February 28, 2024

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Asia markets were mixed as investors beat China’s modest growth target

Asia markets were mixed as investors beat China’s modest growth target

18 minutes ago

Chinese competitors are launching foldable smartphones to challenge Samsung

Foldable phones are now popular among global smartphone makers.

Samsung pioneered the smartphone category with its first foldable device launched in 2019. Since then, other players, mainly from China, have launched devices of their own.

Foldable smartphones come with a bendable screen.

Last month, Chinese vendor launched the Oppo Find N2 Flip, and Honor, Huawei’s separate brand, released Magic Vs for international markets.

They are looking to challenge the dominance of Samsung, which accounts for 80% of the foldable market.

It comes as speculations mount that Apple may be preparing to launch a foldable device, although it could be an iPad rather than a smartphone.

Read the full story here.

Arjun Kharpal

18 minutes ago

South Korea announces the resumption of trade talks with Japan

South Korea announced the resumption of trade talks with Japan, according to a ministry statement.

Kang Gum-chan, a South Korean Ministry of Commerce official in charge of trade and security policy, said at a briefing.

Trade tensions between the two countries were fueled by a dispute over compensation for wartime forced laborers in 2019 under former presidents Shinzo Abe and Moon Jae-in.

– Jihe Lee

34 minutes ago

The Asian Development Bank says economic growth alone cannot improve gender equality in the region

Samantha Hong, chief of gender equality at the Asian Development Bank, said that Asia-Pacific countries cannot rely on economic growth alone to improve gender equality.

“We need to make economies work for women because it’s a no-brainer, really, that we can’t afford not to tap the full potential of half the population,” Hong told CNBC’s Capital Connection.

“This means we need to put women ahead of the curve in terms of the kinds of jobs that are in the future — such as non-traditional STEM jobs, the green economy, and the digital economy.”

Hong added that countries need to create an “enabling environment so that social barriers are dealt with…and women are more able to fully and truly participate.”

– Sumathi Bala

one hour ago

China’s ‘modest’ growth target may be disappointing: Citi

Citi’s chief China economist Xiangrong Yu and his team said in a note Monday that growth targets for China announced over the weekend “were not a surprise, but may disappoint some investors.”

“We believe that Beijing may set this modest target due to concerns that the growth target will not be met for another year,” the economists wrote, noting that the economy did not achieve its 2022 target “about 5.5%” last year.

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“The government may be concerned about moral damage if something else goes wrong,” the economists wrote, adding that budget details suggest room for a larger supply of government bonds, higher interest rates and a narrower trade balance.

– Jihe Lee

3 hours ago

Oil prices are falling because China’s growth targets fall short of boosting commodities

Oil prices fell after China’s report during the annual National People’s Congress failed to take concrete steps towards boosting commodities.

Vivek Dar of the Commonwealth Bank of Australia wrote in a daily note that commodity demand growth in China is likely to depend on real estate, which may only see modest growth.

“The share of Chinese local government bonds is a closely watched target because it is the main tool for infrastructure projects,” said Dhar. He noted that the quota set at 3.8 trillion yuan for 2023 was lower than the quota of 4.15 trillion yuan set for 2022.

Brent crude futures recently fell 0.75% to $85.19 a barrel, while US Brent crude futures fell 0.79% to $79.05 a barrel.

– Lee Ying Chan

5 hours ago

UBS raises its growth forecast for China for 2023 from 4.9% to 5.4%

UBS raised its forecast for growth in China in 2023 from 4.9% to 5.4%, the company said in a report Monday.

“The economic reopening is going better than we had anticipated earlier – the dreaded ‘second wave’ of Covid has not materialized and there have been few signs of supply disruptions,” she added, adding that the global economy was more resilient than before. and expect.

UBS also raised its 2024 growth forecast for the country to 5.2% from a previous estimate of 4.8%, while lowering its 2023 inflation forecast from 3% to 2.5%.

– Jihe Lee

4 hours ago

TVB’s prices skyrocketed after it announced a deal with Alibaba’s Taobao

Hong Kong TVB shares rose for the fourth consecutive session after that declaring To partner with the famous Alibaba marketplace Taobao to launch joint e-commerce broadcast last week.

Its Hong Kong-listed shares traded up 21% Monday after closing Friday’s session up 51.6%, recording a year-to-date gain of 90.79%.

