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☆ Singapore non oil domestic exports plunge 20.7%, misses expectations by a huge margin
▼ + stars: | 2024-04-17 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Singapore's non-oil domestic exports plunged 20.7% in March from a year ago, a sharp decline from the revised 0.2% fall in February. The 20.7% fall missed expectations by a huge margin, with economists polled by Reuters forecasting a 7% fall. This is the largest drop in non-oil domestic exports recorded by Singapore since January 2023. On a month-on-month basis, non-oil domestic exports slid 8.4%, also more than the 4.5% expected in the Reuters forecast. Non-oil domestic exports to Singapore's top markets declined in March, particularly for the U.S., the European Union and Japan.

Persons: Singapore's Organizations: Reuters, Enterprise Singapore, European Union, . Enterprise Singapore Locations: Marina, Sands, Singapore, Japan, China, Hong Kong, Taiwan

☆ China's economy grew 5.3% in the first quarter, beating expectations
▼ + stars: | 2024-04-16 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

China's economy in the first quarter grew faster than expected, official data released Tuesday by China's National Bureau of Statistics showed. On a quarter-on-quarter basis, China's GDP grew 1.6% in the first quarter, compared to a Reuters poll expectations of 1.4% and a revised fourth quarter expansion of 1.2%. Beijing has set a 2024 growth target of around 5%. Last week, Morgan Stanley raised its 2024 real GDP forecast for China to 4.8%, from its previous expectation of 4.2%. The world's second largest economy saw weak export and inflation data earlier this month, with both sets of data coming in below expectations.

Persons: Morgan Stanley Organizations: China's National Bureau, Statistics, Gross, Reuters Locations: Qingzhou, Weifang City, Shandong Province, China, Beijing

☆ Asia markets extend declines amid Iran-Israel tensions; China economic data on deck
▼ + stars: | 2024-04-16 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

A batch of cars are ready to be shipped to overseas markets at the port of Taicang, Jiangsu province, China, April 9, 2024. Future Publishing | Future Publishing | Getty ImagesAsia-Pacific markets extended their declines as the world awaits Israel's response to Iran's air assault over the weekend. On Tuesday, China's first-quarter gross domestic product numbers will be in focus, with the world's second-largest economy expected to grow 4.6% from a year ago. Futures for Hong Kong's Hang Seng index stood at 16,430, pointing to a weaker open compared to the HSI's close of 16,600. Japan's Nikkei 225 plunged 1.5% at the open, while the broad based Topix was down 1.04%.

Persons: China's, Kospi Organizations: Future Publishing, Getty, Nikkei Locations: Taicang, Jiangsu province, China, Asia, Pacific, Australia

☆ Asia-Pacific markets fall amid Israel-Iran tensions with spotlight on oil, gold and bitcoin
▼ + stars: | 2024-04-15 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Pedestrians cross an intersection in the Shibuya district of Tokyo, Japan, on Tuesday, Feb. 6, 2024. Asia-Pacific markets slipped Monday as traders weighed the impact of Iran's drone attack on Israel over the weekend, with focus also on key economic data from China and Japan later in the week. The U.S. intervened to directly help Israel shoot down nearly all of the incoming munitions, Biden said in a statement Saturday. India will release its wholesale inflation figures for March later in the day, while China will announce its first quarter GDP numbers on Tuesday. Japan will release its March trade data and inflation numbers on Wednesday and Friday, respectively.

Persons: Joe Biden, Israel, Biden Organizations: Brent, . West Texas Locations: Shibuya, Tokyo, Japan, Asia, Pacific, Israel, China, Iran, U.S, India

☆ Asia markets mixed ahead of China trade data; Singapore first-quarter GDP climbs 2.7%
▼ + stars: | 2024-04-12 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Asia-Pacific markets were mixed Friday after an inflation-fueled selloff in the previous session, with investor assessing economic data from Singapore and South Korea while awaiting China trade numbers. China's trade data for March will be released later in the day, with exports forecast to fall 2.3% year on year by economists polled by Reuters. The city-state's central bank held its monetary policy steady, leaving the width and level of its policy band unchanged. In contrast to other countries, Singapore uses exchange rate settings for its monetary policy, instead of a benchmark interest rate. South Korea's March unemployment rate rose to 2.8%, while investors awaited the Bank of Korea's rate decision.

