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☆ JPMorgan’s calls for a reality check on energy transition are sensible, UAE energy minister says
▼ + stars: | 2024-04-29 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

JPMorgan's calls for a "reality check" on the world's energy transition goals and pathway is a "sensible," the UAE's energy minister told CNBC. "We need always, whenever we put up predictions, especially long term ones, to have a reality check," Suhail Al Mazrouei told CNBC's Dan Murphy in Riyadh, Saudi Arabia on the sidelines of the World Economic Forum. In a recent note to client, JPMorgan warned that the world needed a "reality check" on its efforts to move from fossil fuels to renewables, pointing out that it could take "generations" to reach net-zero targets. "I think it's a very sensible article," said Al Mazrouei. The minister, however, highlighted that the circumstances and financial capabilities of each country on undertaking the energy transition goals will vary.

Persons: Al Mazrouei, CNBC's Dan Murphy Organizations: CNBC, Economic, JPMorgan Locations: Riyadh, Saudi Arabia, Ukraine

☆ Bird flu resurgence drives up egg prices, spurring some to stock up
▼ + stars: | 2024-04-24 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

Picture Alliance | Picture Alliance | Getty ImagesBird flu fears are driving up egg prices again. After having subsided for most of 2023, a recent resurgence of avian influenza in poultry facilities across the U.S., Japan and other nations have caused prices of eggs to jump again. The virus, commonly referred to as bird flu, is extremely contagious and lethal among birds, has been detected in dairy herds in recent days. In the U.S., more than 14 million egg-laying chickens died in November and December as a result of avian flu. We have had record high beef, pork and chicken retail prices so eggs can be a substitute, meaning that egg prices would increase.

Persons: David Anderson, M University Julian Stratenschulte Organizations: Getty, of Agricultural Economics, Texas, M University, U.S . Department of Agriculture Locations: U.S, Japan

☆ 'Chaotic era' for Asian currencies: Bank of America is not bullish on any of them
▼ + stars: | 2024-04-24 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

The onshore CNY is currently trading at 7.24 per U.S. dollar. The South Korean won recently slipped to an 18-month low of 1,389.5 against the dollar. The Bank of Korea chief called the won volatility "excessive" and said the central bank would intervene if needed. Taiwan dollarBofA also remains negative on the Taiwan dollar given strong equity outflows and life insurance companies' additional unwinding of non-deliverable forward hedges. The Taiwan dollar is currently trading at 32.6 per U.S. dollar.

Persons: SeongJoon Cho Organizations: Korean, Woori, Bloomberg, Getty, U.S, South Korean, Fed, Bank of Korea, U.S ., Taiwan Locations: Seoul, South Korea

☆ High global food prices may finally see a bottom in 2024, says Oxford Economics
▼ + stars: | 2024-04-23 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

Rising food prices around the world may finally be seeing a bottom this year. According to Oxford Economics, global food prices are expected to decline in 2024, offering some relief for shoppers. "Our baseline forecast is for world food commodity prices to register an annual decline this year, reducing pressure on food retail prices further downstream," the economic advisory firm wrote in a recent note. The key driving force behind the decline in food commodity prices is the "abundant supply" for many important crops, especially wheat and maize. Wheat harvests are also forecast to come in high, although slightly lower than the record level in marketing year 2022 to 2023, the Oxford report said.

Organizations: Hannaford, Oxford Economics, Farmers, Russia Locations: South Burlington , Vermont, Ukraine

☆ Here's where the world's top 0.001% are putting their money, according to wealth experts
▼ + stars: | 2024-04-22 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

"While there is no official threshold, centimillionaires or individuals with a total net worth of over $100 million, is a good benchmark as entry into the 0.001% club," said Kevin Teng, CEO of WRISE Wealth Management Singapore, a wealth enterprise for ultra-high net worth individuals. Family offices as investment vehiclesIndividuals of such wealth generally have their money managed by single family offices, which handle everything including their inheritance, household bills, credit cards, immediate family expenses, etc., said Andrew Amoils, an analyst at global wealth intelligence firm New World Wealth. "These family offices often have foundation arms for charities and venture capital arms that invest in high growth startups," said Amoils. The number of family offices in the world has tripled since 2019, topping 4,500 worldwide last year with an estimated $6 trillion in assets under management combined. Ultra high net worth individuals also explore potentially buying stakes in professional sports teams, said Dandrew's Buscemi.

