3 hours ago
Commodity miners weigh on Australian market as ASX200 hits four-week low
Australia’s S&P/ASX 200 index hit a four-week low on Tuesday, dragged down by commodity stocks as costs fell. The index also led the region’s losses, falling 1.2%, its lowest level since Dec. 14.
Iron ore prices fell after the Chinese government kept the medium-term lending facility interest rate unchanged at 2.5% on Monday. China is the world’s largest iron ore consumer.
The benchmark February contract for iron ore on the Singapore Exchange traded at $127.9 per tonne, the lowest since Dec. 5.
Fortescue lost its lead among the ASX’s leading miners, losing 2.31%. Rivals Rio Tinto and BHP Group fell 1.83% and 1.46% respectively.
— Lim Huijie
5 hours ago
Japan’s producer prices rose 0.3% in December
Japanese corporate goods price index Prices rose 0.3% in December from the previous month, exceeding economists’ forecasts compiled by Reuters.
According to a Reuters poll, December’s CGPI is expected to be unchanged from November.
December’s CGPI was flat compared to the same month last year, but Reuters had predicted a decline of 0.3%.
— Lim Huijie
5 hours ago
CNBC Pro: Morgan Stanley selects global ‘alpha’ opportunities for January – gives one 50% upside potential
Asian markets may have had a turbulent 2023, but those looking for small opportunities in the region can look to Morgan Stanley’s Alpha stocks.
Alpha stocks are stocks that have the ability to beat the market.
The stocks are from the Asia-Pacific region ex-Japan, have a market capitalization of more than $5 billion, and were ranked based on factors such as quality, value and sentiment, Morgan Stanley analysts said. .
CNBC Pro subscribers can read about Morgan Stanley’s top 10 ideas to watch here.
— Amara Balakrishna
5 hours ago
CNBC Pro: Bank of America lifts global wind energy stocks after tough 2023, giving room for 20% upside
Bank of America upgraded the wind energy stock from “neutral” to “buy,” citing an improved risk-reward profile.
The upgrade and price target increase come after the stock has already recovered more than 50% from last year’s lows.
Wall Street banks are also bullish on the stock after a series of negative headlines about project delays and cost overruns soured sentiment in the wind energy sector in 2023.
CNBC Pro subscribers can read more here.
— Ganesh Rao