Persons: Singapore's Organizations: Reuters, Bank of Locations: Qingdao, Shandong province, Asia, Pacific, Singapore, South Korea, China

☆ China has strong fundamentals and should remain a focus for businesses, Singapore trade minister says
▼ + stars: | 2024-04-12 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Businesses should continue to focus on China and explore opportunities to expand their presence in the world's second-largest economy, Singapore Minister for Trade and Industry Gan Kim Yong said Friday. China had briefly entered deflation territory late last year, and is still struggling with a debt-laden real estate sector. However, "if you take a deeper look, when I engaged the businesses and the people on the ground, I think the sense it gives me is that China's fundamentals are strong," Gan said on CNBC's "Squawk Box Asia." The country's investments in infrastructure will also put it in a good position to recover in the longer term, Gan added. "So I think in the meantime, in the immediate future, they will see headwinds, but I think in the longer term, the fundamentals remain strong."

Persons: Industry Gan Kim Yong, China, Fitch, Gan Organizations: Singapore Minister, Trade, Industry, Moody's Locations: China, Singapore

☆ Asia markets tumble after hotter-than-expected U.S. inflation; China inflation on deck
▼ + stars: | 2024-04-11 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Customers at a fresh food market in Shanghai, China, on Monday, Aug. 7, 2023. Asia-Pacific markets tumbled after U.S. inflation for March came in hotter than expected, climbing 3.5% on a year-on-year basis and 0.4% higher compared to the previous month. Economists surveyed by Dow Jones had been looking for a 0.3% month-on-month gain and 3.4% year-over-year. Excluding volatile food and energy components, the core CPI also accelerated 0.4% on a monthly basis while rising 3.8% from a year ago, compared with respective estimates for 0.3% and 3.7%. Investors in Asia will also monitor China's inflation figures Thursday, with economists polled by Reuters expecting the consumer price index to climb 0.4% in March.

Persons: Dow Jones Organizations: Investors, Reuters Locations: Shanghai, China, Asia, Pacific

☆ Asia markets mostly fall as Japan corporate inflation climbs; New Zealand rate decision on tap
▼ + stars: | 2024-04-10 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

People commuting to work in the morning cross a pedestrian crossing in Tokyo on February 15, 2024. Asia-Pacific markets mostly fell as of Japan's corporate inflation climbed in March and rate decisions are awaited from New Zealand and Thailand's central banks. South Korea's markets are closed Wednesday, as the country heads to the polls to elect its next parliament. Japan's corporate inflation rate came in at 0.8% for March, its third straight month of increase and in line with expectations from a Reuters poll of economists, while investors also brace for the U.S. consumer price index report later Wednesday.

Locations: Tokyo, Asia, Pacific, New Zealand, South

☆ Asia markets climb as U.S. Treasury yields pressure Wall Street; data from Australia and Japan on deck
▼ + stars: | 2024-04-09 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

An aerial view of the central business district and Sydney Opera House on February 17, 2023. On Tuesday, investors in Asia will observe business confidence surveys from Australia and consumer confidence data from Japan. Asia-Pacific markets climbed even as U.S. Treasury yields put pressure on Wall Street equities Monday. Futures for Hong Kong's Hang Seng index stood at 16,831, pointing to a weaker open compared to the HSI's close of 16,732.85. Treasury yields rose, with the rate on the benchmark 10-year Treasury note up about 4 basis points to 4.42%.

