EU and U.S. to start critical minerals trade negotiations: WSJ
The European and U.S. are crafting a trade agreement on critical minerals in a move to cut back their reliance on China, Wall Street Journal reported, citing sources aware of the matter.
Each parties are laying out the foundations of what can be a give attention to environmental and labor standards for obtaining nickel and lithium, the sources were quoted saying.
The move would mark a step towards the Critical-Minerals Pact between the U.S., Japan and UK, which aimed to shift energy transition supply chains away from China.
Negotiations on the terms of the deal can be tabled throughout the White House meeting on Friday.
—Lee Ying Shan
CNBC Pro: Bonds yields are soaring. But this strategist says she’s still a fan of those ‘compelling’ stocks
Higher bond yields are often bad news for stock investors. But that is not the case for these stocks, given their revolutionary business models, strategist Amy Kong says.
“We proceed to be constructive on stocks relative to bonds and money but recognize risks have escalated,” Kong, who’s chief investment officer at CI Barrett Private Wealth, told CNBC’s “Street Signs Asia” on Wednesday.
Pro subscribers can read more here.
— Zavier Ong
Major cryptos drop 2% following Silvergate shutdown
Major cryptocurrencies bitcoin and ether sank in early Asia trade after the central lender to the crypto industry, Silvergate Capital, said it’ll shutdown its operations.
“In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of Bank operations and a voluntary liquidation of the Bank is the very best path forward,” the corporate said in an announcement. Bankrupt crypto exchange FTX was a serious Silvergate customer.
Bitcoin was down 2.31% to trade at $21,711.8 while Ether fell 2.15% to $1,532.98 in line with CoinDesk data.
— Lee Ying Shan
CNBC Pro: Investors share strategies to beat rate of interest fears — including one which trumped the 60/40 model
China’s inflation expected to have eased in February: Reuters
China’s consumer price index is anticipated to have slowed in February to 1.9%, economists surveyed by Reuters show.
This could follow an annualized inflation print of two.1% seen in January and 1.8% seen in December.
A lower print would somewhat ease investors’ worries that the rise of costs in China from a reopened economy would have a spillover effect to global markets, causing central banks world wide to proceed mountaineering rates further.
On a monthly basis, inflation is anticipated to inch 0.2% higher from January. China’s producer price index is forecast to relatively decline 1.3% year-on-year, falling farther from January’s drop of 0.8%.
— Jihye Lee
Dow finishes lower, S&P and Nasdaq edge higher
The Dow dipped 58.06 points on Wednesday, or 0.18%, to finish at 32,798.40, while the S&P 500 edged 0.14% higher to settle at 3,992.01. The Nasdaq Composite rose 0.4% to complete at 11,576.00.
— Samantha Subin
Powell says no decision yet on March Fed meeting
Federal Reserve Chairman Jerome Powell said Wednesday that he hasn’t made up his mind about what the central bank will do regarding rates of interest when it meets later in March.
Chatting with the House Financial Services Committee, Powell said he and his colleagues can be assessing a raft of incoming inflation data, including reports next week on consumer and producer prices.
“They will be necessary in our assessment of the upper readings that we very recently have received and the general direction of the economy and of our progress in bringing inflation down,” the Fed leader said.
“We now have not made any decision in regards to the March meeting,” he added. “We’re not going to try this until we see additional data. The larger point, though, is we should not on a preset path and we can be guided by the incoming data and the evolving outlook.”
Powell shook markets Wednesday when he said he anticipates that if the inflation data remain hot, he expects rates will go higher than expected and at a faster pace. Markets now expect the Fed to lift its benchmark borrowing rate by 0.5 percentage point when the Federal Open Market Committee meets March 21-22.
— Jeff Cox
Job openings decline in January but labor market still tight
Job openings fell in January but remained elevated and still outnumber available employees by a virtually 2 to 1 margin, the Labor Department reported Thursday.
Available positions totaled 10.824 million for the month, a decline of about 410,000 but still above the FactSet estimate for 10.58 million.
The numbers indicate a historically tight labor market wherein open jobs outnumber those considered unemployed by a 1.9 to 1 margin, in line with January data from the Bureau of Labor Statistics.
— Jeff Cox
