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This gives room for the Federal Reserve to pause and skip a rate hike when they meet later this week. In Japan, the Nikkei 225 popped 1.05% on its open, inching closer to the Nikkei's all time high is just under 39,000 points in December 1989. In Australia, the S&P/ASX 200 climbed 0.32%, while South Korea's Kospi slipped 0.22% and the Kosdaq traded close to the flatline. South Korea's unemployment rate came in at 2.5% for May, falling for the second straight month and lower than the 2.6% recorded in April. Hong Kong's Hang Seng index is also set for a strong open, with futures at 19,535 compared to the HSI's close of 19,521.42.

Persons: Ed JONES, ED JONES, Kospi, Hong Organizations: Getty Images, Federal Reserve, Nikkei Locations: Seoul, AFP, Asia, Pacific, U.S, Japan, Australia, South

☆ China opens a new era of 'proactive easing' as the economic recovery turns sour
▼ + stars: | 2023-06-14 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

SHANGHAI, CHINA - NOVEMBER 04, 2022: Buildings at Lujiazui Financial District are illuminated to celebrate the opening ceremony of the 5th China International Import Expo (CIIE) on November 4, 2022 in Shanghai, China. Vcg | Visual China Group | Getty ImagesStock Chart Icon Stock chart iconPointing to soft economic figures from China, including credit data, Citi economists said "stimulus seems to be underway with the weak readings." Barclays economists, writing in a Tuesday note titled "Entering a rate cut cycle," predict China will deliver a cut for every quarter until early 2024. China's central bank controls the benchmark one-year lending and deposit rates, which affect the borrowing costs for banks, businesses and individuals across the country. Mizuho Bank's Head of Economics and Strategy for Asia Vishnu Varathan argued that the latest actions from China's central bank "does not cut it."

Persons: 50bp, Jian Chang, Goldman Sachs, Hui Shan, Asia Vishnu Varathan Organizations: Lujiazui Financial, 5th China, Visual China, Getty, Citi, Barclays, Bank's, Economics Locations: SHANGHAI, CHINA, Shanghai, China, Asia

☆ China’s real estate slump predicted to last for years, threatening to spill into the wider region
▼ + stars: | 2023-06-14 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

Future Publishing | Future Publishing | Getty ImagesWeakness in China's real estate sector could be a drag on the economy for years to come and could even impact countries in the wider region, Wall Street banks have warned. "We only assume an 'L-shaped' recovery in the property sector in coming years," they said. watch nowGoldman Sachs economists also noted there are expectations for China's government to introduce more housing stimulus packages to support the sector. If the challenges in the property sector deepen and bring risk aversion in the financial system and affect consumer confidence, this will cause a deeper slowdown in China. watch nowHui said the government's push to cap property prices at a certain level could be missing a big chunk of potential buyers.

Persons: Goldman Sachs, Lisheng Wang, Goldman, Tai Hui, Morgan Stanley, Hui, CNBC's, that's Organizations: Future Publishing, Reuters, Market Locations: CHINA, Nanning, South, Guangxi Zhuang, Wall, China, Asia

☆ China's central bank cuts key short-term policy rate for first time since August
▼ + stars: | 2023-06-13 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

The People's Bank of China (PBOC) building in Beijing on Dec. 15, 2022. The People's Bank of China on Tuesday cut a key short-term policy rate as it deals with disappointing economic data in the country after a Covid-19 reopening failed to gain momentum. The PBOC cut its seven-day reverse repurchase rate by 10 basis points from 2% to 1.9%, according to a central bank release, injecting 2 billion Chinese yuan ($279.97 million) through its seven-day repos. A repurchase agreement (repo) is a type of short-term borrowing rate. The move comes ahead of the PBOC's medium-lending facility interest rate decision, which is expected to be released on Thursday.

