Singapore economy grew 3.8% in 2022
Singapore’s economy saw full-year growth of three.8% for 2022, based on data released by the Ministry of Trade and Industry on Tuesday.
The economy grew 2.2% within the fourth quarter compared with a yr ago, the slowest pace since mid-2021 but beating expectations of two.1% from a Reuters poll.
The most recent figures reflected continued recovery within the service sector that followed lifting of domestic and border restrictions since April, the ministry said in an announcement, adding that the accommodation sector expanded for the primary time since mid-2021.
— Jihye Lee
Bank of Japan is reportedly considering mountaineering its inflation forecasts in January, based on Nikkei
Japan’s central bank is reportedly considering boosting its inflation forecasts in January to reflect price growth that is closer to its 2% goal within the 2024 fiscal yr, based on a Dec. 30 report from Nikkei, citing sources familiar.
The move could possibly be laying the groundwork for a shift toward tighter fiscal policy, based on the report.
The report arrives greater than per week after the Bank of Japan modified its bond yield controls, allowing long-term rates of interest to rise more. The speed on the 10-year bond can be allowed to fluctuate by half a percentage point above and below the nation’s goal of 0% – up from a quarter-percentage point range.
Retail sales have also ticked higher in Japan, rising for a ninth consecutive month in November.
—Darla Mercado
Week ahead: PMIs in Asia-Pacific, trade data, inflation readings
Key economic events within the Asia-Pacific next week can be dominated by Purchasing Managers’ Index readings within the region.
China’s National Bureau of Statistics is scheduled to release the official manufacturing and non-manufacturing PMI prints on Saturday. Reuters expects China’s factory activity to point out a contraction with a reading of 48.
South Korea can be slated to report its December trade data over the weekend, wherein economists polled by Reuters predict will show a drop of 10.1% compared with a yr ago.
Singapore is scheduled to release manufacturing PMI readings next week, while S&P Global is scheduled to release its PMI readings for South Korea, Indonesia and India on Monday.
Inflation prints for the Philippines and Indonesia may also be closely watched, with the releases scheduled for Tuesday and Monday, respectively.
Japan’s PMI reading and China’s private survey for services PMI can be released on Wednesday. Singapore will release November’s retail sales on Thursday in addition to South Korea’s unemployment rate for December.
– Jihye Lee
CNBC Pro: Wall Street veteran names the stocks that might go to $0 — and his favorites in tech
2022 has marked the tip of an era of low-cost money, and that is bad news for firms with a “growth in any respect costs” approach, said David Trainer, CEO of investment research firm Recent Constructs.
Within the yr ahead, investors might want to exercise due diligence in distinguishing between good and bad firms, he told CNBC Pro.
That is since the U.S. Federal Reserve’s rate of interest hikes in 2022 have “ended the era of super easy money,” and exposed many firms with bad business models. He calls those firms “zombie stocks” with heavy money burn.
He highlights an inventory of such names to avoid and what to purchase as an alternative.
CNBC Pro subscribers can read more here.
— Weizhen Tan
Final market stats for 2022
Friday was the ultimate trading day of the 2022, but in addition for the quarter, month and yr. Here’s how the most important market averages fared over those time frames.
The Dow finished:
- down 8.78% for the yr
- up 15.39% for the quarter
- down 4.17% for the month
- down 0.17% for the week
The S&P 500 finished:
- down 19.44% for the yr
- up 7.08% for the quarter
- down 5.90% for the month
- down 0.14% for the week
The Nasdaq Composite finished:
- down 33.10% for the yr
- down 1.03% for the quarter
- down 8.73% for the month
- down 0.30% for the week
The Russell 2000 small caps finished:
- down 21.56% for the yr
- up 5.8% for the quarter
- down 6.64% for the month
- up 0.02% for the week
— Jesse Pound, Christopher Hayes
CNBC Pro: 2023 looks good for the market — especially for one ‘extremely attractive’ asset class: Fund manager
Markets have bottomed and things are looking up for stocks and bonds, which could rally greater than 10% in 2023, based on one portfolio manager.
Jay Hatfield, CEO and portfolio manager at Infrastructure Capital Advisors, also highlighted the “conviction investment themes” he expects can be very attractive in 2023.
That features one asset he said could beat its peers.
CNBC Pro subscribers can read more here.
— Weizhen Tan
