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    Asia markets live updates: Indian elections, Australia GDP


    3 Hours Ago

    India stocks steady after massive falls after election results

    — Shreyashi Sanyal, Lim Hui Jie

    5 Hours Ago

    Australia first quarter GDP narrowly misses expectations

    Australia’s economy grew 1.1% year on year in the first quarter, slowing from a revised fourth quarter growth figure of 1.6%.

    The 1.1% growth also was slightly below a Reuters poll expectation of 1.2%. On a quarter on quarter basis, Australia’s GDP rose 0.1%, less than the 0.2% expected in the Reuters poll.

    Katherine Keenan, head of national accounts at the Australian bureau of statistics noted that “GDP growth was weak in March, with the economy experiencing its lowest through the year growth since December 2020.”

    — Lim Hui Jie

    5 Hours Ago

    China services activity grows at fastest pace in 10 months, private survey shows

    China’s services activity grew at the fastest pace in 10 months in May, according to a private survey.

    The Caixin S&P Global services purchasing managers’ index rose to 54 from 52.5 in April, growing at the quickest pace since July 2023.

    A PMI reading above the 50-mark separates expansion from contraction.

    The survey also showed that incoming new work increased at the fastest pace since May 2023.

    — Shreyashi Sanyal

    7 Hours Ago

    Japan real wages fall for 25th straight month

    Real wages in Japan fell for a 25th straight month in April, potentially stifling the Bank of Japan’s plans to raise interest rates and realize its “virtuous cycle” of increasing wages and prices.

    Government data showed that real wages fell 0.7%, a softer fall from the 2.1% loss in March. Nominal wages came in at 296,884 yen ($1,913.28), growing 2.1% year on year.

    This accelerated from March’s nominal wage growth of 1%, posting its highest pace of growth in 10 months.

    — Lim Hui Jie

    8 Hours Ago

    CNBC Pro: The super-rich are moving cash to one city, wealth manager says, revealing how they’re investing

    The growth prospects of countries like India and South Korea have seen many investors and big-name banks turn bullish on emerging markets this year. One wealth manager, however, said his super-rich clients are focused elsewhere.

    Dhruba Jyoti Sengupta, CEO of Wrise Private Middle East, said “a lot of wealth — especially from ultra-high-net-worth individuals — is moving” to the city.

    He also revealed how individuals with around $10 million to invest typically allocate funds.

    CNBC Pro subscribers can read more here.

    — Amala Balakrishner

    8 Hours Ago

    CNBC Pro: Beyond Nvidia: Fund manager names stocks set to reap returns from AI investments

    Nvidia is one obvious beneficiary of artificial intelligence — companies have been buying its chips and investor interest has sent its shares soaring to record highs.

    Many companies are in the AI infrastructure buildout phase right now. But will their millions to billions dollars’ worth of investments pay off?

    Clare Pleydell-Bouverie, portfolio manager at Liontrust Asset Management, weighs in.

    CNBC Pro subscribers can read more here.

    — Weizhen Tan

    12 Hours Ago

    Stocks falling alongside Treasury yields a red flag for investors, Rosenberg says

    Rosenberg Research founder David Rosenberg speaks in New York on Sept. 26, 2017.

    Misha Friedman | Bloomberg | Getty Images

    Tuesday’s moves, albeit muted, should raise some concern for investors, according to Rosenberg Research founder David Rosenberg.

    “The fact that equities are not responding well to the renewed pullback in Treasury yields and the swaps market beginning to price in a September rate cut is signaling something important: that stock market investors are also becoming concerned about the economic slowdown and what it means for the earnings outlook,” Rosenberg said in a post on social media site X.

    The S&P 500 traded 0.2% lower Tuesday afternoon, while the benchmark 10-year Treasury yield slid 7 basis points to 4.3%.

    — Fred Imbert

    13 Hours Ago

    Market doesn’t need rate cuts to go up, says Deutsche Bank’s Chadha

    The market does not need rate cuts to rally, according to Deutsche Bank’s Binky Chadha.

    “I don’t think that we need rate cuts for the market to go up,” the chief global strategist told CNBC’s “Squawk on the Street” on Tuesday. “House view is for one cut, but all the way in December.”

    The firm remains “constructive equities,” he added.

    — Samantha Subin

    13 Hours Ago

    BofA sees biggest net sale of U.S. equities by clients since July 2023

    Bank of America Securities clients were net sellers of U.S. equities last week, with tech stocks taking the biggest hit, according to the bank.

    Overall, equities and tech stocks both logged their largest outflows since last July, analyst Jill Carey Hall wrote in a note Tuesday. It was the fourth-largest outflow for overall equities in Bank of America’s history since 2008. Tech stocks saw their second-largest outflow since 2008.

    Institutional and hedge fund clients were net sellers, while retail clients were net buyers, she said. The sell-off was led by large/mid-caps, while clients bought small caps.

    Clients also sold equity exchange-traded funds for the second week in a row, led by small-cap ETFs and blend/growth ETFs, Hall said. Clients bought large/mid/broad market and value ETFs, she said.

    — Michelle Fox



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