Organizations: People's Bank of China, U.S Locations: Beijing

Asia-Pacific markets are set to largely rise on Tuesday ahead of the U.S. inflation report and Federal Reserve's two-day meeting later in the day – the central bank is widely expected to hold rates for the first time in 15 months while inflation's annual outlook marked a two-year low in the latest New York Fed survey. Japan's Nikkei 225 is set to reach new 2023-highs – its futures contract in Chicago is at 32,795, and its counterpart in Osaka at 32,644 against its last close at 32,434. Australian markets come back from a public holiday with futures for the S&P/ASX 200 at 7,123, just slightly higher than the index's last close of 7,122. However, Hong Kong's Hang Seng index is set to snap a four day winning streak, with futures at 19,358 compared to the HSI's close of 19,404.31.

Persons: Hong Organizations: Fed, Nikkei Locations: Asia, Pacific, Chicago, Osaka

☆ Investors are eyeing China's neighbors as the recovery from 'zero-Covid' slows
▼ + stars: | 2023-06-12 | by ( Jihye Lee | ) www.cnbc.com time to read: +8 min

Bloomberg | Bloomberg | Getty ImagesChina's lackluster economic recovery since emerging from strict "zero-Covid" lockdowns has caused weaker sentiment toward the country, prompting investors to look for alternative options — like its near neighbors. Higher targets for JapanForeign investors have undoubtedly been key in driving the Japanese market, maintaining the highest levels the Nikkei has seen since 1990. During the same period last year, foreign investors had sold a net 1.73 trillion yen approximately. Wall Street banks including Morgan Stanley and Societe Generale are among those that are optimistic on Japanese stocks, holding "overweight" positions. Upside for Korea tech stocksSouth Korea is another market closely watched as concerns over China's recovery linger.

Persons: Goldman, Andrew Tilton, Berkshire Hathaway's Warren Buffett, India's, Goldman Sachs, Tilton, Morgan Stanley, ROE, Mike Wilson, we've, Price, Goldman's Tilton, Rhee Chang, Nomura, Chloe Andrieu, Pranjul Bhandari, Bhandari Organizations: Bloomberg, Getty, Asia, Pacific, Japan Foreign, Nikkei, Japan's Ministry of Finance, Societe Generale, Equity, U.S, UBS Global Wealth, U.S ., UBS, The Bank of, CNBC, Citi, AFP, Afp, Korea Financial Investment Association, South Korean, Fitch, Ben Advisors Locations: Macau, China, Japan, South Korea, India, Goldman Sachs, Berkshire, South, Shanghai, Shenzhen, Wall, Korea, Asia, The Bank of Korea, Fuyang, China's, Anhui, Indonesia

☆ George Soros hands control of his $25 billion empire to his son Alex
▼ + stars: | 2023-06-12 | by ( Jihye Lee | ) www.cnbc.com time to read: +2 min

George Soros, billionaire and founder of Soros Fund Management LLC, speaks during an event on day two of the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, May 24, 2022. Philanthropist billionaire George Soros confirmed that he is handing control of his $25 billion empire to his son Alex. Soros, 92, has a net worth of $6.7 billion, according to Forbes, and is the one of the top 400 richest people in the world. The Open Society Foundations did not immediately respond to a CNBC request for comment but a spokesperson did confirm the details of the interview with the Reuters news agency. Billionaire Elon Musk recently took to Twitter to attack Soros after his Soros Fund Management cut its stake in Tesla.

Persons: George Soros, Alex . Soros, Forbes, Alex, Donald Trump, Soros, Elon Musk Organizations: Soros Fund Management, Economic, Open, Wall Street, Soros, Society, CNBC, Reuters, U.S . Democratic, Bank of England, London School of Economics, Twitter, Fund Management Locations: Davos, Switzerland, U.S, Hungary

Global central bank meetings will be under the spotlight this week, including the U.S. Federal Reserve, the Bank of Japan as well as the European Central Bank. Indonesia's consumer confidence, Malaysia's retail sales and India's industrial production and inflation rates will be published as well. Tuesday will be a market holiday in South Korea and Indonesia will publish its retail sales for the month of April. South Korea's import and export prices for May will be out on Wednesday alongside its unemployment rate. On Friday, Singapore's non-oil domestic exports for May will be published and the Bank of Japan will conclude its central bank meeting.

