An hour ago
According to ANZ, the RBA is expected to maintain a hawkish stance at the upcoming meeting
The Reserve Bank of Australia is likely to leave interest rates unchanged in the upcoming policymaking meeting, according to ANZ forecasts.
“We still expect a really restrictive pause from the Reserve Bank of Australia. We don’t expect it to raise rates in the next few months,” said Adelaide Timbrell, senior economist at ANZ.
It will be the central bank’s first meeting under new governor Michele Bullock. The central bank is expected to keep interest rates at 4.10%, according to a Portal poll.
“We will see an extended pause from the Reserve Bank until November next year,” Timbrell predicts, estimating that the bank probably won’t start cutting rates until the fourth quarter of next year.
However, “discouraging” inflation results could pose additional risks to further action, the senior economist warned.
According to official statistics, inflation in Australia rose 5.2% year-on-year in August.
“But every time we get some of these discouraging inflation results, we see the risk that at some point they will have to take further action,” she said.
–Lee Ying Shan
An hour ago
CNBC Pro: Shares of this global delivery platform will rise over 100%, according to Goldman Sachs
Shares of this European delivery company will double in the next 12 months, according to analysts at Goldman Sachs.
The US investment bank describes the company as something of a “market leader” and expects it to benefit from a “more competitive landscape”.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
An hour ago
CNBC Pro: Outperforming portfolio manager names 5 discounted global stocks to buy now
Ted Alexander, chief investment officer of BML Funds, said many stocks have become “a little cheaper” and investors are seeing good returns.
Alexander manages the BML Global Fund, which was just launched in September. The fund aims to invest in strong companies that are undervalued by the market, without a bias towards growth or value stocks.
He named five discounted stocks to consider now, including one he calls a “long-term winner.”
CNBC Pro subscribers can read more here.
– Weizhen Tan
An hour ago
CNBC Pro: A ‘phenomenal’ stock: Irrationality made this asset manager look super cheap, says one investor
Irrational behavior driven by concerns about the stability of the U.S. banking system has made an asset manager’s stock a cheap investment opportunity, according to value investor Daniel O’Keefe.
O’Keefe, who manages the Artisan Global Value Fund, believes this fear is unfounded and based on a misunderstanding of the business.
CNBC Pro subscribers can read more here.
– Ganesh Rao
10 hours ago
The World Bank says continued growth but slowing momentum in the Asia-Pacific region
The World Bank predicts that growth in the East Asia and Pacific developing region will remain strong at 5% in 2023. However, it expects growth to weaken in the second half of 2023 and fall to 4.5% in 2024, according to its regional update released on Sunday.
Regional growth in the Asia-Pacific region is estimated to be higher than the average growth forecast for all other emerging and developing countries. However, the latest figures are lower than previously forecast.
Growth in China is expected to be 5.1% in 2023. Excluding China, regional growth of 4.6% is expected.
– Hakyung Kim
13 hours ago
Bitcoin rises to its highest level since August
Crypto prices rebounded on Monday, pushing Bitcoin to its highest level in more than six weeks.
Bitcoin rose more than 4.5% to $28,329, hitting its highest level since August 17, when it traded at $29,108.3. Ether rose more than 3% and crossed the $1,700 mark.
Crypto-related stocks Coinbase, Marathon Digital, MicroStrategy and Riot all rose more than 5% in premarket trading.
– Hakyung Kim, Jesse Pound, Gina Francolla
13 hours ago
Gold and silver fall to their lowest prices since March in early trading
December gold futures contracts fell to $1,846.60 an ounce on Monday, the lowest since March 10, 2023 (when they traded at $1,830).
See grafic…
The price of gold in 2023.
December silver contracts also fell to $21.725 an ounce, the lowest since March 16 ($21.59).
Both the Gold Miners (GDX) and Silver Miners (SIL) ETFs are down nearly 1% in early premarket trading, led by Harmony Gold, Gold Fields and AngloGold, all of which are down 3% or more.
—Scott Schnipper, Gina Francolla