2 hours ago
Japan’s third-quarter GDP figures revised downward in an unexpected move
Japan’s third quarter gross domestic product was Downward revision This move is contrary to what economists expected.
The world’s third-largest economy contracted by 0.7% from the previous quarter, a sharp decline compared to initial forecasts and a Reuters poll predicting a 0.5% contraction.
GDP contracted at an annualized rate of 2.9% in the third quarter, beating initial expectations of 2.1% and economists’ expectations of 2%.
— Lim Huijie
3 hours ago
Japan’s real wages decreased for 19 consecutive months in October
Japan’s real wage It was the 19th consecutive month of decline, falling 2.3% year-on-year in October.
Although this was a slower decline than the revised 2.9% drop seen in September, the decline in real wages may hinder the Bank of Japan’s ability to break away from negative interest rates.
The Bank of Japan said sustainable wage increases are a key indicator to consider before scrapping ultra-easy monetary policy.
— Lim Huijie
3 hours ago
CNBC Pro: Forget automakers: Fund managers choose two long-term strategies to make money on EVs
EV automakers like Tesla, BYD, and BMW have received a lot of attention from investors this year.
But one investment analyst says a better way to realize the electric vehicle theme is to invest in the broader ecosystem.
Stephen Glass, managing director and investment analyst at Australia-based Pella Funds, told CNBC Pro: “We love cars, but the problem with pure EV companies is that they’re not very profitable right now.” “There are very few companies that generate cash flow,” he said, citing Tesla as one such company.
He listed two alternative EV-rated stocks he’s watching.
CNBC Pro subscribers can read more here.
— Amara Balakrishna
3 hours ago
CNBC Pro: These global stocks may be overbought, but analysts still like them, with nearly 40% upside potential for each.
It’s not just U.S. stocks that are doing well; global markets have also risen over the past month.
CNBC Pro screened the most overbought stocks in the S&P 500, MSCI World, and Vanguard FTSE-All World (ex-US) indices based on 14-day RSI.
A stock with a 14-day RSI above 70 may be overbought and could be due for a pullback.
These stocks are screened for analyst buy ratings of 50% or higher and price target upside potential of 20% or higher.
CNBC Pro subscribers can read more here.
— Tan Weizhen
7 hours ago
Citi says investors should expect recession in 2024
Many expect a “Goldilocks” scenario to occur in 2024, but Citi said it’s not that optimistic. Wall Street firms expect the recession to begin in the second quarter of next year.
“The rapid rise in policy rates over the past two years leads to a recession next year, with early signs suggesting that they will need to be maintained to contain inflation,” Andrew Hollenhorst said in a note on Wednesday. Probably.”
“Even with a recession factored in, core inflation is likely to remain ‘persistent’ above the 2% target through 2024. In our base case, the Fed will cut interest rates by 100 basis points starting in July next year,” he said. added.
— Sarah Min, Michael Bloom
8 hours ago
US crude oil closes below $70 for second day
U.S. crude oil fell slightly on Thursday, closing below $70 a barrel for the second day in a row.
West Texas Intermediate’s January contract fell 4 cents, or 0.06%, to settle at $69.34 per barrel. The February Brent contract fell 25 cents, or 0.34%, to settle at $74.05 a barrel.
WTI fell 4% on Wednesday, closing below $70 for the first time since late June.
Oil traders are increasingly bearish after record U.S. production and a weak Chinese economy. The OPEC+ production cuts announced in the first quarter have so far failed to move policy.
— spencer kimball
11 hours ago
The dollar hits its lowest value against the yen since September
On Thursday, the dollar hit a low of 144.53 yen against the yen, its lowest since September 1. During this trading session, the dollar traded as low as 144.43 yen.
The dollar is down 1.7% against the yen, the worst daily decline against the Japanese currency since January 12, 2023, when the dollar fell 2.45% against the yen.
—Gina Francola, Michelle Fox
12 hours ago
Alphabet stock rises 5% after launch of latest AI model
Google’s parent company Alphabet rose more than 5% a day after announcing Gemini, an artificial intelligence model that the company considers to be its largest and “most capable.”
The model will be available in three different sizes and will power products such as the company’s Bard chatbot.
The sharp rise in Alphabet stocks also pushed up the Nasdaq Composite Index, which ended up more than 1% higher. Advanced Micro Devices jumped more than 6% after the announcement of an AI chip competitor to Nvidia, making it the biggest winner in the concentrated Nasdaq 100 index.
See chart…
Google parent stock rises after launch of new AI model