Live Updates, Japan Tongan, Central Bank Decision, China Economy

Tue, Dec 12 2023 8:16 PM EST

Argentina devalues ​​currency by more than half, cuts subsidies

Argentina has severely devalued its currency New Economy Minister Luis Caputo said subsidies for energy and transportation will be cut as part of economic shock measures aimed at fixing the country’s worst crisis in decades.

Before the move took effect, the peso had depreciated by about 56% to 800 pesos to the dollar from 366.5. The Argentine blue dollar – representing cash dollars bought and sold informally – traded at 1050 to the dollar.

Caputo said the plan is needed to reduce the fiscal deficit and reduce triple-digit inflation.

Argentina’s annual inflation was 143% in October. The country is struggling with fiscal deficit and a $45 billion debt to the International Monetary Fund.

– Associated Press

Tue, Dec 12 2023 7:39 PM EST

Business sentiment in Japan improved better than expected in the fourth quarter

Business sentiment in Japan improved better than expected among major manufacturers, according to Bank of Japan’s Quarterly Tanken Survey.

The Tangen reading for major Japanese manufacturers rose to +12 from +10, beating the +10 estimated by economists in a Reuters poll.

Meanwhile, the reading for major non-manufacturers rose to +30 from +27, the seventh straight quarter of improvement and above the +27 expected in a Reuters poll.

A positive index reading indicates that optimistic respondents outnumber pessimists.

– Lim Hui Jee

Tue, Dec 12 2023 7:35 PM EST

South Korea’s November unemployment rate rose to a five-month high

A shoe-cleaning street shop in Gangnam, Seoul, South Korea’s central bank was the first in the region to cut its key interest rate.

Anthony Wallace | Afp | Good pictures

South Korea’s unemployment rate rose to its highest level since July Data published By the government.

South Korea’s unemployment rate rose to 2.8% on a seasonally adjusted basis last month, up from 2.5% in October.

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The data showed the nation’s economy added 277,000 fewer jobs in November, compared with 346,000 additions the previous month.

South Korea’s unemployment rate hit a record high of 2.4% in August.

– Shreyashi Sanyal

Tue, Dec 12 2023 7:21 PM EST

CNBC Pro: Morgan Stanley says to „buy short” on these global growth stocks by the end of the year

Morgan Stanley has advised clients to get ahead of the next market cycle by buying stocks of high-quality growth companies in Asia and emerging markets (EM).

„We believe the market is now transitioning into a new cycle that will favor growth over value,” Wall Street bank strategists, including Gilbert Wong, said in a Dec. 11 note to clients. “Our recommended strategy is a decline in quality growth stocks [Asia Pacific region excluding Japan, and EM].”

CNBC Pro subscribers can read more about Morgan Stanley’s stock picks.

– Ganesh Rao

Tue, Dec 12 2023 7:02 PM EST

India’s November consumer prices rise at three-month high

Consumers browse products at a store in a suburb of New Delhi, India, in February as prices continue to rise as inflation for March nears 7%.

Getty Images via Anindito Mukherjee/Bloomberg | Bloomberg | Bloomberg | Good pictures

Consumer prices in India rose to a three-month high in November as food prices rose Government data Published on Tuesday.

Annual retail inflation rose to 5.55% in November, below a Reuters poll of 5.7%. The reading was higher than the 4.87% rise in October.

Food prices, which account for more than half of the Consumer Price Index, rose 8.7% last month from 6.61% in October.

The inflation rate is still higher than the Reserve Bank of India’s target of 4% for this year.

The RBI has kept its key repo rate unchanged stable It stood at 6.5% at its last fiscal policy meeting last Friday and expects the country to grow at a pace of 7% in 2023.

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– Shreyashi Sanyal

Tue, Dec 12 2023 7:21 PM EST

CNBC Pro: 'Big and very profitable’: Analysts love this biotech stock and give it big upside

The biotechnology sector is finally picking up steam after a tough 2022 — and an under-the-radar stock stands out for fund manager Hugh Dive.

Dive, who is chief investment officer at Australia-headquartered Atlas Asset Management, calls it „a very well run, large and profitable company”.

CNBC Pro subscribers can read more here.

– Amala Balakrishna

Tuesday, December 12 2023 8:40 AM EST

CPI rises 0.1% from November

The Consumer Price Index rose 0.1% in November from the previous month. Economists polled by Dow Jones expect the CPI to be flat on a monthly basis. On a year-over-year basis, print came in at 3.1%, in line with expectations.

Excluding energy and food, CPI rose 0.3% for the month and 4% for the year – matching expectations.

– Fred Imbert

Tue, Dec 12 2023 7:43 AM EST

Federal Reserve to begin interest rate cuts in mid-2024, CNBC survey finds

Respondents to a recent CNBC Fed survey expect the central bank to start cutting interest rates in the middle of next year and are more optimistic about the possibility of a soft landing.

More than half of 35 economists, strategists and analysts polled by CNBC expect June to be the first month of Fed tapering, while 69% expect another cut in July. It calls for an average of 85 basis points interest rate cuts through 2024.

Meanwhile, expectations for a softer landing in the December survey also rose from a month ago. Respondents raised the probability of a soft landing to 47%, a basis point increase from November, while reducing the odds of a recession in 2024 by 8 basis points to 41%.

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– Brian Evans

Tue, Dec 12 2023 11:33 AM EST

Major indices hit fresh 52-week intraday highs

All three major indices touched fresh 52-week intraday highs during Tuesday’s trading session.

The Nasdaq Composite rose to 14,474.02, the highest since April. 5, its highest intraday level since hitting 14,500.29 in 2022.

The S&P 500 hit its highest intraday level since March 29, 2022 at 4,630.49. At the last intraday high milestone, the S&P 500 reached 4,637.30.

The 30-share Dow Jones industrial average hit 36,531.97, its highest intraday level since Jan. 5, 2022, when it traded at 36,952.65.

– Hakyung Kim

Tue, Dec 12 2023 10:24 AM EST

US crude fell 3% on inflation worries

U.S. crude oil prices fell more than 3% on Tuesday as traders worried that the Federal Reserve still had inflation under control.

The West Texas Intermediate contract for January delivery lost $2.41, or 3.38%, to trade at $68.91 a barrel, while the Brent crude contract for February delivery fell $2.33, or 3.06%, to trade at $73.70 a barrel.

Inflation in the US rose 0.1% in November after being unchanged in October. Traders worry the Fed is not keeping inflation under control and may have to step on the accelerator when it comes to interest rates, said Bill Flynn, analyst at Price Futures Group.

Flynn said the oil market’s confidence was broken after a seven-week losing streak.

Record oil production in the U.S. collides with a weakening economy in China, raising concerns that OPEC+ may not stabilize crude prices with its new round of cuts in the first quarter.

– Spencer Kimball

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