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3 hours ago
Tech stocks weigh on Nikkei as GDP data reveals path for Bank of Japan rate hike
Japan’s Nikkei Stock Average led the decline in Asian markets on Monday, falling more than 2% dragged by tech stocks.
Semiconductor manufacturing equipment maker Advantest Inc. was the biggest decliner in the index, dropping 6.32%, according to FactSet. This was followed by peer company Screen Holdings, which fell 5.75%.
Top decliners include SoftBank Group, which fell 5.19%, and Kawasaki Heavy Industries, which fell 4.16%.
4 hours ago
Revised fourth quarter data shows economic growth rate of 0.4%, Japan avoids technology recession
Japan recorded a revised annual GDP growth rate of 0.4% in the fourth quarter, avoiding a technical recession.
This comes after previous estimates showed Japan’s economy contracted by an annualized 0.4% in the fourth quarter, after a revised 3.3% in the third quarter, meeting the definition of a technical recession. That’s what it means.
If the GDP figures turn positive, it could pave the way for the Bank of Japan to raise interest rates sooner rather than later.
Read the full text here.
— Lim Huijie
6 hours ago
China returned to inflation in February, CPI rose 0.7%
China’s consumer price index rose 0.7% in February compared to the same month last year, marking the first time in four months that the country’s inflation rate rose.
The figure was a marked reversal from the 0.8% decline in January, which also marked China’s highest deflation since September 2009, and also exceeded the 0.3% rise expected by economists polled by Reuters.
Month-on-month, the CPI rose 1%, higher than a Reuters poll had predicted for a 0.7% rise and compared with January’s 0.3% rise.
Separately, the country’s producer price index fell 2.7% year-on-year, exceeding the 2.5% decline in January.
— Lim Huijie
7 hours ago
Consumer price index to be released this week
According to a survey of economists by Dow Jones, prices are expected to rise 0.4% from the previous month and 3.1% from a year ago in February’s consumer price index, which will be released on Tuesday. This compares to increases of 0.3% and 3.1% respectively in the previous survey.
According to consensus forecasts, core CPI, which excludes volatile food and energy prices, is expected to rise 0.3% month-on-month and 3.7% year-on-year. Previously, it had risen 0.4% from the previous month, or 3.9% annually.
— Sarah Min
8 hours ago
Stock futures trading remains largely unchanged
U.S. stock futures were little changed Sunday night.
Dow Jones Industrial Average futures rose 19 points, or 0.05%. S&P 500 futures and Nasdaq 100 futures fell 0.04% and 0.11%, respectively.
— Sarah Min
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