Thai baht ‘gets stronger’ among regional currencies as China reopens: Credit Suisse
Max Lin, Asia forex strategist at Credit Suisse, said the Thai baht would “recover stronger” among other Southeast Asian currencies as China reopens.
Lin claimed that Thailand has not implemented any kind of travel restrictions on Chinese tourists, and that the government “still firmly supports” freedom of tourism.
“It seems that there is still a lot of demand for regional tourism,” he said, referring to reports of Chinese outbound tourism activities on travel booking websites.
the Thai baht Its strength returned to the levels we witnessed in April 2022 and it last settled at 33.41 against the dollar.
– Lee Ying Chan
Apple suppliers in Asia mostly back down after reports of in-house display manufacturing
And then fell shares of some of Apple’s suppliers in Asia Bloomberg reported The company will start making indoor displays in 2024.
South Korean-listed shares of LG Display fell 3.35% in afternoon trade shortly after the report was released, while shares of Samsung Electronics traded 0.17% higher. Taiwan Semiconductor Industry Corporation. It was also trading down 0.41%.
Separately, Shenzhen shares listed on BOE Technology Groupor Jingdongfang, rose more than 1% Reuters reported That the Apple supplier plans to invest a large sum to build new factories in Vietnam.
– Jihe Lee
Cryptocurrency is trading higher even as Coinbase announces layoffs
Cryptocurrency rose after the crypto company Coinbase announce It plans to cut 20% of its workforce As they are looking to conserve cash during the cryptocurrency market downturn.
bitcoin It was last trading up 1.55% at $17,459.63 as measured by Coin Metrics. ether 1% profit to $1,337.85.
Other cryptocurrencies such as Kronos and Cardano also made gains.
CEO Brian Armstrong said there was “no way” to reduce expenses and increase its chances of “doing well in every scenario” without reducing headcount.
– Lee Ying Chan, Kate Rooney
The Finance Minister says inflation in the Philippines will return to as low as 2% by 2024
Finance Minister Benjamin Diokno said inflation in the Philippines is expected to return to the government’s target range within two years.
Diokno said he is confident that average inflation for 2023 will be in the range of 2.5% to 4.5% before easing to 2% to 4% by next year, he told CNBC on the sidelines of the Asian Financial Forum in Hong Kong.
Core inflation in the Philippines remains high, rising to 8.1% in December 2022 from 8% the previous month, According to government data.
Bangko Central Governor Felipe Medala announced in Pilipinas on Monday that interest rates will be raised by another 25 to 50 basis points in February. Diokno added that he expects the central bank to play a pivotal role sometime this year.
“There is also the possibility that we will cut back sometime this year because we may have gone too far,” he said.
Australian consumer prices rose 7.3% in November on the back of higher housing and food prices
Australia’s consumer price index rose 7.3% year-on-year in November, according to data from Australian Bureau of Statisticswhich is a sign that inflationary pressures have not yet slowed.
The number is in line with Reuters forecasts, and higher than last month’s reading of 6.9%.
Housing, food and transportation were among the main ingredients fueling the rise, the statement said.
Separately, Australia Sales increased by 1.4%. for November compared to the previous month, buoyed by Black Friday sales.
– Lee Ying Chan
CNBC Pro: This global ETF is the only fund that has been gaining every year for the past decade
The only publicly traded stock ETF that has generated a positive return every year for the past decade has been revealed by CNBC Pro.
It is the only fund of nearly 7,000 ETFs worldwide vetted by CNBC Pro to not have one year of negative returns between January 1, 2013, and December 31, 2022.
It also provided investors with a 14% compound annual growth rate over the same period, far more than broader index-tracking funds, according to Koyfin data.
– Ganesh Rao
South Korea’s unemployment rate rose to an 11-month high
Government data showed that South Korea’s unemployment rate for December rose 3.3%, hitting an 11-month high.
The reading is higher than November’s figure of 2.9%.
Despite the high unemployment rate, the total number of workers will increase in 2022 28.089 million, up from 816,000 from a year ago.
– Lee Ying Chan and Jee Lee
CNBC Pro: An Expensive Mistake: Citi Says Stop Hoarding Cash — and Reveals Two Areas to Invest In
Investors have had a tough 2022, as stocks and bonds plunged amid broader market turmoil.
While many have resorted to the relative safety of cash, Citi says now is the time to put it to work and names two ways to deploy it for higher returns.
Professional subscribers can Read more here.
– Xavier Ong
Powell says the Fed should remain politically independent while tackling inflation
Chairman of the Federal Reserve Jerome Powell Tuesday He stressed the need for the central bank to free itself from political influence while constantly addressing high inflation.
In a speech to Sweden’s Riksbank, Powell noted that price stability requires making tough decisions that may be politically unpopular.
“Price stability is the bedrock of a healthy economy and provides the public with immeasurable benefits over time. But restoring price stability when inflation is high can require uncommon actions in the short term where we raise interest rates to slow the economy,” the chair said in prepared remarks.
“The absence of direct political control over our decisions allows us to take these necessary measures without taking into account short-term political factors,” he added.
– Jeff Cox
Copper recorded its highest price since June
copper It reached a high not seen since June.
The metal settled up just under 1.3%, at $4.0775. It hit a high of $4.0835, its highest since it hit $4.1160 on June 17.
Copper has gained about 7% since the beginning of 2023.
– Gina Francola, Alex Haring
Coinbase to lay off 20% of its workforce
Coinbase stock gained 6% After the cryptocurrency exchange announced plans to cut 20% of its workforce Trying to cut 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 potential recession and crypto winter, saying it had grown “too quickly” during the bull market.
Cryptocurrency markets have been under pressure in the wake of the collapse of FTX, one of the industry’s largest players.
Coinbase said the new round of layoffs will cut its operating expenses by 25% for the quarter ending in March, according to a new regulatory filing.
– Kate Rooney, Samantha Sobin