Persons: Singapore's, — Jihye Lee Organizations: U.S . Federal Reserve, Bank of Japan, European Central Bank, Federal, Market, Central Bank Locations: South Korea, Indonesia, U.S, China, New Zealand

☆ China's producer prices plunge the most in seven years as deflation hangs over economy
▼ + stars: | 2023-06-09 | by ( Jihye Lee | ) www.cnbc.com time to read: +2 min

People walk past buildings in Shanghai, Shanghai, China, on Friday, April 21, 2023. Producer price index in May fell 4.6%, marking the steepest year-on-year drop in seven years, when producer prices saw a year-on-year drop of 7.2% in May 2016. China's low consumer inflation and deflation in its producer prices come in contrast to relatively high inflation in major economies around the world. The mining and raw material industries led declines in producer prices, while food, tobacco and alcohol prices led consumer price gains, the data showed. Nearing bottomDespite the softness in the latest price indexes, one China market watcher seemed to be holding on to an optimistic "long China" call.

Persons: Zhiwei Zhang, Zhang, Andrew Maynard of Organizations: Bloomberg, Getty, Reuters, CPI, U.S . Federal Reserve, U.S ., CSI, China's National Bureau, Statistics Locations: Shanghai, China, Canada, Australia, Shenzhen, Andrew Maynard of China

☆ India predicted to outshine China as Asia remains a bright spot for global growth
▼ + stars: | 2023-06-09 | by ( Jihye Lee | ) www.cnbc.com time to read: +4 min

In its latest global economic outlook report, the OECD predicted India, China and Indonesia would top gross domestic product projections for 2023 and 2024. The OECD added that looser monetary policy in the second half of next year will help household spending momentum return. The report added that it expects OECD countries' average headline inflation to fall to 6.6% this year, after peaking at 9.4% in 2022. 'Fragile' improvementStill, the OECD warned the global economic recovery remains fragile as central banks continue to tighten monetary policy, which could lead to stress in financial markets. Asia remains brightWhile the global economy could slow down further, Asia is expected to remain a bright spot as regional inflation is expected to remain "relatively mild," OECD says.

Persons: Rashtrapati, Clare Lombardelli, Lombardelli, David Malpass Organizations: Rashtrapati Bhavan, Organization for Economic Cooperation, Development, OECD, India, World Bank Locations: India, New Delhi, Kriangkrai, China, Indonesia, Argentina, Turkey, United States, Ukraine, Asia, Japan

A vegetables stall in the Haizhu area of Guangzhou, China, on Tuesday, May 9, 2023. China's consumer inflation slowed to the weakest pace in two years in April while producer prices fell deeper into deflation, reflecting muted domestic demand and softer commodity costs. Source: BloombergAsia-Pacific markets are set to rise after the S&P 500 hit a new high for 2023 and the Dow Jones Industrial Average saw a third straight day of gains. Asia investors will be watching for China's consumer price index for May, after the country saw its inflation rate sink to just 0.1% in April, it lowest point since November 2020. Producer prices, meanwhile, are expected to fall by 4.3% in May, according to a Reuters survey, which would mark the lowest since mid-2016.

Organizations: Bloomberg, Dow Jones Locations: Haizhu, Guangzhou, China, Bloomberg Asia, Pacific, U.S . Federal, Asia

☆ Japan's GDP revised sharply higher, grew 2.7% in the first quarter on robust spending
▼ + stars: | 2023-06-08 | by ( Jihye Lee | ) www.cnbc.com time to read: 1 min

TOKYO, JAPAN - SEPTEMBER 19: A general view of the Tokyo Tower and city on September 19, 2019. Japan's economy grew an annualized 2.7% in the first quarter of the year, expanding further than earlier estimates of 1.6% made last month, government data showed, as the economy continues to see robust spending. Economists surveyed by Reuters had expected to see growth of 1.9%. The Japanese yen strengthened by 0.14% to 139.98 against the U.S. dollar shortly after the release. Quarter-on-quarter, the economy expanded by 0.7%, beating estimates by Reuters of 0.5%.

