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Asia markets rise ahead of business activity surveys out of China

An Hour Ago

Japan’s industrial production in June lower than expected

Japan’s industrial output climbed 2% in June compared to the month before, lower than the 2.4% expected by economists polled by Reuters.

The preliminary report also showed that on a year on year basis, industrial output fell 0.4%, a sharp reversal from the 3.1% rise seen in May.

Japan’s ministry of economy, trade, and industry said that the production of motor vehicles, electronic parts and devices, as well as machinery mainly contributed to the increase in June.

— Lim Hui Jie

57 Mins Ago

CNBC Pro: China’s electric car game amps up. One stock has doubled this year

Just as Chinese electric car companies may need cash, foreign automakers need the market — not only in China but globally.

Xpeng’s cash and cash equivalents nearly halved in the first quarter from the end of 2022, and its deliveries have stagnated at several thousand a month.

Volkswagen isn’t faring much better in China’s electric car market, with an average of just over 10,000 vehicles delivered each month in the first half of the year. But the German automaker has far more cash.

CNBC Pro subscribers can read more here.

— Evelyn Cheng

An Hour Ago

CNBC Pro: Analysts love these cheaper stocks from the U.S. and beyond — giving one nearly 100% upside

The market rally has been strong this year, but there are still some relatively cheap stocks.

CNBC Pro screened for stocks that are cheaper than those in the broader S&P 500 and MSCI World indexes, with at least 20% upside.

CNBC Pro subscribers can read more here.

— Weizhen Tan

An Hour Ago

CNBC Pro: Morgan Stanley’s Slimmon names top tech picks to buy after earnings season

Stocks are flying high this year. The Nasdaq is up 35% with S&P 500 trailing not far behind despite a relentless rise in interest rates by the Fed.

However, according to Andrew Slimmon, a lead senior portfolio manager at Morgan Stanley Investment Management, those are all reasons to be a “little cautious” coming out of the busiest week for earnings.

Slimmon also shared some of the tech picks to buy after earnings season.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Fri, Jul 28 2023 11:56 AM EDT

Technology stocks rally, lift Nasdaq

Technology stocks climbed on Friday, boosting the Nasdaq Composite by more than 2% midday Friday.

Major gainers included technology giants and semiconductor stocks. Alphabet, Amazon and Netflix rose about 3% each, while Meta Platforms jumped more than 4%, bringing its weekly gains to nearly 11%. Nvidia added 2%, while Applied Materials and KLA Corp gained more than 4% each. Tesla surged 4%.

Lucid Group jumped nearly 8%, while Intel rallied nearly 7% on better-than-expected earnings and a return to profitability. Other gainers included Chinese technology stocks JD.com and PDD, last up about 5% and 7%, respectively.

— Samantha Subin

Fri, Jul 28 2023 10:22 AM EDT

Communication services sector outperforms in S&P 500

Communication services outpaced the S&P 500 on Friday. The sector was higher by 1.8%.

Major advancers included Meta Platforms, which was up more than 2.8%. Warner Bros. Discovery gained 2.5%. Alphabet added 2.4%.

— Sarah Min

Fri, Jul 28 2023 9:40 AM EDT

Employment cost index rose less than expected in Q2

The employment cost index, a measure the Federal Reserve considers an important indicator of underlying inflation, increased less than expected in the second quarter.

The index rose 1% for the three-month period ending in June, slightly below the 1.1% estimate, the Labor Department reported Friday.

On an annual basis, compensation costs increased 4.5%, slightly ahead of the 4.1% increase for core inflation as reported Friday by the Commerce Department. That annual ECI level was below the 5.1% pace from the previous year.

—Jeff Cox

Fri, Jul 28 2023 8:52 AM EDT

Key Fed inflation rate falls to lowest annual rate in nearly 2 years

Inflation showed further signs of cooling in June, according to a gauge released Friday that the Federal Reserve follows closely.

The personal consumption expenditures price index excluding food and energy increased just 0.2% from the previous month, in line with the Dow Jones estimate, the Commerce Department said.

So-called core PCE rose 4.1% from a year ago, compared to the estimate for 4.2%. The annual rate was the lowest since September 2021.

— Jeff Cox

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