39 minutes ago
Core inflation in Singapore rose by 3.8% in July
Singapore core inflation It increased by 3.8% in July On an annual basis, which was in line with Reuters analysts’ expectations and below June’s figure of 4.2%.
The city-state’s headline inflation rate for July was up 4.1% from a year ago, led by increases in entertainment, food, healthcare, and miscellaneous goods and services.
– Lee Ying Shan
4 hours ago
Business activity in Japan expanded at a faster pace in August: Au Jibun Bank
Business expansion in Japan at a faster pace in August, supported by a “robust” expansion in the services sector, according to a special survey by Bank au Jibun.
The country’s flash PMI came in at 52.6, compared to 52.2 in July.
The Japanese Manufacturing PMI was in contraction territory for the third consecutive month, printing at 49.0. Meanwhile, the services sector witnessed a stronger expansion, with the PMI for the sector rising to 54.3 from 53.8.
A reading above 50 indicates expansion, while a reading below 50 indicates contraction.
– Lim Hwi Ji
4 hours ago
CNBC Pro: Fund managers say these “secular” growth stocks are likely to keep rising despite higher interest rates
The stocks of these two companies are likely to remain on the “secular” growth trajectory despite an increase in interest rates or a slowdown in global growth, according to many fund managers.
One company said it expects a compound annual growth rate of 19% over the next three years. The stock jumped nearly 15% in response, and is up nearly 75% this year, outperforming the broader technology sector.
CNBC Pro subscribers can read more about the two stocks and alternative ETFs here.
– Ganesh Rao
5 hours ago
Business activity in Australia shrank at its fastest pace in 19 months in August: Juno Bank
Australia Business activity diminished in August at its fastest pace in 19 months, according to private surveys by Juno Bank.
The composite PMI for August in the country came in at 47.1, down from 48.2 in July.
The Australian manufacturing PMI came in at 49.4, while the services PMI came in at 46.7. The services PMI was also at a 19-month low.
A PMI reading above 50 indicates expansion in the sector, while a reading below 50 indicates contraction.
– Lim Hwi Ji
4 hours ago
CNBC Pro: How Powerful is the American Consumer? Two investors think about it, deciding which stocks to buy – and which ones to avoid
Recent data seems to indicate that Americans have so far been willing to spend, especially as inflation continues to fall.
But some companies say customers seem to be lowering their prices.
The consequences could be significant, since consumer spending accounts for about two-thirds of the US economy.
On Friday, Jason Weir, chief investment officer at Albion Financial Group, and Brian Stutland, portfolio manager at Equity Armor Investments, made their case for bulls and bears, respectively, on CNBC’s Street Signs Asia.
They also named the shares to buy.
CNBC Pro subscribers can read more here.
– Wizen tan
10 hours ago
The financial sector declined on Tuesday, while real estate and utility prices rose
Real estate and utilities outperformed the S&P 500 on Tuesday, rising 0.4% compared to a 0.3% drop in the broad market index. Digital Realty Trust and Iron Mountain led the gains in the real estate sector, up more than 2%.
The financials were the sector’s biggest losers, trading down 0.8% on Tuesday, with banks pulling the group lower after S&P Global downgraded several regional banks. Regions Financial lost 5.1% and Zions Bancorp shares fell, while KeyCorp and Comerica shares fell 4%. Shares of Charles Schwab fell 4.8% amid news that the company was looking to raise debt in the bond market.
Energy and consumer goods were also lagging behind. Target’s stock price is down 3% and Estee Lauder’s stock price is down 1.8%. Other retailers trading on Red Tuesday include food distributor Sysco, Dollar General and spice maker McCormick & Company.
– Piya Singh
9 hours ago
Citi’s head of commodities says oil supplies may exceed demand
Investors should be bearish on oil, according to Ed Morse, head of global commodities at Citi Research.
He said that a group of countries were able to increase their oil production. At the same time, he said, demand is likely not to continue.
“The supply side is probably more important than the demand side right now,” he said on CNBC’s “Power Lunch.” “We can’t underestimate what happens on the show.”
– Alex Haring
15 hours ago
Business indicators show weakness in August
Business surveys from two Federal Reserve districts showed that activity remained sluggish in August.
Business of the Federal Reserve Bank of Richmond Manufacturing survey It turned to a reading of -7 for the month. That was slightly higher than -9 in July and the Dow Jones estimate of -10. However, the metric is the difference between companies experiencing expansion versus contraction, so it still shows weakness.
Separately, the Chicago Fed’s Survey of Economic Conditions read -23, better than July’s reading of -31. The central bank said in an accompanying narrative that the reading is not a direct diffusion indicator like the Richmond Index, but that the level indicates “that economic growth has been below trend.”
—Jeff Cox
15 hours ago
Home sales fell in July as prices rose
Home sales fell faster than expected in July as prices rose. The National Association of Realtors reported Tuesday.
Existing sales were down 2.2% compared to June, versus Dow Jones estimates for a 0.2% decline. Sales totaled 4.07 million, versus estimates of 4.15 million, down 16.6% from a year ago.
The median selling price rose 1.9% to $406,700, while unsold existing homes increased 3.7% from June to 3.3 months’ worth of supply.
—Jeff Cox
“Devoted student. Bacon advocate. Beer scholar. Troublemaker. Falls down a lot. Typical coffee enthusiast.”