Persons: CNBC's Hakyung Kim, Yun Li Organizations: Sydney Opera House, Treasury, Wall, Nikkei, Dow Jones, Nasdaq Locations: Asia, Australia, Japan, Pacific, U.S, . Federal

☆ Japan's real wages fall for 23rd straight month, dampening Bank of Japan's hopes for 'virtuous cycle'
▼ + stars: | 2024-04-08 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Real wages in Japan fell for a 23rd straight month, suggesting that high inflation is still biting into consumer spending power in the country. Labor ministry data released Monday showed that real wages fell 1.3% in February from a year ago, accelerating from a revised 1.1% drop in January. The data showed special payments, which include bonuses, slipped 5.5% year-on-year. But those pay hikes benefit only a fraction of Japan's workers, given only 16.3% of workers are unionized in the country and most unionized workers are concentrated in large companies. If real wages continue to decline, consumers may choose to save instead of spend, thereby generating little demand and impetus for prices to rise.

Organizations: Labor, Bank of Japan's Locations: Japan

☆ Asia markets largely set to fall on fears the Fed could hold off interest rate cuts; oil soars
▼ + stars: | 2024-04-05 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Asia-Pacific markets were largely set to fall on Friday, mirroring moves on Wall Street after comments from U.S. Federal Reserve officials fueled worries that the central bank could hold off on rate cuts. Minneapolis Fed President Neel Kashkari cast doubts on Thursday over the central bank cutting rates at all if inflation remained sticky. Oil prices continued to rise, with WTI crude surpassing $86 a barrel to test six-month highs. Brent crude prices also set a new six-month high of $90.65. S&P will also release its business activity numbers for Hong Kong, while the Reserve Bank of India will announce its rate decision later in the day.

Persons: Neel Kashkari Organizations: U.S . Federal Reserve, Minneapolis, Brent, Reuters, Reserve Bank of India Locations: Tokyo, Japan, Asia, Pacific, U.S, Hong Kong

☆ Apple supplier Foxconn posts 9% fall in first-quarter revenue, sees growth ahead
▼ + stars: | 2024-04-05 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Pictured here is a Foxconn factory in Zhengzhou city on Sept. 4, 2021. Apple iPhone manufacturer Foxconn on Friday posted a dip of 9.6% in revenue for the first quarter of 2024, compared to the same period last year. The company, which trades as Hon Hai Precision Industry in Taiwan, recorded a first-quarter revenue of 1.32 trillion New Taiwan dollars ($41.2 billion), which was also 28.58% lower compared to the fourth quarter of last year. It was also below economists' expectations in an LSEG poll. However, the company expects revenue to grow in the second quarter, despite noting that it "remains a traditional off-peak season."

Organizations: Apple, Hai Precision Industry Locations: Zhengzhou, Taiwan

☆ Malaysia emerges as a hotspot for semiconductor firms amid U.S.-China chip tensions
▼ + stars: | 2024-04-04 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +5 min

American chip giant Intel in December 2021 said it will invest more than $7 billion to build a chip packaging and testing factory in Malaysia, with production expected to begin in 2024. Malaysia holds 13% of the global market for chip packaging, assembly and testing services, said the Malaysian Investment Development Authority in a Feb. 18 report. Exports of semiconductor devices and integrated circuits increased by 0.03% to 387.45 billion Malaysian ringgit ($81.4 billion) in 2023, amid global chip demand weakness. Malaysia Semiconductor Industry Association president Datuk Seri Wong Siew Hai said many Chinese firms diversified some of their production to Malaysia, calling the country China's "plus one." In the same month, the world's largest contract chip maker TSMC opened its first Japan factory as it diversifies away from Taiwan amid U.S.-China tensions.