The first live e-commerce broadcast on TVB will start on Tuesday, the statement said.

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4 hours ago

The Reserve Bank of Australia is expected to rise 25 basis points on Tuesday

The Reserve Bank of Australia is expected to raise the overnight cash rate by 25 basis points to 3.6%, according to economists polled by Reuters.

This would be the highest rate since June 2012, when Australia’s cash rate was 3.75%.

Matt Simpson, chief market analyst at City Index, noted that the tone of the central bank’s statement could determine how far the RBA may raise rates to tame inflation.

“Any adjustments to the wording of that sentence could be the difference between one or two more increases from here,” Simpson said, referring to the RBA’s statement on the need for more rate increases “over the coming months.”

“Any further increase in the coming months will suggest one additional hike, which will be followed by a final interest rate of 3.85%,” he said.

– Jihe Lee

5 hours ago

South Korea’s economy sees inflation ease in February

South Korea’s consumer price index rose 4.8% year-on-year in February, slower than 5.2% in January, according to Statistics Korea.

Compared to last month, prices increased by 0.3% along with a decline in food prices while utilities increased by 28.4%.

This indicates inflation levels in the economy are below 5% for the first time in ten months, Refinitiv data showed.

The Korean won fell 0.23% to 1,298.72 against the US dollar after the inflation report.

5 hours ago

Japanese trade unions are demanding the largest wage increase since 1990

A survey conducted by the Federation of Japanese Trade Unions showed that the country’s trade unions requested an average wage increase of 4.49% for 2023, it said Friday. launch.

In its release, the organization said this represented an average above 4% for the first time since 1998, and a sharp increase from 2.97% in 2022.

– Jihe Lee

7 hours ago

CNBC Pro: Wall Street pros name the biggest risks to stock markets–and reveal how to trade them

Stock markets have been broadly in the green this year, but there is unease about the rally, with many risk factors still weighing on the market.

How should investors trade the market? Wall Street professionals weigh in on their thoughts.

Professional subscribers can read more here.

– Xavier Ong

7 hours ago

CNBC Pro: Goldman Sachs Adds 3 Stocks to Conviction Buy List, Giving Up 100%

Friday, March 3, 2023, 4:06 PM EST

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The major averages close higher

Stocks closed higher on Friday, pushing the major averages into a winning week.

The Dow Jones Industrial Average rose 387.40 points, or 1.17%, to 33,390.97 points. The S&P 500 rose 1.61% to 4,045.64, and the Nasdaq Composite rose 1.97%, closing at 11,689.01.

For the week, the Dow closed up 1.75%. The S&P rose 1.9% and the Nasdaq jumped 2.58%.

– Tanaya McHale

Thursday, March 2, 2023 6:45 PM EST

David Rosenberg says a weaker job market can lead to risky trading

David Rosenberg, chief economist and strategist at Rosenberg Research, believes the stock market will see a sustained rally when the job market begins to contract in three to four months.

“Right now you have a situation where the stock markets and the credit markets seem to think they have more time to buy before the prosperity really comes down on the economy,” Rosenberg said on CNBC’s “Fast Money” Thursday.

He added, “There is no question that the economy is not strong, but it should weaken rapidly. Unemployment should start to decline… I think that is where you will find the trade risks.”

The employment picture started in 2023 on a surprisingly strong note, with non-farm payrolls posting their biggest gains since July 2022. The Federal Reserve can reverse its tightening policy when the jobs market shows weakness.

– Yun Lee

Friday, March 3, 2023, 10:14 a.m. EST

Brent oil prices drop following reports that the UAE is considering leaving OPEC

A report stated that relations between Saudi Arabia and the United Arab Emirates are becoming increasingly tense By The Wall Street Journal. The report quoted Emirati officials as saying that the UAE was discussing whether it should leave OPEC.

News of the possible rupture of the oil cartel sent chills to Brent Crude prices. At one point in Friday’s trading, prices fell about 3% before recovering. Recently, the global benchmark fell 0.85% to $84.03.

The two oil-producing countries have been vying for influence and disagreeing over the direction of the Yemen war, according to the report.

see chart…

Oil prices fell nearly 3% before recovering with a report that the UAE may leave OPEC.

—Christina Scheder Burke