PMI figures, China, Japan, Australia, Manufacturing PMI

3 hours ago

Indian factory activity in February is on the rise, a private survey shows

India’s manufacturing PMI for February came in at 55.3, according to a private institution Survey by S&P Global.

This was slightly lower than January’s figure of 55.4, but it beat economists’ expectations for a PMI reading of 54.3.

A PMI reading above 50 indicates expansion in the sector, while a reading below 50 indicates contraction.

On Tuesday, India released a dossier GDP figures For the period from October to December 2022, which witnessed an expansion of 4.4% compared to 5.2% in the same period last year.

The Government of India still maintains b Estimated GDP growth of 7% For the fiscal year ending March 31, 2023, it is expected to exceed China’s 2022 figure of 3%.

— Lim Hwi J

4 hours ago

Moody’s raises its outlook for China’s economy

Moody’s said in a macroeconomic outlook report that Moody’s expects the Chinese economy to grow by 5% for 2023.

“We have raised our forecast for China’s real GDP growth to 5.0% for both 2023 and 2024, up from our previous forecast of 4.0%,” it said in a note.

“We expect pent-up demand for non-traded services to support a recovery in consumption starting this spring,” she added.

However, the growth highlighted by Moody’s is likely to moderate over the medium term.

– Jihe Lee

4 hours ago

The RBA is likely to rise again in March, according to AMP

The Reserve Bank of Australia is likely to raise rates again at its March meeting before pausing it for the rest of the year, AMP said in a note.

“We believe the RBA is closer to pausing the rate hike cycle than the market expects,” AMP chief economist Diana Mussina said in a note.

“We expect only one rate hike from the Reserve Bank at the March board meeting and a pause for the rest of the year (with the risk of a rate cut later in 2023),” she said, citing the “disappointing” economic path. data seen in previous months,

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Mousina pointed to negative job growth between November and December, a smaller-than-expected wage increase in the fourth quarter of last year, and how monthly consumer prices are showing signs of slowing in early 2023.

She added that a weaker employment reading in February would increase the risk of stalling at the March RBA meeting. Australia will release its unemployment rate for February on March 16, after seeing a 0.2 percentage point rise in unemployment in February.

The Australian dollar was down 0.31% against the US dollar on Wednesday, trading at 0.6573.

– Lim Hwi Ji

6 hours ago

Hong Kong Movers: Technology, Consumer, Reopening Related Stocks

Technology and consumer-related reopening led gains in Hong Kong during morning trade on Wednesday.

Tencent rose 5.53%, NetEase increased 6.94%, and Alibaba increased 4.74%.

Electric vehicle makers also saw gains, with Xpeng up 8.73%, Li Auto jumping 7.32% and Baidu up 5.56%.

Consumer prices related to the reopening of consumer names also rose, with Budweiser Brewing Company up 6.38%, Anta Sports up 5% and Li Ning up 4.64%.

7 hours ago

Chinese factory activity in February shows further growth

China Official Manufacturing PMI It rose to 52.6 in February, above the 50-point mark that separates growth from contraction, data from the National Bureau of Statistics showed.

This compared to a January reading of 50.1 and above expectations of 50.5, according to economists polled by Reuters.

The non-manufacturing PMI rose to 56.3 – also above January’s reading of 54.4, the highest level since June 2022.

– Jihe Lee

8 hours ago

Factory activity in Japan slowed at the fastest pace in 2.5 years

A private survey by au Jibun Bank showed Japanese factory activity slowed at the fastest pace in two and a half years in February.

The Manufacturing PMI fell to 47.7, down from 48.9 in January. This marked the fourth consecutive month that Japanese factory activity remained in contraction territory.

A PMI reading above 50 indicates expansion, while a reading below 50 indicates contraction in growth.

On Tuesday, Japanese Industrial Production decreased 4.6% Compared to the previous month in January, the biggest decline the economy has seen in eight months.

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– Lim Hwi Ji

8 hours ago

Australia’s GDP will grow by 2.7% in 2022

Australia’s economy grew 2.7% for the whole of 2022, in line with economists’ forecasts, but below the 2021 figure of 5.9%.

On a quarterly basis, GDP grew by 0.5%, according to the The country’s statistical office data. Australia has now posted five consecutive quarterly GDP rises, but growth has slowed in the past two quarters.

The Australian dollar strengthened 0.36% against the US dollar, while the S&P/ASX 200 fell 0.22%.

8 hours ago

CNBC Pro: Is ChatGPT the tip of the iceberg? Analysts reveal potential uses for AI — and the stocks that will use it

ChatGPT’s success captured the imagination of the public and the interest of investors. But HSBC says the chatbot could be the tip of the artificial intelligence iceberg.

So what’s next for AI? Wall Street analysts reveal its potential and name several stocks to play in the emerging space.

Professional subscribers can read more here.

– Xavier Ong

9 hours ago

South Korea’s trade deficit narrowed in February

Preliminary data showed that South Korea’s trade deficit narrowed to $5.3 billion in February, after recording a deficit of $12.65 billion in January.

The latest reading is a smaller deficit than expectations for a deficit of $6.06 billion, according to economists polled by Reuters.

Exports fell 7.5%, falling short of expectations for a 8.7% decline – while imports grew 3.6%.

– Jihe Lee

17 hours ago

This year, the stock market may challenge the usual history of positive gains for the month of March

March is often a positive month for the stock market, but this year could bring more of the same turmoil that rattled investors in February.

Stocks are set to exit February with huge losses, with the S&P 500 down 2.3% for the month through Monday. The index is still up 3.7% for the year-to-date.

“February is the second-worst month of the year, posting an average decline of 0.21%, and it is the second-worst month after September,” said Sam Stovall, chief investment analyst at CFRA. However, March averaged a gain of 1.1%, up 64% of the time. March is the fifth best month for the S&P 500, according to CFRA data going back to 1945.

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For more, read the full story on CNBC Pro.

– Patti Dome, Tanaya Machell

8 hours ago

CNBC Pro: Top investors share 3 tips for buying stocks in this turbulent market

17 hours ago

10 years in the United States, the highest level since November

The yield on the 10-year US Treasury reached a high of 3.983% on Tuesday, the highest level since November 10, when the bond yield reached 4.117%. The last rise was about 3 basis points at 3.955.

Treasury yields added to sharp gains in February as traders continued to weigh the prospects of tightening monetary policy for longer than expected.

– Gina Francola, Tanaya Machell

13 hours ago

UBS says the Fed’s rate hike creates “downside risks” for markets

Interest rate hikes by the US Federal Reserve have weighed on equity markets, according to UBS Financial Services.

“We judge the economy to be late in the cycle, with the Fed continuing to raise interest rates and growth likely to slow. Tighter policy creates downside risks for markets,” UBS chief US economist Brian Rose wrote in a note to clients on Monday.

The company expects the S&P 500 to end the year near current levels, with better upside potential in cyclical markets outside the US, specifically in emerging markets and Germany.

“We prefer value over growth,” Rose writes.

According to Rose, financial conditions did not tighten in line with the Fed’s interest rate hike. Fed raise interest rates by 25 basis points on February 1, and suggested there would be further rate hikes in the coming months.

– Piya Singh

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