20 minutes ago
People’s Bank of China cuts short-term interest rates
The People’s Bank of China cut short-term interest rates by 10 basis points just hours after lowering its one-year medium-term lending rate and seven-day reverse repo rate.
announced by the People’s Bank of China. The overnight standing lending rate was reduced to 2.65%, the7 daily lending rate to 2.8% and the one-month rate to 3.15%.
Earlier this morning, the People’s Bank of China cut the one-year medium-term lending rate to 2.5% from 2.65% and cut the 7-day reverse repo rate to 1.8% from 1.9%.
— Lim Huisier
2 hours ago
Bank of Australia sees encouraging signs in latest inflation data
The Australian central bank said in the minutes of its August 1 monetary policy meeting that the country’s inflation data was “reassuring”.
in the minutesthe RBA noted that services inflation remained tenacious, but inflation had eased further and was slightly below expectations for the June quarter.
The RBA board added that the economy is expected to grow moderately going forward, which will help ease inflation further.
However, the central bank did not rule out the possibility of further tightening, saying that “whether further rate hikes are necessary depends on the development of data and risk assessment”.
— Lim Huisier
3 hours ago
China to stop reporting youth unemployment from August
China’s National Bureau of Statistics stopped reporting the youth unemployment rate from August, removing the category from the report. July economic report Released on Tuesday.
A spokeswoman said this was due to economic and social changes and the agency was reassessing its methodology.
The unemployment rate for 16- to 24-year-olds has surged to a record high of 21.3% in recent months. Go to June report.
Read the full article here.
— Lim Hui Jie, Evelyn Chen
6 hours ago
China unexpectedly cuts one-year loan rate by 15 basis points to 2.5%
The People’s Bank of China unexpectedly cut its key policy rate on Tuesday for the second time in three months.
The People’s Bank of China said it had cut the interest rate on one-year Medium-term Loan Facility (MLF) loans worth 401 billion yuan ($55.25 billion) from 2.65% to 2.50%.
The central bank also conducted a 204 billion yuan reverse repo operation on Thursday, cutting borrowing costs to 1.8% from 1.9%.
— Lim Huisier
5 hours ago
China’s industrial production and retail sales fall below expectations in July
Chinese Industrial production and retail sales figures Both figures fell short of expectations in July, resulting in weaker economic data for the country.
Industrial production rose 3.7% from a year earlier, falling short of the 4.4% forecast of economists polled by Reuters. From the beginning of the year to the present, industrial production increased by 3.8% over the previous year.
Separately, China’s retail sales rose 2.5% year-on-year, reaching 3.68 trillion yuan in July, compared with the 4.5% growth forecast by a Reuters poll. fell below
— Lim Huisier
6 hours ago
CNBC Pro: ‘China Disappointed’: These Are Top Markets and Stocks to Invest in, According to Pro
Investors have fled China for much of this year, fearing a weak economic recovery, in favor of other markets.
The pros say they’ll highlight some alternatives to China and stocks to invest in, as well as discuss whether Chinese stocks will make a comeback.
CNBC Pro subscribers can read more here.
— Tan Weizhen
7 hours ago
Japan’s second quarter GDP expanded by 6% on an annualized basis
Japan’s economy grew by 6% The annualized rate for the three months to June beat the 3.1% growth forecast by economists polled by Reuters.
On a quarter-over-quarter basis, growth in the second quarter was 1.5%, almost double the forecast of 0.8%.
The data marked the highest growth rate since Q4 2020, when Japan recorded 2.8% QoQ and 11.7% annualized growth.
— Lim Fuijie
6 hours ago
CNBC Pro: Barclays names ‘most volatile’ global stocks with falling inflation, giving 2 stocks 60% upside
Barclays has identified several European stocks that could benefit from a lower inflation environment.
The investment bank said its “disinflation winners” stocks are particularly adept at operating in a disinflationary environment, with at least two stocks expected to rally more than 60% over the next 12 months.
CNBC Pro subscribers can read more here.
— Ganesh Rao
12 hours ago
Nvidia shares rise 7% on Monday
Nvidia shares rose 7.09% in main trading on Monday. Monday’s rally came after the company’s stock fell 8.56% in the previous trading week.
Morgan Stanley repeatedly called the stock a “frontrunner” ahead of Nvidia’s earnings report. The company cited an influx of AI spending and an “unusual” supply-demand imbalance that it expects to persist over the next few quarters.
The company’s stock is up nearly 200% year-to-date.
14 hours ago
Inflation expectations fell in July, according to Fed survey
Consumers grew more confident last month that inflation will continue to fall in the short and long term, according to a New York Fed survey released on Monday.
Respondents in the July Consumer Expectations Survey said they expected inflation to reach 3.5% a year from now, down from 3.8% in June. Three-year and five-year projections also fell slightly to 3% and 2.9%, respectively.
Despite expectations of lower interest rates, households expected remittances to rise by 5.4% a year from now, up from 5.2% in June but below the long-term average of 6.1%. Expectations for house price increases fell to 2.8%, while expectations for gasoline and food prices also fell slightly to 4.5% and 5.2%, respectively.
— Jeff Cox
18 hours ago
Former Fed official Kaplan expects rate cut in 2024
Former Dallas Fed President Robert Kaplan expects a rate cut next year, but warned on Monday of a “crossflow” that could keep inflation high.
“I don’t think the Fed will take any action at its September meeting, but I don’t think it’s unreasonable to predict that by the middle of next year the Fed will think a rate cut is appropriate,” Kaplan told CNBC. Told. squawk box. “I don’t know if it will turn out like that. But it’s as good as my expectations are at the moment.”
But he took some hedging, saying high levels of government spending could weigh on bond yields and force the Fed to tighten.
“It’s the ‘x’ factor that’s hard for me to judge,” Kaplan added.
— Jeff Cox