Asia-Pacific shares trade higher ahead of US inflation report

Asia-Pacific shares trade higher ahead of US inflation report

Thai baht to ‘recover strength’ among regional currencies as China reopens: Credit Suisse

Max Lin, Asia FX strategist at Credit Suisse said the Thai baht will “regain strength” among other Southeast Asian currencies as China reopens.

Lin said Thailand has not imposed any travel restrictions on Chinese tourists and that the government is “still very supportive” of tourism freedom.

“It looks like regional tourism demand is still high,” he said, pointing to reports of Chinese outbound tourism activity on travel booking websites.

The Mother Pat It rebounded to levels seen in April 2022 and last stood at 33.41 against the greenback.

– Lee Ying Shan

Apple’s Asian suppliers often fall after internal display production reports

Shares of some Apple suppliers in Asia fell Bloomberg reported The company will start making indoor screens in 2024.

South Korea-listed LG Display shares fell 3.35% in afternoon trade, while Samsung Electronics traded 0.17% higher. Taiwan Semiconductor Manufacturing Co. It also traded down 0.41%.

Separately, Shenzhen-listed shares BOE Technical CommitteeOr Jingdongfang, which rose more than 1% Reuters reported Apple supplier plans to invest significant sums to build new factories in Vietnam

– Jihye Lee

Cryptocurrencies trade higher even as Coinbase announces layoffs

Cryptocurrencies soared after the crypto company Coinbase declared Plans to cut 20% workforce This protects money during crypto market downturns.

Bitcoin Currency gauges last traded up 1.55% at $17,459.63. Ether Up 1% to $1,337.85.

Other digital currencies such as Kronos and Cardano also made progress.

CEO Brian Armstrong said there was “no way” to cut costs and increase opportunities to “do better in every situation”.

See also  NASA releases images of 'Christmas Tree' star cluster

– Lee Ying Shan, Kate Rooney

The Philippines’ inflation will drop to 2% by 2024, the finance secretary says

Inflation in Philippines expected to return to 2% to 4% target by 2024: Finance Secretary

Inflation in the Philippines is expected to return to the government’s target range in two years, Finance Secretary Benjamin Diogno said.

Diokno said he expects average inflation to be between 2.5% and 4.5% for 2023, easing to between 2% and 4% by next year, he told CNBC at the Asian Finance Forum in Hong Kong.

Headline inflation in the Philippines remains high, rising to 8.1% in December 2022 from 8% in the previous month. According to government data.

Philippine Central Bank Governor Felipe Medalla announced on Monday that interest rates will be raised by another 25 to 50 basis points in February. Diokno said he expects the central bank to act for some time this year.

“There’s also a chance we’ll cut back at some point this year because we’ll be shooting more,” he said.

– Charmaine Jacob

Australia’s consumer prices rose 7.3% in November

Australia’s consumer price index rose 7.3% in November Australian Bureau of StatisticsA sign that inflationary pressures have not yet subsided.

The figure was in line with Reuters expectations and higher than last month’s reading of 6.9%.

Housing, food and transportation are among the key factors driving the rise, the release said.

Separately, Australia Sales increased by 1.4% In November, it was boosted by Black Friday sales, compared to a month ago.

– Lee Ying Shan

CNBC Pro: This global ETF is the only fund to post gains every year for the past decade.

The only stock ETF with positive returns every year over the past decade has been revealed by CNBC Pro.

See also  The death toll from the winter storm has risen to 25 as the Buffalo, New York area is trapped under snow.

Jan. It is the only fund out of nearly 7,000 stock ETFs globally screened by CNBC Pro to not post a negative return for a year between December 1, 2013 and December 31, 2022.

It has also delivered a 14% compound annual growth rate to investors over the same period, significantly higher than the broader index-tracking funds, according to Koyfin data.

CNBC Pro subscribers can read more here.

– Ganesh Rao

South Korea’s unemployment rate hits 11-month high

South Korea’s unemployment rate for December rose to 3.3%, the highest in 11 months, according to government data.

The reading was higher compared to November’s figure of 2.9%

Total employment increased in 2022, despite high unemployment 28.089 million from 816,000 From a year ago.

– Lee Ying Shan, Jihye Lee

CNBC Pro: ‘A Costly Mistake: Citi Stops Hoarding Cash – Reveals Two Areas To Invest’

Investors endured a tough 2022 as stocks and bonds tumbled amid broader market turmoil.

While many take refuge in the relative safety of cash, Citi says now is the time to put it to work, and points to two ways to make more money.

Pro subscribers can Read more here.

– Javier Ong

The Fed should remain politically independent when dealing with inflation, Powell says

Central Bank Governor Jerome Powell On Tuesday The central bank stressed the need to remain free of political influence while dealing with persistently high inflation..

In a speech to Sweden’s Riksbank, Powell noted that stabilizing prices would require politically unpalatable tough decisions.

“Price stability is the foundation of a healthy economy and provides immeasurable benefits to the public over time. But restoring price stability when inflation is high may require unpopular measures in the short term, such as raising interest rates to slow the economy.” The president said in prepared remarks.

See also  The special counsel is seeking a court order to ensure that Trump and his party do not share the discovered materials

“The lack of direct political control over our decisions allows us to take these necessary steps without considering short-term political factors,” he added.

– Jeff Cox

Copper hit its highest price since June

Copper It hit a high not seen since June.

The metal settled down 1.3% at $4.0775. It hit a high of $4.0835, its highest since reaching $4.1160 on June 17.

Copper is up about 7% since the start of 2023.

– Gina Francola, Alex Haring

Coinbase to lay off 20% of employees

Shares of Coinbase rose 6% After the crypto exchange operator announced plans to cut 20% of its workforce In an effort to reduce costs.

The layoffs will affect 950 jobs and mark the second round of cuts from the company in recent months. Coinbase laid off 18% of its workforce in June in preparation for a possible recession and crypto winter, which it said grew “too quickly” during the bull market.

Crypto markets have come under pressure following the collapse of one of the industry’s largest operators, FTX.

According to a new regulatory filing, Coinbase said the new round of layoffs will reduce its operating expenses by 25% in the quarter ending in March.

– Kate Rooney, Samantha Subin


Please enter your comment!
Please enter your name here