Persons: Yana Iskayeva, Kevin Teng, Salvatore Buscemi, Teng, Buscemi, Michael Sonnenfeldt, —, Andrew Amoils, Dandrew's Buscemi, Jerry Jones, Jayne Kamin Organizations: WRISE Wealth Management Singapore, Bay Area, NFL, Dandrew, CNBC, Dandrew Partners, Tiger, Dallas Cowboys, Getty Locations: centimillionaires, New York City, Bay, Los Angeles, London, Beijing, WRISE, United States, Oxnard , California

☆ Oil prices jump 3% on reports of explosions in Iran
▼ + stars: | 2024-04-19 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: 1 min

A view of oil-well in action during sunset at Elk Hills Oil Field as gas prices on the rise in California, United States on April 14, 2024. Oil prices jumped more than 3% after unconfirmed reports of explosions near the Iranian city of Isfahan. Iran's Fars news agency reported that explosions were heard near the Isfahan airport, but emphasized that the reasons were unknown. Global benchmark Brent traded 3.63% higher at $90.27 a barrel, while the U.S. West Texas Intermediate rose 3.66% to $85.76 per barrel. Spot gold prices surged to a fresh all-time high of 2,411.09 per ounce, while the yen strengthened 0.45% to 153.93 against the U.S. dollar.

Organizations: Brent, U.S . West Texas, U.S . Locations: Elk, California, United States, Iranian, Isfahan, Iran's Fars, U.S

☆ Gold is shining ‘bright like a diamond’ and could hit $3,000, says Citi
▼ + stars: | 2024-04-16 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

An employee handles one kilogram gold bullions at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices continued to hover near record highs days after Middle East tensions flared, boosting the safe-haven appeal of bullion. Gold prices notched another record close Monday, with the most-active June contract for gold futures trading 0.37% higher to settle at $2,383 per ounce, and some say there's more room to run. "The recent gold rally has been aided by geopolitical heat and is coinciding with record equity index levels," Citi wrote in a note dated April 15. Market watchers are closely monitoring a potential retaliation by the Jewish state, which has vowed to "exact a price" from Iran.

Persons: Israel —, Bartosz, Conotoxia Organizations: Co, Citi, U.S . Locations: Bangkok, Thailand, East, Iran, Israel

☆ Israel vows to 'exact a price' after Iran's attack. Here's what analysts expect could happen
▼ + stars: | 2024-04-15 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +4 min

But Israel will need to strike a delicate balance, he noted, highlighting that "they don't want an overt conflict with Iran." Iran has said the attack on Israel was in response to an Israeli strike on its embassy compound in Damascus, Syria earlier this month. The Islamic regime has accused Israel of the April 1 attack which killed seven Iranian military personnel, including senior commanders. Israel and Iran have been at odds for decades, with Iran funding and supporting groups opposing Israel including Palestinian militant group Hamas. The ongoing conflict in Gaza has often been referred to as a proxy war between Israel and Iran.

Persons: Amir Cohen, Israel, Joe Biden, Ryan Bohl, Bohl, CNBC's, Biden, Benjamin Netanyahu, Benny Gantz, Amir Saeid Iravani, Bashar al, Assad, David Roche, Roche, Israel's, What's Organizations: Reuters, Middle East, Rane, NBC News, United Nations, Palestinian, Hamas, Yemeni, Independent, CNBC Locations: Gaza, Ashkelon, Israel, Reuters Israel, Iran, North Africa, Damascus, Syria, Tehran, United States

☆ Oil prices could see 'super spike well above $100' if conflict escalates after Iran's attack on Israel
▼ + stars: | 2024-04-15 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

Any disruption in its capacity to supply global markets could send oil prices higher, analysts told CNBC. Insufficient investment makes supply more fragile and increases the chance of a super spike well above $100 if supply is disrupted. Stock Chart Icon Stock chart icon Oil prices since the start of the year. "I think oil prices will go to all time highs this cycle, due to a decade of under-investment in exploration and development," Young added. Oil prices have climbed in recent months on trade disruptions and delays caused by Red Sea maritime attacks from the Houthis, who claim solidarity with the Palestinian people.