Persons: Faris Hadziq, Kenddrick Chan, Aik Kean Chong, Intel's, Tan, Yinglan Tan, Datuk Seri Wong Siew Hai, Zafrul Aziz, TSMC, Ann Lim Organizations: Getty, Malaysia, LSE, London School of Economics, Political, Semiconductors, Intel, CNBC, Infineon, Ventures Partners, Malaysian Investment Development Authority, Malaysian, Malaysia Semiconductor Industry, U.S ., U.S, China -, Partnership Locations: KUALA LUMPUR, MALAYSIA, Malaysia, Kuala Lumpur, South, East Asia, China, U.S, American, Penang, Another U.S, Singapore, Europe, Kong, GlobalFoundries Singapore, Klang, India, Japan, Taiwan, South Korea, Washington, Asia, China - U.S

☆ Japan leads gains in Asia as investors assess Powell's comments; Hong Kong, China and Taiwan markets closed
▼ + stars: | 2024-04-04 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

People visit the Kartavya Path in the early evening in New Delhi, India, on Tuesday, April 18, 2023. India has overtaken China as the world's most populous nation, according to UN data released on April 19. Photographer: Prashanth Vishwanathan/Bloomberg via Getty ImagesAsia-Pacific markets rebounded following a sell-off in the previous session, as investors digest comments from U.S. Federal Reserve Chairman Jerome Powell. In Asia, investors will assess March service sector activity data from India, as well as retail sales numbers from Hong Kong. Markets in Hong Kong, mainland China and Taiwan are closed for a public holiday.

Persons: Prashanth Vishwanathan, Jerome Powell, Powell Organizations: Bloomberg, Getty Images, U.S . Federal, Hong Kong . Markets Locations: New Delhi, India, China, Getty Images Asia, Pacific, U.S, Asia, Hong Kong, Taiwan

☆ In the wake of bitcoin's new highs, South Korea's 'kimchi premium' is in the spotlight again
▼ + stars: | 2024-04-03 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +5 min

Now, get ready for the "kimchi premium," named after the popular side dish of fermented vegetables that's a staple in Korean cuisine. The "kimchi premium" refers to the price gap in cryptocurrencies, especially bitcoin, when listed in South Korea versus those listed in U.S. or European exchanges. The kimchi premium is in the spotlight again after bitcoin reached all-time highs in mid-March, soaring past $73,000 to a record high on March 13, according to Coin Metrics data. According to cryptocurrency data provider Cryptoquant, the Korea Premium Index reached its highest level since May 2021 on March 16, reaching 10.88%. That means bitcoin's trading price in South Korea was roughly 10% higher than the global spot price.

Persons: it's, bitcoin, Sam Bankman, Fried, FTX, Chainalysis, Baik Seunghoon, Baik Organizations: Alameda Research, CNBC, University of Calgary, country's Financial, Commission, South, South Korean Locations: Korea, South, cryptocurrencies, South Korea, Japan, China, East Asia, Korean

☆ The 5 red flags a Michelin-star pastry chef looks for when visiting high-end bakeries
▼ + stars: | 2024-04-03 | by ( Rachel Askinasi | ) www.businessinsider.com time to read: +5 min

Dubbed NYC's dessert doyenne, the chef has developed her own set of red flags to look out for whenever she visits high-end bakeries. And if the croissants look perfectly machine-made, something might not be right in the kitchen. Beware of bread that's wrappedMick said high-end bakeries should only be selling fresh bread. ciobanu ana maria/Getty ImagesBefore she even steps into a bakery, Mick might turn to Instagram for visuals. So, for example, a bakery that's filling cannoli and leaving them in the case until they're purchased raises some concerns.

