3 hours ago
India's services activity in December grew at its fastest pace in three months
Employees work at their terminals in the office of Manubhai & Shah LLP, a local accounting firm, in Ahmedabad, India, July 4, 2023.
Amit Dave | Portal
India's services activity grew at its fastest pace in three months in December, according to a private survey.
The HSBC India Services PMI was 59.0 in December, up from 56.9 the previous month and the highest since September.
“Increasing demand boosted sales and subsequently boosted business activity. Job creation continued for the nineteenth consecutive month while business optimism increased,” the survey report said.
The December reading also marked the 29th consecutive month of growth. A value above 50 separates growth from contraction.
The Nifty 50 index had gained 0.14% by early afternoon trade.
—Shreyashi Sanyal
5 hours ago
Philippine inflation hits near two-year low in December
Philippine inflation cooled faster in December than the previous month, according to official data.
Consumer prices rose 3.9% in December, less than the 4.1% increase in the previous month. It was also the slowest price increase since February 2022 and the third straight CPI easing.
However, inflation is still above the Bangko Sentral ng Pilipinas' target range of 2% to 4%.
“The downward trend in headline inflation in December 2023 was mainly caused by lower annual growth in the housing, water, electricity, gas and other fuels index, which stood at 1.5 percent in December 2023, compared to 2.5 percent in the previous month “says the official press release.
—Shreyashi Sanyal
7 hours ago
Japan's December composite PMI signals that the decline in private sector activity is over
A survey showed Friday that the decline in Japanese private sector activity is over.
The au Jibun Bank Japan composite PMI for December was 50, up from 49.6 the previous month, signaling stabilization in Japanese private sector output.
A PMI reading above 50 indicates expansion, while numbers below indicate contraction.
In December, the services sector recorded stronger growth, but manufacturing activity continued to slow.
The au Jibun Bank Japan services PMI was 51.5 in December, up from 50.8 in November. The increase was the second weakest in 2023.
“A faster increase in new business was a key factor in driving business growth as companies reported higher customer numbers,” the survey said.
Japan's Nikkei 225 index rose 0.3% on Friday.
—Shreyashi Sanyal
8 hours ago
CNBC Pro: Look beyond valuation – this fund manager uses a unique strategy for returns that beat inflation
8 hours ago
CNBC Pro: Ritholtz's Josh Brown reveals he thinks stocks are “twice as cheap” as the S&P 500
Josh Brown of Ritholtz Wealth Management has named the stocks he believes are undervalued relative to the broader U.S. stock market.
These stocks represent an opportunity for investors in 2024, according to Brown, as they trade at a 34% discount to the S&P 500, compared to an average discount of 16% over the past 20 years.
CNBC Pro subscribers can read more here.
– Ganesh Rao
12 hours ago
Oil prices fall as U.S. fuel stockpile buildup overshadows tensions in the Middle East
Oil prices fell on Thursday as a huge surge in U.S. fuel inventories overshadowed concerns about supply disruptions due to rising tensions in the Middle East.
The West Texas Intermediate contract for February lost 51 cents, or 0.7%, to close at $72.19 a barrel. The March Brent contract lost 66 cents, or 0.84%, to close at $77.59 a barrel.
According to the Energy Information Agency, U.S. gasoline inventories rose by 10.9 million barrels in the week ended Dec. 29, to a total of 237 million barrels. Fuel delivered to the market, an indicator of demand, fell by 1.2 million barrels per day to a total of nearly 8 million barrels per day.
The build-up of stocks in the US shifted the focus away from increasing tensions in the Middle East. Crude oil prices rose more than 2% on Wednesday as militant attacks disrupted shipping in the Red Sea and a Libyan oil field was shut down amid protests.
–Spencer Kimball
14 hours ago
Christopher Harvey of Wells Fargo cites investor repositioning as a reason for the market decline
After a huge year-end rally in 2023, stocks struggled to start 2024.
Wells Fargo analyst Christopher Harvey pointed to investor restructuring as a reason for the recent market decline.
“The market is two for two this year and many are trying to guess the meaning,” he wrote in a note Thursday. “The evidence suggests that a holdover from year-end hedge fund repositioning supports our risk aversion bias in 2024.”
—Lisa Kailai Han
19 hours ago
The ADP report shows stronger-than-expected job growth in December
Private payroll growth exceeded growth estimates in December, according to an ADP report on Thursday that showed a labor market that remained buoyant.
Companies added 164,000 for the month, better than the downwardly revised 101,000 for December and the Dow Jones 130,000 estimate. Leisure and hospitality led the way with 59,000 new jobs, while construction added 24,000 jobs. Small businesses created the most new jobs: companies with fewer than 50 employees added 74,000 new jobs.
The reports come a day before the Labor Department releases nonfarm payrolls, which are expected to show an increase of 170,000.
–Jeff Cox
19 hours ago
The total number of jobless claims is 202,000, well below estimates
The pace of layoffs slowed in the last full week of 2023, a sign that the labor market is still tight, the Labor Department reported Thursday.
Initial jobless claims for the week ending Dec. 30 totaled 202,000, down 18,000 from the previous period and below the Dow Jones estimate of 219,000. The four-week moving average, which takes into account weekly volatility, fell to 207,750, down 4,750.
Continuing claims, which are a week behind, fell 31,000 to 1.855 million, below the FactSet estimate of 1.878 million.
–Jeff Cox