South Korean stocks brace for weekly declines, leading declines

3 hours ago

Services activity in India in December grows at the fastest pace in three months

Employees work at their terminals inside the office of Manubhai & Shah LLP, a local accounting firm, in Ahmedabad, India, July 4, 2023.

Amit Dave | Reuters

Services activity in India grew at its fastest pace in three months in December Private scan.

The HSBC India Services PMI came in at 59.0 for December, up from 56.9 in the previous month and the highest since September.

The survey report stated, “The recovery in demand stimulated sales, thus fueling business activity. Job creation extended for the nineteenth consecutive month, while optimism in the business sector strengthened.”

The December reading also represents the twenty-ninth consecutive month of expansion. A reading above 50 separates growth from contraction.

The Nifty 50 index rose 0.14% in early afternoon trade.

– Shreyashi Sanyal

5 hours ago

Inflation in the Philippines in December reaches its lowest level in two years

The Philippines' inflation rate slowed faster in December than the previous month, according to the central bank To the official data.

Consumer prices rose 3.9% in December, less than the 4.1% increase the previous month. It was also the slowest pace of price increases since February 2022, and the third in a row in the CPI.

However, inflation is still above the Bangko Sentral ng Pilipinas target range of 2% to 4%.

“The downward trend in overall inflation in December 2023 was mainly caused by the decline in year-on-year growth in the housing, water, electricity, gas and other fuel index to 1.5 percent in December 2023 from 2.5 percent in the previous month,” the official statement said.

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– Shreyashi Sanyal

7 hours ago

Japan's December Composite PMI indicates that the contraction in private sector activity has ended

a reconnaissance Data on Friday showed that the contraction in private sector activity in Japan has ended.

The Au Jibun Japan Composite PMI for December came in at 50, up from 49.6 the previous month to indicate stable private sector output in Japan.

A PMI reading above 50 indicates expansion, while numbers below indicate contraction.

December saw higher growth in the services sector, but manufacturing activity continued to slow.

Au Jibun Bank Japan's services PMI stood at 51.5 in December, up from 50.8 in November. The expansion was the second weakest on record in 2023.

“The rapid rise in new business was a key factor driving business growth upward, with businesses citing increased customer numbers,” the survey said.

Japan's Nikkei 225 rose 0.3% on Friday.

– Shreyashi Sanyal

9 hours ago

CNBC Pro: Look beyond valuation — this fund manager uses a unique strategy for returns that beat inflation

9 hours ago

CNBC Pro: Ritholtz's Josh Brown Reveals Stocks He Says Are 'Twice Cheaper' Than the S&P 500

Josh Brown, of Ritholtz Wealth Management, named stocks he believes are undervalued compared to the broader US stock market.

These stocks represent an opportunity for investors in 2024, according to Brown, as they are trading at a 34% discount compared to the Standard & Poor's 500 index, compared to an average discount of 16% over the past twenty years.

CNBC Pro subscribers can read more here.

-Ganesh Rao

12 hours ago

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Oil prices fall as US fuel stocks build, casting a shadow over tensions in the Middle East

Oil prices fell on Thursday as a huge buildup of US fuel inventories outweighed concerns about supply disruptions due to escalating tensions in the Middle East.

The February West Texas Intermediate contract lost 51 cents, or 0.7%, to settle at $72.19 a barrel. The March Brent contract fell 66 cents, or 0.84%, to settle at $77.59 a barrel.

US gasoline inventories rose by 10.9 million barrels to 237 million barrels total for the week ending December 29, according to data from the Energy Information Agency. Automotive fuel supply to the market, an indicator of demand, fell by 1.2 million barrels per day to nearly 8 million barrels per day in total.

The build-up of US stockpiles has shifted focus away from rising tensions in the Middle East. Crude oil prices rose more than 2% on Wednesday, as armed attacks disrupted navigation in the Red Sea and a Libyan oil field was closed due to protests.

-Spencer Kimball

14 hours ago

Wells Fargo's Christopher Harvey points to investor repositioning as a reason for the market pullback

After a massive rally at the end of 2023, stocks have struggled out of the gate to start 2024.

Christopher Harvey, an analyst at Wells Fargo, pointed to investor reallocation as the reason behind the recent market decline.

“The market is two for two this year and many are trying to guess the meaning,” he wrote in a note on Thursday. “Evidence points to residuals from year-end hedge fund reorganization to support our risk aversion bias in 2024.”

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-Lisa Kailai Han

19 hours ago

ADP report shows stronger than expected job growth in December

Private payroll growth exceeded growth estimates in December, according to an ADP report released Thursday that shows the job market remains vibrant.

Companies added 164,000 points for the month, better than the downwardly revised reading of 101,000 for December and the Dow Jones estimate of 130,000. The leisure and hospitality sector led the way with 59,000 new jobs while construction added 24,000 jobs. Small businesses were the biggest job creators, with companies with fewer than 50 employees adding 74,000 jobs.

The reports come one day before the Labor Department's nonfarm payrolls report, which is expected to show an increase of 170,000.

—Jeff Cox

19 hours ago

Unemployment claims total 202,000, well below the estimate

The Labor Department reported Thursday that the pace of layoffs slowed in the last full week of 2023, a sign that the labor market remains tight.

Initial jobless claims for the week ending December 30 totaled 202,000, down 18,000 from the prior period and below the Dow Jones estimate of 219,000. The four-week moving average, which represents weekly volatility, fell to 207.750, a decline of 4.750.

Continuing claims, which were delayed a week, fell by 31,000 to 1.855 million, below the FactSet estimate of 1.878 million.

—Jeff Cox

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