Persons: —, Camari Mick, Mick, Liang Lim, that's, they'll, maria, she's, it's, they're Organizations: Service, Business, telltale Locations: New York City, Raf's

☆ Why Japan's 'shunto' wage hikes may not bring cheer to over 80% of its workers
▼ + stars: | 2024-04-03 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Akihiko Matsuura, president of UA Zensen, center, raises his fist with members of the union during a rally for the annual wage negotiations in Tokyo, Japan, on Thursday, March 7, 2024. But will the "shunto" hikes really work for its legions of salarymen? However, headline inflation, which has been above the Bank of Japan's 2% target since April 2022, hits the entire population. This means that the generous pay raise negotiated by the unions leave out almost 84% of Japan's workforce. The recent wage negotiations are also likely to benefit mostly workers in large Japanese companies, while employees at small and medium enterprises might have to face rising prices without a commensurate hike to their salaries.

Persons: Akihiko Matsuura, Richard Kaye, Comgest, Japan Organizations: UA, Japanese Trade Union Confederation, Japan International Labour Foundation, Bank of Japan's, CNBC Locations: Tokyo, Japan

☆ Asia markets mixed with focus on South Korea inflation print, factory data from Australia and India
▼ + stars: | 2024-04-02 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

A customer pays for his purchase at a dried food stall in Seoul, South Korea, on Thursday, March 3, 2022. Photographer: SeongJoon Cho/Bloomberg via Getty Images Bloomberg | Bloomberg | Getty ImagesAsia-Pacific markets were mixed Tuesday, as investors assessed economic data from South Korea and Australia. South Korea's March inflation rate held steady at 3.1%, in line with expectations from economists polled by Reuters. Factory activity data from India is also due later in the day, with economists polled by Reuters expecting a stronger PMI reading of 59.4. South Korea's Kospi was down 0.34% and the Kosdaq slid 1.11% after the inflation reading.

Persons: SeongJoon Cho, Kospi Organizations: Bloomberg, Getty Images Bloomberg, Getty, Reuters, Nikkei Locations: Seoul, South Korea, Asia, Pacific, Australia, India

☆ Asia markets climb as China factory activity assessed; Japan business optimism falls slightly
▼ + stars: | 2024-04-01 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Asia-Pacific markets climbed Monday as investors assessed China's business activity for February and await economic data out of Japan. China's National Bureau of Statistics data showed that manufacturing activity expanded in March, with the purchasing managers index registering a reading of 50.8, compared to Feburary's reading of 49.1. Separately, Japan's first-quarter Tankan survey showed that business optimism among large manufacturers fell, with the gauge at +11 compared with +12 in the last survey. However, optimism among non-manufacturers rose, with the Tankan gauge at +34 compared with +30 in the fourth quarter and beating Reuters expectations of +33. The survey gauges business sentiment, which the Bank of Japan monitors when formulating monetary policy.

Persons: Japan's Organizations: China's National Bureau, Reuters, Bank of Japan Locations: Asia, Pacific, Japan

☆ Asia markets poised to fall ahead of China industrial profits data, Australia inflation reading
▼ + stars: | 2024-03-27 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Asia-Pacific markets were set to largely fall on Wednesday, taking cues from Wall Street as the market rally in the U.S. continued to cool. Investors in Asia will assess February inflation numbers from Australia, the first inflation reading after the country's central bank said that "it was not yet possible to rule in or out further increases in interest rates." "Inflation had moderated but was still high," the bank said. China will also release industrial profit data on Wednesday.

Locations: Asia, Pacific, U.S, Australia, China

The Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Friday, Feb. 16, 2024. Kosuke Okahara/Bloomberg via Getty ImagesAsia-Pacific markets were set to fall Tuesday as the U.S. market took a breather following a rally sparked by optimism over the Federal Reserve's interest rate stance at its latest meeting. "We're coming off of a post-FOMC high," he told CNBC, referring to the U.S. Federal Reserve's Federal Open Market Committee meeting last week. "The market is getting more and more vulnerable to a market decline or a pullback in prices." Investors in Asia also await economic data out of Southeast Asia, including Singapore's manufacturing output and Thailand's trade balance.

