23 hours ago
Inflation in Singapore is slowing to 5.1%, the lowest since March 2022
Singapore’s consumer price index rose 5.1% year-on-year in May, less than the 5.5% expected by economists polled by Reuters and the lowest reading since March 2022.
Headline inflation was also below the 5.7% recorded in April, while MAS core inflation – which excludes accommodation and private transport prices – was 4.7%, down slightly from April’s 5%.
— Lim Hui Jie
Fri Jun 23, 2023 1:17 am EDT
Malaysian inflation falls to 2.8% for third straight month
Malaysia’s inflation rate eased to 2.8% in May, the third consecutive month of decline and the eighth month of decline in nine months.
Government data showed that inflation was mainly caused by price increases in restaurants and hotels, as well as food and non-alcoholic beverages.
However, the slower rise in transport prices offset to some extent the rise in inflation in Malaysia, the country’s statistics agency said.
— Lim Hui Jie
Thu Jun 22, 2023 9:20pm EDT
Japan’s business expanded more slowly in June: au Jibun Bank
Japan’s business activity expanded at a slower pace in June, according to flash estimates from au Jibun Bank.
The composite purchasing managers’ index fell to 52.3 in June from 54.3 in May.
A PMI reading above 50 indicates expansion of the sector, while a reading below 50 indicates a contraction.
Manufacturing activity fell well into contraction territory, with the manufacturing PMI coming in at 48.4 compared to 50.9 in May.
The service sector remained in the expansion zone, but recorded a weaker increase. June PMI was 54.2 compared to 55.9 in May.
— Lim Hui Jie
Thu Jun 22, 2023 8:30pm EDT
Inflation in Japan is slowing in May, but core inflation is still higher than expected
Japan’s headline inflation rate was 3.2% in May, down from 3.5% in April.
Core inflation – which excludes fresh food prices – was also 3.2%, down from April’s 3.4% but slightly above the 3.1% expected by economists polled by Reuters became.
This was the 14th straight month that the CPI stayed above the Bank of Japan’s price target of 2%.
— Lim Hui Jie
Fri Jun 23, 2023 12:46 am EDT
CNBC Pro: Morgan Stanley says China’s AI development is at a “tipping point,” and names three stocks that could play a role
According to Morgan Stanley, China’s development of artificial intelligence is at a “tipping point” and the Asian giant is catching up with the US in this area.
In fact, the bank estimates that there is $7.4 trillion worth of AI potential in China.
Three Chinese technology stocks, which are also listed in the US, were named as potential beneficiaries
CNBC Pro subscribers can read more here.
– Wheat Tan
Thu Jun 22, 2023 11:57 am EDT
Powell says the Fed could slow the pace of rate hikes
Federal Reserve Chair Jerome Powell faced several questions on the direction of interest rates on Thursday. However, he said the focus should instead be on the speed with which the Fed is moving.
He insisted policymakers are still keen to use interest rates to lower inflation, but they are doing so at a slower pace than during the aggressive rate hike streak since March 2022.
“I think the data will tell us what to do,” Powell told members of the Senate Banking Committee. “I think the point of our…last meeting was to slow down the pace of our decision-making on this matter, because last year it was very important to move forward quickly and we did that. That’s not so important now.”
-Jeff Cox
Thu Jun 22, 2023 2:05 pm EDT
Oil falls more than 4%
Oil prices fell more than 4% after the Bank of England’s larger-than-expected interest rate hike overshadowed the decline in crude inventories.
Brent futures fell $3.33, or 4.3%, to trade at $73.79 a barrel. Meanwhile, US West Texas Intermediate (WTI) crude futures fell $3.41, up 4.7%, to trade at $69.12 a barrel.
The Bank of England’s rate hike was the focus of attention on Thursday, despite news of a contraction in US supply that surprised analysts.
— Alex Harring
Thu Jun 22, 2023 10:19 am EDT
Fed Chair Bowman supports further rate hikes
Federal Reserve Governor Michelle Bowman is among those central bankers who believe interest rates need to be raised more to bring inflation down to acceptable levels.
The Federal Reserve’s rate-setting Open Market Committee, of which Bowman is a voter, decided last week to hold rates steady, but pointed to likely further hikes before the end of 2023.
“I supported the FOMC’s decision last week to keep the federal funds rate within the target range and further reduce the Fed’s holdings of securities. However, I believe additional rate hikes will be necessary to bring inflation down to our target over time,” Bowman said in a speech he was preparing for a speech in Cleveland.
Rates would need to rise to adopt a “sufficiently hawkish stance” that brings inflation closer to the Fed’s 2 percent target, she added.
-Jeff Cox
Thu Jun 22, 2023 8:35 am EDT
Jobless claims were higher than expected last week
Initial jobless claims were flat last week, but still slightly higher than economists had been expecting.
The Labor Department said Thursday there were 264,000 initial jobless claims in the week ended June 17. That was above the Dow Jones’ estimate of 256,000.
Current claims for damages fell slightly to 1.759 million, below FactSet’s estimate of 1.782 million.
-Jeff Cox
Comments are closed.