Organizations: Reuters, U.S Locations: TOKYO, JAPAN, Tokyo

Cranes unload shipping containers from a vessel at the Port of Fremantle in Perth, Australia, on Monday, Aug. 26, 2013. Asia-Pacific markets are set to fall as Wall Street saw a pause in its market rally and the broad market index fluctuated near its highest closing levels since August 2022. China's exports fell further than than expected and Australia's central bank defied market expectations by delivering a 25 basis-point hike. South Korea's Kospi inched down 0.23% in early trade, while the Kosdaq saw a larger loss at 0.43%. Hong Kong's Hang Seng index is also set to fall after a brief rally on Wednesday, with futures at 19,116 compared to the HSI's close of 19,252.

Organizations: Port, Nikkei, Reuters, Bank of Locations: Fremantle, Perth, Australia, Asia, Pacific, Japan, Bank of India

☆ 'Public nuisance': New York sues Hyundai and Kia, alleging their cars are easy to steal
▼ + stars: | 2023-06-07 | by ( Jihye Lee | ) www.cnbc.com time to read: +2 min

Hyundai Motor Co. vehicles are displayed at the company's Motorstudio showroom in Goyang, South Korea, on Thursday, Oct. 22, 2020. South Korean automakers Hyundai and Kia are being sued for causing a "public nuisance," according to a complaint filed in Manhattan federal court. A viral TikTok challenge started in 2021 and spurred a rise in thefts of Hyundai and Kia cars. New York accused the two companies of enabling "this spiraling epidemic" of car thefts. "Making sure cars are not easy to steal protects both property and the public by keeping dangerous drivers in stolen vehicles off the roads," it said.

Organizations: Hyundai, Co, South Korean, Kia, Chicago, CNBC, of, National, Traffic, Administration Locations: Goyang, South Korea, Manhattan, New York City, Angeles, U.S, Southern, of New York . New York

☆ China's stimulus could focus on its 'dire' property sector. Here's what economists expect
▼ + stars: | 2023-06-07 | by ( Jihye Lee | ) www.cnbc.com time to read: +3 min

China's economic recovery is losing momentum after an initial burst in consumer and business activity early in the year, prompting calls for more policy stimulus to bolster growth. // "The stimulus package could be centered on the property sector, with expansionary monetary and fiscal policies to keep up growth momentum," Citi economists led by Xiangrong Yu wrote in a Tuesday note. Don't expect a 'bazooka'Nomura's Chief China economist Ting Lu said "the situation of China's property sector appears dire." The Japanese investment bank doesn't expect a "bazooka" stimulus package but predicts it will be introduced in a cautious manner. They pointed to the latest wording from top policymakers and their emphasis on "security" – how this is an indicator for the scale of a stimulus package to come.

Persons: Qilai Shen, Xiangrong Yu, Ting Lu, Nomura Organizations: Bloomberg, Getty Images Bloomberg, Getty, Citi Locations: Wuxi, China, Beijing

Cargo ships stop at their berths to load and unload containers at the container terminal in Lianyungang Port, East China's Jiangsu province, June 5, 2023. In Australia, the S&P/ASX 200 rose 0.25%, ahead of Australia's first quarter GDP numbers. The country's economy is expected to expand 2.4% year-on-year, slightly slower than the 2.7% recorded in the fourth quarter of 2022. Japan stocks were higher, with the Nikkei 225 inching closer to the 33,000 level and rising 0.47%. South Korea's markets came back from a public holiday with a positive start, with the Kospi climbing 0.28% and the Kosdaq up by 0.6%.

Persons: Philip Lowe Organizations: Reserve Bank of Australia, Nikkei Locations: Lianyungang Port, East China's Jiangsu, Asia, Pacific, Australia, Australia's, Japan, South

☆ Japan's yen is weakening again, prompting talk of another intervention worth billions of dollars
▼ + stars: | 2023-06-06 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

However, pointing to recent language used by Finance Minister Shunichi Suzuki, she added that immediate action seems less likely. "The language used is definitely not as tough compared to the lead up to the September 2022 intervention," she said. Masato Kanda, Japan's vice minister of finance for international affairs, told reporters last week that the government would step in if needed as the yen showed further weakening, according to Nikkei. Kanda's comments came after an unscheduled meeting between officials at Japan's Finance Ministry, the publication reported. She noted the month-on-month change seen in the currency before the intervention in September had a range of 6% to 8%.

