Japan inflation data, China Loan Prime Rates

The number of Chinese travelers to Singapore will not reach pre-pandemic levels by 2023 despite China’s opening up and the rise of regional travel, said Keith Tan, CEO of the Singapore Tourism Board.

“We don’t expect Chinese visitors and Chinese money to return to pre-Covid levels this year,” Tan told CNBC’s “Squawk Box Asia” on Friday.

“Not only in Singapore… But also the airlines in China, and the airports in China, and if they are ready to continue with many international flights,” he added.

However, Singapore’s hospitality and luxury goods sectors will benefit from Chinese travelers who can afford higher prices on flights and hotels, Tan said. The city’s conference industry is also expected to benefit from China’s reopening as more business travelers descend on events and conferences.

Tan also highlighted that Singapore expects to see full recovery across all markets by 2024.

— Charmaine Jacob

The president of the Federal Reserve Bank of New York John Williams emphasized that there is still much to be done in terms of monetary policy to bring inflation down to the central bank’s target.

Speaking at an event organized by the Fixed Income Analysts Society, Williams was quoted as saying: “It is clear that monetary policy still has more work to do to bring inflation down to our 2% target. on a long-term basis,” said Reuters.

“Restoring price stability is essential to achieving maximum employment and long-term sustainability, and it is essential to stay the course until the job is done,” he said.

The Federal Reserve’s two-day meeting ended on February 1, with the market pricing in a 97.2% chance of a 25-basis rate hike, according to CME Group data, bringing rates interest at 4.5% -4.75%. .

— Jihye Lee

Bitcoin fell about 0.5% after Crypto company Genesis filed for Chapter 11 bankruptcy in New York.

The company listed 50-99 creditors in the “mega” bankruptcy filing, with combined debts ranging from $1.2 billion to $11 billion, according to the bankruptcy filing. .

Genesis has been negotiating with lenders represented by law firms Kirkland & Ellis and Proskauer Rose, sources familiar with the matter told CNBC. The loss puts Genesis alongside other fallen crypto exchanges including BlockFi, FTX, Celsius, and Voyager.

The cryptocurrency last traded at $21,054.

— Rohan Goswami, MacKenzie Sigalos, Jihye Lee

The People’s Bank of China left the 1-year and 5-year lending rates unchanged, in line with expectations.

The 1-year LPR remained at 3.65% while the 5-year LPR remained at 4.3%, both unchanged from August 2022.

The onshore and offshore Chinese yuan was flat and last stood at 6.7679 and 6.7738 against the US dollar.

— Jihye Lee

Inflation in Japan rose to 4% in December last year on an annual basis, the highest since December 1981 and in line with expectations.

The reading is up from the 3.7% inflation reading seen in November.

On a monthly basis, consumer prices rose 0.2% in December, remaining unchanged from the previous month.

The Japanese yen traded 0.16% weaker against the US dollar to stand at 128.63.

— Jihye Lee

Bitcoin traded higher as JPMorgan CEO Jamie Dimon called the cryptocurrency a “hyped fraud,” in an interview with CNBC’s “Squawk Box” on the sidelines of the World Economic Forum in Davos. Switzerland.

Bitcoin rose 1.5% in the last 24 hours to last trade at $21,127 while Ethereum gained 1.81% to $1,556.72, according to CoinMetrics.

— Jihye Lee, Jesse Pound

There were about 190,000 initial U.S. jobless claims for the week ended Jan. 14, which was less than expected and underscores the continued strength of the labor market.

That was below the 215,000 initial claims expected for the week by analysts polled by Dow Jones. It also marks a decline of 205,000 claims from the previous week.

Market participants looked to employment data for signs of a cooling labor market. Labor is one area of ​​the economy that remains strong even as other areas have shown a slowdown following the Federal Reserve’s interest rate hike.

— Alex Harring

Federal Reserve Governor Lael Brainard said Thursday that he expects interest rates to remain high despite recent signs that inflation is slowing.

In a speech at the Chicago Booth School of Business, central bank officials vowed to “stay the course” until inflation shows more signs that it is nearing more than the Fed’s 2% target.

“Despite the recent drop in inflation, inflation should be limited for some time to ensure that inflation returns to 2% on a long-term basis, ” he said.

— Jeff Cox

The US dollar has weakened in recent months and that’s good news for commodities, says Steven Glass of Pella Funds Management.

He is bullish on copper, naming three stocks to buy.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Boston Federal Reserve President Susan Collins said on Thursday that she thinks the central bank can make a few more interest rate hikes after a series of aggressive rate hikes last year.

“Further rate adjustments at the current stage allow us to better address the competing risks of current monetary policy – the risks of our actions to restore price stability, as opposed to “the risk that our actions may cause unnecessary losses in real activities and work,” he said in a prepared statement.

Collins did not specify where he thinks the policy should go next. But the Fed at its December meeting approved a rate increase of 0.5 percent after four moves of 0.75.

While most economists expect at least a modest recession this year, Collins said he is “very confident that there is a path to lower inflation without an economic recession.”

— Jeff Cox

Wall Street is concerned about China’s reopening. But Morgan Stanley goes even further: It predicts that Chinese stocks will beat global markets this year.

Investment banks have named their top picks, including a tech giant that gives them a 30% chance of being the top.

Pro customers can read more here.

— Zavier Ong