Asian markets are mostly higher as more inflation data from the US came out weaker than expected

The International Monetary Fund said growth in China was slowing due to weak private investment as well as sluggish exports and lower domestic demand.

The official spokesperson for the organization Julie Cusack said in a press briefing“Growth momentum has slowed recently in China, largely due to weaker-than-expected private investment,” indicating exports have fallen recently after seeing strong first-quarter performance.

“The overall growth picture in China is one of a slowing economy, and that’s consistent with the projections we had in April,” he said, noting that the “updated outlook” for China will be reflected in the IMF’s next World Economic Outlook.

– Jihe Lee

The Australian Treasury announced on Friday that RBA Deputy Governor Michael Bullock has been appointed as the new head of the central bank.

He succeeds Philip Lowe, whose term ends Aug. 17 — which is close to 43 years at the bank. Treasurer Jim Chalmers called Pollock’s appointment “the perfect balance between offering exceptional experience and expertise and offering a fresh leadership perspective.”

Pollock’s appointment means the RBA will fill the position of deputy governor, which the government has said it will fill in the coming months.

– Lim Hwi Ji

Singapore’s economy avoided a technical recession in the second quarter, growing 0.7% year-on-year and 0.3% qoq, advanced estimates show up.

Economists polled by Reuters had expected growth of 0.3% on a quarterly basis and 0.6% on an annual basis.

In the first quarter, Singapore’s economy shrank by 0.4% qoq on a seasonally adjusted basis and experienced marginal growth of 0.4% yoy.

– Jihe Lee

Federal Reserve Governor Christopher Waller has expressed the need to raise interest rates twice more in order to bring inflation down to its target.

“I see two additional 25 basis point increases in target range over the remaining four meetings this year as necessary to keep inflation moving toward our target,” he said in a speech at a New York University event on Thursday.

He described the latest CPI reading showing declining inflation as “welcome” news, adding that “a single data point does not constitute a trend.”

“I will need to see this improvement sustained before I can be confident that inflation has slowed,” he said.

– Jihe Lee

The fund manager behind the fixed-income fund that offers 10% dividends has predicted a “credit deterioration” for the broader economy in the near future.

However, the portfolio manager expects the fund to be well positioned for such a scenario while generating income that beats the market.

It is among only a handful of funds available to retail investors across Europe that currently offer double-digit returns.

CNBC Pro subscribers can read more here.

– Ganesh Rao

Bank of America described the opportunity for AI in the software industry as “undoubtedly enormous” and rated European companies in the sector.

“We see artificial general intelligence as an opportunity for the software industry to reap a potential increase in revenue through an enhanced value proposition and data monetization, along with improved productivity,” the bank said.

CNBC Pro subscribers can read more here.

– Lucy Handley

The producer price index, a measure of what wholesalers pay for goods, rose 0.1% in June. Economists polled by Dow Jones expected a 0.2% increase. The core PPI, which excludes volatile food and energy prices, rose 0.1% – also less than expected.

– Fred Imbert

In another bullish sign for the market, the S&P 500 is now up 3.3% since the Fed began raising interest rates in March 2022. The move comes as traders glee at prospects for the central bank to tame inflation without tipping the economy into recession.

“For the first time in 2023, many clients are currently asking us if we think the S&P 500 is now on track to record ATH before year-end. I agree,” Goldman Sachs’ John Flood wrote. Notice Wed.

– Fred Imbert

The St. Louis Federal Reserve announced Thursday that Jim Bullard will step down as president, effective August 14.

Bank said he is leaving to take a position as dean of Purdue University’s Mitchell E. Daniels Junior School of Business, effective August 15. market commission and other related duties and ceased public speaking.”

“It has been both a privilege and an honor to be a part of St. Louis Federal Bank for the past 33 years, including serving as its president for the past 15 years,” Pollard said in a statement. “I am also grateful to work alongside such dedicated and inspiring colleagues across the Federal Reserve System.”

Pollard is not a voting member of this year’s policy-making committee.

– Fred Imbert

Roughly 2.4 shares are up Thursday on the NYSE for every single decline, advancing volume approaching 71% for less than 29% volume decline, according to FactSet data. The total new highs on the NYSE are 167 against only 11 new lows.

On the NASDAQ stock market, there are roughly two stocks going up for every stock going down, and high volume is a shadow of less than 73%, far outweighing low volume of less than 27%. Nasdaq new highs reach 256 vs. only 52 new lows.

– Scott Schneiber