33 minutes ago
South Korea’s exports fell 16.1% year on year from May 1-20
The Korea Customs Agency said exports from South Korea fell 16.1% in the first 20 days of May compared with the same period a year ago.
Imports in the same period also decreased by 15.3% year on year.
The value of exports for the first 20 days was $32.4 billion, and imports were $36.7 billion, leaving a deficit of $4.3 billion for the May 1-20 period.
Refinitiv data showed that South Korea’s exports have fallen for seven straight months, with April posting a 14.3% year-on-year decline.
– Lim Hwi Ji
one hour ago
Japan’s core machinery orders fell in March
Japan’s core machinery orders fell 3.9% in March from the previous month, falling more than expected.
Economists polled by Reuters had expected the reading to rise by 0.7% on a monthly basis.
Compared to last year, orders for machines also decreased by 3.5%, against expectations for a print increase of 1.4%.
Japanese machinery orders rose 9.8% year-on-year in February.
– Jihe Lee
one hour ago
CNBC Pro: Tesla vs. BYD: Here’s why a fund manager favors 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 Reibmann, portfolio manager at Storebrand Asset Management, one global electric car maker stands out: China’s BYD — not Elon Musk’s Tesla.
As an investor, Rebman said BYD’s appeal goes beyond just making electric vehicles.
CNBC Pro subscribers can read why the fund manager is optimistic about BYD here.
– Ganesh Rao
one hour ago
CNBC Pro: These 4 stocks are on Goldman’s “Buy Borrow” list — and they’re giving a rally of 115%
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Resume debt suspension negotiations tomorrow, Monday
Federal leaders are expected to continue negotiations on the US debt ceiling on Monday as the country approaches a default.
President Joe Biden and House Speaker Kevin McCarthy, R-Calif., are scheduled to meet in person at the White House.
Treasury Secretary Janet Yellen said Sunday that “hard choices” will have to be made about which notes won’t be repaid if the debt ceiling is not raised, and reiterated her warning that the US could default on its debt as early as June 1,
– Jesse Pound, Ashley Cabot
Friday, May 19, 2023, 11:46 a.m. EST
Powell says rates may not have to go up 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 in part because of pressures seen in the banking sector.
He said as part of a committee on monetary policy.
“As a result, our policy rate may not need to go up as much as it would have to achieve our goals,” he added. Of course, the extent of that is highly uncertain.
– Jeff Cox
Friday, May 19, 2023, 8:55 AM EST
The Fed’s Williams says the “era of ultra-low interest rates” lives on
New York Federal Reserve Chairman John Williams said the long-term trend in interest rates is likely to be lower, despite recent increases in an effort to combat inflation.
In a largely academic debate during a forum in Washington, D.C., Williams said the “normal” interest rate remains on the downward trend as prospects for economic output are muted. This is despite higher pandemic-era inflation and increases in interest rates to combat price hikes.
“Importantly, there is no evidence that the era of ultra-low natural interest rates is over,” Williams said.
– Jeff Cox
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