11 minutes ago
New Zealand hikes rates 50 basis points to 4.75%
The Reserve Bank of New Zealand raised interest rates by 50 basis points from 4.25% to 4.75%, in line with economists’ expectations.
In a press release, the Reserve Bank of New Zealand indicated that interest rates could still rise to ensure inflation returns to its target range over the medium term.
“While there are early signs of easing price pressures, core consumer price inflation remains too high, employment is still above sustainable levels and near-term inflation expectations remain elevated,” the bank said.
Following the announcement, the New Zealand dollar strengthened against the US dollar, trading at 0.622.
— Lim Hui Jie
46 minutes ago
Australia’s wage price index misses expectations
Australia’s wage price index rose 3.3%, missing estimates in a Reuters poll that had expected growth of 3.5% on an annualized basis.
Compared to the previous quarter, the wage price index rose by 0.8%, also below expectations for growth of 1%.
Wage prices rose 0.8% in the private sector and 0.7% in the public sector, the press release said.
– Jihye Lee
55 minutes ago
Singapore Airlines reports record fourth quarter 2022 operating profit
Singapore Airlines reported record operating profit of $755 million for the October-December 2022 period, up 11.4% sequentially.
In a business update, SIA reported quarterly revenue of $4.85 billion, up 8% sequentially.
Net income was $628 million compared to $556.5 million in the previous quarter.
SIA said the group’s passenger capacity has reached 80% of pre-Covid levels and expects strong momentum in passenger sales for the first quarter of 2023.
But it also warned that weaker global demand and increased capacity would weigh on its air cargo segment.
— Lim Hui Jie
57 minutes ago
CNBC Pro: Wall Street is loving Alibaba right now. Here’s what to expect from the tech giant’s earnings
Alibaba is a Wall Street favorite for playing China’s tech sector and the country’s reopening through Covid-19.
According to FactSet, almost all analysts — 93% — give it a buy rating. They give it an average upside potential of 43%.
The tech giant is set to announce its December quarter results on Thursday. Here’s what Wall Street expects.
– Zavier Ong
57 minutes ago
CNBC Pro: Buffett-backed BYD and more: Analysts call the best “climate stocks,” giving it a 100% upside potential
Energy storage and the future of transport are two of the “most attractive” climate themes to invest in right now, according to HSBC analysts.
Among these two themes, the bank identified Buy-rated stocks as having some of the highest upside potential to their price targets.
CNBC Pro subscribers can read more here.
— Wheat Tan
Before an hour
Japan’s producer price index rises 1.6% in January
Japan’s PPI rose 1.6% on an annualized basis, up slightly from December’s 1.5%.
That leaves the index at 107.4, down slightly from 107.7 in December, and the first monthly decline since August 2022.
The PPI measures the average price movements that domestic manufacturers receive for goods and services sold.
The yen weakened slightly after announcing it was trading at 134.92 against the US dollar.
— Lim Hui Jie
6 hours ago
Chinese tech stocks plummet
US-listed Chinese tech stocks plummeted on Tuesday.
The shares’ pullback came amid news that e-commerce firm JD.com is reportedly launching a subsidy program to counter its rival Pinduoduo. Shares of both stocks fell more than 11% and 9%, respectively, during afternoon trade.
Other Chinese tech stocks, including Alibaba, were recently down 5%. The KraneShares CSI China Internet ETF was recently down more than 3%.
— Samantha Subin
10 hours ago
Yields reach the highest levels in three months
US Treasury yields moved past Friday’s highs and hit their highest level since November.
The 2-year rate, which is most sensitive to changes in Fed policy, hit a high of 4.725% – a level not seen since Nov. 8 when it hit 4.741%.
The 10-year benchmark, meanwhile, rose as high as 3.951%. That’s the highest level since Nov. 10, when it surged to 4.117%.
At 10:22 am ET, the 2-year Treasury yield rose 8 basis points to 4.705%. or.
— Hakyung Kim
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