Singapore’s annual retail sales for November are rising at a slower pace
Retail sales in Singapore increased by 6.2% In November last year, it was slower than the 10.3% growth recorded in October, according to the latest figures published by the Department of Statistics.
The reading represents a decrease from the past seven consecutive months of double-digit annual growth.
Excluding automobiles, Singapore’s retail sales totaled $4 billion, of which 14.8% of sales were online.
“The higher percentage of online retail sales is mainly attributable to increased sales recorded during year-end online shopping events,” the report stated.
– Lee Ying Chan
Oil prices have rebounded after two days of decline due to pent-up Chinese demand for travel
Oil prices rose more than 1% after seeing two days of declines, as China’s reopening added optimism about an economic recovery and support for demand.
Investors seemed to ignore their fears of a possible global recession pursued by the fragile economic growth prospects in the United States and China, which led to a drop in oil prices by more than 9% in the past two days.
– Lee Ying Chan
CNBC Pro: Bank of America Sees 50% Rise in This Global Fertilizer Stockpile on Worldwide Shortages
Bank of America sees shares of the global fertilizer maker soar 50% on worldwide shortages.
The Wall Street bank says the company gets a 55% profit margin because it is insulated from rising natural gas prices.
China’s Caixin Services data shows improvement, and is still in contraction territory
the Caixin China Public Service Purchasing Manager Index It showed an easing of pressure on the sector for the month of December with a reading of 48 while maintaining contraction territory.
The print rose from a six-month low in the previous month with a reading of 46.7.
The 50-point mark separates growth from contraction. PMI readings are sequential and represent expansion or contraction on a monthly basis.
“Optimism has improved significantly,” said Wang Zhi, chief economist at Caixin Insight Group, adding that the measure of expectations for future activity rose about 4 points from last month.
“Service providers expressed strong confidence in the economic recovery after the easing of COVID-19 containment measures,” Wang said.
– Jihe Lee
CNBC Pro: Tech has had a rough year. The investor says four stocks have a bright future
The tech sector took a huge hit in 2022.
But pro-investment Jason Weir is unfazed. He remains optimistic about the technology and has named four stocks he loves.
Professional subscribers can Read more here.
– Xavier Ong
The S&P Hong Kong Global PMI indicates ease of contraction in the private sector
S&P Hong Kong Purchasing Managers’ Index ticked higher to 49.6 in December from 48.7 in November despite remaining in contraction territory for the fourth consecutive month.
S&P said the slower contraction seen in the city’s private sector was due to a pickup in business activity in the last month of 2022, buoyed by the easing of Covid restrictions.
Demand in the city remains weak, S&P said, adding that total new orders are shrinking on the back of worsening economic conditions.
– Lee Ying Chan
CNBC Pro: Citi is bearish on lithium — at least for the near future. But it does give some stocks a huge upside
Citi is on the verge of landing on lithium — at least for the near future. Lithium is a critical component of electric vehicle batteries.
But the bank remains optimistic about its long-term outlook, and is designating three stocks to watch.
– Wizen tan
Minutes show Fed officials expect higher rates ‘for some time’
The Fed released the minutes of its December 13-14 meeting, which showed that central bank officials expect interest rates to be higher for “sometimes. “
The summary of the meeting stated: “Participants generally noted that a restrictive policy stance needed to be maintained until incoming data provided confidence that inflation was on a sustainable downward trajectory to 2 percent, which was likely to take some time.” “In light of the persistent and unacceptable level of inflation, many respondents commented that historical experience cautioned against easing monetary policy prematurely.”
“A number of participants emphasized that it would be important to state clearly that the slowdown in the pace of interest rate increases was not indicative of any weakness in the committee’s resolve to achieve the goal of price stability or to judge that inflation was already in the way,” the minutes said.
– Jeff Cox
November shakes better than expected
The number of job vacancies in November reached 10.5 million, according to the latest Job Vacancies and Employment Turnover Survey, or JOLTS.
The report came in slightly better than expected although it didn’t change much from the previous month. Analysts expected the number of JOLTS to reach around 10 million in November.
The number of appointments and total separations were also unchanged at 6.1 million and 5.9 million, respectively. There were also 4.2 million resignations and 1.4 million layoffs and layoffs during the month.
– Carmen Renick
Chinese ADRs rise in pre-market trading
Chinese drug interactions Jump in Primarket trading After Ant Group received approval to raise its registered capital, a sign that Chinese regulators may be loosening their grip on the country’s tech sector.
shares JD.com And the Ali Baba Each rose more than 6%. neteaseAnd the Baidu And the Trip.com Other stocks were making notable moves higher.
The Ant Group, which previously had its own IPO plans thwarted by regulatory concerns, has been allowed to double its registered capital as part of the new plan.
– Jesse Pound
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