Asian markets rise as Wall Street ends 3-day losing streak

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1 hour ago

Fed officials say more rate hikes are needed

Fed officials stressed the need for more interest rate hikes to bring inflation down to the central bank’s target, according to multiple speeches on Monday.

“We’re going to need a few more rate hikes this year,” San Francisco Fed President Mary Daly said at an event at the Brookings Institution.

Meanwhile, Cleveland Fed President Loretta Mester, who has no voting rights on the Fed’s policy-making committee this year, also voiced the need for rate hikes.

“To ensure a sustainable and timely path back to 2% inflation, the fund rate should rise somewhat further from its current level, and then remain at that level for some time as more information accumulates. “It’s my view that we need to keep up with how the economy is evolving,” she said at an event in San Diego.

Meanwhile, Fed Vice Chairman Michael Burr spoke at the Bipartisan Policy Center in Washington, D.C., announcing plans to order additional capital from major U.S. banks.

“We need to be skeptical about whether bankers and regulators can anticipate any new risks,” Barr said, according to the records. “The events of the past few months only reinforce the need for humility and skepticism and an approach that allows banks to withstand both immediate and unexpected risks,” he said.

— Lee Ji-hye

3 hours ago

Asian central banks could exit Fed soon: Nomura

Economists at Nomura said differences in macroeconomic conditions in Asia could cause major economies in the region to start “decoupling” from the Fed-led global tightening cycle.

“Our view that Asian central banks will cut policy rates ahead of the Fed this cycle is based on fundamental differences between Asian and U.S. economies,” Nomura economists wrote in a note on Friday. said.

More than 32% of respondents expected the central bank of Korea to cut rates first after China, followed by Indonesia, the Philippines and India, according to a real-time survey conducted by Nomura’s research team.

— Lee Ji-hye

2 hours ago

India’s Vedanta Shares Drop After Foxconn Pulls Out of $19.5 Billion Indian Chip Project

Shares of Indian mining company Vedanta started down more than 2% after Apple supplier Foxconn announced it was pulling out of a $19.5 billion joint venture.

The announcement comes amid bullish sentiment for India as more US companies seek to diversify their supply chains from China.

The joint venture between Foxconn and Vedanta was intended to bring semiconductor and display manufacturing to Gujarat, India, and would have been one of Foxconn’s largest factories.

Shares of Hon Hai Precision Industry, officially known as Foxconn, rose about 0.5%.

Charmaine Jacob, Rohan Goswami

3 hours ago

China to expand support for real estate sector: Xinhua

China will extend two monetary policies to support the property market until the end of 2024.

In its notice, the People’s Bank of China referred to 16-step guidelines released last November to boost policy support for the housing sector. The country plans to extend the relevant policy until the end of the year.

Xinhua said the purpose of the measure is to “strengthen financial support for real estate enterprises to ensure the realization of housing projects, while guiding financial institutions to continue to postpone loan payments to real estate enterprises.” reported.

— Lim Huisier

4 hours ago

Australian consumer sentiment rose 2.7% in July

Australia’s Westpac Melbourne Institute consumer sentiment rose 2.7 per cent to 81.3 from 79.2 in June, according to a release on Tuesday.

The figure dropped 17% in the first half of 2022, but has remained between 78% and 86% since then, according to the announcement.

“Throughout this period of depressing consumer sentiment, the main factors holding down sentiment are the rising cost of living and sharp rise in interest rates,” Westpac chief economist Bill Evans said in a statement. It’s a big increase,” he said.

In Tuesday morning trading, the Australian dollar traded at $0.6683 against the US dollar.

— Lee Ji-hye

5 hours ago

Philippines’ May trade deficit falls, foreign trade falls

The Philippines’ trade deficit fell to $4.4 billion in May, down more than 20% from $5.57 billion in the same month last year.

Foreign trade totaled $17.28 billion in May, down 5.1 percent from $18.2 billion in the same period last year.

Exports in May increased by 1.9% year-on-year to $6.44 billion, up from $6.32 billion in the same month last year and reversing the 20.2% decline in April.

Imports to the Philippines totaled $10.84 billion, down 8.8% year-on-year from $11.88 billion in May 2022.

— Lim Huisier

6 hours ago

Japan’s external debt rises at fastest pace since 2010: Nikkei Shimbun

Japanese investors bought 14.6 trillion yen ($103 billion) worth of foreign bonds on a net basis in the first half of this year, according to the Nikkei newspaper.

This was the highest amount for a half-year in 13 years, surpassing the previous record of 13.47 trillion yen in the second half of 2010.

The Nikkei newspaper, citing data from the country’s finance ministry, said investors bought medium- to long-term foreign bonds, with Japanese banks being the main buyers.

According to the Nikkei Shimbun, most of the purchases were US Treasuries, and the net purchases of medium- to long-term US Treasury bonds from January to May exceeded 11 trillion yen.

— Lim Huisier

7 hours ago

CNBC Pro: 15 Strategists Predict Where The S&P 500 Will Close In 2023 And How To Position Towards It

Stocks have risen significantly so far this year. But its impressive returns have left some investors worried whether the market can sustain its rally through 2023.

From July 3-7, CNBC Pro asked 15 market strategists at investment banks and asset managers what to expect from the stock market in the second half of the year. Respondents also shared their views on how investors should be positioned and the most significant market risks.

While some expected stocks to continue rising, others were more skeptical, suggesting investors brace for a 10% drop in the S&P 500 by the end of the year.

CNBC Pro subscribers can read more here.

— Ganesh Rao

12 hours ago

Industrial sector outperforms on Monday

See chart…

industrial ETFs

15 hours ago

Meta Platform, S&P 500 Consumer Discretionary Stocks Hit New Highs

Shares of Meta Platforms rose Monday, trading near levels not seen since February 2022. A number of consumer discretionary stocks, including Norwegian Cruise Line, also hit new highs and recently traded near levels not seen since April 2022.

Here are some other companies that hit new 52-week highs:

These stocks hit all-time highs.

  • Howmet Aerospace is trading at all-time high since Alcoa spin-off in November 2016
  • The Ingersoll Rand deal was at an all-time high throughout history until 1972
  • Quanta Services trading at all-time high since IPO in February 1998
  • Fortinet trades at highest price since November 2009 IPO

These names hit new lows.

  • Bristol-Myers Squibb is trading at its lowest price since January 2022
  • Humana trades at lowest price since June 2022
  • Amcor trades at lowest price since June 2020
  • FMC Corp trades at lowest price since November 2021

— Chris Hayes, Samantha Subin

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