Persons: Goldman Sachs, Shunichi Suzuki, Masato Kanda, Chew Organizations: Bank of Japan, U.S, Bloomberg, Getty, Ministry of Finance, Finance, Nikkei, Japan's Finance Ministry

☆ Australia's central bank hikes rates by 25 basis points, defies expectations
▼ + stars: | 2023-06-06 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

Lamp posts in front of the Reserve Bank of Australia (RBA) building in Sydney, Australia, on Monday, Feb. 6, 2023. The Reserve Bank of Australia on Tuesday again defied market expectations, raising its benchmark rate by 25 basis points to 4.1%. Economists polled by Reuters were widely expecting the central bank to hold rates steady. Reserve Bank of Australia's Governor Philip Lowe said while inflation in the nation may have "passed its peak," there are still indicators showing inflation persisting. The central bank's target for inflation is a range between 2% to 3%.

Persons: Philip Lowe, Lowe Organizations: Reserve Bank of Australia, Reuters, U.S, Reserve Bank, Australia's Locations: Sydney, Australia

A pedestrian and jogger pass the Reserve Bank of Australia (RBA) building, during a partial lockdown imposed due to the coronavirus, in Sydney, Australia, on Monday, May 18, 2020. Markets are "catching their breath after Friday's broad-based rally," said Ryan Detrick, chief market strategist at the Carson Group. "It's a very lackluster news day, which isn't a bad thing as we consolidate some of those big recent gains we've had." Australia's S&P/ASX 200 opened 0.35% down ahead of the country's central bank rate decision. The Reserve Bank of Australia is expected to hold rates at 3.85%, according to a Reuters poll.

Persons: Ryan Detrick, we've Organizations: Reserve Bank of Australia, Carson Group, Nikkei Locations: Sydney, Australia, Asia, Pacific, Japan, South

☆ IMF chief says there's no significant slowdown in lending and the Fed may need to do more
▼ + stars: | 2023-06-05 | by ( Jihye Lee | ) www.cnbc.com time to read: +2 min

The International Monetary Fund has yet to see enough banks pulling back on lending that would cause the U.S. Federal Reserve to change course with its rate-hiking cycle. "We don't yet see a significant slowdown in lending. The Federal Reserve in a May banks report warned that lenders are worried about conditions ahead, as trouble in mid-sized financial institutions in the U.S. caused banks to tighten lending standards for households and businesses. A majority of major global central banks, including the U.S. Federal Reserve, have tightened their monetary policy aggressively to tame soaring inflation. Meanwhile, the world's global debt has swelled to a near-record high of $305 trillion, according to the Institute of International Finance.

Persons: Georgieva, Kristalina Georgieva, Karen Tso, Pierre, Olivier Gourinchas, IIF Organizations: Monetary Fund, U.S . Federal Reserve, Federal Reserve, CNBC, Institute of International Finance Locations: Dubrovnik, Croatia, U.S

Asia-Pacific markets are set to rise after U.S. President Joe Biden signed into law a debt ceiling bill that allowed the U.S. to avert defaulting on its financial obligations over the weekend. The compromise debt ceiling bill passed the Senate by a 63-36 margin Thursday evening, winning enough support from both parties to overcome the chamber's 60-vote threshold to avoid a filibuster. The next level to watch for investors will be the 32,644 mark which would breach its highest since July 1990. Oil futures also surged as the Organization of the Petroleum Exporting Countries (OPEC) kingpin Saudi Arabia's decision to cut oil production by another million barrels per day. Prices of Brent crude were 2.35% up at 77.94, while West Texas Intermediates was up 2.43% at 72.48.

