South Korea budget shifts from surplus to deficit for first time since August
South Korea’s current account balance fell from a surplus into deficit territory for the first time since August, government data showed.
The nation’s balance of payments registered a deficit of $620 million for November, according to statistics from the Bank of Korea. South Korea recorded a surplus in current account balance for the previous two months after marking a deficit of more than $3 billion in August.
The goods account recorded a deficit of $1.57 billion, a steep decline from the $6.07 billion surplus a year earlier. The services account recorded a deficit of $270 million, a slight rise from a further deficit of $340 million seen a year ago.
— Jihye Lee
CNBC Pro: China’s reopening has gotten Wall Street excited. Here’s how the pros are playing it
Beijing’s sudden and rapid dismantling of its stringent Covid-19 controls after nearly three years has raised hopes that its battered economy could follow a similarly rapid pace of recovery.
From hotels and airlines, to “less obvious beneficiaries,” Wall Street analysts name their top Chinese and global stocks to play the reopening.
Pro subscribers can read more here.
— Zavier Ong
Tokyo’s consumer price index rises 4%, faster than expected
Japan saw core consumer prices in its capital rise 4% in December on an annualized basis, faster than expected and above the Bank of Japan’s inflation target of 2%, government data showed.
Economists polled by Reuters had expected to see a 3.8% rise in prices for core items, excluding fresh food and including fuel.
Tokyo’s inflation is seen as a gauge for the nationwide inflation print, which is scheduled to be released later this month on Jan. 20.
— Jihye Lee
Consumers see inflation, spending sliding over next year, according to New York Fed Survey
CNBC Pro: Platinum prices are soaring. These buy-rated stocks with upside could be a way to cash in
Dow, S&P 500 close down while Nasdaq posts second day of gains
At market close Monday, the Dow and S&P 500 traded down despite both trading up earlier in the day.
The S&P 500 whipsawed around the flatline in the afternoon, closing down just 0.1%. The Dow ended down 0.3% as investors focused on growth names as hopes grew over cooling inflation.
But the Nasdaq Composite ended up 0.6%, helped by a nearly 6% rally in Tesla and jumps in other tech names.
Losses were concentrated in recent winners, like health care, energy and aerospace and defense.
— Alex Harring, Scott Schnipper
Tesla jumps 7% as electric vehicle stock rallies off 2-and-a-half year low
Tesla rose more than 7% as investors pulled the electric vehicle maker off prior lows not seen in two-and-a-half years.
The stock is up more than 12% in 2022. That means the first few trading days have offered a respite after plummeting 65% in 2022.
Tesla has struggled in recent months amid CEO Elon Musk’s chaotic purchase of Twitter. Investors are watching Tesla and Apple for insights into how some of the biggest technology names will fare after the industry was beat down last year.