PMI figures, China, Japan, Australia, manufacturing PMI

An hour ago

Hong Kong Movers: Tech, Consumer, Reopening Actions

Technology and consumers linked to the reopening drove gains in Hong Kong in Wednesday morning trading.

Tencent gained 5.53%, NetEase gained 6.94% and Alibaba gained 4.74%.

Electric vehicle makers also saw gains, with Xpeng up 8.73%, Li Auto up 7.32% and Baidu up 5.56%.

Reopening-related consumer names also rose, with Budweiser Brewing Company up 6.38%, Anta Sports up 5% and Li Ning up 4.64%.

3 hours ago

Chinese factory activity in February shows further growth

China’s official manufacturing purchasing managers’ index rose to 52.6 in February, above the 50-point mark that separates growth from contraction, according to data from the National Bureau of Statistics.

That’s compared with January’s reading of 50.1 and above expectations of 50.5, according to economists polled by Reuters.

The non-manufacturing PMI rose to 56.3 – also above January’s reading of 54.4, the highest level since June 2022.

– Jihye Lee

3 hours ago

Japanese factory activity slows at fastest pace in 2.5 years

Japanese factory activity slowed at the fastest pace in two and a half years in February, according to a private survey by Jibun Bank.

The manufacturing PMI fell to 47.7 from 48.9 in January. It also marked the fourth month in a row that Japanese factory activity remained in contraction territory.

A PMI reading above 50 indicates expansion, while a reading below 50 signals contraction in growth.

On Tuesday, Japan’s industrial production fell 4.6% from a month ago in January, the biggest decline the economy has seen in eight months.

—Lim Hui Jie

4 hours ago

Australian gross domestic product increases by 2.7% in 2022

Australia’s economy grew 2.7% for the whole of 2022, in line with economists’ expectations, but below the 2021 figure of 5.9%.

On a quarterly basis, gross domestic product rose 0.5%, according to data from the country’s statistics office. Australia has now recorded five consecutive increases in quarterly GDP, but growth has slowed for the last two quarters.

The Australian dollar strengthened 0.36% against the US dollar, while the S&P/ASX 200 fell 0.22%.

4 hours ago

CNBC Pro: Is ChatGPT the tip of the iceberg? Analysts reveal potential uses for AI – and the actions to play it

The success of ChatGPT has captured the public imagination and the attention of investors. But HSBC says the chatbot could be the tip of the artificial intelligence iceberg.

What’s next for AI? Wall Street analysts are revealing its potential and naming several stocks to play the emerging space.

Pro subscribers can learn more here.

— Zavier Ong

4 hours ago

South Korea’s trade deficit narrowed in February

South Korea’s trade deficit narrowed to $5.3 billion in February after posting a deficit of $12.65 billion in January, preliminary data showed.

The latest reading is a smaller-than-expected deficit to see a deficit of $6.06 billion, according to economists polled by Reuters.

Exports fell 7.5%, falling less than expected to post an 8.7% decline – while imports rose 3.6%.

– Jihye Lee

13 hours ago

This year’s stock market could challenge March’s usual positive earnings record

March is more often than not a positive month for the stock market, but this year it could bring more of the same turbulence that rocked investors in February.

Stocks are expected to exit February with steep losses, with the S&P 500 down 2.3% for the month through Monday. The index is still up 3.7% for the year so far.

“February is the second worst month of the year, posting an average decline of 0.21%, the second worst after September,” said Sam Stovall, chief investment strategist at CFRA. “However, March averaged a 1.1% gain, up 64% of the time.” March is the fifth-best month for the S&P 500, according to CFRA data dating back to 1945.

For more, read the full story on CNBC Pro.

—Patti Domm, Tanaya Machel

4 hours ago

CNBC Pro: Top investors share 3 tips for buying stocks in this turbulent market

13 hours ago

The US 10-year at its highest since November

The yield on the 10-year U.S. Treasury note hit a high of 3.983% on Tuesday, its highest level since Nov. 10, when the note hit 4.117%. It was the latest high by around 3 basis points at 3.955.

Treasury yields added to their strong gains in February as traders continued to weigh the prospects of tighter monetary policy for longer than expected.

—Gina Francolla, Tanaya Machel

8 hours ago

UBS says Fed rate hikes create ‘downside risks’ for markets

Rate hikes by the US Federal Reserve weighed on equity markets, according to UBS Financial Services.

“We believe the economy is late in the cycle, with the Fed continuing to raise rates and growth is expected to slow. Tighter policy creates downside risks for markets,” wrote UBS’s senior US economist. , Brian Rose, in a note to clients on Monday.

The firm expects the S&P 500 to end the year near current levels, with better upside potential in cyclical markets outside the United States, particularly in emerging markets and Germany.

“We prefer value over growth,” Rose wrote.

According to Rose, financial conditions have not tightened in line with the Fed rate hikes. The Fed raised interest rates by 25 basis points on Feb. 1 and hinted that there would be more rate hikes in the coming months.

—Pia Singh

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