China GDP, Japan Tankan, Singapore NODX

China’s fourth-quarter GDP statistics were slightly lower than expected, with a growth rate of 5.2% in 2023.

China’s National Bureau of Statistics said on Wednesday that the country’s economic growth rate for the October-December period was 5.2%. This was lower than the 5.3% growth rate predicted by economists compiled by Reuters.

According to the China Bureau of Statistics, the unemployment rate in urban areas was 5.1% in December, but the unemployment rate among 16- to 24-year-olds was still much higher at 14.9%.

This summer, the bureau temporarily suspended publishing the youth unemployment rate, saying it needed to revise its calculation method. This unemployment rate had previously risen to a record of over 20%.

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— Evelyn Chen

Singapore’s domestic non-oil exports unexpectedly fell in December compared to the same month last year, official data showed.

Singapore’s NODX fell 1.5% last month, but a Reuters poll had predicted a 3.3% rise. NODX increased by 1% in November.

This decrease was due to a decrease in shipments of electronic products. Shipments of non-electronic products increased.

Exports to Singapore’s top markets, Taiwan, South Korea and Japan, fell significantly in the last month of 2023.

On the other hand, NODX for China, Hong Kong, the European Union, and the United States rose.

— Shreyashi Sanyal

A “roller coaster year” for Europe’s technology and hardware sector in 2023 has ended on a high note, with a cyclical recovery now underway, according to Morgan Stanley.

Wall Street banks expect investors to focus on a cyclical recovery and key themes such as artificial intelligence, advanced packaging, silicon carbide and gate-all-around transistors.

Morgan Stanley analysts said these themes collectively “could drive earnings momentum this year, and especially in the second half of 2024,” naming six stocks they are overweight.

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— Amara Balakrishna

2023 wasn’t a good year for the healthcare sector, but some investors are expecting a resurgence in the sector this year, highlighting biotechnology and medical technology as areas to watch.

Citi said that given demographic shifts and the benefits of artificial intelligence, the healthcare industry “seems poised to return to leadership” and that “a recovery in healthcare revenues in 2024 will drive the sector forward.” “We expect this to be one of the key drivers of potential outperformance.” ”

CNBC Pro features stock picks and other investment tips for the sector from strategists at the bank and other countries.

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— Tan Weizhen

The 10-year Treasury yield rose nearly 9 basis points on Tuesday after Federal Reserve President Christopher Waller suggested the central bank may need more time to cut interest rates.

“Unless inflation recovers and remains high, I [Federal Open Market Committee] “This year we could lower the target range for the federal funds rate,” Waller said in a speech at the Brookings Institution.

“We believe that when the time is right to start cutting rates, we can and should do so in a systematic and prudent manner,” he added. “In many previous cycles…rate cuts have been reactive, cutting very quickly and often in large numbers.But in this cycle…we have not acted as quickly or cut as quickly as in the past. I see no reason to do so.”

— Ha-Kyung Kim

Oil prices fell on Tuesday as the U.S. dollar strengthened after Federal Reserve officials indicated they may not cut interest rates as aggressively as markets expected.

West Texas Intermediate futures for February fell 56 cents, or 0.77%, to trade at $72.12 a barrel. Brent futures for March fell 13 cents, or 0.17%, to trade at $78.02 per barrel.

The dollar index rose nearly 1% after Federal Reserve President Christopher Waller said interest rates should be “systematically and prudently lowered” at the appropriate time.

Waller acknowledged that unless inflation recovers and remains high, a rate cut is likely before the end of the year.

Oil prices rose in early trading on Tuesday as investors monitored rising tensions in the Middle East, particularly in the Red Sea.

Oil giant Shell has suspended shipping through the Red Sea due to concerns about attacks by Houthi militants on commercial ships in the waterway, the Wall Street Journal reported.

— Spencer Kimball

“7 Magnificent Stocks” Microsoft and Nvidia were two of the 16 stocks in the S&P 500 that hit new highs on Tuesday. Microsoft stock was trading at levels not seen since March 1986, while Nvidia stock was trading at levels not seen since January 1999.

Other names that hit all-time highs include:

• palo alto networks Trading at highest price since IPO in July 2012
• Eli Lilly Trading at an all-time high dating back to 1952, when the company issued its first public stock.
• CBOE Holdings is trading at record high levels since its June 2010 IPO
• TJX companies trading at all-time highs since 1987 IPO
• allstate Roebuck is trading at its highest price ever since its 1993 IPO, when it was originally an insurance subsidiary of Sears.

— Lisa Kailai Han, Christopher Hayes

The biggest decliner in the S&P 500 index on Tuesday was in the energy sector, which fell 2.1% as oil prices fell on the strength of the U.S. dollar. EQT, APA, and EOG Resources all fell about 3.4%.

Financial stocks also fell following a series of financial results announcements by major banks. Morgan Stanley, which released its quarterly results in the morning, fell 5.2%. PayPal and T. Rowe Price Group fell 4.6% and 3.9%, respectively.

— Ha-Kyung Kim