Asia-Pacific markets, trade data, Bank of Japan

He will leave his position as Toyota CEO on April 1

Toyota Motor Corporation President and CEO Akio Toyoda will step down on April 1 and will be replaced by current Chief Branding Officer Koji Sato, the Japanese automaker said.

Toyoda will become the new chairman of the board, while current chairman Takeshi Uchiyama will continue as a member of the board.

“I thought that the best way to continue Toyoda’s transformation would be for me to become chairman to support the new president, which led to today’s decision,” Toyoda said in a webcast.

listing of shares in Tokyo Toyota It ended the session down 0.63% before Thursday’s announcement.

– Ruxandra Iordache, Jihye Lee

Hyundai announced big fourth-quarter earnings

Hyundai Motor posted net income of 1.710 trillion won ($1.4 billion) in the fourth quarter ended December, up 143.8% year-on-year.

Despite the excellent results, the reading was still shy of Refinitiv’s net profit forecast of 2.5 trillion won.

The figure also represents a 21.1% increase over the previous quarter ended in September.

Sales of the automaker’s sports utility vehicle (SUV) contributed heavily to the results, with Hyundai expecting “strong sales of high-end models to continue.”

The company’s shares were last up 6.04% on Thursday.

– Lee Yingshan

Singapore factory output contracted 3.1%, continuing its decline since October

Singapore’s annual manufacturing output fell 3.1% in December, beating Reuters expectations for a 6.9% decline.

The reading marks the third consecutive decline since October and follows November’s 3.2% decline figure.

On a monthly basis, Singapore’s manufacturing industry data rose 3.2%, compared with a 1.2% decline in the previous month.

– Lee Yingshan

Hang Seng Index heavyweights mature after the holidays

Hong Kong benchmark heavy stocks Hang Seng Index The index rose 1.8% after the Moon returned from the New Year break.

Technology company stocks Xiaomi and Lenovo increased by 9.27% ​​and 4.51% respectively.

Shares of the property company saw a similar rise. Longfor Group saw a 6% increase The Logan Group It increased by 7.35%. Village garden It increased by 3.13%.

Shares of Hong Kong-listed car companies also rose, with BYD adding 5.83% and Geely It increased by 4.32%.

– Lee Yingshan

Macquarie estimates Hyundai will make an operating profit of 3.2 trillion won

Hyundai is expected to post an operating profit of 3.2 trillion won ($2.597 billion), according to an earnings forecast by James Hong, head of Macquarie’s Capital Mobility Research.

“We are slightly above the market consensus,” said Hong, who attributed the forecast to increased sales volume from the company’s Brazilian manufacturing arm, as well as currency tailwinds from a weaker Korean won against the dollar.

According to Refinitiv estimates, Hyundai is expected to post net income of 2.311 trillion won for the fourth quarter, an 81% increase from the company’s net income of 1.272 trillion won in the third quarter.

Hyundai’s earnings call is scheduled for 1:00 p.m. local time.

The company’s shares were last up 1.93%.

– Lee Yingshan

CNBC Pro: Wall Street insiders share when and how far global stock markets could fall

As stocks continue to rally, several major financial institutions are now predicting a significant decline in global equity markets.

The S&P 500 index is up more than 10% since its lows in October last year. And in Europe STOXX 600 increased by more than 15% in the same period.

But those gains are now at risk, according to some investment banks, as they fear the lagged effects of monetary tightening will hit earnings this year and squeeze profit margins.

CNBC Pro subscribers can read when and by how much the market is likely to go down here.

– Ganesh Rao

Philippine economy expands strong 7.2% in fourth quarter

The Philippine economy grew by a strong 7.2% in the fourth quarter of 2022, beating expectations, according to data from the statistics agency.

A Reuters poll had forecast gross domestic product growth in the final three months of 2022 at 6.5% from a year earlier.

For the full year, the economy expanded 7.6% in 2022 on the back of strong growth in sectors such as wholesale and retail trade; repair of cars and motorcycles increased by 8.7%. Production was 5%, and construction was 12.7%.

