Singapore’s economy grew by 3.8% in 2022
Singapore’s economy recorded full-year growth of three.8% in 2022 data published on Tuesday by the Ministry of Trade and Industry.
The economy grew 2.2% in the fourth quarter in comparison with a yr ago, the slowest pace since mid-2021 but beating expectations of two.1% from a Reuters poll.
The most recent figures reflect the continued recovery in the services sector that followed the lifting of domestic and border restrictions from April, the ministry said in a press release, adding that the accommodation sector expanded for the first time since mid-2021.
— Jihye Lee
The Bank of Japan is reportedly considering raising its inflation forecast for January, based on the Nikkei
Japan’s central bank is reportedly considering raising its inflation forecast for January to reflect an increase in prices that’s closer to its 2% goal for fiscal yr 2024. December 30 report from the Nikkei, citing known sources.
In line with the report, this move could lay the groundwork for a shift towards tightening fiscal policy.
The report comes greater than per week after the Bank of Japan modified its controls on bond yields, allowing long-term rates of interest to proceed to rise. The speed on 10-year bonds might be allowed to fluctuate half a percentage point above and below the national goal of 0% – upwards of 1 / 4 of a percentage point.
Retail sales also rose in Japan, rising for the ninth straight month in November.
—Darla Mercado
Week ahead: Asia-Pacific PMI, trade data, inflation readings
Key economic developments in the Asia-Pacific region next week might be dominated by readings from the Region’s Purchasing Managers’ Index.
China’s National Bureau of Statistics is on account of release its official manufacturing and non-manufacturing PMI printouts on Saturday. Reuters expects factory activity in China to say no with a reading of 48.
South Korea can be on account of release its December trade data over the weekend, with economists polled by Reuters predicting a decline of 10.1% from last yr.
Singapore is on account of release its manufacturing PMI readings next week S&P Global is on account of release its PMI readings for South Korea, Indonesia and India on Monday.
Inflation printouts for the Philippines and Indonesia may even be closely watched, scheduled for release on Tuesday and Monday respectively.
The Japan PMI reading and the China PMI private services survey might be released on Wednesday. Singapore will publish November retail sales on Thursday, as well as South Korea’s December unemployment rate.
– Jihye Lee
CNBC Pro: Wall Street Veteran Lists Stocks That Could Drop to $0 — and His Tech Favorites
The yr 2022 marked the end of the era of low cost money, which is bad news for corporations with a “growth at any cost” approach, said David Trainer, CEO of investment research firm Latest Constructs.
In the coming yr, investors might want to exercise due diligence in distinguishing between good and bad corporations, he told CNBC Pro.
That is because the US Federal Reserve’s 2022 rate of interest hikes “ended the era of super easy money” and exposed many corporations with bad business models. He calls these corporations “zombie stocks” with a whole lot of money burning.
It highlights a listing of such names to avoid and what to purchase as an alternative.
CNBC Pro subscribers can read more here.
— Weizhen Tan
Final market statistics for 2022
Friday was the last trading day of 2022, but in addition of the quarter, month and yr. Here’s how the major markets’ averages fared over that timeframe.
Dow concluded:
- down 8.78% over the yr
- to fifteen.39% in the quarter
- down by 4.17% on a monthly basis
- down 0.17% over the week
The S&P 500 ended:
- down 19.44% over the yr
- to 7.08% in the quarter
- down 5.90% in a month
- down 0.14% over the week
Nasdaq Composite finished:
- down 33.10% over the yr
- down 1.03% in the quarter
- down 8.73% over the month
- down 0.30% in per week
Russell 2000 capsules accomplished:
- down 21.56% over the yr
- to five.8% in the quarter
- down 6.64% over the month
- up 0.02% on a weekly basis
— Jesse Pound, Christopher Hayes
CNBC Pro: 2023 looks good for the market – especially for one ‘extremely attractive’ asset class: fund manager
Markets have bottomed out with stocks and bonds looking higher, which might be up greater than 10% in 2023 based on one portfolio manager.
Jay Hatfield, CEO and portfolio manager at Infrastructure Capital Advisors, also highlighted “belief investment themes” which he believes might be very attractive in 2023.
This includes one trump card he said can beat his peers.
CNBC Pro subscribers can read more here.
— Weizhen Tan