4 hours ago
Japan’s wholesale inflation rate has been slowing for eight consecutive months
Japan’s corporate goods price index rose 3.2% year-on-year in August, below the revised 3.4% in July. The CGPI measures the prices of goods that Japanese companies charge each other.
That was in line with a Portal poll of economists and marked the eighth straight month in which the wholesale inflation rate slowed.
On the month, the CGPI rose 0.3%, higher than the 0.1% expected in the Portal poll.
—Lim Hui Jie
6 hours ago
Business sentiment in Japan is less optimistic due to weak global demand
Business sentiment in Japan deteriorated in September as optimism waned among both major manufacturers and non-manufacturers.
According to the Portal Tankan survey, the manufacturer sentiment index fell to +4 from +12 in August. That was the biggest decline since January, when the index fell 14 points.
A positive number means that there are more optimists than pessimists.
The non-manufacturers’ index also fell nine points month-on-month to +23 in September, the sharpest decline since May 2020, the survey showed.
Portal said Japanese companies complained about higher raw material costs and weak global and domestic demand. The war in Ukraine and tensions between China and the USA are cited as further headwinds.
—Lim Hui Jie
7 hours ago
South Korea’s unemployment rate falls to its lowest level since June 1999
South Korea’s unemployment rate fell to a record low of 2% in August, compared to 2.7% in July.
According to Statistics Korea, this was the lowest level since the data series began in June 1999.
On a seasonally adjusted basis, unemployment was 2.4% in August, compared to 2.8% in July.
—Lim Hui Jie
6 hours ago
CNBC Pro: Alibaba and more: CLSA names three of the ‘cheapest AI games’ in the world – two up over 50%
Analysts at capital markets and investment group CLSA have picked three global stocks that they expect will benefit from the “lucrative potential” of artificial intelligence.
“We estimate the global AI market could reach $1 trillion by 2026, with generative AI, the next big driver of productivity and innovation, accounting for $100 billion,” the analysts said in a note.
CNBC Pro subscribers can read more here.
—Amala Balakrishner
6 hours ago
CNBC Pro: Morgan Stanley names its top stock picks — and its “least favorite” — in a corner of the chip market
A “recovery narrative” is emerging in one corner of the semiconductor market this year, according to Morgan Stanley.
Pricing and storage conditions continued to improve for this segment, the bank said.
It names its top picks and least favorite stocks.
CNBC Pro subscribers can read more here.
– Weizhen Tan
13 hours ago
Apple shares fall as the company unveils the iPhone 15
Apple shares slipped 1.8% on Tuesday after the company unveiled the iPhone 15 at its “Wonderlust” launch event in Cupertino.
The latest device in the popular iPhone smartphone series features a 48-megapixel main camera, the A16 Bionic chip and a 4K cinema mode. iPhone 15 is also made from 75% recycled aluminum and 100% recycled copper. The iPhone 15 starts at $799 for the base model, $999 for the Pro and $1,199 for the Pro Max.
—Brian Evans
6 hours ago
CNBC Pro: A $16 billion lawsuit will send this stock soaring, analysts say
Shares of U.S. and U.K.-listed stocks rose 20% last week after a U.S. judge ruled in the company’s favor.
The share of a $16 billion payout from the lawsuit is likely to drive the stock higher, according to Jefferies and Numis.
CNBC Pro subscribers can read more here.
– Ganesh Rao
18 hours ago
WTI crude oil futures in October hit their highest level since last November
October West Texas Intermediate crude oil futures climbed to as high as $88.45 a barrel (42 gallons) early Tuesday, the highest since Nov. 15, 2022.
WTI has not closed above $90 a barrel since November 11 last year.
November Brent futures – the global benchmark – also hit a 10-month high on Tuesday, hitting $91.50 a barrel.
Permian Resources, Range Resources, EQT, Denbury and other energy stocks were all up 1% or more in early trading.
—Scott Schnipper, Gina Francolla
15 hours ago
The energy sector recorded the largest sector gains on Tuesday
14 hours ago
Information technology underperforms the S&P 500, but some chip stocks shine
Information technology was the biggest laggard in the S&P 500, with the sector recently losing 1.2%. Oracle weighed on the sector, losing more than 12%. Apple shares lost 1.5%.
However, some semiconductor stocks such as Nvidia and Qualcomm gained 0.4% and 1.2%, respectively. Intel shares rose 1.9% after the chipmaker said it would sell about a 10% stake in its IMS nanofabrication business to TSMC.
—Sarah Min