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An hour ago
Japan’s December unemployment rate cools to lowest level since January 2023
University students arrive to attend the Mynavi Shushoku Mega Expo at Tokyo Big Sight on March 8, 2015 in Tokyo.
Chris McGrath | fake images
Japan’s unemployment rate fell slightly in December, according to official data.
The unemployment rate in the last month of 2023 fell to 2.4% compared to the previous month. The reading was 2.5% in October.
December’s unemployment rate was also slightly lower than a Reuters poll forecast of 2.5%, and the lowest unemployment rate since January 2023.
Another reading showed that the ratio of jobs to applicants was 1.27 in December, levels not seen since June 2022.
It was also slightly below a Reuters poll forecast of 1.28.
— Shreyashi Sanyal
An hour ago
CNBC Pro: Want to invest in China’s booming electric vehicle market? These ETFs could offer a good way to
As China’s electric vehicle market goes from strength to strength, investors around the world are showing growing interest in participating.
“We are particularly optimistic about this expansion of Chinese competitiveness in electric vehicle manufacturers,” Kingsley Jones of advisory firm Jevons Global said on CNBC’s Pro Talks on Thursday. “There are many of them.”
However, significant hurdles remain for retail investors before they can be part of China’s EV growth story. For example, many stockbrokers charge a premium to trade shares listed in Hong Kong, and Chinese regulations prevent overseas retail investors from directly purchasing “A shares” listed on the mainland.
Instead, the veteran investor noted that ETFs with concentrated positions remain viable options for those seeking exposure to the growth potential of Chinese electric vehicles.
CNBC Pro subscribers can read more here.
—Ganesh Rao
An hour ago
CNBC Pro: Analysts Are So Bullish on This Global Chip Stock That They Keep Naming It Their Best Pick
4 hours ago
Dow Jones to underperform in January, hurt by Boeing
Sell-offs in Boeing and a handful of other stocks have restrained the Dow’s gains this month.
The blue-chip average is expected to end the January trading month, which concludes at the closing bell on Wednesday, up about 1.7%. By comparison, the broad S&P 500 and the tech-heavy Nasdaq Composite are on track to advance 3.3% and 4.1%, respectively.
See the table…
The Dow Jones in January
Part of those limited gains for the Dow are due to Boeing, which has fallen 21% this month. Stocks plummeted after a door plug on a 737 Max 9 plane exploded mid-flight.
Walgreens and Intel have also dragged down the 30-stock index, falling about 13% each. A dozen Dow members are on track to end the month lower.
Those declines have somewhat mitigated the gains seen elsewhere. Notably, IBM has led the index with a rally of more than 14%. Verizon and Merck were the next big winners, advancing about 11% each.
—Alex Harring
8 hours ago
Oil falls as China’s housing crisis overshadows geopolitical risk
Oil prices fell on Monday as concerns grow about the impact of China’s housing crisis on its economy.
The West Texas Intermediate contract for March fell $1.01, or 1.29%, to trade at $77 a barrel. The March Brent contract fell 94 cents, or 1.13%, to trade at $82.61.
Crude oil prices fell after a Hong Kong court ordered the liquidation of Evergrande, once China’s biggest property developer. Traders are worried that China’s housing crisis is weighing on its economy and that the slowdown could weaken oil demand this year.
Oil rose more than 1% early in the session after three US soldiers were killed in a drone strike on a base in Jordan. The United States blamed the attack on militants allied with Iran.
“It’s a critical turning point for the Biden administration because we really have to see if he will have a serious and escalated response to this attack,” Helima Croft of RBC Capital Markets told CNBC’s “Worldwide Exchange” program on Monday.
—Spencer Kimball
10 hours ago
Energy stocks drag down the S&P 500
Energy sector names hurt the S&P 500 in Monday’s session.
The broad index rose about 0.1% in morning trading. But it was weighed down by a drop in energy stocks, with the sector falling 0.7%.
All energy stocks traded lower during the session. APA was the biggest loser, falling 1.7%.
On the other hand, discretionary consumption was the sector with the best performance, with an increase of 0.3%. Tesla led the sector higher with a gain of more than 2%, regaining some ground after falling more than 13% last week on earnings.
—Alex Harring
5 hours ago
The Treasury Department reduces the debt estimate for the first quarter
The US Treasury Department expects to borrow $760 billion in the first quarter, according to a Press release posted Monday afternoon. This is below the previous estimate of $815 billion “due in large part to projections of higher net fiscal flows and a higher cash balance at the beginning of the quarter,” according to the statement.
The lowered estimates appeared to spark a rally in bonds and stocks. The 10-year Treasury yield fell to its lowest level of the day, about 4.07%, while the S&P 500 is now up about 0.7%.
The Treasury will announce more details about its quarterly repayment plans on Wednesday.
—Jesse Libra