Traders work on the trading floor at the New York Stock Exchange.Andrew Kelly | ReutersThis report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.What you need to know todayCooler-than-expected inflationThe personal consumption expenditures price index for August rose 0.1% for the month. Year over year, prices rose 2.2%, lower than the Dow Jones survey consensus of 2.3% and July’s 2.5%. Core PCE, which excludes food and energy prices, increased 0.1% in August…
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Investors have been watching tech stocks keenly in the past year, amid a significant bout of volatility in the sector. Morningstar’s top strategist, however, has an underweight on the sector and is staying clear of several Big Tech names. “The technology sector in and of itself is really priced to perfection,” the firm’s U.S. Markets Strategist David Sekera said. Tech stocks are now trading at a 6% premium to fair value and are now “getting into an area that I can consider to be overvalued overall from a sector wide basis,” he told CNBC’s “Street Signs Asia” on Sep. 27.…
A worker assembling a loader transmission mechanism at a manufacturer in Qingzhou, China.Nurphoto | Nurphoto | Getty ImagesChina’s factory activity contracted for a fifth consecutive month in September as the world’s second-largest economy struggles to revive its growth momentum.The official manufacturing purchasing managers’ index came in at 49.8 in September, compared with 49.1 in August, 49.4 in July and 49.5 in June, according to data from the National Bureau of Statistics released on Monday. A PMI reading above 50 indicates expansion in activity, while a reading below that level points to contraction. The data beat the 49.5 expected among economists polled…
The U.S. Federal Reserve’s bumper 50-basis-point interest rate cut has been the talk of the market as investors evaluate sectors and stocks. Kingsley Jones, a chief investment officer at the Sydney-headquartered Jevons Global, says the rate cut has “supported the market.” “At this point, there was some concern if the Fed went with a jumbo that the market might panic a bit and say the Fed knows something we don’t. But look, it was well telegraphed in the market and I think it met expectations,” he added. Bullish on defensives Against this backdrop, Jones, who is also the founder of…
Malaysia’s prime minister Anwar Ibrahim during a news conference in New Delhi, India, on Tuesday, Aug. 20, 2024. Bloomberg | Bloomberg | Getty ImagesEradicating corruption in Malaysia continues to be a difficult hurdle Prime Minister Anwar Ibrahim needs to overcome if he wants to attract more foreign direct investments into the country.As Anwar draws closer to the second anniversary since being sworn in as prime minister, he remains strongly committed to this crackdown, and has taken a no-nonsense approach in dealing with the problem, he said.”We have to save the country. To my mind … the major problem is poor governance…
CVS Pharmacy logo is seen at store in Florida Keys, United States on May 7, 2024. Jakub Porzycki | Nurphoto | Getty ImagesGlenview Capital, a major CVS Health shareholder, is expected to meet with company leadership on Monday to lay out proposed fixes for the struggling business, according to people familiar with the matter, a potential precursor to an activist push.The hedge fund has established a sizable position in the company, said some of the people. Glenview invests in a variety of sectors, but its most recent regulatory filings show it holds positions in Centene, CVS and Teva Pharmaceuticals among other…
ShareShare Article via FacebookShare Article via TwitterShare Article via LinkedInShare Article via EmailExpectations for China’s National Day Golden Week travel are not that high for domestic travel, but the outlook for international bookings is “rosy and robust,” Simon Cheung, Head of Asia Travel & Leisure Research at Goldman Sachs, told CNBC’s Squawk Box Asia. Source link
A cycler passes the entrance to the Tokyo Stock Exchange (TSE) headquarters building in the Nihonbashi area of Tokyo on May 2, 2024.Richard A. Brooks | Afp | Getty ImagesJapan’s Nikkei was set to over plunge 6% Monday while broader Asia markets were on course for a mixed open ahead of key economic data from China and Japan.The futures contract in Osaka was trading at 37,440 compared to the previous close of 39,038.16. Chicago contract was at 38,115. Should the Osaka futures prove accurate, the Nikkei could be looking at a plunge of 6.38%, compared to its last close. Retail…
Traders work on the floor of the NYSE. NYSEU.S. stock futures were flat to kick off the final trading session of September after the major averages rose to their third consecutive week of gains.Futures tied to the Dow Jones Industrial Average traded near the flatline. S&P 500 futures added just 0.04% and Nasdaq 100 futures inched up 0.08%.The 30-stock Dow rose 0.3% on Friday to finish at a new all-time high and end the week around 0.6% higher. The S&P 500 also gained about 0.6%, while the Nasdaq Composite climbed almost 1% during the week. Wall Street is on track to end…
Outbound travel from China is set to receive a much-anticipated jolt as “Golden Week” bookings show changes in where and why Chinese people are traveling.Buoyed by falling airfares, Chinese travelers are booking more overseas trips for the National Day holiday period, which extends from Oct. 1 to 7, according to Fliggy, a major travel booking platform in China.Data from Fliggy, an Alibaba Group subsidiary, shows travelers are headed to many of their usual haunts in Asia-Pacific: Japan, Hong Kong and South Korea plus Australia as well as Thailand, Malaysia, Singapore, and Vietnam in Southeast Asia. The United States also made…
