnings in the fourth quarter

Hyundai Motor recorded net income 1.710 trillion won ($1.4 billion) for the fourth quarter ending in December, registering a 143.8% year-on-year increase.

Despite the excellent results, the reading was still shy of Refinitiv’s forecast for a net profit of 2.5 trillion won.

The figure also indicates growth of 21.1% compared to the previous quarter ending in September.

The automaker’s SUV sales were a big contributor to the results, with Hyundai expecting “continued strong sales of its high-end models.”

Shares of the company were last trading up 6.04% on Thursday.

– Lee Ying Chan

Singapore Factory Production Contracts rose 3.1%, extending the decline since October

Singapore’s annual manufacturing production December fell 3.1%better than Reuters expectations, down 6.9%.

The reading marked the third consecutive decline since October, and follows November’s figure of a decline of 3.2%.

On a monthly basis, Singapore’s Industrial Production data increased by 3.2%, compared to a decline of 1.2% in the previous month.

– Lee Ying Chan

The heavyweights in the Hang Seng Index are playing catch-up after the holidays

Hong Kong index heavy stocks Hang Seng Index It played catch-up after returning from the Lunar New Year holidays, with the index jumping 1.8%.

Technology company stock Xiaomi And Lenovo They increased by 9.27% ​​and 4.51%, respectively.

Real estate stocks witnessed a similar rise. Longfor group witnessed a rise of 6%, while Logan group 7.35% appeared. country park It increased by 3.13%.

Similarly, shares of Hong Kong-listed auto companies jumped, with BYD adding 5.83% and jelly up 4.32%.

– Lee Ying Chan

Macquarie estimates Hyundai will post a record 3.2 trillion won in operating profit

Hyundai is expected to post a record 3.2 trillion won (US$2.597 billion) in operating profit, according to an earnings forecast from Macquarie Mobility Research Head James Hong.

“We’re a little bit above the market consensus,” Hong said, attributing the projection to the company’s Brazilian production arm driving sales volume growth, as well as a foreign exchange tailwind from the weak Korean won relative to the dollar.

According to Refinitiv estimates, Hyundai is expected to report net income of 2.311 trillion won for the fourth quarter, which is an 81% increase from the company’s third-quarter net income of 1,272 trillion won.

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Hyundai’s earnings call is scheduled for 1 p.m. local time.

The company’s shares, in their latest trading, increased by 1.93%.

– Lee Ying Chan

CNBC Pro: Wall Street’s big firms get involved when and how much global stock markets drop

As stocks continue to rise, many major financial institutions are now anticipating a major downturn in global stock markets.

the S&P 500 index It is up more than 10% since its lows in October last year. in Europe , Stokes 600 It increased by more than 15% over the same period.

But according to some investment banks, those gains are now at risk as they fear the late effects of monetary tightening will hit profits and put pressure on margins this year.

CNBC Pro subscribers can read when and how much the market is likely to drop here.

– Ganesh Rao

The Philippine economy expanded 7.2% in the fourth quarter

The Philippine economy grew 7.2% in the fourth quarter of 2022, beating expectations, according to data from Statistics Authority.

A Reuters poll predicted that GDP growth would be 6.5 percent in the last three months of 2022 compared to the previous year.

For the full year, the economy expanded 7.6% in 2022 on the back of strong growth in sectors such as wholesale and retail trade. Repair of cars and motorcycles, which increased by 8.7%. Manufacturing came in at 5% and construction at 12.7%.

“It just so happens that what matters this year is really domestic consumption, and that’s what the Philippines has,” said Alicia Garcia Herrero, chief Asia economist at Natixis, speaking on CNBC’s “Squawkbox Asia” Thursday. release of GDP data.

“Because of this, I think 2023 is going to be fairly good for the Philippines compared to the rest of the region. Also, the fact.. that the central bank, is going to have to do a little bit more – maybe all the way to 6% and then off. And interest rates are very important for depreciation.

She added that interest rates will start to fall next year, which is “positive again” for the Philippines.

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– Sumathi Bala

The Bank of Japan stresses the need to maintain the current monetary policy

The Bank of Japan stressed the need to maintain its current monetary policy, including leaving yield curve control unchanged, according to the Bank. Summary of opinions From its last meeting, which was published Thursday.

“The bank needs to continue to control the current yield curve, bearing in mind the expectations that it will take time to achieve the price stability target of 2 percent in a sustainable and stable manner,” the statement said, reiterating its firm position on the inflation target. .

The central bank continued its purchase of Japanese government bonds in response to upward pressure on yields. the Nikki mentioned Earlier this week, the Bank of Japan revealed that it technically owns more than 100% of several major 10-year JGBs – or higher issue amounts.

“There has been upward pressure on long-term interest rates, and distortions in the yield curve have not dissipated,” the Bank of Japan said in its summary of views, citing additional purchases of Japanese government bonds as one of several action options it could take. To keep the yield curve within its tolerance range.

– Jihe Lee

Factory output in Singapore is expected to decline 6.9%, extending the decline since October

Singapore’s year-on-year manufacturing production for December is expected to decline 6.9%, according to analysts polled by Reuters, which would more than double the decline recorded in November.

The expected forecast will also add to the decline in industrial production in Singapore since October, and the November figure fell by 3.2%.

On a monthly basis, factory production in Singapore is expected to decline by 1.1%.

– Lee Ying Chan

South Korea’s economy is recording its first contraction since 2020

South Korea’s gross domestic product decreased 0.4% In the fourth quarter of 2022 compared to the previous quarter, marking the first contraction in two and a half years.

Private consumption fell 0.4%, exports contracted 5.8%, and manufacturing declined 4.1%, according to the Bank of Korea.

Government spending increased sharply by 3.2%, compared to a third-quarter rise of 0.1%.

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On an annual basis, South Korea’s gross domestic product in the fourth quarter rose 1.4% from a year earlier, slightly missing Reuters’ forecast of 1.5% growth.

– Lee Ying Chan

CNBC Pro: Want to take advantage of China’s reopening? Bank of America and UBS have some less obvious stock picks

Stocks in some key sectors directly related to China’s reopening, such as domestic consumption and travel, have performed well in recent months.

Investors looking to get into these stocks may find them unpalatable at current valuations. But there may be another way to play with reopening, with Bank of America and UBS After identifying a group of beneficiaries that are less visible outside of China.

Professional subscribers can Read more here.

– Xavier Ong

CNBC Pro: Lithium had a strong year ahead — and reopening China will boost this stock, analyst says

Things are looking up in the electric car industry, thanks Reopening of China – Especially in the second half of the year, says one analyst.

Corinne Blanchard, vice president of equity research for lithium and clean technology at Deutsche Bank, picks one of the best stocks.

CNBC Pro subscribers can read more here.

– Wizen tan

Finished stock mixed

Stocks were mixed on Wednesday.

The Dow Jones Industrial Average rose 9.88 points, or 0.03%, to close at 33,743.84 points. The Nasdaq Composite fell by 0.18%, closing at 11,313.36, and the S&P 500 fell by 0.02%, to settle at 4,016.22.

– Samantha Sobin

Microsoft shares pared gains hours later, turning negative

Microsoft shares fell about 1% in after-hours trading, reversing previous gains.

Shares initially rose after the company reported quarterly earnings per share that beat Street’s expectations. However, investor sentiment soured after Microsoft issued disappointing guidance for revenue in the current quarter of its earnings conference call.

The company expected fiscal third-quarter revenue of $50.5 billion to $51.5 billion, while analysts surveyed by Refinitiv expected $52.43 billion.

Read more about Microsoft results here.

Darla Mercado, Jordan Novate

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