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South Korean exports from May 1 to 20 decreased by 16.1% year-on-year
In the first 20 days of May, exports from South Korea fell 16.1% year-on-year, according to South Korean customs officials.
Imports during the same period also decreased by 15.3% compared to the same period last year.
Exports in the first 20 days amounted to $32.4 billion and imports $36.7 billion, resulting in a deficit of $4.3 billion for the period May 1-20.
South Korea’s exports fell for the seventh month in a row, falling 14.3% in April from a year earlier, according to Refinitiv data.
— Lim Fuijie
1 hour ago
Orders for basic machinery in Japan decreased in March
Japan’s core machinery orders fell 3.9% from the previous month in March, more than expected.
Economists polled by Reuters expected a rise of 0.7% from the previous month.
Compared to the previous year, orders for printing machinery were expected to increase by 1.4%, while machine orders also decreased by 3.5%.
Japan’s machinery orders in February increased 9.8% year-on-year.
— Lee Ji-hye
1 hour ago
CNBC Pro: Tesla vs. BYD: Here’s Why One Fund Manager Likes Buffett-Backed Automakers
Electric vehicles (EVs) are increasingly seen as an important part of the solution in an era of climate change.
For Philip Lippman, portfolio manager at Storebrand Asset Management, one of the world’s leading electric car makers stands out. It’s China’s BYD, not Elon Musk’s Tesla.
As an investor, Lippmann said BYD’s appeal extends beyond just making electric cars.
CNBC Pro subscribers can read why fund managers are bullish on BYD here.
— Ganesh Rao
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CNBC Pro: These four stocks are on Goldman’s Confidence Buy list, with 115% upside for one stock
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Debt reduction talks to resume on Monday
Federal leaders are expected to continue negotiations on the debt ceiling on Monday as the US approaches the possibility of default.
President Joe Biden and Speaker of the House Kevin McCarthy (Republican, California) will meet in person at the White House.
Treasury Secretary Janet Yellen said Sunday she will have to make “hard choices” about which bills will go unpaid if the debt ceiling isn’t raised, putting the US in default as early as June 1. I reconfirmed the warning that there is a possibility.
— Jesse Pound, Ashley Caputo
Friday, May 19, 2023 11:46 EDT
Powell says interest rates may not need to rise as much as expected
Federal Reserve Chairman Jerome Powell said Friday that interest rates may not need to rise as much as previously thought as part of the stress seen in the banking sector.
“Financial stability tools have helped calm conditions in the banking sector, while developments in the banking sector have contributed to tighter credit conditions, weighing on economic growth, employment and inflation,” he said. It’s very likely,” he said. Financial policy.
“As a result, it may not be necessary to raise the policy rate so much to reach the target,” he added. “Of course, the extent is very uncertain.”
— Jeff Cox
Friday, May 19, 2023 8:55 EDT
Fed’s Williams says ‘the era of ultra-low interest rates will continue’
New York Fed President Williams said the long-term trend in interest rates is likely to fall, despite recent increases in interest rates to combat inflation.
Williams said during a largely academic discussion at a forum in Washington, D.C., that “natural” interest rates are still on the downside as the outlook for economic output remains sluggish. That’s despite skyrocketing pandemic-era inflation and interest rate hikes to combat high prices.
“Importantly, there is no evidence that the era of very low natural interest rates is over,” Williams said.
— Jeff Cox