June 5, 2023

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Trade in Asian markets was mixed amid fears of an economic recession. China will report trade data

Trade in Asian markets was mixed amid fears of an economic recession.  China will report trade data

TSMC shares rose after Apple said it would use chips made in the US by a Taiwanese company

China is expected to see a further decline in exports and imports

China’s trade data for November is expected to show a further decline in both exports and imports, according to a Reuters poll of economists.

The median forecast expects exports to decline 3.5% in November year-on-year after declining 0.3% in October, and imports are expected to decline 6% after declining 0.7% in the previous month.

The US dollar trade balance is expected to contract to $78.1 billion – down from $85.15 billion in the previous month.

– Jihe Lee

CNBC Pro: ‘A gift for investors’: BlackRock says it’s time to rethink bonds

It’s time to rethink bonds, according to the BlackRock Investment Institute, which said the “fixed-income lure is strong” for now.

said Philipp Hildebrand, vice president of BlackRock, and Jan Boivin, president of the BlackRock Investment Institute, wrote in a note last week.

They have identified their best ways to take advantage of it.

Professional subscribers can Read more here.

– Xavier Ong

The Australian economy experienced slower growth in the third quarter

The Australian economy grew by 0.6% compared to the previous quarter, Official data showed – It missed estimates of 0.7 percent quarterly growth expected in a Reuters poll.

The latest GDP showed weak growth from an expansion in the second quarter of 0.9% compared to the first three months of the year.

On an annual basis, GDP in the third quarter added 5.9%, which the Australian Bureau of Statistics said reflects “sustained economic growth since the effects of the delta outbreak in the September 2021 quarter.”

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“Growth was largely driven by strong household spending,” she added.

The annual figure also missed expectations in a separate Reuters poll for a gain of 6.2%.

Australian dollar Little has changed after the report’s S&P/ASX 200 It maintained a decrease of 0.7 percent.

– Abigail Ng

CNBC Pro: UBS says shares in this global airline are set to surge 55%

Shares of a global airline are set to rise 55% over the next year, according to UBS.

The investment bank raised its price target after the European airline said it expected demand to increase during Christmas.

CNBC Pro subscribers can read more here.

– Ganesh Rao

Stocks closed lower, building on Monday’s losses

Shares fell on Tuesday, building on losses from the previous session.

The S&P 500 fell by 1.44%, closing at 3,941.26, while the Nasdaq Composite fell by 2%, ending at 11,014.89. The Dow Jones Industrial Average fell 350.76 points, or 1.03%, to settle at 33,596.34 points.

– Samantha Sobin

Oil fell to its lowest level since December 27, 2021

Oil prices fell on Tuesday, weighed down by economic uncertainty even amid a Russian oil price cap and a potential demand boost thanks to China’s reopening.

US West Texas Intermediate crude for January delivery fell more than 4% to $73.85 on Tuesday afternoon. Brent crude for February delivery fell 4.34% to $79.09 a barrel.

The United States also said it expects to increase oil production next year, reversing its outlook after five months of cuts. A monthly report from the Energy Information Administration said that production is expected to reach 12.34 million barrels per day in 2023, more than the daily record of 12.315 million barrels per day in 2019.

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– Carmen Renick

Dimon says inflation is eroding consumer wealth and could lead to a recession in 2023

Dimon said in June that he was preparing the bank for an economic “hurricane” caused by the Fed and Russia’s war in Ukraine.

Drago | bloomberg | Getty Images

US consumers are still doing well and supporting the US economy, but that may change next year, according to the c. B. Morgan Chase Executive Director Jamie Dimon.

He said on Tuesday that consumers have $1.5 trillion in excess savings from pandemic stimulus programs and are spending 10% more than in 2021. CNBC’s “Squawk Box.”. “

Inflation eats away at everything I just said, Damon said, this trillion and a half dollars will run out sometime in the middle of next year. “When you look to the future, these things could derail the economy and cause a moderate or severe recession that people are worried about.”

Damon also saw on Digital currenciesnecessity Fossil fuels And other topics during the interview are extensive.

– Heo Sun