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Asia-Pacific stocks rise as Tokyo’s inflation nears 42-year high

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Adani shares fall further for second day in a row

Stocks of Adani Group companies continue to plunge in second consecutive trading session in India after short-selling firm Hindenburg announce short position at a conglomerate company earlier this week.

Adani refuted the allegations in two separate statements, adding that the group “is evaluating relevant provisions under U.S. and Indian law for corrective and disciplinary action against Heidenberg Research.”

Mumbai Listed Stocks Adani Enterprise It fell more than 5% in the Indian trading session on Friday. Adani transmission 16.8% decrease, Adani Green Energy 14.9% reduction, Adani power 8.4% decrease. Yasuya Portstock price also fell 8.4%.

Hindenberg emphasized their original position and emphasized that Adani did not answer any of the questions posed in their argument.

“We fully support the report and believe the legal action taken against us is moot,” he said.

— Lee Ji-hye

Tokyo inflation remains above BOJ target

Consumer prices in Japan’s capital Tokyo rose 4.3% in January, beating expectations of economists polled by Reuters.

It also stayed above the Bank of Japan’s 2% inflation target for the eighth straight month after rising 2.1% in June 2022.

The Japanese Yen gained 0.3% after the data was released, last trading at 129.82 against the US Dollar.

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— Ganesh Rao

Singapore house price gains slow in final quarter of 2022

Private house prices in Singapore rose by 0.4% in the final quarter of 2022, according to a release from the Urban Redevelopment Authority.

The reading showed home prices rising less than the 3.8% rise in the previous period, the slowest growth since the second quarter of 2020.

Home prices will rise 8.6% for the full year 2022, less than the 10.6% rise seen for the full year 2021, the announcement said.

— Lee Ji-hye

Australian producer price index rises 5.8% year-on-year

Australian Producer Price Index rose 5.8% on an annualized basis in the final quarter of 2022. Australian Bureau of Statistics Indicated.

The figure was slightly lower than last quarter’s 6.4%, suggesting that inflation may be softening domestically.

On a quarterly basis, the index rose 0.7%, slower than the previous period’s reading of 1.9%.

of Australian dollar It rose slightly during the Asian morning session and finally traded at 0.7123 against the US dollar.

— Lee Ji-hye

GDP, Other Fourth-Quarter Data Show Economic Challenges ‘Starting to Solve’, Economists Say

According to Curt Long, chief economist at the National Association of Federally-Insured Credit Unions, Thursday’s GDP data confirms the overall picture of economic growth in the fourth quarter. And it shows that the economic outlook is improving for him.

“The overall picture for economic growth in the fourth quarter is positive. Much of that growth has been focused on building inventories, which is unlikely to grow at a similar pace in 2023,” Long said. rice field. “That said, resilient consumer spending, low unemployment and declining inflation are starting to lift some of the economic clouds that formed months ago.”

— Alex Haring

CNBC Pro: Buy a dip? Morningstar’s top strategist names 3 stocks trading at deep discounts

U.S. equities are undervalued by about 15%, according to Dave Sequera, chief U.S. market strategist at Morningstar.

Since the end of 2010, there is only a 5% chance that the market will be trading below the current discount, he said.

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— Tan Weizhen

Tesla’s strong orders and weak margins antagonize Wall Street analysts

Wall Street analysts are divided Tesla After the electric car company’s latest quarterly earnings.

Tesla reported beats in both Earnings and Earnings It also allayed investor concerns that the company’s growth might slow after a series of recent price cuts. The move caused second-hand Tesla prices to drop, but also supported demand for the vehicle.

“So far in January, we had our strongest orders ever,” Musk said on a conference call with analysts.

For Goldman Sachs’ Mark Delaney, it was “the most important lesson from the conference call.”

“Importantly, Tesla has posted record orders since lowering prices, commenting that orders have almost doubled production volume, given the weak macroeconomic environment. Then we think this order rate may not be sustainable, which suggests the company is doing a good job tracking our 1.8 million delivery estimates,” Delaney wrote.

But other analysts were more negative about the outlook for the stock, saying Tesla’s auto gross margin was the lowest in five quarters, posing a problem going forward.

AllianceBernstein’s Toni Sacconaghi reiterates Tesla’s poor valuation, saying the automaker’s latest earnings and earnings reports are “split between bulls and bears” and remains “torn” by the company. added. Strong orders are promising, but analysts said auto gross margins were too weak to pass up.

“FY EPS fell from $3.80 to $3.54 amid falling margins, despite significantly raising our energy storage forecasts. I don’t know what it is, but I think it’s uncertain if the surge in demand will continue, and China will need more price cuts before the end of the year.”

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— Sara Min

CNBC Pro: Morgan Stanley has a ‘simple’ tech strategy, cites TSMC and others as stocks to buy now

The semiconductor sector, widely viewed as recession-prone, cyclical and volatile, does not seem like a safe haven for investors.

Semiconductor stocks have historically done well in past recessions, according to Morgan Stanley. The bank listed Asia’s top chip stocks, posting a 40% gain.

Pro subscribers can read more here.

— Xavier Ong

US GDP slightly better than expected in Q4

US economy expands at an annual rate of 2.9% In the fourth quarter, it slightly exceeded the Dow Jones estimate of 2.8%. The Commerce Department report comes despite persistent inflation and the Federal Reserve continuing to raise interest rates.

Consumer spending increased slightly by 2.1% from 2.3% in the previous quarter, but was still positive.

— Jeff Cox

Bitcoin is headed for its best month since 2020

Bitcoin remains in ascending mode despite the past two days of cutbacks, and the cryptocurrency is on its best monthly pace since 2020. Some investors see crypto prices as a leading indicator of investor risk appetite.

Bitcoin is up almost 40% this month and so far this year, poised to record its best monthly performance since December 2020, when it rose 49.47% for the month.

Meanwhile, the S&P 500 is up about 5% this month.

— Tanaya Machel

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