July 21, 2024

Westside People

Complete News World

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

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

Moments ago

The International Monetary Fund says China’s growth is slowing

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

48 minutes ago

Barclays cut growth forecasts for Singapore

Barclays cut Singapore’s full-year GDP growth forecast from 1.5% to 1.0% after the latest government release showed the economy had narrowly avoided a technical recession.

“With first-half GDP growth of 0.6% year-on-year, we have lowered our forecast for the full year 2023 to 1.0% from 1.5% — which is in the lower half of the Department of Trade and Industry’s official forecast range of 0.5-2.5%,” said economist Brian Tan. In a note on Friday.

“While sluggishness in manufacturing and regional business activity – which could show greater signs of stabilizing in the third quarter – is likely to be a drag this year, we believe the recovery in services activity will continue to provide crucial offsetting,” he said.

Tan noted that the service sector in Singapore’s economy was the “surprise source” for the latest growth reading, offsetting the continued decline in the manufacturing sector.

– Jihe Lee

3 hours ago

Australia appoints Michael Bullock as its new central bank governor

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

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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

3 hours ago

Singapore avoids a technical recession, growing 0.7% year-on-year

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

3 hours ago

The Fed’s Waller says two more rate hikes are needed to bring down inflation

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

2 hours ago

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CNBC Pro: High-yield bond fund with “conservative” assets offering 10% dividend yield

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

2 hours ago

CNBC Pro: ‘Undeniably colossal’ opportunity: Bank of America names global AI winners

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

14 hours ago

Producer price index rises less than expected

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

9 hours ago

The S&P 500 has gained more than 3% since the price hike began

see chart…

SPX since the Fed started raising interest rates

“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

8 hours ago

Pollard of St. Louis Federal is stepping down

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

7 hours ago

Thursday’s rally in the US stock market was broad and deep

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