Factory output in Singapore is expected to fall 6.9%, extending the decline since October
Singapore’s manufacturing output is expected to fall 6.9 percent year-on-year in December, analysts polled by Reuters said, more than double the decline seen in November.
The projected forecast would also extend the decline in Singapore’s manufacturing output since October, as well as November’s 3.2% decline.
On a monthly basis, factory production in Singapore is expected to decline by 1.1%.
— Lee Ying Shan
South Korea’s economy records its first decline since 2020
South Korea’s gross domestic product fell 0.4% in the fourth quarter of 2022 compared to the previous quarter, marking the first contraction in two and a half years.
Private consumption fell by 0.4%, exports decreased by 5.8%, and production by 4.1%, according to the Bank of Korea.
Government spending rose sharply by 3.2%, compared with growth of 0.1% in the third quarter.
On an annual basis, South Korea’s GDP rose 1.4% in the latest quarter from a year earlier, narrowly missing Reuters’ expectations of 1.5% growth.
— Lee Ying Shan
CNBC Pro: Want to cash in on China’s reopening? Bank of America and UBS have some less obvious stock picks
Stocks in certain key sectors directly linked to China’s reopening, such as domestic consumption and travel, have performed well in recent months.
Investors looking to get into these stocks may find them unpalatable at current valuations. But there could be another way to reopen, with Bank of America and UBS after identifying a number of less obvious beneficiaries outside of China.
Pro subscribers can read more here.
— Xavier Ong
CNBC Pro: Lithium has a strong year ahead — and China’s reopening will boost this stock, analyst says
Things are looking up for the electric vehicle industry, thanks to the reopening of China — especially in the second half of the year, one analyst says.
Corinne Blanchard, vice president of lithium and cleantech research at Deutsche Bank, cites one of the best stocks.
CNBC Pro subscribers can read more here.
— Weizhen Tan
Stocks end up mixed
Stocks were mixed on Wednesday.
The Dow Jones Industrial Average rose 9.88 points, or 0.03%, to end at 33,743.84. The Nasdaq Composite fell 0.18% to close at 11,313.36 and the S&P 500 fell 0.02% to settle at 4,016.22.
— Samantha Subin
Microsoft shares pared after-hours gains, turned negative
Microsoft shares fell about 1% in after-hours trading, reversing earlier gains.
Shares were initially higher after the company reported quarterly earnings per share that beat the Street’s expectations. However, investor sentiment soured after Microsoft issued disappointing revenue guidance for the current quarter on its earnings conference call.
The company forecast revenue of $50.5 billion to $51.5 billion in the fiscal third quarter, while analysts polled by Refinitiv expected $52.43 billion.
Read more about Microsoft’s results here.
–Darla Mercado, Jordan Novet