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South Korean exports fell 16.1% yoy in the period May 1-20
South Korean exports fell 16.1% in the first 20 days of May compared to the same period last year, the country’s customs agency said.
Imports also fell by 15.3% year-on-year over the same period.
Export value was US$32.4 billion and imports US$36.7 billion in the first 20 days, resulting in a deficit of US$4.3 billion for the period Jan. 1-20. May led
Refinitiv data showed South Korea’s exports fell for seven consecutive months, with April posting a 14.3% year-on-year decline.
— Lim Hui Jie
Before an hour
Japan’s main machinery orders fell in March
Japan’s core machinery orders fell 3.9% mom in March, falling more than expected.
Economists polled by Portal had expected the reading to rise 0.7% from the previous month.
Machine orders also fell by 3.5% year-on-year, while printing was expected to increase by 1.4%.
Japan’s machinery orders rose 9.8% year-on-year in February.
– Jihye Lee
Before an hour
CNBC Pro: Tesla vs. BYD: This is why a fund manager prefers the Buffett-backed automaker
At a time marked by the need to combat climate change, electric vehicles (EVs) are seen as an increasingly important part of the solution.
For Philip Ripman, portfolio manager at Storebrand Asset Management, one global electric carmaker stands out: China’s BYD – not Elon Musk’s Tesla.
As an investor, Ripman said BYD’s appeal goes beyond just making electric cars.
CNBC Pro subscribers can read why the fund manager is bullish on BYD here.
– Ganesh Rao
Before an hour
CNBC Pro: These four stocks are on Goldman’s “conviction buy” list — and they’re up 115%
3 hours ago
Debt relief negotiations will resume on Monday
Federal government leaders are expected to resume negotiations on the US debt ceiling on Monday as the country moves closer to a potential default.
President Joe Biden and House Speaker Kevin McCarthy, R-California, are scheduled to meet in person at the White House.
Treasury Secretary Janet Yellen said on Sunday that “hard decisions” will have to be made about which bills will remain unpaid if the debt ceiling is not raised, reiterating her warning that the United States could default as early as June 1.
— Jesse Pound, Ashley Capoot
Fri May 19, 2023 11:46 am EDT
Powell says rates may not have to rise as much as expected
Federal Reserve Chair Jerome Powell said on Friday that interest rates may not need to rise as much as previously thought, partly due to tensions in the banking sector.
“The financial stability tools have helped calm conditions in the banking sector. Developments there, on the other hand, are contributing to tighter credit conditions and are likely to weigh on economic growth, hiring and inflation,” he said at a monetary policy panel.
“As a result, our policy rate may not need to rise as much as it otherwise would to meet our targets,” he added. “Of course, the extent is highly uncertain.”
– Jeff Cox
Fri May 19, 2023 at 8:55 am EDT
Fed Chair Williams says “era of very low” interest rates remains intact
New York Federal Reserve Chairman John Williams said the longer-term trend in interest rates is likely to be lower, despite recent increases in an attempt to fight inflation.
In a largely academic discussion at a forum in Washington, DC, Williams said the “natural” interest rate remains skewed lower as the outlook for economic output is muted. This is despite the surge in inflation during the pandemic and hikes in interest rates to combat higher prices.
“Importantly, there is no evidence that the era of very low natural interest rates is over,” Williams said.
-Jeff Cox