Persons: Saeid Arabzadeh, Israel reigniting, Andy Lipow, Daniel Hagari, Josh Young, Brent, Young, Morgan Stanley's Organizations: Afp, Getty, OPEC, CNBC, Brent, Lipow Oil Associates, Israel Defense Forces, Bison, Iran's United Nations, underinvestment, U.S, West Texas Locations: Persian, Iran, Hormuz, Oman, Israel, Damascus, Syria, Asia

☆ Singapore's new Prime Minister Lawrence Wong will take office on May 15
▼ + stars: | 2024-04-15 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

Singapore's new prime minister Lawrence Wong will be sworn in on May 15, 2024. SINGAPORE — Singapore's Prime Minister Lee Hsien Loong will step down on May 15 and hand over the power to Deputy Prime Minister Lawrence Wong, the Prime Minister's Office said on Monday. Wong, who will be sworn in at 8 p.m. local time that day, will be Singapore's fourth prime minister since its independence in 1965. Lee has served as prime minister since 2004. Wong, who is 51, entered politics after being elected a member of parliament during the 2011 General Election.

Persons: Lawrence Wong, Lee Hsien Loong, Wong, Lee Organizations: SINGAPORE — Singapore's, Minister's, Action Party, Finance, Monetary Authority of Locations: SINGAPORE, Monetary Authority of Singapore

☆ China will remain the world's No. 1 growth driver, says the Asian Development Bank
▼ + stars: | 2024-04-11 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

Flag of China on dark blue background Da-kuk | E+ | Getty ImagesChina will remain the largest growth engine for the world economy in spite of its slowdown, the Asian Development Bank said. ADB forecasts China to post annual GDP growth of 4.8% in 2024, lower than the government's target of "around 5%." watch nowEven with slower growth, ADB data estimated China will account for 46% of growth in developing Asia in 2024-2025. China currently accounts for 18% and 48% of global and Asian GDP, respectively, based on purchasing power parities exchange rates, a metric used by the ADB, World Bank and International Monetary Fund. ADB expects the country's growth to be the highest in the region, at 7% in 2024 and 7.2% in 2025.

Persons: Albert Park, … it's Organizations: Getty, Asian Development Bank, ADB, World Bank, International Monetary Fund, CNBC Locations: China, Asia, India

☆ Former Trump national security advisor John Bolton says Gaza war is still 'in the very early stages'
▼ + stars: | 2024-04-04 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

Former U.S. national security advisor John Bolton believes Israel's war in Gaza is "still in the very early stages" and says it has been complicated by Iran's involvement. Framing the ongoing war between Israel and Hamas as "an Iranian war against Israel," Bolton told CNBC's Dan Murphy: "The fact that Iran has not yet been held to account for any of it, suggests that we're still in the very early stages of the war." "This is not a Gaza versus Israel war, or a Palestinian versus Israel war, or an Arab versus Israel war. This is an Iranian war against Israel, fought through terrorist proxies," he told CNBC on Wednesday. Bolton is a noted foreign policy hawk and has previously advocated for regime change by the U.S. in Iran.

Persons: John Bolton, Bolton, CNBC's Dan Murphy, we're, Israel Organizations: National Security, National Council of Resistance, U.S, Representative, Willard InterContinental Hotel, Washington , DC, Former U.S, Israel, Palestinian Islamist, CNBC, Wednesday, Bolton Locations: Iran, Washington ,, Gaza, Israel, Palestinian, Iranian, U.S, Syrian, Damascus, Tehran

☆ Singapore's economic losses due to heat stress could nearly double to over $1.5 billion in 2035
▼ + stars: | 2024-04-03 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

Singapore's economic losses due to heat stress could nearly double to $1.64 billion in 2035 from pre-pandemic 2018 due to a decline in labor productivity, a recent study by the National University of Singapore showed. Back in 2018, heat strain caused an 11.3% fall in average productivity across Singapore's four big economic sectors — services, construction, manufacturing and agriculture. Fall in productivity is expected to rise to 14% in 2035, leading to an economic loss of S$2.22 billion ($1.64 billion), after adjusting for inflation, the NUS Project HeatSafe report said. The loss will be significantly higher for workers exposed to adverse environmental conditions — those working working under the sun, or being exposed to other sources of heat such as machineries. Last July, United Nations' Secretary-General Antonio Guterres cautioned that the world has moved away from global warming to "an era of global boiling."

