Stock futures slip after S&P 500 closes at new high for 2023: Live updates –

25 minutes ago

Bitcoin surpasses $40,000

Bitcoin has topped $40,000, a new annual high, as investors are bullish ahead of a possible U.S. approval of a Bitcoin exchange-traded fund and traders bet that the Federal Reserve will start cutting interest rates next year.

Bitcoin was recently up 6% to around $42,000. The cryptocurrency is now up more than 150% this year.

-John Melloy

3 hours ago

A mixed open for Europe

The pan-European Stoxx 600 hovered just below the zero line in early trading, with mining stocks shedding 1.5%, leading to losses, while retail stocks rose 0.8%.

5 hours ago

Global debt is “extremely worrying” but may not lead to a crisis this year, says David Roche

Veteran investor David Roche said on Monday he was “very concerned” about the level of global debt, but assured there would be no major crisis this year as inflation continued to ease.

“There is a mismatch between the speed at which debt is rising and our ability to pay it,” Roche warned.

He said he was sure the rising debt would be a major crisis, but not the biggest crisis of the year as interest rates continue to fall.

“Interest rates are going to go down rather than up, and that will save us all from having to fight again,” he said on CNBC’s “Squawk Box Asia” on Monday.

Global debt rose by $10 trillion in the first half of 2023, reaching a record $307 trillion.

– Charmaine Jacob

5 hours ago

Gold prices hit a new record, analysts say there is still room to rise

Spot gold prices hit a new record for the second straight day on Monday, rising to a high of $2,110.8 an ounce before giving back some gains. It is currently trading at $2,084.28.

Analysts who spoke to CNBC noted that the price of the yellow metal is on track to hit new highs next year, citing geopolitical uncertainty, a likely weaker U.S. dollar and possible interest rate cuts.

“The expected decline in both the USD and interest rates in 2024 are key positive drivers for gold,” said Heng Koon How, head of market strategy, global economics and market research at UOB, who expects gold prices to rise to as high as US$2,200 by the end Dollar could rise by 2024.

Read more here.

—Lee Ying Shan

7 hours ago

Evergrande shares rise as court case is postponed, refutes report that it was never profitable

Evergrande Group shares rose over 9% as the embattled Chinese real estate company’s court hearing over its possible liquidation was postponed until January 29, 2024.

The company was originally scheduled to have a court hearing in Hong Kong on Monday over a creditor’s application to wind up the company.

Over the weekend, GMT Research published a report claiming the company had inflated its revenue for a decade and was never profitable, which Evergrande refuted.

Read the whole story here.

—Lim Hui Jie

12 hours ago

The successful track record in December

December has a long track record of solid gains for stocks. Historically, the S&P 500 has posted gains 72.6% of the time, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.

December was also the best of all months historically, with an average gain of 2.97% in the up months, an average decline of 3.19% in the down months and an average overall gain of 1.28%, the analyst said.

— Yun Li

12 hours ago

Traders expect interest rate cuts in 2024

According to the CME FedWatch Tool, market prices suggested that the probability of a rate cut starting in March next year is over 70%. Additionally, futures point to cuts totaling 1.25 percentage points by year-end, a reduction of five quarter percentage points.

The Fed’s next and final meeting this year will be December 12-13. The central bank implemented a series of 11 interest rate hikes, bringing its key interest rate to its highest level in 22 years, with a target range of between 5.25% and 5.5%.

— Yun Li