An Hour Ago
Australia producer prices grow at faster rate in the first quarter
Australia’s producer price index recorded a 4.3% gain in the first quarter from a year ago, accelerating from the 4.1% gain in the fourth quarter.
The 4.3% gain also was the fastest climb since the first quarter of 2023. On a quarter on quarter basis, Australia’s PPI rose 0.9%.
The country’s statistics bureau highlighted that the main contributors to the increase include property operators, tertiary education and building construction, with tertiary education posting the largest increase in prices.
— Lim Hui Jie
An Hour Ago
Hon Hai shares jump 4% to highest level in over two weeks
Shares of Taiwan’s Hon Hai Precision Industry jumped as much as 4.3% in early trading, hitting an over two-week high.
US software company Cerence said it will supply Hon Hai EV subsidiary Foxtron with a voice-powered AI assistant. Cerence said the system features bilingual recognition of Taiwanese Mandarin and English.
“We’re proud to partner with Foxtron to bring the power of voice interaction to drivers in Taiwan for the first time,” said Christian Mentz, chief revenue officer at Cerence.
Shares of Hon Hai have surged nearly 50% so far this year.
— Shreyashi Sanyal
3 Hours Ago
Tokyo inflation slows sharply in April, core inflation sharply lower than expected
Inflation in Japan’s capital city of Tokyo slowed to 1.8% in April, down from the 2.6% gain in March.
Core inflation in the city — which strips out prices of fresh food — came in at 1.6%, down from 2.4% in March and missing expectations of 2.2% from economists polled by Reuters.
Tokyo’s inflation figures are widely considered to be a leading indicator of nationwide trends.
— Lim Hui Jie
3 Hours Ago
CNBC Pro: Goldman Sachs likes these 2 mobile gaming stocks set for ‘blockbuster’ launches, gives one 40% upside
Investors seeking exposure to China’s growing gaming industry should look specifically at two technologies according to Goldman Sachs.
The investment bank expects “China to see faster growth from mid 2024 supported by game launches and a loosening regulatory environment.”
Touching on opportunities for the companies, the Wall Street bank flagged opportunities such as “an accelerating quarter with blockbuster title launches,” in 2Q2023.
CNBC Pro subscribers can read more here.
—Amala Balakrishner
3 Hours Ago
CNBC Pro: Should investors buy the dip in Lululemon? Here’s what this fund manager says
Shares of popular athleisure brand Lululemon have plummeted this year, trailing the S&P 500 significantly.
Its shares, which were included in the Wall Street index just last October, are down around 28% year-to-date.
Does that make it a good bargain for investors right now? Jack Dwyer, CEO of Infusive Asset Management, weighs in.
CNBC Pro subscribers can read more here.
— Weizhen Tan
5 Hours Ago
Fed’s preferred inflation gauge for March will be out Friday
The personal consumption expenditures price index will be due on Friday morning, giving the Federal Reserve a detailed glimpse into the latest inflation metrics.
For March, economists polled by Dow Jones anticipate headline PCE grew 0.3% from the prior month and by 2.6% from 12 months earlier. They expect that core prices, which exclude food and energy costs, grew by 0.3% on a monthly basis and by 2.7% year over year.
The first-quarter gross domestic product report issued Thursday revealed that PCE for the period rose by 3.4%, well above the 1.8% increase in the fourth quarter. The result induced a sell-off for stocks as investors fretted over signs of stagflation – a scenario in which the economy’s growth slows but inflation rises.
–Darla Mercado