Persons: Natalia Borzino, Antonio Guterres Organizations: National University of Singapore, NUS, ETH, United Nations Locations: Singapore

☆ The global gas glut could reach multi-decade highs in the coming years, Morgan Stanley says
▼ + stars: | 2024-04-02 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

A liquefied natural gas tanker sails past a container terminal as it arrives in Yokohama, Japan, May 21, 2018. Natural gas prices have plunged as the world grapples with an oversupply after a warmer-than-expected winter. The recent heyday in liquefied natural gas boosted prices and profits, spurring a wave of investment in the sector. "We expect gas market oversupply to reach multi-decade highs over the coming years," Morgan Stanley's commodity strategists said. Natural gas prices currently stand at $1.83 per MMBtu (metric million British thermal unit), down about 22% so far this year.

Persons: Morgan Stanley, Morgan Locations: Yokohama, Japan

☆ Here are the best places in the world to do business
▼ + stars: | 2024-04-02 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

Singapore, Denmark and U.S. are the best places in the world to conduct business, according to the Economist Intelligence Unit business environment ranking. "Singapore will remain the best geography in the world to do business, as it has for the past 16 years," EIU's Country Forecast Manager and Europe analyst, Prianthi Roy, told CNBC. Factors driving the Southeast Asian nation's place as a premier business destination is its political stability and the government's focus on helping domestic private-sector companies upgrade technologically, she said. The EIU's ranking assesses the attractiveness of doing business across 82 countries and territories, and is measured based on indicators such as inflation, cost of living, economic growth, and fiscal policies. The gauge also offers insights to which economies are better placed for growth than others, and an "effective way to identify where an uptick in investment spending may soon be coming," said EIU's analysts.

Persons: Prianthi Roy Organizations: Economist Intelligence Unit, CNBC Locations: Singapore, Denmark, U.S

☆ Gold prices hit another record high on Fed cut expectations
▼ + stars: | 2024-04-01 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

Gold prices extended their rally and scaled to another record high on Monday, propelled by U.S. interest rate cut expectations and the metal's appeal as a safe haven asset. "I think it's a really exciting moment in gold," said Joseph Cavatoni, market strategist at the World Gold Council told CNBC on Monday. "What's really driving it is, I think, many market speculators really getting that confidence and comfort [in] the Fed cuts," he said. The key Fed inflation gauge for February climbed 2.8% year-on-year, according to data released last Friday — likely to keep the U.S. central bank on hold before it can start considering interest rate cuts. The Fed stood pat on interest rates at the conclusion of its recent March meeting, but stuck with its forecast for three interest rate cuts this year.

Persons: Joseph Cavatoni Organizations: World Gold Council, CNBC, U.S . Federal Reserve, Fed Locations: U.S

☆ 'Hong Kong is China's Hong Kong': Beijing hits back at U.S. for 'slandering' city's new security law
▼ + stars: | 2024-03-21 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

The flags of China and Hong Kong displayed in rows. China's embassy hit back against U.S. criticism of Hong Kong's new national security law on Thursday, saying the U.S. should "respect China's sovereignty." Hong Kong lawmakers passed a new national security law on Tuesday which critics say grants the government more power to quash dissent. "Hong Kong is China's Hong Kong. Hong Kong affairs are purely China's internal affairs, which no country is in the position to point fingers at or interfere in," a spokesperson said on Wednesday.