Persons: Joe Biden, Brent Organizations: Nikkei, of, Petroleum, Saudi Locations: Asia, Pacific, Japan, Chicago, Osaka, West Texas

People are reflected in an electronic quotation board displaying the 225-issue Nikkei Stock Average (top) as they cross a street in Tokyo on May 17, 2023. (Photo by Kazuhiro NOGI / AFP) (Photo by KAZUHIRO NOGI/AFP via Getty Images)Asia-Pacific markets were mostly higher on Thursday ahead of a final vote on the bill to raise the U.S. debt ceiling after it passed a key procedural hurdle in the House overnight. Private surveys for factory activity data for China, Japan, South Korea as well as several Asean countries will be released later today. In Japan, the Nikkei 225 saw a 0.18% gain after it retreated from the 31,000 mark on Wednesday, with the Topix also up by 0.22%. HSI futures stood at the lowest the index has been since Nov 28, 2022.

Persons: Kazuhiro NOGI, KAZUHIRO NOGI, Australia's Organizations: Nikkei, Getty Images, Asean Locations: Tokyo, AFP, Asia, Pacific, China, Japan, South Korea

Asia-Pacific markets are set to fall as Wall Street considered the likelihood of Congress passing a tentative deal on raising the U.S. debt ceiling amid growing opposition within the GOP on the tentative deal that House Speaker Kevin McCarthy and U.S. President Joe Biden agreed over the weekend. Australia will publish its seasonally adjusted April inflation figures, and a rate decision from Thailand's central bank, among others. In Australia, futures for the S&P/ASX 200 were at 7,187, lower than the index's last close of 7,209.3, ahead of its unemployment figures for April. Economists polled by Reuters expect the country's weighted inflation rate in April to slow slightly to 6.4%. Hong Kong's Hang Seng index is set to fall further despite a late rally in Tuesday session, with futures at 18,260 compared to the HSI's close of 18,595.78.

Persons: Kevin McCarthy, Joe Biden Organizations: GOP, Nikkei, Reuters Locations: Asia, Pacific, Australia, Thailand's, Japan, Chicago, Osaka, 31,328.160

☆ North Korea says its first spy satellite launch ends in failure, crashes into sea
▼ + stars: | 2023-05-31 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

A man watches a television screen showing a news broadcast with file footage of North Korea's leader Kim Jong Un, at the Seoul Railway Station in Seoul on May 31, 2023. North Korea's first attempt at launching a military spy satellite resulted in failure on Wednesday, with South Korea's military picking up wreckage after the carrier rocket crashed into its western waters. North Korea's state media agency, the Korean Central News Agency, said that an "accident" occurred during the launch of a military reconnaissance satellite. North Korea's state media added that the failed launch was due to "low reliability and stability of the new-type engine system applied" to the carrier rocket and the "unstable character of the fuel used." South Korean officials added that they are in the process of recovering "what could be the wreckages from the purported 'space launch vehicle' fired by North Korea."

Persons: Kim Jong Un, Korea's Organizations: Seoul Railway, Korean Central News Agency Locations: Seoul, South, North, Korea, North Korea

☆ Hong Kong stocks enter bear market territory as China reopening optimism continues to fade
▼ + stars: | 2023-05-31 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

Zhang Wei | China News Service | Getty ImagesStock Chart Icon Stock chart iconThe Hang Seng Tech index has already fallen by more than 25% from its January peak. That's a stark contrast to the reopening optimism that had once driven Asia-Pacific's benchmark MSCI Asia Pacific index to a bull market. watch nowMorgan Stanley analysts said in a May 17 report that a weak reading in that manufacturing measure "has been a solid precursor to policy easing." "If growth does not accelerate sufficiently to narrow the output gap, social stability risk may rise and eventually trigger more meaningful stimulus," Morgan Stanley analysts wrote in the note. The index for services activity remained in expansionary territory at 54.5, but marked a second-straight month of decline.

Persons: Zhang Wei, Morgan Stanley Organizations: China News Service, Getty, Hang, Seng China Enterprises, Analysts, China, CNBC, National Bureau, Statistics Locations: Hong, Wan Chai district, Asia, Hong Kong

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