China CPI, Retail Sales, Japan GDP

2 hours ago

China reportedly moving ahead with plan to sell $138 billion of long-term bonds

China has reportedly launched a plan to sell up to one trillion yuan ($138.24 billion) of ultra-long-term bonds, the Financial Times and Reuters report.

The Financial Times said the People's Bank of China “has asked brokers for advice on pricing the sale of the first batch of sovereign bonds.”

Meanwhile, Reuters, citing sources, said the bonds would be issued from May 17, adding that 300 billion yuan worth of 20-year bonds, 600 billion yuan worth of 30-year bonds and 100 billion yuan worth of There will be 50-year bonds.

These ultra long term bonds were announced in March, and are designed to finance key projects in line with national strategies.

These bonds have been issued only three times before, in 1998 during the Asian financial crisis, in 2007 to capitalize China Investment Corporation and in 2020 during the COVID-19 pandemic.

– Lim Hui Ji

three hours ago

Sheen reportedly boosts preparations for London IPO amid US hurdles

China's Xin is stepping up preparations to go public in London after an attempt to list in New York was hit by regulatory challenges, Reuters reported, citing sources with knowledge of the matter.

According to the report, the fast-fashion retailer plans to file documents with the London Stock Exchange (LSE) as early as this month and update China's securities regulator of the IPO venue.

Sheen filed to go public in the US in late November, valuing it at $66 billion.

– Shreyashi Sanyal, Reuters

three hours ago

Australian government expects central bank's inflation target to be met by year-end

The Australian government expects inflation to be within the Reserve Bank of Australia's 2%-3% target range by the end of 2024, Reuters reports.

“We are making progress in the fight against inflation, but the mission is not accomplished because people are still under pressure and that's why inflation is a big part of the budget,” Australian Treasurer Jim Chalmers said in a media interview on Sunday. There is focus.”

The Australian government is scheduled to announce the federal budget on Tuesday.

– Shreyashi Sanyal, Reuters

5 hours ago

China's April inflation slightly higher than expected

Data from the National Bureau of Statistics on Saturday showed consumer prices in China rose at a faster pace than expected, with the consumer price index rising 0.3% year-on-year in April.

That was more than the 0.2% forecast in a Reuters survey of economists, and better than the 0.1% growth seen in March.

Separately, China's producer price index fell 2.5% compared with April last year, compared with a 2.8% decline in the previous month.

– Lim Hui Ji

6 hours ago

CNBC Pro: This global stock could rise 140% due to hydrogen fuel boom, says analyst

A global company specializing in tank facilities and refueling technologies could see its share price rise as much as 140% over the next 12 months, according to an analyst.

The company's business model assumes that buses, industrial trucks and trains will use hydrogen in the future, rather than mass-market cars, which are now converting primarily to electric energy.

The analyst believes it is well-positioned to capture the rapid growth in new hydrogen refueling stations being built in the medium term.

CNBC Pro subscribers can read more here.

-Ganesh Rao

6 hours ago

CNBC Pro: Buy Nvidia Stock Now or Wait for Another Drop? Two fund managers disagree

Chip maker Nvidia has been in the news over the past year, especially after its shares surged a massive 240% in 2023.

Its popularity shows no signs of waning, and although the stock was flat last week, it's up nearly 80% year to date.

However, the substantial increase in Nvidia's share price has raised the question of whether those who have not already invested should buy the stock now, or wait to see if its price drops.

CNBC Pro spoke to two fund managers who have differing opinions, and clients can read more here.

– Amala Balakrishner

Fri, May 10, 2024 4:44 PM EDT

Goldman Sachs hits all-time high, gains for fourth straight week and climbs 17% during that period

Goldman Sachs, America's biggest investment bank, hit a record $458.75 on Friday before ending the week up 3.8%.

Goldman has now risen for four consecutive weeks, climbing nearly 17% during that period and adding 431 points to the Dow Jones Industrial Average during that same period alone.

Looked at another way, Goldman Sachs has accounted for about 31% of the Dow Industrials' entire 1,405-point gain over the past four weeks.

– Scott Schnipper

Fri, May 10, 2024 2:56 pm EDT

Fed officials say they are in 'wait and see' mode on interest rates

Federal Reserve regional chairs Neel Kashkari of Minneapolis and Austin Goolsby of Chicago said they are taking a patient approach to monetary policy because they believe inflation data has been surprisingly strong this year.

“I'm in a wait-and-see position. Let's get more data to see whether this inflation is going to continue or is stopping,” Kashkari said during a joint live interview on CNBC. “We are all committed to getting inflation back” to the Fed's 2% target.

Goolsby noted the sharp deflation that occurred in 2023 and said he expected it could resume following the steady growth trend seen so far this year.

“When we're going to have a lot of data and important information before the next meeting, I don't like having my hands tied even partially, certainly not for the rest of the year,” he said. “The data dogs need to do some sniffing and figure out whether we are going down the path we saw last year where inflation fell almost as much as it has ever fallen in a year without a recession? Or are we Are we in a situation like this? Use up all our good wishes and is this surge at the beginning of the year really a sign of extreme heat?”

– Jeff Cox

Fri, May 10, 2024 10:10 am EDT

Consumer sentiment falls as inflation expectations rise

The University of Michigan's consumer sentiment index fell due to a big increase in inflation expectations.

The preliminary May reading of the index came in at 67.4. That's well below the Dow Jones estimate of 76 for April and below the 77.2 reading.

“This 10 index-point decline is statistically significant and brings sentiment to its lowest level in nearly six months,” Joan Su, director of the Survey of Consumers, said in a statement.

“Although consumers were reserving judgment for the past few months, they are now seeing negative developments on a number of dimensions. They expressed concerns that inflation, unemployment and interest rates could move in an adverse direction in the coming year,” HSU said. . ,

Year-ahead inflation expectations rose to 3.5% from 3.2%. The long-term estimate also increased from 3% to 31%.

– Fred Imbert

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