Asian markets extend gains as investors weigh trading activity figures from across region – CNBC

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Asian markets extend gains as investors weigh trading activity figures from across region – CNBC

2 hours ago

Singapore’s headline inflation rate falls to lowest level since September 2021

Singapore’s headline inflation rate fell to its lowest level since September 2021, settling at 2.7% for March.

This rate is lower than the 3.4% rate in February and also the 3% expected by economists polled by Reuters.

The city-state’s core inflation rate – also known as the “MAS core inflation measure” – which does not take into account the prices of accommodation and private transport, is also fell to 3.1%, compared to 3.6% in February.

-Lim Hui Jie

2 hours ago

Business activity in India sees fastest growth in 14 years in April

Business activity in India grew at its fastest pace in 14 years, with the Composite Purchasing Managers’ Index for April coming in at 62.2, up from 61.8 in March and above expectations of 61.4 by economists interviewed by Reuters.

According to HSBC, the manufacturing and services sectors also recorded faster-than-expected expansions, with the PMI coming in at 59.1 and 61.7, respectively.

That compares with Reuters expectations of 58.8 for manufacturing and 60.5 for services.

Pranjul Bhandari, chief India economist at HSBC, attributed the outperformance to a “strong performance in the manufacturing and services sectors, driven by increased new orders”. HSBC added that growth in India remained “widespread” across the manufacturing and services sectors.

-Lim Hui Jie

5 hours ago

Chinese bubble tea company Chabaidao falls 30% in Hong Kong trading debut

Shares of Chinese bubble tea chain Chabaidao, officially listed as Sichuan Baicha Baidao Industrial, opened 10% lower in early trading in its Hong Kong debut, before plunging more than 30%.

It is currently trading at HK$12.32, well below its IPO offer price of HK$17.50.

This IPO is the largest listing in Hong Kong so far this year. The company said it raked in net proceeds of HK$2.59 billion ($330.5 million) from its IPO, before listing fees.

Chabaidao offered 90% of its 147.7 million shares in a global offering, while the remaining 10% was offered in a public offering in Hong Kong.

However, the public offering was only 0.5 times subscribed, leading the company to reallocate the remaining shares to the overall offering, which was 1.11 times subscribed.

-Lim Hui Jie

7 hours ago

Business activity in Japan grows at fastest pace in 8 months

Japanese commercial activity experienced its fastest growth in eight months in April, according to flash figures from Au Jibun bank.

The country’s composite purchasing managers’ index rose to 52.6 from 51.7 in March, its highest level since August.

Japan’s manufacturing PMI stood at 49.9, marking a slighter decline from March’s 48.2, while the services PMI was at 54.6, up from 54. .1 in March.

-Lim Hui Jie

7 hours ago

Yen hits new 34-year low at 154.85 early Tuesday

The Japanese yen weakened to a 34-year low against the U.S. dollar on Tuesday, hitting 154.85 against the greenback.

This is the weakest level the currency has seen since the mid-1990s, although it strengthened slightly to 154.74 as of 9:18 a.m. Tokyo time.

The currency will be monitored by the Bank of Japan at its meeting on Friday, although the central bank has not announced a level at which it would intervene.

8 hours ago

Australia’s business activity grows fastest in 24 months, says S&P Global

Australian business activity grew at its fastest pace in 24 months in April, according to flash figures from S&P Global.

The country’s composite purchasing managers’ index stood at 53.6, up from 53.3 in March.

The manufacturing PMI rose to 49.9 from 47.3, just below the 50 mark that separates expansion from contraction, while the services PMI edged down to 54.2 from 54.4.

-Lim Hui Jie

8 hours ago

CNBC Pro: ‘Bargain’ Energy Stocks: Morningstar Strategist Picks 5 to Buy as Oil Prices Fall

Heightened geopolitical tensions have triggered volatility in crude oil prices, but one strategist is keenly looking for opportunities in the energy sector.

It was among the laggards last year, but the situation has reversed and many stocks are now trading near their all-time highs.

Stephen Ellis, energy and utilities strategist at Morningstar, said the oil market’s volatility does present challenges and urged investors to be patient, which “consistently pays off in the energy space.”

However, he said there is currently “selective trading” in the market and revealed five energy stocks he currently likes.

CNBC Pro subscribers can learn more here.

-Amala Balakrishner

8 hours ago

CNBC Pro: When Tesla Stock Falls, These 6 Stocks Tend to Rise, Recent History Shows

13 hours ago

US crude nears $83 after Iran says it will not escalate conflict with Israel

The American flag is flown at the Tesoro oil refinery in Los Angeles.

Lucy Nicholson | Reuters

Crude oil futures fell slightly on Monday after Iran said it would not escalate the conflict with Israel.

The West Texas Intermediate contract for May fell 29 cents to settle at $82.85 per barrel, while June Brent futures fell 29 cents to settle at $87 per barrel. US crude oil and Brent fell 3% last week. The two benchmarks are up nearly 16% and 13% respectively this year.

Iranian Foreign Minister Hossein Amirabdollahian told NBC News that his country has no plans to respond to retaliatory strikes launched by Israel on Friday.

-Spencer Kimball

13 hours ago

Ned Davis Research Says Investors Should Reduce Their Exposure to U.S. Bonds

US Savings Bonds.

Jetcityimage | Istock | Getty Images

Investors should reduce their exposure to U.S. bonds as Fed rate cuts appear increasingly pushed into the future, according to Ned Davis Research.

Joseph Kalish, the fund’s chief global macro strategist, said in a note to clients that NDR was reducing its exposure to U.S. bonds in its global fixed income allocation model to a market weight position rather than an overweight position.

“A flight to trade safety last week temporarily helped U.S. bonds outperform. But fundamentals and technicals continue to work against U.S. debt relative to other economies. The U.S. economy remains strong, the inflation is persistent and the Fed continues to delay when it will cut rates,” the note said.

Investors should replace this exposure with incremental additions to European and Japanese bonds, according to Ned Davis Research.

—Jesse Book

18 hours ago

Gold at one-week low

Gold futures were lower on Monday and were on track for their first loss in three sessions.

See the table…

Gold futures.

Bullion hit a low of $2,344.70 an ounce earlier Monday, its lowest level since April 15. The VanEck Gold Miners ETF (GDX) is also on track for its worst day since February 13..

—Brian Evans, Nick Wells

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