Persons: Hong, Hong Kong's, Vedant Patel, John Lee, Wang Yi, — CNBC's Evelyn Cheng, Clement Tan Organizations: U.S . State Department, Kong's Legislative, China's, Beijing, China - Locations: China, Hong Kong, U.S, China's, Hong Kong . Hong Kong, Kong's, China - U.S

☆ China and New Zealand pledge deeper trade and economic cooperation
▼ + stars: | 2024-03-19 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

China and New Zealand are working toward implementing an upgraded version of the free trade agreement between the two countries. Wang met New Zealand Trade Minister Todd McClay during an official visit to New Zealand. New Zealand was the first developed country to sign a bilateral free trade deal with China in 2008. China's door to the world will open even wider, Wang said, pledging to forge closer cooperation with New Zealand in the next decade and emphasizing on the need to safeguard free trade. He will be holding the seventh China-Australia Foreign and Strategic Dialogue with Australian Foreign Minister Penny Wong in his visit to Australia.

Persons: Wang Yi, Wang, Todd McClay, McClay, Winston Peters, China's, Peters, Penny Wong Organizations: Xinhua, New Zealand Trade, New Zealand, Foreign Affairs, Australian Foreign Locations: China, New Zealand, New, Xinjiang, Hong Kong, Tibet, Zealand, South, Sea, Taiwan Strait, Taiwan, Beijing, Philippines, Wang, Australia, Mar

☆ 2024 is the year of the rate cut pivot — here's when the world's central banks will budge
▼ + stars: | 2024-03-13 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +6 min

EIU also expects the Bank of Japan will exit its negative interest rate policy in the second quarter. Markets currently expect the Fed to start with a 25-basis-point rate cut in June. Euro zoneThe European Central Bank last week also held its policy rate at a record high of 4%, signaling that it won't cut rates before June. JPMorgan said in a research note that the Turkish central bank may cut its policy rate in November and December, keeping its year-end policy rate forecast of 45%. IndonesiaIndonesia's central bank kept its benchmark policy rate at 6% in its recent meeting.

Persons: EIU, Jerome Powell, LSEG, Nomura, Perry Warjiyo, CNBC's JP Ong, BOK, Goldman Sachs, Goohoon Kwon, Kwon Organizations: Getty, Economist Intelligence Unit, Bank of Japan, United, United States U.S, Federal, Fed, European Central Bank, ECB, Swiss National Bank, UBS, Bank of Canada, Bank of, JPMorgan, Reserve Bank of, ANZ, New Zealand Auckland Savings Bank, Bank, Bank Indonesia, BMI, Fitch Solutions, U.S, Oxford Economics, Macquarie Locations: Czech, China, Japan, United States, Switzerland Swiss, Bank of Canada, Turkey, Turkish, Reserve Bank of Australia, New, Indonesia, South Korea, Asia

☆ Hong Kong proposes new security bill with life imprisonment for 'treason' and 'insurrection'
▼ + stars: | 2024-03-08 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

The flag of Hong Kong flies from a ferry boat on July 2, 1997, a day after the former British colony returned to Chinese rule. Hong Kong on Friday unveiled a new draft security bill proposing up to life imprisonment for offences such as insurrection and treason following a month of public consultation period for the bill. The draft legislation is necessary for Hong Kong to fulfil its constitutional duty to safeguard national security, China's Ministry of National Security emphasized in its official WeChat account on Monday. Beijing imposed a controversial law four years ago, which stamped out dissent and led to the arrest of many Hong Kong pro-democracy activists. China's 2020 national security law aimed at prohibiting secession, subversion of state power, terrorism activities and foreign interference.

Persons: Hong, John Lee Organizations: British, China's Ministry of National Security, Hong, U.S . State Department, Kong's Locations: Hong Kong, Beijing

☆ China's 5% GDP goal is 'attainable' but it won't be easy, says Hong Kong's financial secretary
▼ + stars: | 2024-03-05 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

China's GDP target of 5% for 2024 is possible, but it won't be easy to achieve, Hong Kong's financial secretary told CNBC Tuesday after Beijing set a growth target of "around 5%" for this year. I think this is attainable, although it's not easy," Hong Kong's Financial Secretary Paul Chan told CNBC's Emily Chan, highlighting bright spots in China's export sector and domestic consumption. So this represents also a huge market for China's export," Chan said, adding that "we expect the export situation of the mainland will improve particularly into developing Asia." Domestic consumption is also a key driver for the city's growth in the short term, said the financial secretary. Hong Kong's GDP is projected to grow 2.5% to 3.5% this year.

