2 hours ago
Vietnam's economy is in a “pretty good situation” this year, says VinaCapital
Vietnam's economy is in a “pretty good position” this year, said Andy Ho, chief investment officer of VinaCapital, who expects growth of between 6 and 7 percent this year.
Aside from low interest rates and strong exports to the U.S. and Europe, the country's “liquidity situation is very good,” Ho told CNBC's “Squawk Box Asia.”
“Many people have money and are willing to invest domestically… be it in investments, in real estate or in the stock market,” he said. “So I think 2024 is a relatively good year for Vietnam.”
However, Ho warned of challenges in Vietnam's real estate sector, although he is optimistic it will recover this year.
“There is a demand for real estate products, whether it is middle to low income housing, [and] “There is a need to develop these assets,” Ho stressed. “And if [the] If the government approves these projects much faster, the banking system will provide capital to these developers so that they can continue with them.”
– Charmaine Jacob
7 hours ago
Japan's unemployment rate falls in December to its lowest level since January 2023
College students arrive at the Mynavi Shushoku Mega Expo at Tokyo Big Sight on March 8, 2015 in Tokyo.
Chris McGrath | Getty Images
According to official data, Japan's unemployment rate fell slightly in December.
The unemployment rate fell to 2.4% in the last month of 2023 compared to the previous month. In October the value was 2.5%.
December's unemployment rate was also slightly below the Portal poll forecast of 2.5% and was the lowest jobless rate since January 2023.
Another measurement showed that the ratio of jobs to applicants was 1.27 in December, a level not seen since June 2022.
It was also slightly below the Portal poll forecast of 1.28.
—Shreyashi Sanyal
6 hours ago
This week is crucial for the stock market's rally, says Fundstrat's Tom Lee
This action-packed week – which also includes earnings from Big Tech companies and a Federal Reserve policy meeting – could determine the next steps for the market recovery, said Tom Lee of Fundstrat Global Advisors.
The S&P 500 and Dow Jones Industrial Average both closed at new highs on Monday, driven by a rise in Big Tech stocks. “We expected new highs by the end of January, which was on schedule,” Lee said on Last Call. “And I think this week will show us how far we’ve come.”
To this end, Microsoft and Alphabet will present their quarterly reports on Tuesday, while Meta Platforms, Apple and Amazon are expected on Thursday. Meanwhile, the Fed's two-day monetary policy meeting will end on Wednesday with a rate decision.
Read more about what's in store for Tom Lee this week here.
-Darla Mercado
8 hours ago
Here's a look at where interest rates on popular consumer goods stand before the Fed meeting
The Federal Reserve begins its two-day meeting on Tuesday and concludes with a monetary policy decision the following day. Fed fund futures prices suggest the central bank is highly likely to keep interest rates on hold.
Still, interest rates on a range of consumer goods have surged since the Fed began hiking rates in March 2022.
For example, a 30-year fixed-rate mortgage has an interest rate of 6.9% from the week of January 26 per MND. That's up from 4.29% for the week of March 11, 2022. Annual credit card percentage returns also increased to 20.74% for the week of January 26, according to Bankrate. That's more than 400 basis points more than before the Fed began raising interest rates.
There is a silver lining: the higher interest rate environment has helped boost returns on a range of savings products and fixed income investments.
The 10-year Treasury yield was 4.076% on Monday. For the week of March 11, 2022, the return was 2.006%. A five-year CD has an APR of 2.87%, according to Haver, up from 0.5% before this rate hike cycle began. Annual money market yields were 0.51% for the week of Jan. 26, up from 0.08% before the central bank began raising interest rates, Haver noted.
-Nick Wells, Darla Mercado
8 hours ago
Where the stocks are during the month
With only two full trading days left in the trading month of January, all three major indices are on track for gains. But some have done better than others.
Here's where the three most important indices stand compared to the first month of 2024:
- The blue-chip Dow is up 1.7%.
- The broad S&P 500 rose 3.3%.
- The tech-heavy Nasdaq Composite performed better, rising 4.1%.
—Alex Harring
8 hours ago
Stocks making the biggest moves in extended trading
These are some of the stocks seeing notable moves in the after-hours:
- Woodward – Shares rose 5% after the maker beat analysts' expectations in both divisions and raised its full-year forecast.
- Sanmina – The manufacturer rose 15% after beating consensus earnings per share forecast and giving a better outlook for the current quarter than analysts expected.
- Whirlpool – The home products maker fell 4% after reporting full-year guidance that was worse than Wall Street expected.
The full list can be found here.
—Alex Harring
8 hours ago
S&P 500 futures were little changed
S&P 500 futures were little changed shortly after 6 p.m. ET. Nasdaq 100 futures were also almost flat, while Dow futures fell about 0.1%.
—Alex Harring