24 minutes ago
Hong Kong’s inflation rate climbed to 2.1% in April
Hong Kong’s inflation climbed 2.1% in April from a year earlier, slightly above the 2% expected by economists polled by Reuters. April’s inflation was also higher than the 1.7% recorded in March.
A spokesman for the city government said the prices of energy-related goods continued to rise sharply year-on-year, as well as the prices of clothing and shoes.
The price of electricity, gas and water increased by 17.8%, while clothing and footwear prices climbed by 6.4%.
The spokesman said the price of takeaway food and eating out also rose 4.2%, while “price pressures on other key components remained broadly under control.”
Going forward, Hong Kong is expected to witness an economic recovery as well, exerting pressure on domestic prices. Overall inflation is likely to rise over the rest of 2023, but remain “largely moderate”.
– Lim Hui Ji
6 hours ago
McCarthy sets high hopes for his debt ceiling meeting with Biden
House Speaker Kevin McCarthy, R-Calif., says there are “decisions to be made” at his meeting with President Joe Biden on the debt ceiling, which is set to begin at 5:30 p.m. ET.
“We have to make movement” on a final deal to raise the debt ceiling, McCarthy told reporters at the Capitol, “I know where I think people should go.”
With only 10 days left until the opening date, Biden and McCarthy are under intense pressure to reach a settlement agreement after Treasury Secretary Janet Yellen says the US will risk defaulting. Even if and when they do, it will take at least a week to turn their handshake deal into law and pass it through the House and Senate.
The House is currently scheduled to leave for the Memorial Day recess later this week, but McCarthy said it would adjourn to vote on raising the debt ceiling if necessary. They said, “We will stop and do our work.”
-Christina Wilkie
6 minutes ago
CNBC Pro: Asset managers disclosed short positions in these 4 global commercial property stocks
According to Chief Investment Officer Patrick Armstrong, shares of several global commercial property companies are set to decline further.
Armstrong, who manages equity strategy at wealth manager Plurimi, revealed he is shorting four global commercial property companies.
“It’s an expensive company, in my opinion, it’s facing a pretty toxic environment,” he said in one of his shorts.
CNBC Pro subscribers can read more here.
Ganesh Rao
6 minutes ago
CNBC Pro: Fund manager shares tips on how to invest sustainably – and generate big returns
Philip Ripman manages the $1 billion Storebrand Global Solutions Fund with a focus on sustainability. But along with green energy stocks, he also invests in chip makers, cyber security stocks, pharmaceuticals and more.
His strategy appears to have paid off over the long term: His fund tops Morningstar’s list of global mega-cap equity funds for 10-year annualized returns (15%).
Here are three tips for investing sustainably, including how to steer the renewables theme, according to Ripman.
CNBC Pro subscribers can read more here.
– Weizen Tan
11 hours ago
Kashkari calls June truce a ‘close call’
Neil Kashkari, president of the Minneapolis Federal Reserve, noted on Monday that a rate hike versus a pause in June is a “close call.” He added, however, that even if the central bank decides against another hike, it should not be taken as an indication about the future.
“Right now it’s a close call either way… If we want to leave in June, it doesn’t mean we’re done with our tightening cycle, it just means we’re getting more information.” are,” he said on CNBC’s “Squawk Box.”
He called the economy “strong” and noted that “we may have to go north of 6%” from the current target range of 5%-5.25% if inflation shows no more signs of coming down.
Jeff Cox
7 hours ago
Bitcoin And Ether On Pace For Their Worst Month Of 2023
Cryptocurrencies started the week flat as moves in stock and bond yields continued to put pressure on crypto prices.
According to Coin Metrics, bitcoin was down 8.7% for May and on pace for its worst month since November. Ether was down about 5% for the month and was heading towards its worst month since December.
“Crypto remains the best performing asset this year against gold, equities, bonds and the DXY,” Bernstein analyst Gautam Chugani said in a note on Monday. “We continue to believe in our structural thesis on the ‘new crypto cycle’, but it is never a straight path… These sluggish markets, we believe, offer the best long-term risk rewards.”
– Tanya Machil, Gina Francola
9 hours ago
Micron shares fall as China restricts sales
Shares of Micron Technology fell more than 3% amid news that China would restrict sales of some of the memory chipmaker’s products.
The country’s Cyberspace Administration barred operators of “critical information infrastructure” from purchasing products from the company after it failed a network security review of Micron’s products.
Firm poses “major security risk” to China’s critical information infrastructure supply chain and affects [its] national security,” it said in a statement.
The news lifted Chinese chip makers including Hong Kong-listed Hua Hong Semiconductor and SMIC. Some chipmakers were down about 1%, including Qualcomm, Lam Research, Broadcom and Applied Materials.
-Samantha Subin
Source: www.cnbc.com
