People shop at a retail store in Manhattan, New York City on January 5, 2024.
Spencer Platt | Getty Images
This report comes from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open tells investors everything they need to know, no matter where they are. Do you like what you see? Here you can sign up.
Asia mixed
Asian markets were mostly higher on Friday as investors weighed property price data in China. The CSI 300 index ended, extending its winning streak for nine consecutive days. Hong Kong's Hang Seng Index fell. The Japanese markets were closed for the emperor's birthday holiday. Overnight, the S&P 500 rose to new highs, boosted by Nvidia's blockbuster results, posting its best day since January 2023. The Nasdaq Composite rose nearly 3%, while the Dow gained 1.18% for the first time closed above the 39,000 mark at all.
Grab's profitable quarter
Ride-hailing giant Grab posted its first profitable quarter and announced a $500 million share buyback. “We got out [2023 with] Mobility exceeds pre-Covid levels. “We see very strong demand in the mobility space,” Grab CFO Peter Oey told CNBC, adding that tourism is “growing very strongly.”
IPO Reddit Files
Social media company Reddit filed its IPO prospectus with the Securities and Exchange Commission on Thursday. Its market debut would be the first major tech IPO of the year. The company plans to trade on the New York Stock Exchange under the ticker symbol “RDDT.”
AI for defense
Artificial intelligence could help “disproportionately” in defending against cybersecurity threats, said Google boss Sundar Pichai. According to research firm Cybersecurity Ventures, cyberattacks will cost the global economy an estimated $8 trillion in 2023 – and will cost $10.5 trillion by 2025.
[PRO] “Seven Samurai”
As Japanese markets experience an uptrend, Goldman Sachs has named the country's stocks the “Seven Samurai,” which it says could be the equivalent of the U.S.'s “Magnificent Seven.”
The US economy appears to be doing well, at least for now.
An important indicator showed that cost pressure for manufacturers and service companies eased again in February.
An early reading of S&P Global's composite purchasing managers' index fell slightly to 51.4, although at a weaker pace than in January.
Growth in services weakened slightly, but manufacturing posted a solid return to growth, with factory output growing at its fastest pace in 10 months.
It's “welcome news that both manufacturing and services are expanding for the first time in three months,” said Chris Williamson, chief economist at S&P Global, adding that the expansion is “accompanied by subdued price pressures.” .
The latest data suggests the economy “continued to expand midway through the first quarter, suggesting annual GDP growth in the order of 2%,” Williamson further noted.
While there is reason for optimism, things could still go wrong, as Fed Vice Chairman Philip Jefferson noted on Thursday.
“Looking forward, I see at least three key risks,” Jefferson said. “Consumer spending could be even more resilient than I currently expect, which could cause progress on inflation to stall.”
“Second, employment could weaken as the factors supporting economic growth weaken,” he added.
The geopolitical risks could also remain elevated, emphasized Jefferson.
“An expansion of the conflict in the Middle East could have a greater impact on commodity prices such as oil and on global financial markets.”
Overall, this means that while the U.S. economy may avoid a recession or even a soft landing, there is still a need to adapt to ongoing risks.
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