“What’s really important this year is domestic consumption, and that’s what’s happening in the Philippines,” Alicia Garcia-Herrero, chief Asia economist at Natixis, told CNBC’s “Squawk Box Asia” on Thursday. Disclosure of GDP data.

“For that reason, I think 2023 will be better for the Philippines compared to the rest of the region. Also, the fact.. the central bank will need to do a little more work – maybe by 6. % and then a break And interest rates are very important to consumption.”

He added that interest rates will start to come down next year, which is “again positive” for the Philippines.

– Sumathi Bala

The Bank of Japan emphasizes the importance of maintaining current monetary policy

The Bank of Japan stressed the need to maintain current monetary policy, including leaving yield curve controls unchanged, according to a Summary of Opinions from its last meeting published on Thursday.

“The Bank should continue to monitor the current yield curve, bearing in mind that it will take time to achieve the 2 percent price stability target in a sustained and stable manner,” the statement reiterated its unchanged stance on the inflation target. .

The central bank continued its operations on the purchase of Japanese government bonds in response to increasing pressure on yields. The Nikkei reported earlier this week that the BOJ technically announced that several key 10-year JGBs were holding more than 100%, or higher, than the issue amount.

“There is upward pressure on long-term interest rates and distortions in the yield curve have not resolved,” the BOJ said in its Summary of Opinions, as one of many options for further JGB purchases. keeping the yield curve under control within the tolerance range.

– Jihye Lee

Singapore factory output is expected to fall 6.9%, continuing its decline since October

Singapore’s annual manufacturing output is expected to fall 6.9% in December, more than double the decline recorded in November, according to analysts polled by Reuters.

The projected forecast will also widen the figure for Singapore’s decline in manufacturing output from October and a 3.2% drop in November.

On a monthly basis, Singapore’s factory production is expected to decline by 1.1%.

– Lee Yingshan

South Korea’s economy recorded its first contraction since 2020

South Korea’s gross domestic product fell 0.4% in the fourth quarter of 2022 from the previous quarter, the first contraction in two and a half years.

According to the Bank of Korea, private consumption fell by 0.4%, exports by 5.8% and manufacturing by 4.1%.

Government spending rose sharply by 3.2%, compared with a 0.1% increase in the third quarter.

On an annual basis, South Korea’s GDP rose 1.4% in the latest quarter from a year earlier, slightly pushing Reuters’ expectations for 1.5% growth.

– Lee Yingshan

CNBC Pro: Want to cash in on China’s reopening? Bank of America and UBS have fewer outstanding stock options

Stocks in some key sectors directly linked to China’s reopening, such as domestic consumption and travel, have performed well in recent months.

Investors looking to get into these stocks may find them underwhelming at current valuations. But there may be another way to play the reopening with Bank of America and UBS By identifying some of the less obvious beneficiaries outside of China.

Pro subscribers can read more here.

– Xavier Ong

CNBC Pro: Lithium has had a strong year and China’s reopening will boost this stock, analyst says

Thanks to China’s reopening — especially in the second half of the year — things are in the works for the electric car industry, one analyst says.

Corinne Blanchard, vice president of lithium and cleantech equity research at Deutsche Bank, calls it one of the best stock picks.

CNBC Pro subscribers can read more here.

– Weizhen Tan

Stocks end mixed

Stocks were mixed on Wednesday.

The Dow Jones Industrial Average rose 9.88 points, or 0.03%, to end at 33,743.84. The Nasdaq Composite fell 0.18% to 11,313.36, while the S&P 500 fell 0.02% to 4,016.22.

– Samantha Subin

Microsoft shares lost after-hours gains, turning negative

Microsoft shares were down about 1% in after-hours trading, giving back earlier gains.

Shares were initially higher after the company posted quarterly earnings per share that beat the Street’s expectations. However, investor sentiment soured after Microsoft gave a disappointing current-quarter revenue guidance on its earnings call.

The company forecast revenue of $50.5 billion to $51.5 billion in the fiscal third quarter, while analysts polled by Refinitiv had forecast $52.43 billion.

Read more about Microsoft’s findings.

Darla Mercado, Jordan Novet

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