1 hour ago
Australian producer prices accelerate in Q1
Australia’s producer price index rose 4.3% year-on-year in the first quarter, accelerating from a 4.1% rise in the fourth quarter.
The 4.3% increase was also the fastest increase since the first quarter of 2023. On a quarterly basis, Australia’s PPI rose 0.9%.
The country’s statistics office highlighted that the main drivers of price increases include real estate operators, higher education and building construction, with higher education recording the largest price increase.
— Lim Huijie
1 hour ago
Hong Hai stock rises 4% to its highest in more than two weeks
Shares of Taiwan’s Hon Hai Precision Industry rose as much as 4.3% in early trading, hitting their highest level in more than two weeks.
US software company Cerence announced that it will supply voice AI assistant to Foxtron, a subsidiary of Hon Hai EV. Cerens said the system has bilingual recognition in Taiwanese Mandarin and English.
“We are proud to partner with Foxtron to bring the power of voice interaction to drivers in Taiwan for the first time,” said Christian Mentz, Chief Revenue Officer of Cerence.
Hon Hai’s stock price has risen nearly 50% since the beginning of the year.
— Shreyashi Sanyal
2 hours ago
Tokyo’s inflation rate sharply decelerated in April, with core inflation rate significantly lower than expected
Inflation in Japan’s capital, Tokyo, slowed to 1.8% in April from a 2.6% rise in March.
Core inflation in the city, which excludes fresh food prices, was 1.6%, down from 2.4% in March and below the 2.2% forecast by economists polled by Reuters.
Tokyo’s inflation statistics are widely considered to be a leading indicator of national trends.
— Lim Huijie
3 hours ago
CNBC Pro: Goldman Sachs likes these two mobile gaming stocks with ‘blockbuster’ launches, giving one 40% upside potential
Investors seeking exposure to China’s growing gaming industry should focus on two technologies in particular, according to Goldman Sachs.
The investment bank predicts that “growth in China will accelerate from mid-2024, supported by game launches and a relaxed regulatory environment.”
Touching on corporate opportunities, the Wall Street bank hinted at opportunities in the second quarter of 2023, including “a quarter fueled by the launch of blockbuster titles.”
CNBC Pro subscribers can read more here.
— Amara Balakrishna
3 hours ago
CNBC Pro: Should investors buy on Lululemon’s push?Here’s what the fund manager said:
Shares of the popular athleisure brand Lululemon have plummeted this year, leaving it far behind the S&P 500.
The company’s stock, which was included in Wall Street indexes only last October, has fallen about 28% since the beginning of the year.
Is that a good deal for investors right now? Jack Dwyer, CEO of Infusive Asset Management, also weighed in.
CNBC Pro subscribers can read more here.
— Tan Weizhen
4 hours ago
The Fed’s recommended March inflation measure will be released on Friday.
The Personal Consumption Expenditure Price Index is scheduled to be released Friday morning, giving the Federal Reserve a detailed look at the latest inflation indicators.
According to the Dow Jones Economist Survey for March, overall PCE is expected to increase by 0.3% from the previous month and by 2.6% from 12 months ago. Core prices, excluding food and energy costs, are expected to rise 0.3% from the previous month and 2.7% from the previous year.
The first quarter gross domestic product report released on Thursday revealed that PCE rose 3.4% in the period, significantly outpacing the 1.8% rise in the fourth quarter. The results triggered a sell-off in stocks as investors worried about signs of stagflation, a scenario in which economic growth slows but inflation rises.
–Darla Mercado
