Asian markets slide as CSI 300 hits fresh four-year low; Hong Kong stocks fall to more than one-year low –

4 hours ago

Activity in India’s services sector grew slower than expected in November

S&P Global said activity in India’s services sector grew slower than expected in November.

The country’s services purchasing managers’ index came in at 56.9, down from 58.4 in October and also lower than the 58.0 expected in a Portal forecast. A reading above 50 indicates expansion, while a reading below 50 indicates contraction.

The November reading marks 28 consecutive months of expansion, but this was the lowest rate of increase since November 2022.

—Lim Hui Jie

7 hours ago

The Reserve Bank of Australia is expected to leave interest rates at 4.35%

Australia’s central bank left its key interest rate at 4.35% at its December meeting, in line with expectations of economists polled by Portal.

In its press release, the Reserve Bank of Australia said the “limited information” on the domestic economy received since its November meeting was in line with expectations.

The bank noted that October CPI readings showed inflation had moderated, but did not provide much more information on service sector inflation.

The RBA also stressed that while there were encouraging signs for goods inflation overseas, price inflation in services remained persistent and the same could happen in Australia.

—Lim Hui Jie

8 hours ago

Hong Kong’s business activity is expanding for the first time in four months

Private sector activity in Hong Kong increased for the first time since June, according to S&P Global private surveys.

The city’s purchasing managers’ index rose to 50.1, just above the 50 mark. S&P said the increase was supported by improvements in both new business and activity indicators, which reflected only slight declines.

However, there was some cost pressure.

Jingyi Pan, deputy director of economics at S&P Global Market Intelligence, said that “companies had limited ability to pass on rising costs in November as input prices rose more quickly overall.”

“Companies appear to be in a quandary between raising salaries to retain employees or keeping prices low to retain customers,” she added.

—Lim Hui Jie

8 hours ago

Caixin China’s services PMI climbs to its highest level since August

The Caixin China services purchasing managers’ index rose to its highest level in three months in November, diverging from China’s official PMI reading, which showed a decline.

According to a Dec. 5 release, that private poll reading was 51.5 in November, rising from 50.4 in October to 50.2 in September.

China’s official non-manufacturing PMI services sub-index released last week came in at 49.3, showing a decline for the first time since December 2022.

– Clement Tan

9 hours ago

Japanese private sector activity is contracting as service sector expansion slows

Japan’s business activity fell for the first time this year, according to au Jibun Bank.

The country’s composite purchasing managers’ index stood at 49.6 in November, below the flash reading of 50.0 reported early last month. A PMI below 50 indicates a decline, while a PMI above 50 indicates expansion.

Separately, activity in Japan’s services sector fell to 50.8 in November, indicating the weakest growth since November 2022.

While service activity continued to increase, the growth rate was not enough to offset a faster decline in manufacturing, au Jibun Bank said.

—Lim Hui Jie

9 hours ago

Tokyo’s inflation rate falls to 2.6%, its lowest level since July 2022

The headline inflation rate in Japan’s capital Tokyo rose 2.6% in November, the slowest increase since July 2022.

This came after the capital’s inflation rate rose to 3.3% in October, having largely fallen since its peak in January. Inflation readings in Tokyo are largely seen as a leading indicator of nationwide trends.

Core inflation, which excludes fresh food prices, was 2.3%, below Portal expectations of 2.4% and also below October’s 2.7%.

The so-called “core-core” inflation rate, which excludes both fresh food and fuel prices and is monitored by the Bank of Japan, fell slightly to 3.6% from 3.8% in October.

—Lim Hui Jie

10 hours ago

CNBC Pro: Five stocks to buy before the end of the year, according to the pros

Many stocks have posted massive rallies this year as investors became bullish on sectors like Big Tech, biotech, electric vehicles and weight-loss drugs.

As the year draws to a close, CNBC Pro asked three fund managers about sectors – and stocks – that they are bullish on heading into 2024.

CNBC Pro subscribers can discover their top picks here.

—Amala Balakrishner

10 hours ago

South Korea’s inflation rate falls below expectations after three consecutive months of acceleration

South Korea’s inflation rate slowed to 3.3% in November, falling short of expectations and marking the first decline in three months of acceleration.

A Portal poll showed the reading will weaken to 3.7% in November from 3.8% in October.

On the month, the consumer price index fell 0.6%, a sharper decline than the 0.15% expected in the Portal poll.

—Lim Hui Jie

10 hours ago

CNBC Pro: These three stocks could rise another 50% this year despite big jumps, analysts say

Three stocks – one in the US and two in the UK – have risen by double-digit percentages this year. However, investors shouldn’t be afraid of missing out on these gains, with Wall Street analysts predicting a further 50% rise in share prices over the next 12 months.

CNBC Pro searched the MSCI World Index, which includes about 1,500 companies in several developed markets, for stocks that have delivered a positive return this year and continue to show upside potential of more than 50%.

Subscribers can search for stocks at any time with the new CNBC Pro Stock Screener.

CNBC Pro subscribers can read more here.

– Ganesh Rao

19 hours ago

According to the professor, the Fed should recognize interest rate cuts at the December FOMC meeting

Wharton professor Jeremy Siegel believes it’s time for the Federal Reserve to acknowledge the possibility of a rate cut at the December meeting, he told CNBC’s “Squawk Box” Monday morning.

He said the Fed was far too late to raise rates in the last rate hike cycle, but hopes the U.S. central bank will take more proactive action this time.

“That should be part of the conversation given how sparse the data is that we’ve seen over the last four weeks, frankly,” he said. “They can’t be nearly as stubborn as they have been in raising rates because they will have to be in lowering rates.”

Siegel made it clear that he does not believe a recession is inevitable. But cutting interest rates and increasing the money supply represent the Fed’s biggest chance of achieving the soft landing it wants, he added.

—Lisa Kailai Han

16 hours ago

Defensive sectors lead the S&P 500

Defensive sectors that lagged this year’s market rally outperformed on Monday. In fact, consumer staples, healthcare and utilities were among the best performing S&P 500 sectors on the session, although they underperformed year-over-year.

Among the outperformers in consumer staples were Estee Lauder shares. Cosmetics stocks rose more than 4% in midday trading despite falling more than 44% in 2023. Shares of JM Smucker and General Mills each rose more than 1%.

Healthcare stocks such as IDEXX Laboratories and Illumina also outperformed the overall market, rising 5% and 3%, respectively.

—Sarah Min

14 hours ago

Mega-cap and AI stocks are weighing on the Nasdaq

14 hours ago

Oil prices continue to fall despite OPEC+ cuts

Oil prices continued to fall on Monday despite production cuts announced by OPEC and its allies.

The January West Texas Intermediate contract fell $1.03, or 1.39%, to $73.04 a barrel, while the February Brent crude contract fell 85 cents, or 1.08%, to 78.03 US dollar per barrel fell.

Oil futures have fallen 6% since Wednesday’s close.

Several OPEC members and allied nations such as Russia, called OPEC+, announced voluntary supply cuts of 2.2 million barrels per day for the first quarter of 2024 last Thursday.

However, traders are skeptical whether the company will actually stick to the promised cuts and let oil prices fall.

Saudi Energy Minister Prince Abdulaziz bin Salman told Bloomberg on Monday that the restrictions could last beyond the first quarter of 2024. Prince Abdulaziz said he was confident members would implement the announced cuts.

–Spencer Kimball