Set for weekly declines, South Korea stocks were the leading decliners

2 hours ago

India's December services activity grew at its fastest pace in three months

Employees work at their terminals inside the offices of local accounting firm Manubhai & Shah LLP in Ahmedabad, India on July 4, 2023.

Amit Dave | Reuters

India's services activity grew at its fastest pace in the three months in December A personal study.

HSBC India Services PMI stood at 59.0 in December, up from 56.9 in the previous month and the highest since September.

“Demand buoyancy fueled sales, followed by business activity. Job creation extended for the nineteenth consecutive month, while business confidence strengthened,” the survey report said.

The December reading marked the 29th consecutive month of expansion. A reading above 50 separates growth from contraction.

The Nifty 50 index rose 0.14% in afternoon trade.

– Shreyashi Sanyal

5 hours ago

Philippine December inflation hits 2-year low

Philippine inflation cooled at a faster pace in December than the previous month For official data.

Consumer prices rose 3.9% in December, down from a 4.1% increase in the previous month. It was the slowest inflation since February 2022 and the third straight easing in the CPI.

However, inflation is still above the Philippine central bank's target range of 2%-4%.

“The decline in headline inflation in December 2023, primarily housing, water, electricity, gas and other fuels index was brought about by lower annual growth to 1.5 percent from 2.5 percent in the previous month,” according to an official release.

– Shreyashi Sanyal

7 hours ago

Japan December mixed PMI signals contraction of private sector activity is over

A Census Friday showed that a contraction in Japan's private sector activity is over.

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The au Jibun Bank Japan Composite PMI for December stood at 50, up from 49.6 in the previous month, indicating stability in Japan's private sector output.

A PMI reading above 50 indicates expansion, while numbers below that indicate contraction.

The services sector saw higher growth in December, but manufacturing activity continued to slow.

au Jibun Bank Japan Services PMI stood at 51.5 in December, up from 50.8 in November. The expansion was the second weakest on record in 2023.

“A rapid rise in new business is a key factor driving business activity growth, as companies cite increased customer base,” the survey said.

Japan's Nikkei 225 index rose 0.3% on Friday.

– Shreyashi Sanyal

8 hours ago

CNBC Pro: Look Beyond Valuation – This Fund Manager Uses a Unique Strategy for Inflation-Beating Returns

8 hours ago

CNBC Pro: Josh Brown of Rittholtz reveals stocks he says are twice as cheap as the S&P 500

Josh Brown of Retholds Wealth Management named the undervalued stocks relative to the broader U.S. stock market.

Trading at a 34% discount relative to the S&P 500, compared to an average discount of 16% over the past 20 years, the stock presents an opportunity for investors in 2024, according to Brown.

CNBC Pro subscribers can read more here.

– Ganesh Rao

12 hours ago

Oil prices fall as U.S. fuel inventories overshadow Middle East tensions

Oil prices fell on Thursday as a large U.S. fuel stockpile build eased concerns about supply disruptions due to rising tensions in the Middle East.

The West Texas Intermediate contract for February lost 51 cents, or .7%, to settle at $72.19 a barrel. The Brent contract for March delivery was down 66 cents, or .84%, at $77.59 a barrel.

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U.S. gasoline inventories rose 10.9 million barrels to total 237 million barrels in the week ended Dec. 29, according to Energy Information Agency data. Motor fuel supplied to the market, an indicator of demand, fell 1.2 million barrels per day to a total of 8 million barrels per day.

The U.S. inventory structure was a distraction from rising tensions in the Middle East. Crude prices rose more than 2% on Wednesday as militant attacks disrupted shipping in the Red Sea and a Libyan oil field was shut due to protests.

– Spencer Kimball

14 hours ago

Wells Fargo's Christopher Harvey points to investor displacement as the reason for the market pullback

After a huge year-end rally in 2023, equities are struggling to start 2024.

Wells Fargo analyst Christopher Harvey pointed to investor reorientation as the reason for the recent market pullback.

“The market is two-for-two this year and many are trying to divine meaning,” he wrote in a Thursday note. “Evidence points to a hangover from year-end hedge fund rebalancing supporting our 2024 risk aversion bias.”

– Lisa Kailai Hahn

19 hours ago

The ADP report showed stronger-than-expected job growth in December

Private payrolls growth topped estimates for growth in December, according to an ADP report on Thursday, pointing to a still vibrant labor market.

Firms added 164,000 for the month, better than the 101,000 cut in December and the Dow Jones estimate of 130,000. Leisure and hospitality led the way with 59,000 new jobs, while construction added 24,000. Small businesses were the biggest job creators as those with fewer than 50 employees added 74,000.

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The reports came a day ahead of the Labor Department's nonfarm payrolls release, which is expected to increase by 170,000.

– Jeff Cox

19 hours ago

Jobless claims totaled 202,000, well below estimates

The pace of layoffs slowed in the final full week of 2023, a sign that the labor market is still tight, the Labor Department said Thursday.

Initial jobless claims for the week ended Dec. 30 totaled 202,000, a decline of 18,000 from the previous period and below the Dow Jones estimate for 219,000. The four-week moving average, which accounts for weekly volatility, fell 4,750 to 207,750.

Continuous claims, running a week behind, fell 31,000 to 1.855 million, compared to the FactSet estimate of 1.878 million.

– Jeff Cox

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