Persons: Kosuke Okahara, Sam Stovall Organizations: Tokyo Stock Exchange, Japan Exchange Group Inc, Bloomberg, Getty Images, Federal, CFRA Research, CNBC, U.S, U.S . Federal Locations: Tokyo, Japan, Getty Images Asia, Pacific, U.S, U.S ., Asia, Southeast Asia

☆ Asia markets poised for mixed open as investors await inflation data from the region this week
▼ + stars: | 2024-03-25 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Roslan Rahman | AFP | Getty ImagesAsia-Pacific markets were set to open mixed as investors await a slew of inflation reports from the region. Singapore and Malaysia will release their February inflation reports on Monday, while Australia's inflation numbers will be out on Wednesday. Tokyo's inflation numbers are due Friday. The capital's inflation numbers are widely seen as a leading indicator of nationwide trends. Futures for Hong Kong's Hang Seng index stood at 16,515, pointing to a slightly stronger open compared with the HSI's last close of 16,499.47.

Persons: Roslan Rahman Organizations: AFP, Getty, Nikkei Locations: Sands, Singapore, Asia, Pacific, Malaysia, Australia, Chicago, Osaka

☆ Singapore's former transport minister S Iswaran slapped with 8 new charges
▼ + stars: | 2024-03-25 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

S. Iswaran, Singapore's transport minister, leaves the Singapore State Courts in Singapore, on Thursday, Jan. 18, 2024. Iswaran was charged with corruption, the latest development in the biggest political scandal to hit the city state in close to four decades. Photographer: Ore Huiying/Bloomberg via Getty ImagesSingapore's former Transport Minister S Iswaran was handed eight additional charges in court on Monday, bringing the total number of charges against him to 35. In January, Iswaran was handed 27 charges, including corruption — he pleaded not guilty to those charges. A statement from Singapore's anti-graft watchdog said the alleged offences were committed between November 2021 and November 2022, and was in connection with Iswaran's official function as Minister for Transport.

Persons: Iswaran, —, Lum Kok Organizations: Courts, Bloomberg, Getty, Singapore, Transport Locations: Singapore, Australia, Brompton

The BOJ will now look to utilize its short-term interest rate as its primary policy tool. It will employ an interest rate of 0.1% to current account balances held by financial institutions at the central bank from March 21, while encouraging the uncollateralized overnight call rate (another interest rate used as a policy lever by the bank) to remain at around 0 to 0.1% — effectively raising interest rates from -0.1% previously. It would resort to "nimble responses" in the form of increased Japan government bond purchases and fixed-rate purchases of JGBs, among other things, if there is a rapid rise in long-term interest rates. Japanese investors have looked elsewhere for better returns given years of artificially depressed interest rates in their home market. The Fed is due to announce its own interest rate decision on Wednesday.

Persons: Japan Alexander Spatari, Kazuo Ueda, Rob Carnell, BOJ, Ueda, Michael Brown, —, JGBs, Vishnu Varathan, Hayden Briscoe, Briscoe Organizations: Japan's, Japan Inc, Asia, ING, CNBC, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, Mizuho Financial Group, Bank of America, Barclays, U.S . Federal, UBS Asset Management Locations: Dotonbori, Japan, Japan's, U.S, Mizuho's, Asia

☆ Asia markets poised to fall ahead of central bank decisions from Japan and Australia
▼ + stars: | 2024-03-19 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Kazuo Ueda, governor of the Bank of Japan (BOJ). Asia-Pacific markets were set to fall ahead of central bank monetary policy decisions from the Bank of Japan and the Reserve Bank of Australia. All eyes will be on the BOJ amid expectations that the central bank could end its negative interest rate policy after 17 years. Economists polled by Reuters expect the central bank to raise its rates to 0% from the current -0.1%. Separately, the RBA is forecast to hold its benchmark interest rate at 4.35% for its third meeting in a row.

Persons: Kazuo Ueda Organizations: Bank of Japan, Reserve Bank of Australia, Reuters Locations: Asia, Pacific

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