13 Mins Ago
South Korean exports fall 16.1% year-on-year in May 1-20 period
Exports from South Korea have fallen 16.1% in the first 20 days of May compared to the same period a year ago, its customs agency said.
Imports in the same period also fell 15.3% year-on-year.
Exports value for the first 20 days came in $32.4 billion and imports stood at $36.7 billion, resulting in a $4.3 billion deficit for the May 1-20 period
Refinitiv data showed that South Korea’s exports have declined for seven straight months, with April recording a 14.3% fall year-on-year.
— Lim Hui Jie
An Hour Ago
Japan’s core machinery orders fell in March
Japan’s core machinery orders fell 3.9% in March compared to the previous month, falling further than expected.
Economists polled by Reuters had expected the reading to rise by 0.7% month-on-month.
Compared to a year ago, machinery orders also fell 3.5%, against expectations for the print to rise by 1.4%
Japan’s machinery orders rose 9.8% year-on-year in February.
— Jihye Lee
An Hour Ago
CNBC Pro: Tesla vs. BYD: Here’s why one fund manager prefers the Buffett-backed automaker
In an era defined by the need to tackle climate change, electric vehicles (EVs) are seen as an increasingly important part of the solution.
For Philip Ripman, portfolio manager at Storebrand Asset Management, one global EV automaker stands out: China’s BYD — not Elon Musk’s Tesla.
As an investor, Ripman said that BYD’s appeal goes beyond just manufacturing electric cars.
CNBC Pro subscribers can read why the fund manager is bullish on BYD here.
— Ganesh Rao
An Hour Ago
CNBC Pro: These 4 stocks are on Goldman’s ‘conviction buy’ list — and it gives one 115% upside
3 Hours Ago
Debt celing negotiations to resume on Monday
Federal leaders are expected to continue with negotiations on the U.S. debt ceiling on Monday as the country approaches a potential default.
President Joe Biden and House Speaker Kevin McCarthy, R-Calif., are scheduled to meet in person at the White House.
Treasury Secretary Janet Yellen said Sunday that “hard choices” will need to be made about which bills will go unpaid if the debt ceiling is not raised and reaffirmed her warning that the United States could default on its debt as early as June 1,
— Jesse Pound, Ashley Capoot
Fri, May 19 2023 11:46 AM EDT
Powell says rates may not have to rise as much as expected
Federal Reserve Chair Jerome Powell said Friday that interest rates may not have to rise as much as previously thought in part due to stresses seen in the banking sector.
“The financial stability tools helped to calm conditions in the banking sector. Developments there, on the other hand, are contributing to tighter credit conditions and are likely to weigh on economic growth, hiring and inflation,” he said as part of a panel on monetary policy.
“So as a result, our policy rate may not need to rise as much as it would have otherwise to achieve our goals,” he added. “Of course, the extent of that is highly uncertain.”
— Jeff Cox
Fri, May 19 2023 8:55 AM EDT
Fed’s Williams says ‘era of very low’ interest rates remains intact
New York Federal Reserve President John Williams said the longer-term trend in interest rates is likely lower, despite the recent increases in an attempt to battle inflation.
In a largely academic discussion during a forum in Washington, D.C., Williams said the “natural” rate of interest remains to the downside as the prospects for economic output are muted. That’s despite the pandemic-era surge in inflation and the increases in the interest rates to combat the higher prices.
“Importantly, there is no evidence that the era of very low natural rates of interest has ended,” Williams said.
—Jeff Cox