Persons: it's, Paul Chan, CNBC's Emily Chan, Chan, Goldman Sachs Organizations: CNBC, Kong's, ASEAN, Association of Southeast, Nations, U.S . Locations: Beijing, China, Asia, U.S, Macao, Hong Kong

☆ Will Nikkei's record-breaking rally sustain even as Japan's economy sputters?
▼ + stars: | 2024-03-05 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

Fuji and Tokyo skyline Jackyenjoyphotography | Moment | Getty ImagesJapan's Nikkei stock index has been on a record-breaking spree on the back of robust earnings and investor-friendly measures. But the country's ailing economy has experts divided over this sustainability of this rally. Japan's corporate governance reforms have been a key driver for the country's stock markets, Momma said, while stressing that stock indexes do not necessarily represent the entire economy that includes SMEs and households. SMEs are a critical lever in the Japanese economy, accounting for 70% of national employment and 50% of the country's economic growth. "Spillover from the global boom of AI-related stocks certainly helped Nikkei," Momma said.

Persons: Kazuo Momma, Momma, Sayuri Shirai, pare, Shirai, Phillip Colmar MRB Organizations: Nikkei, Mizuho Research, CNBC, Bank of Japan, Nvidia, Technology, Stock, Keio University, Bank of America, Phillip Colmar MRB Partners Locations: Fuji, Tokyo, Germany, Japan, U.S, China

☆ Oil prices slip after OPEC+ extends voluntary oil output cuts until mid-year
▼ + stars: | 2024-03-04 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: 1 min

Oil prices edged lower Monday after oil cartel OPEC+ agreed to extend voluntary output reductions until the second quarter, in an effort to support the short-term stability of crude markets. Global benchmark Brent slipped 0.05% to $83.52 a barrel Monday, while U.S. West Texas Intermediate futures traded down 0.19% at $79.82 per barrel. OPEC+ announced on Sunday that the 2.2 million barrels per day of voluntary output cuts that were planned for the first quarter of this year will continue into the next quarter. OPEC+ kingpin and de facto leader Saudi Arabia said it will prolong its voluntary cut of 1 million barrels per day until the end of the second quarter, state-owned Saudi Press Agency said Sunday. Riyadh's crude production will stand at approximately 9 million barrels per day until the end of June.

Persons: Brent Organizations: OPEC, Global, U.S, West Texas Intermediate, Saudi Press Agency Locations: OPEC, Saudi Arabia

☆ Japan's factory activity contracts most in over three years
▼ + stars: | 2024-03-01 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

An employee checks gaskets after processing them in an automatic press machine at the Hamamatsu Gasket Co. factory in Hamamatsu, Shizuoka Prefecture, Japan, on Wednesday, Oct. 6, 2021. Japan's February factory activity shrank at the fastest pace in more than three years on the back of weakening demand. The au Jibun Bank's flash Japan manufacturing purchasing managers' index fell to to 47.2 in February, compared with January's 48.0 reading, indicating continued contraction in private sector business activity. The reading signals a ninth consecutive deterioration in business activity and the strongest contraction recorded since August 2020, according to au Jibun Bank. Operating conditions in the country's manufacturing sector continued to deteriorate in February.

Organizations: Japan's, Jibun Bank Locations: Hamamatsu, Shizuoka Prefecture, Japan

☆ Forget cash — it's time to move into fixed income, Franklin Templeton strategist says
▼ + stars: | 2024-03-01 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +1 min

Investors should move out of cash and into fixed income with some duration, said Franklin Templeton's chief market strategist, Stephen Dover. Franklin Templeton's inflation forecast is more conservative than the U.S. Federal Reserve's. The investment firm expects the core personal consumption expenditures price index to fall to 2.7% by the end of the year, versus the U.S. Federal Reserve's projections of 2.4%. The markets' "biggest screaming issue" is the $6 trillion sitting in money market funds right now, he said. "We would advise those investors to move out of that cash and take some duration move into fixed income," he added.

Persons: Franklin, Stephen Dover, Dover Organizations: U.S Locations: U.S . Federal

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