Business

South Korean inflation, US jobs report, China Covid-zero


Singapore and New York ranked the most expensive cities to live in: EIU

Singapore and New York were ranked as the most expensive cities to live in this year, according to Economist Intelligence Unit (EIU).

The EIU survey showed that the average price of goods in 172 major cities worldwide rose by 8.1% in local currency this year, citing a survey conducted by the organization between August 16 and September 16.

The report marks a significant increase from the 3.5 percent price increase seen in the same survey the organization conducted last year.

— Charmaine Jacob

India is on track to become the third largest economy by 2030

India is projected to overtake Japan and Germany to become the world’s third largest economy, S&P Global and Morgan Stanley predicted in a report.

S&P’s forecast is based on the projection that India’s annual nominal GDP growth will average 6.3% by 2030. Similarly, Morgan Stanley estimates that India’s GDP is likely to more than double from current levels by 2031.

On Wednesday, India posted annual GDP growth of 6.3% for the July-September quarter, slightly beating Reuters estimates of 6.2%.

— Lee Ying Shan

CNBC Pro: Citi names 6 global stocks capturing both ‘defensive growth and value’

Citi says investors shouldn’t give up on growth entirely by shifting to a defensive stock portfolio ahead of a potential recession.

The investment bank named six global stocks that offer a combination of “low risk, quality and growth.”

CNBC Pro subscribers can read more here.

– Ganesh Rao

November inflation in South Korea missed expectations

South Korea on an annual basis inflation for November came in at 5%, short of forecasts for 5.1% polled in a Reuters poll.

The latest reading marked a slight weakening from October’s 5.7% and from the all-time peak of 6.3% seen in July.

– Jihe Lee

CNBC Pro: BlackRock division says it’s time for a new portfolio book and reveals how to position itself

BlackRock’s ETF division says the investment environment has fundamentally changed, with “profound implications” for forward-looking portfolios.

In its 2023 investor guide, Blackrock’s iShares, one of the world’s largest providers of exchange-traded funds, said the change brought with it “profound implications for portfolio construction.”

CNBC Pro subscribers can read more here.

— Weizhen Tan

“Nobody wants to be aggressively bullish” before new jobs data comes in on Friday, analyst says

Stocks failed to extend Wednesday’s rally as investors awaited a key jobs report on Friday, said Edward Moya, senior market analyst at Oanda.

He said investors are purposefully withdrawing ahead of non-farm payrolls data due in the morning. Investors will also be watching for data on hourly wages and the unemployment rate.

“U.S. stocks failed to hold on to earlier gains as Wall Street digested a slew of economic data that showed inflation easing and the labor market cooling,” Moya said. “It was a nice rally, but nobody wants to be bullish on the NFP report.”

Investors will be looking for the right, average data, said Megan Horneman, chief investment officer at Verdence Capital Advisors. That is, it is weak enough to indicate that interest rate hikes are having the expected contractionary effect, while being strong enough to signal that a recession can be avoided.

“A big number will further spook the markets that the Fed will not be able to slow its pace of rate hikes,” Megan Horneman, chief investment officer at Verdence Capital Advisors, said of Friday’s jobs data.

With “a so-so number, I think the markets can maybe rally on that,” she added. “But if you get a really weak number, it’s just going to scare away investors after such a strong rally that we saw in November.”

— Alex Haring

Indexes start to gain month

Thursday marked the first day of a new trading month as the market came off a winning November.

The S&P 500 and Dow each posted a second straight month of gains, rising 5.38% and 5.67% respectively. This monthly series was the first for each since August 2021.

The Nasdaq Composite gained 4.37%, which was its second consecutive positive month. It was the first time the technology index has gone on a streak since posting three straight months of gains ending in December 2021.

— Alex Haring

The main gauge of inflation rose less than expected in October

The Bureau of Economic Analysts said the core personal consumer spending index, a key gauge of inflation, rose 0.2 percent in October. That was less than the Dow Jones’ expected 0.3% gain.

After the report, government bond yields fell amid optimism about easing inflation.

— Fred Imbert


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