43 minutes ago
South Korean exports fell 16.1% year-on-year in the May 1-20 period
Exports from South Korea fell 16.1% in the first 20 days of May, its customs agency said.
Imports also fell by 15.3% year-on-year during the same period.
Exports were valued at $32.4 billion and imports at $36.7 billion for the first 20 days, resulting in a deficit of $4.3 billion in the May 1-20 period.
Refinitiv data showed South Korea’s exports fell for the seventh consecutive month, posting a 14.3% year-on-year drop in April.
– Lim Hui Jee
An hour ago
Japan’s major machinery orders fell in March
Japan’s major machinery orders fell 3.9% in March from the previous month, a more-than-expected decline.
Economists polled by Reuters had expected the reading to rise 0.7% month-on-month.
Machine orders also fell 3.5% from a year ago, against expectations that printing would rise 1.4%.
Japan’s machinery orders rose 9.8% year-on-year in February.
– Jihye Lee
2 hours ago
CNBC Pro: Tesla Vs. BYD: Here’s Why One Fund Manager Loves the Buffett-Backed Automaker
In an era defined by the need to tackle climate change, electric vehicles (EVs) are seen as an increasingly important part of the solution.
For Philip Ribman, portfolio manager at StoreBrand Asset Management, one global EV automaker stands out: China’s BYD — not Elon Musk’s Tesla.
As an investor, BYD’s appeal goes beyond making electric cars, Ribman said.
CNBC Pro subscribers can read why the fund manager is a good fit for BYD here.
– Ganesh Rao
2 hours ago
CNBC Pro: These 4 Stocks Are on Goldman’s ‘Conviction Buy’ List — And It’s Worth a 115% Upside
4 hours ago
Debt settlement talks will resume on Monday
Federal leaders are expected to resume talks on the US debt ceiling on Monday as the country moves closer to a potential default.
President Joe Biden and House Speaker Kevin McCarthy, R-Calif., are set to meet in person at the White House.
Treasury Secretary Janet Yellen said Sunday that “tough choices” will have to be made about which bills will go unpaid if the debt ceiling is not raised, and she reiterated her warning that the U.S. could not repay its debt before June 1.
– Jesse Pound, Ashley Cabot
Fri, May 19 2023 11:46 AM EDT
Powell says rates don’t have to rise as much as expected
Federal Reserve Chairman Jerome Powell said on Friday that interest rates may not have to rise as much as previously thought due to pressures in the banking sector.
“Financial stability instruments have helped calm conditions in the banking sector. On the other hand, developments there are contributing to tight credit conditions and may weigh on economic growth, hiring and inflation,” he said as part of a panel. Monetary policy.
“So as a result, our policy rate will not need to go up to meet our targets,” he added. “Of course, the extent of that is very uncertain.”
– Jeff Cox
Fri, May 19 2023 8:55 AM EDT
The central bank’s Williams said interest rates remained at ‘very low levels’
New York Federal Reserve President John Williams said the long-term trend in interest rates may be lower, despite recent increases in efforts to fight inflation.
In a major academic debate during a forum in Washington, D.C., Williams argued that the “natural” rate of interest is negative because opportunities for economic output are muted. That’s despite a pandemic-era surge in inflation and rising interest rates to combat high prices.
“Importantly, there is no evidence that the era of ultra-low natural interest rates is over,” Williams said.
– Jeff Cox