Asia-Pacific markets, Fed minutes, inflation, PMI, Singapore retail sales, Caixin services

Singapore’s annual retail sales for November rise more slowly

According to the latest figures released by the Statistics Department, Singapore’s retail sales rose 6.2% in November from a year earlier, slower than the 10.3% increase posted for October.

The reading marked a decline in double-digit annual growth for the past seven consecutive months.

Excluding motor vehicles, Singapore’s total retail sales were $4 billion, of which online sales accounted for 14.8%.

“The higher rate of online retail sales was mainly attributed to higher sales recorded during year-end online shopping events,” the report said.

– Lee Yingshan

Oil prices rise after two days of weaker Chinese travel demand

Oil prices rose more than 1% after two days of declines as China’s reopening added optimism to support economic recovery and demand.

Brent oil futures increased by 1.08% to $78.68 a barrel, while US West Texas oil futures increased by 1.19% to $73.71 a barrel.

Investors shrugged off worries about a potential global recession with shaky economic growth prospects in the United States and China sending oil prices down more than 9% in the past two days.

– Lee Yingshan

CNBC Pro: Bank of America sees 50% increase in this global fertilizer stock due to worldwide shortage

Bank of America sees 50% rise in shares of global fertilizer maker on global shortages.

The Wall Street bank says the company has a 55% profit margin as it hedges against rising natural gas prices.

CNBC Pro subscribers can read more here.

China’s Caixin services data shows improvement, remains in contraction territory

The Caixin China general services purchasing manager’s index showed easing pressure on the sector for December, remaining in contraction territory with a reading of 48.

The print rose to a six-month low from a reading of 46.7 in the previous month.

The 50-point mark separates growth from contraction. PMI readings are consistent and show month-to-month expansion or contraction.

“Optimism has improved significantly,” said Wang Zhe, chief economist at Caixin Insight Group, adding that a gauge for expectations for future activity rose nearly 4 points from a month earlier.

“Service providers expressed strong confidence in the economic recovery after the easing of Covid prevention measures,” Wang said.

– Jihye Lee

CNBC Pro: Tech has had a brutal year. But the four stocks have a bright future, the investor says

The technology sector has taken a hit in 2022.

But investment pro Jason Ware isn’t worried. He remains bullish on tech and named four stocks he likes.

Pro subscribers can read more here.

– Xavier Ong

Hong Kong’s S&P Global PMI shows the private sector is easing into contraction

Hong Kong’s S&P Purchasing Managers’ Index rose to 49.6 in December from 48.7 in December, despite remaining in contraction territory for the fourth straight month.

S&P said a slower contraction seen in the city’s private sector was due to increased business activity in the final month of 2022 as Covid restrictions eased.

S&P said demand in the city was still weak and overall new orders fell amid worsening economic conditions.

– Lee Yingshan

CNBC Pro: Citi looks bearish on lithium — at least for the foreseeable future. However, he strongly prefers some stocks

Citi looks bearish on lithium — at least for the foreseeable future. Lithium is an important component of electric vehicle batteries.

But the bank remains bullish on its long-term outlook and names three stocks to watch.

CNBC Pro subscribers can read more here.

– Weizhen Tan

Fed officials expect higher rates “for some time,” minutes show

The Federal Reserve released minutes from its Dec. 13-14 meeting that showed central bank officials expected interest rates to remain higher “for some time.”

“Participants generally observed that an accommodative policy stance should be maintained until incoming data provide confidence that inflation is on a sustained downward path to 2 percent.” commented on what he did.”

“A number of participants emphasized that the slowdown in the rate of interest rate growth is an indication of any weakening of the Committee’s determination to achieve its price stability objective, or that it is important to make clear that inflation is no longer at a certain level. continuous descent path,” he said in the protocol.

– Jeff Cox

November JOLTS better than expected

According to the latest Job Openings and Labor Turnover Survey, or JOLTS, there were 10.5 million jobs in November.

Although the report was little changed from the previous month, it came in slightly better than expected. Analysts expected JOLTS to be around 10 million in November.

The number of new hires and total departures were little changed, at 6.1 million and 5.9 million, respectively. There were also 4.2 million layoffs and 1.4 million layoffs and layoffs during the month.

– Carmen Reinicke

Chinese ADRs rise in premarket trade

Chinese ADRs rose in pre-market trade after Ant Group received approval to raise its share capital, a sign that Chinese regulators may loosen controls on the country’s tech sector.

stocks and Alibaba each up more than 6%. NetEase, Baidu and other stocks that made notable moves were higher.

Ant Group, whose IPO plans were previously shelved due to regulatory concerns, has been allowed to double its share capital as part of the new plan.

– Jesse Pound

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