April 16, 2024

An hour in the past

South Korea’s workplace market is among the strongest on the planet, an actual property agency says

South Korea’s workplace market is booming because the nation bucks distant working tendencies.

Seoul recorded a low prime workplace emptiness charge of three.4% within the third quarter, in line with a report by Savills, an actual property providers agency. Transactions totaled 2.6 trillion South Korean received ($2 billion) through the interval, with year-to-date quantity reaching 7.3 trillion South Korean received, the report stated.

“The Korean workplace market has been one of many strongest on the planet…we’re seeing, as you understand, sturdy rental development, sturdy underlying fundamentals, comparatively good supply-demand performs and low emptiness charges,” Ray Lawler, Asia Pacific Hines CEO, an actual property firm, informed CNBC’s “Avenue Indicators Asia.”

Lawler added that South Korea’s workplace market is a “actual outlier” and is “swimming towards the tide globally.”

Hines presently has round $1.7 billion invested in actual property in Seoul and Busan. Going ahead, the corporate expects to develop its investments in South Korea.

— Quek Jie Ann

2 hours in the past

Singapore’s largest financial institution DBS beats forecast, quarterly revenue rises 17%

Southeast Asia’s largest lender DBS Group reported a 17% leap in third-quarter revenue on Monday, benefiting from a excessive rate of interest atmosphere.

Shares of the lender rose 0.45% in early afternoon buying and selling.

Internet revenue rose to 2.63 billion Singapore {dollars} (US$1.94 billion) within the quarter. 2.24 billion Singapore {dollars} a yr in the past.

It was increased than analyst estimates at LSEG, which forecast a quarterly revenue of two.5 billion Singapore {dollars} for the July-September quarter.

The Financial institution of Singapore As well as, a dividend of 48 Singapore cents for every odd share was declared for the third quarter.

Click on right here to learn the complete story.

—Shreyashi Sanyal

4 hours in the past

South Korean shares rise after short-term short-selling ban

South Korean shares jumped after monetary authorities stated they’d reimpose a ban on quick promoting till the top of June 2024. Brief promoting is when a dealer sells borrowed shares to purchase them again at a lower cost and pocket the distinction.

The ban restricts quick promoting of all shares listed on Kospi, Kosdaq and Konex. In Might 2021, restrictions on buying and selling shares of large-cap corporations, most of that are included within the Kospi, had been lifted.

“We search to basically remove the ‘distorted enjoying subject’ between organizations and people,” Monetary Companies Fee Chairman Kim Joo-hyun stated in a press launch.

The Kospi rose 3.93% whereas the Kosdaq gained 5.88%.

This got here after a report in mid-October stated that South Korea’s securities regulator had discovered that two Hong Kong-based funding banks had engaged in bare quick promoting, which was anticipated to lead to file fines. Bare quick promoting is when an investor sells a inventory or different safety quick with out first taking out a mortgage.

—Shreyashi Sanyal

6 hours in the past

Japan’s enterprise exercise in October is rising at its slowest tempo this yr

Japan’s enterprise expanded in October, however at its weakest tempo this yr, in line with a personal survey.

au Jibun Financial institution’s ultimate composite buying managers’ index stood at 50.5 in October, signaling a tenth consecutive month-to-month improve in personal sector enterprise exercise, however under September’s studying of 52.1.

The Jibun Financial institution Japan Companies Enterprise Exercise headline index rose for the fourteenth consecutive month in October, coming in at 51.6, however under September’s studying of 53.8.

Each metrics pointed to the weakest growth but in 2023.

The survey stated there have been additional indicators of slowing growth given weakening demand situations, whereas enterprise confidence additionally weakened in October.

—Shreyashi Sanyal

7 hours in the past

CNBC Professional: Development investor underweight the Magnificent Seven however likes a tech big

The “Magnificent Seven” shares – Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla – have confirmed fashionable this yr, however one development investor says he’s underweight the group.

“The Magnificent has completed properly and is poised to proceed to do properly as a result of they did.” [a] They’ve fortress-like stability sheets and are extremely worthwhile. “They’ve used the final two years post-Covid to develop into extra environment friendly, however additionally they have large alternatives forward of them when it comes to synthetic intelligence,” Jonathan Curtis informed CNBC on Friday.

Nonetheless, he stated buyers have to be “somewhat extra curious and cautious” about tech mega-caps – citing his favourite as having “large development potential.”

CNBC Professional subscribers can learn extra right here.

—Amala Balakrishner

7 hours in the past

CNBC Professional: Citi is bullish on a part of the semiconductor business. Listed below are the highest inventory picks

A restoration started in a single nook of the semiconductor business within the second half of this yr, in line with Citi.

The rise in month-to-month semiconductor gross sales in September beat Citi’s estimates. It rose 13% from the earlier month to $49.6 billion, above the financial institution’s estimates of $46.9 billion, the financial institution stated.

CNBC takes a take a look at 5 of its prime inventory picks.

Subscribers can learn extra right here.

– Weizhen Tan

Fri, November 3, 2023, 8:36 a.m. EDT

US jobs grew slower than anticipated in October

The Labor Division stated Friday that the U.S. economic system added 150,000 jobs in October. That is barely under the Dow Jones forecast of 170,000.

Common hourly wages, a intently watched information level within the inflation tendencies report, rose 0.2% final month. That is additionally a smaller improve than anticipated. Unemployment, in the meantime, rose to three.9% versus a forecast of three.8%.

—Fred Imbert

Fri, November 3, 2023, 11:17 am EDT

Goldman Sachs’ chief economist says labor market information reinforces the prospect that the Fed is completed elevating rates of interest

Friday’s jobs report, which fell wanting expectations, bolsters the argument that the Federal Reserve is completed elevating rates of interest, stated Goldman Sachs chief economist Jan Hatzius.

“I believed it was usually weaker than anticipated,” Hatzius stated of the report on CNBC’s “Squawk on the Avenue.” However: “I don’t assume it was weak in a very worrying method.”

Hatzius stated the paper helps the argument of those that count on the central financial institution to be completed elevating rates of interest within the present financial coverage cycle after its assembly earlier this week. Whereas he stated Goldman doesn’t count on the Fed to chop charges till the fourth quarter of subsequent yr, he stated the central financial institution may begin reducing charges if the economic system slows extra sharply earlier than then.

“It was a softer report that I feel reinforces the message that the market took away from this week’s FOMC assembly – which is that the Fed is most certainly completed elevating charges,” he stated, utilizing the acronym for the Federal Open Market Committee.

—Alex Harring

Fri, November 3, 2023, 1:47 p.m. EDT

Lengthy-term Treasury ETF extends November rally

The iShares 20+ 12 months Treasury Bond ETF (TLT) is on monitor for its third consecutive constructive day as Treasury yields fall.

The TLT rose 1.2% in afternoon buying and selling, that means the fund was already up greater than 5% in November, which started with Wednesday’s Fed assembly.

TLT noticed sturdy inflows and buying and selling exercise in October as some buyers seemed to be betting on a restoration within the fund after yields rose above 5%.

–Jesse Pound