Asia-Pacific markets, Fed minutes, inflation, PMI, Singapore retail, Caixin services

Oil prices rose after two days of declines on Chinese travel demand

Oil prices rose more than 1% after seeing a two-day decline, as China’s reopening added hope for an economic recovery and support for demand.

Brent crude futures rose 1.08% to $78.68 a barrel, while US West Texas Intermediate futures rose 1.19% to $73.71 a barrel.

Investors appeared to shrug off concerns of a possible global recession due to shaky economic growth forecasts in the US and China, leading oil prices to fall more than 9 % in the last two days.

– Lee Ying Shan

CNBC Pro: Bank of America Sees 50% Rise in Global Fertilizer Stocks Due to Global Shortage

Bank of America sees 50% rise in shares of global fertilizer maker due to global shortages.

The Wall Street Bank says that the company commands a 55% profit margin because it is covered by the increase in the price of natural gas.

CNBC Pro subscribers can read more here.

What does the fertilizer crisis mean for food prices

China’s Caixin service data shows improvement, staying in the discount zone

Caixin China’s services purchasing managers’ index showed easing pressure on the sector for December, with a reading of 48, holding in bearish territory. – price.

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The reading rose from a six-month low seen in the previous month with a reading of 46.7.

The 50 mark separates growth from contraction. PMI readings are sequential and reflect monthly expansion or contraction.

“Optimism has improved significantly,” said Wang Zhe, senior economist at Caixin Insight Group, adding that the index for future activity was up nearly 4 points from a month earlier. ago.

“Service providers have shown strong confidence in the economic recovery after the easing of Covid restrictions,” Wang said.

– Jihye Lee

CNBC Pro: Tech has had a brutal year. But all four stocks have bright futures, investors say

The technology sector has grown in 2022.

But investment pro Jason Ware isn’t surprised. He remains bullish on technology and named four stocks he likes.

Pro customers can read more here.

— Zavier Ong

Hong Kong’s S&P Global PMI points to a slowdown in the private sector

Hong Kong’s S&P Purchasing Managers’ Index edged higher to 49.6 in December from 48.7 in November despite remaining in contraction territory for the fourth consecutive month.

S&P said the slower decline seen in the city’s private sector was due to an increase in business activity in the final months of 2022, supported by the easing of restrictions Covid.

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Demand in the city remains strong, S&P said, adding that new orders are generally slowing due to the deteriorating economy.

— Lee Ying Shan

CNBC Pro: Citi is bullish on lithium – at least for the foreseeable future. But some stocks offer great benefits

Citi is underperforming lithium – at least for the foreseeable future. Lithium is a key component of electric vehicle batteries.

But the bank remains bullish on the long-term outlook, naming three stocks to watch.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Fed officials expect higher rates for “some time,” the minutes show

The Federal Reserve released the minutes of the December 13-14 meeting, which showed central bank officials expect rates to be higher “at times.”

“Participants generally noted that the restrictive policy must be maintained until incoming data provide confidence that inflation is on a downward path to 2 percent, which may take a long time,” the meeting concluded. “Given persistent and unacceptably high inflation, many participants commented that historical experience warned against easing monetary policy too early.”

“Many participants emphasized that it is important to clearly convey that the slowdown in inflation does not signal a weakening of the Committee’s resolve to achieve its objective of price stability or the court said that the price of life is already on a long downward path,” said the minutes.

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— Jeff Cox

November JOLTS better than expected

Job openings in November were 10.5 million, according to the latest Job Openings and Job Turnover Survey, or JOLTS.

The report was slightly better than expected despite little change from the previous month. Analysts expected JOLTS to be around 10 million in November.

The number of workers and total separations were also little changed at 6.1 million and 5.9 million. There were also 4.2 million quits and 1.4 million layoffs and layoffs during the month.

—Carmen Reinicke

Chinese ADRs rise in pre-market trading

Chinese ADRs rose in pre-market trading after Ant Group received approval to increase its registered capital, a sign that Chinese regulators may ease their grip on the country’s technology sector.

Share the JD.com SY Alibaba each rose more than 6%. NetEase, Baidu SY Trip.com other stocks made notable moves higher.

Ant Group, which previously had its own IPO plan, was allowed to double its registered capital under the new plan.

— Jesse Pound

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