Credit Suisse: Thai baht ‘strongest’ of regional currencies to rebound as China reopens
Max Lin, Asia FX strategist at Credit Suisse, said the Thai baht will recover “the strongest” among other Southeast Asian currencies as China reopens.
Lin claimed that Thailand does not impose any travel restrictions on Chinese tourists and that the government is “still very supportive” of tourism freedom.
“It looks like there will still be a lot of demand in regional tourism,” he said, citing reports on China’s outbound tourism activities on travel booking websites.
This Thai Baht It strengthened to levels seen in April 2022 and was last held at 33.41 against the dollar.
—Lee Ying Shan
Apple’s suppliers in Asia mostly fall after reports of in-house display production
Shares of some Apple suppliers in Asia fell Bloomberg reported that the company will start making in-house displays in 2024.
In South Korea, listed shares of LG Display fell 3.35% in afternoon trading shortly after the report, while Samsung Electronics traded 0.17% higher. Taiwan Semiconductor Manufacturing Co.. It also traded 0.41% lower.
Also, shares traded in Shenzhen BOE Technology Groupor Jingdongfang, increased by more than 1% as Reuters reported That the Apple supplier plans to invest a significant amount to build new factories in Vietnam.
— Jihye Lee
Cryptocurrencies are trading higher even as Coinbase announces layoffs
Cryptocurrencies rise after crypto companies coinbase announced plans to cut 20 percent of its workforce It seems to be protecting money during the downturn of the crypto market.
bitcoin It was last traded at $17,459.63, up 1.55%, according to Coin Metrics. Ether It rose 1% to $1,337.85.
Other cryptocurrencies like Cronos and Cardano also boosted earnings.
CEO Brian Armstrong said there was “no way” to cut expenses and increase “the chances of success in any scenario” without reducing headcount.
—Lee Ying Shan, Kate Rooney
Philippines finance minister says inflation will fall as low as 2% by 2024
Finance Minister Benjamin Diokno said that inflation in the Philippines is expected to return to the government’s target range within two years.
Diokno told CNBC on the sidelines of the Asian Finance Forum in Hong Kong that he is confident the average inflation for 2023 will be between 2.5% and 4.5% before falling to 2% to 4% next year.
Headline inflation in the Philippines is still high, rising from 8% the previous month to 8.1% in December 2022. according to government data.
Felipe Medalla, the governor of Bangko Sentral ng Pilipinas, announced on Monday that interest rates will be increased by another 25 to 50 basis points in February. Diokno added that he expects the central bank to make a comeback later this year.
“There’s also a possibility that we’ll cut back at some point this year because we may be over the limit,” he said.
— Charmaine Jacob
Australian consumer prices rose 7.3% in November due to rising housing and food prices.
The Australian consumer price index rose 7.3% year-on-year in November. Australian Bureau of StatisticsIt’s a sign that inflationary pressures haven’t slowed down yet.
The figure is in line with Reuters’ expectations and above last month’s reading of 6.9%.
In the statement, it was stated that housing, food and transportation are among the most important components feeding the hike.
Separately, Australia reported a 1.4% increase in sales Compared to a month ago for November, it has revived with Black Friday sales.
— Lee Ying Shan
CNBC Pro: This global ETF is the only fund that has been earning annually for the past ten years.
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It is the only fund of nearly 7,000 stock ETFs worldwide screened by CNBC. 1, 2013 and December. 31, 2022.
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— Ganesh Rao
Unemployment rate climbs to 11-month high in South Korea
South Korea’s December unemployment rate rose 3.3% to an 11-month high, government data showed.
Reading higher than 2.9% in November
Total number of people employed in 2022 despite higher unemployment increased from 816,000 to 28,089 million from a year ago.
– Lee Ying Shan, Jihye Lee
CNBC Pro: “A costly mistake: Citi says stop accumulating cash and reveals two areas to invest”
Investors faced a tough 2022 as stocks and bonds fell amid broader market turmoil.
While many have taken refuge in the relative safety of cash, Citi says it’s time to run it, citing two ways to use it to generate higher returns.
For subscribers read more here.
— Zavier Ong
Powell says the Fed must remain politically independent while tackling inflation
Central Bank Governor Jerome Powell Tuesday insisted that the central bank should be independent of political influence while tackling high inflation.
In a speech to Sweden’s Riksbank, Powell noted that stabilizing prices requires making difficult decisions that may not be politically popular.
“Price stability is the foundation of a healthy economy and brings immeasurable benefits to the public over time. But restoring price stability when inflation is high may require unpopular measures in the short term as we raise interest rates to slow the economy.” the president said in prepared statements.
“The absence of direct political control over our decisions allows us to take these necessary measures without considering short-term political factors.”
Copper sees highest price since June
Copper It reached a height not seen since June.
The metal settled just under 1.3% at $4,0775. It hit $4,0835, the most expensive since it hit $4,160 on June 17.
Copper has gained about 7% in value since the start of 2023.
— Gina Francolla, Alex Harring
Coinbase lays off 20 percent of its workforce
Coinbase shares up 6% Crypto exchange operator after announcing plans to cut 20% of its workforce in an attempt to reduce costs.
The layoffs will affect 950 jobs and mark the company’s runoff cuts in recent months. Coinbase laid off 18% of its workforce in June in preparation for a potential recession and crypto winter, saying it grew “too fast” during the bull market.
Crypto markets came under pressure after the collapse of one of the industry’s largest operators, FTX.
Coinbase said the new round of layoffs will cut operating expenses by 25% for the quarter ended March, according to a new regulatory filing.
— Kate Rooney, Samantha Subin
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