Asia-Pacific shares struggle for direction ahead of BoJ rate decision

Japan’s core manufacturing orders for November slump more than expectedJapan’s private-sector manufacturing orders for November fell 8.3% compared to the previous month, according to official data. The drop was significantly larger than Reuters’ expectations of a 0.9% decline. On an annualized basis, manufacturing orders fell 3.7%. The private-sector machinery figures exclude orders from volatile ones for ships and electric power companies. —Lee Ying ShanCNBC Pro: Thinking of jumping back into Big Tech? This investor is wary of 2 stocks in particular CNBC Pro: Morgan Stanley says cheaper EVs are coming — and names the global stocks set to benefitAs electric cars become increasingly popular, a new manufacturing technique that could make them more affordable is garnering interest, according to Morgan. Stanley. Some automakers are outsourcing the process which could benefit three leading Asian parts suppliers, said the Wall Street bank. CNBC Pro subscribers can read more here. — Ganesh RaoStocks end the day mixed, Dow falls almost 400 pointsThe Dow Jones Industrial Average Index fell to end the day, as Goldman Sachs shares weighed on the stock index. The Dow lost 391.76 points, or 1.14%, to close at 33,910.85. The S&P 500 fell 0.2% to 3,990.97. The Nasdaq Composite gained 0.14% to end the day at 11,095.11. — Tanaya MacheelBank of America sees a later start to the recessionA recession probably won’t start now until later in 2023 as consumer spending has been stronger than expected and the Federal Reserve eases up on the intensify of its interest rate hikes, according to Bank of America. , declining energy prices, and easier financial conditions,” the firm said in a client note. That said, we think the headwinds will lead consumers to reduce spending and push the saving rate higher as the year progresses. That puts the recession into the second quarter, driven by an investment-led slowdown leaking to consumer spending.After pushing its benchmark borrowing rate up by 4.25 percentage points in 2022, the Fed is expected to ease back, with a 0.25 percentage point increase in February. That is forecast to be followed by additional quarter-point increases in March and May.Rate cuts likely won’t come until 2024, the firm said.—Jeff CoxGoldman Sachs shares fall on earnings missGoldman Sachs shares declined 2.4% after the Wall Street investment bank shared fourth-quarter earnings results that missed analysts’ expectations on both the top and bottom lines. The bank reported earnings of $3.32 per share on $10.59 billion in revenues. Consensus estimates called for earnings of $5.48 a share on revenues of $10.83 billion, according to analysts surveyed by Refinitiv. Provisions for credit losses also came in slightly above expectations. — Hugh Son, Samantha Subin

Leave a Comment

Your email address will not be published. Required fields are marked *