Singapore’s annual retail sales for November rise at a slower pace
Retail in Singapore increased by 6.2% According to the latest figures released by the Department of Statistics, growth in November was slower than the 10.3% growth posted in October a year earlier.
The reading marked a relaxation from the past seven months of consecutive double-digit annual growth.
Excluding motor vehicles, Singapore’s total retail sales were $4 billion, of which 14.8% was made up of online sales.
“The higher rate of online retail sales was mainly attributed to higher sales recorded during the year-end online shopping events,” the report said.
– Lee Ying Shan
Oil prices rose after two days of declines on Chinese travel demand
Oil prices rose more than 1% after two days of declines, as China’s reopening added hope for economic recovery and support for demand.
Brent Crude futures rose 1.08% to $78.68 a barrel, while U.S. West Texas Intermediate Futures rose 1.19% to $73.71 a barrel.
Investors shrugged off worries about a global slowdown, weighed down by shaky economic growth prospects in the US and China, leading to a 9% drop in oil prices over the past two days.
– Lee Ying Shan
CNBC Pro: Bank of America Sees 50% Rise in Global Fertilizer Stocks Due to Global Shortage
Bank of America sees 50% rise in shares of global fertilizer maker due to global shortages
A Wall Street bank says the company commands a 55% profit margin because it is insulated from natural gas prices.
China’s Caixin services data shows improvement, remains in contraction territory
The Code of Kaixin China General Services Purchasing Manager Easing pressure on the sector for December, with a reading of 48, maintained in contraction territory.
The gauge rose from a six-month low of 46.7 in the previous month.
The 50-point mark separates growth from contraction. PMI readings are sequential and indicate expansion or contraction on a monthly basis.
“Confidence has improved significantly,” said Wang Zhe, senior economist at Caixin Insight Group, whose gauge of expectations for future activity rose nearly 4 points from a month ago.
“Service providers expressed strong confidence in the economic recovery following the easing of Covid control measures,” Wang said.
– Jihye Lee
CNBC Pro: Tech had a brutal year. But four stocks have a bright future, says the investor
In 2022, the technology sector got a foothold.
But investment pro Jason Ware isn’t intimidated. He is bullish on tech and named four stocks he likes.
Pro subscribers can Read more here.
– Javier Ong
Hong Kong’s S&P Global PMI indicates ease in private sector contraction
Hong Kong’s S&P Purchasing Managers’ Index is high Although it was in contraction territory for the fourth straight month, from 48.7 in November to 49.6 in December.
S&P said the city’s private sector saw a slower contraction as business activity picked up in the final month of 2022 with the easing of Covid restrictions.
Demand in the city remains subdued, with overall new orders shrinking on the back of deteriorating economic conditions, S&P said.
– Lee Ying Shan
CNBC Pro: Citi is parish in lithium — at least for the foreseeable future. But it gives some stocks a big boost
Citi is bearish on lithium — at least for the foreseeable future. Lithium is a key component in electric vehicle batteries.
But the bank remains bullish on its long-term outlook, naming three stocks to watch.
CNBC Pro subscribers can read more here.
– Weissen Don
Central bank officials expect higher rates “for some time to come,” the minutes show
The Federal Reserve released minutes from its Dec. 13-14 meeting that indicated central bank officials expected rates to remain higher “sometime.”
“Participants generally observed that the accommodative policy stance should be maintained until incoming data provide confidence that inflation is on a continued downward path to 2 percent, which may take some time,” the meeting summary said. “In view of persistent and unacceptably high levels of inflation, many participants cautioned against prematurely easing monetary policy because of historical experience.”
“Many participants emphasized that it is important to clearly communicate that the slowing of rate increases is either a sign of a weakening of the Committee’s commitment to achieving its price-stability objective or a judgment that inflation is already on a continuing downward path,” the minutes said.
– Jeff Cox
November JOLTS is better than expected
According to the latest Job Openings and Labor Turnover Survey, or JOLTS, job openings were 10.5 million in November.
The report came in slightly better than expected, though little changed from the previous month. Analysts expect JOLTS to be around 10 million in November.
Hiring numbers and total separations were revised up to 6.1 million and 5.9 million, respectively. There were 4.2 million exits and 1.4 million layoffs and layoffs during the month.
– Carmen Reinicke
Chinese ATRs rise in premarket trade
Chinese ADRs Premarket trading rose After Ant Group received approval to increase its registered capital, it is a sign that Chinese regulators may be loosening their grip on the country’s technology sector.
Shares JD.com And Ali Baba Each rose more than 6%. NetEase, Bye And trip.com Other stocks made significant moves.
Ant Group, whose own IPO plans have been stymied by regulatory concerns, was allowed to double its registered capital as part of the new plan.
– Jesse Pound