Asian markets rose as investors dug into Wall Street’s strong earnings

Wed, Jul 19 2023 1:59 AM EDT

Morgan Stanley explains what’s behind its downgrade in China GDP forecast

Chetan Ahya, chief Asia economist at Morgan Stanley, discusses the three areas of policy support it expects to come from the Chinese government.

Tue, Jul 18 2023 8:54 PM EDT

New Zealand inflation slows for second straight quarter to 6%

New Zealand’s consumer price index recorded 6% year-on-year growth, the second quarter in a row that the country’s inflation rate has slowed.

This compares to 6.7% seen in the first quarter, and to 7.2% in the fourth quarter of 2022.

On a quarter on quarter basis, the consumer price index increased by 1.1%, slightly lower than the 1.2% recorded in the same period last quarter.

— Lim Hui Jie

Tuesday, Jul 18 2023 8:40 PM EDT

Business sentiment weakened in Japan as the Reuters Tankan survey fell in July

Confidence among large Japanese manufacturers fell in July, according to the Reuters Tankan survey, which measures business sentiment among large Japanese companies.

This is the first time the index has recorded a decline in six months, with the manufacturing index falling from +8 in June to +3.

The non-manufacturers index recorded a second straight month of decline, down one point to +23.

A positive number means that optimistic respondents outnumber pessimists, and vice versa.

— Lim Hui Jie

Wed, Jul 19 2023 2:02 AM EDT

China’s property sector recovery could be ‘sluggish’ for a long time, says ADB economist

Albert Park, the bank’s chief economist, said the caution of Chinese consumers and businesses was the “dampener” behind China’s sluggish economic recovery.

Tuesday, Jul 18 2023 8:25 PM EDT

CNBC Pro: 15 strategists predict how global stocks will end in 2023 — and share how to position

US stocks have made big gains this year, but performance among global stocks has been uneven so far.

So where will global stocks go in the second half of the year?

CNBC Pro polled 15 market strategists at investment banks and asset managers from July 3-7. Respondents also shared their views on how investors should be positioned and what the biggest market risks are.

CNBC Pro subscribers can read more here.

— Weizhen Tan and Ganesh Rao

Tuesday, Jul 18 2023 8:25 PM EDT

CNBC Pro: High-risk global bond fund isn’t for everyone, but it’s tempting investors with 10% yields

The increase in US interest rates to above 5% means that investors around the world are looking further afield for high-yield investments.

For global investors, a frontier bond fund offers significant returns; its yield was around 10% as of July 18, according to FactSet data, although these returns are tied to higher levels of risk.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Tue, Jul 18 2023 3:24 PM EDT

Microsoft, Chipotle among S&P 500 names hitting new highs

Forty-three stocks in the S&P 500 jumped to new 52-week highs on Tuesday.

Microsoft jumped to its all-time high since its March 1986 initial public offering. At their high on Tuesday, the shares hit $366.78. Shares of the Big Tech name appeared after Microsoft announced a new artificial intelligence subscription service for Microsoft 365, which costs an additional $30 a month.

Shares of Chipotle Mexican Grill rose to a high of $2,173.63 on Tuesday. The stock has been trading at all-time highs since the burrito chain’s debut in January 2006. Chipotle has signed its first franchise partner to expand into the Middle East.

In Semiconductors, Darden and Omnicom are also trading at all-time highs.

Darla Mercado, Chris Hayes

Tue, Jul 18 2023 7:45 AM EDT

Morgan Stanley beat analyst estimates in the second quarter

Tue, Jul 18 2023 7:07 AM EDT

Bank of America posted better-than-expected earnings

Bank of America’s earnings and profits beat estimates, as the company got a boost from higher interest rates and interest income.

“All businesses performed well, and we saw improved market share, particularly in our Sales and Trading and Investment Banking businesses,” CEO Brian Moynihan said in a statement. “A strong balance sheet and adequate liquidity have enabled us to continue investments in our franchise to drive long-term value for stakeholders.”

Bank of America shares rose 0.8% in premarket

— Fred Imbert

Tue, Jul 18 2023 8:38 AM EDT

Retail sales were weaker than expected in June despite a drop in inflation

Consumer spending was weaker than expected in June despite an apparently brighter inflation picture, the Commerce Department reported Tuesday.

Advanced retail sales showed just a 0.2% increase for the month in May, below the 0.5% increase expected by economists polled by Dow Jones. Excluding autos, the increase was also 0.2%, below the 0.3% estimate.

Falling prices saw gas station sales fall 1.4%, offset by a 2% gain from various stores and a 1.9% increase in online purchases.

The numbers are not adjusted for inflation; the consumer price index rose 0.2% for the month, indicating that real sales were mostly flat.

—Jeff Cox

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