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HomeAsiaJapan inflation data, China Loan Prime Rates

Japan inflation data, China Loan Prime Rates

Singapore Tourism Board says Chinese tourist numbers won’t reach pre-coronavirus levels this year despite reopening

Keith Tang, CEO of the Singapore Tourism Board, said the number of Chinese tourists to Singapore has continued to rise despite China’s reopening of the economy and a surge in travel in the region. The numbers will not reach pre-pandemic levels in 2023, he said.

“I don’t think Chinese tourists and Chinese visitor numbers will return to pre-Covid levels this year,” Tan told CNBC’s “Squawk Box Asia” on Friday.

“This is not just an issue for Singapore. It is also an issue for Chinese airlines, Chinese airports and whether they are ready to resume a large number of international flights,” he added.

Still, Singapore’s hospitality and luxury goods sector will benefit from Chinese travelers who can pay higher prices for airfares and hotels, Tan said. It is expected to benefit from China’s reopening due to the large number of business travelers visiting for business and conferences.

Tan also stressed that Singapore expects a full recovery in all markets by 2024.

— Charmaine Jacob

Federal Reserve’s Williams stresses ‘more work to be done’ on inflation

Federal Reserve Bank of New York Governor John Williams stressed that more work needs to be done on monetary policy to bring inflation down to the central bank’s target.

speak in event At the event hosted by the Fixed Income Analyst Society, Williams reportedly said: Reuters.

“Restoring price stability is essential to achieving maximum employment and long-term stable prices, and it is important to keep the course until the job is done,” he was quoted as saying. rice field.

The Federal Reserve’s two-day meeting ends on February 1st. priced market 97.2% chance of a 25 basis point hike, according to CME Group dataRaise interest rates to the target range of 4.5% to 4.75%.

— Lee Ji-hye

Bitcoin Drops As Genesis Files For Chapter 11 Bankruptcy In New York

Bitcoin Drops Nearly 0.5% After Crypto Firm Genesis Filed for Chapter 11 bankruptcy in New York.

The company lists between 50 and 99 creditors in its “mega” bankruptcy filing, with total liabilities ranging from $1.2 billion to $11 billion, according to bankruptcy filings.

Genesis is in talks with creditors represented by law firms Kirkland & Ellis and Proskauer Rose, a source familiar with the matter told CNBC.Bankruptcy places Genesis alongside other collapsed crypto exchanges including block phiFTX, CelsiusWhen Voyager.

The cryptocurrency last traded at $21,054.

— Rohan Goswami, Mackenzie Sigaloth, Jihye Lee

China keeps prime rates on 1- and 5-year loans unchanged

The People’s Bank of China (PBOC) left its prime rates unchanged for 1- and 5-year loans, largely as expected.

The 1-year LPR remained at 3.65% and the 5-year LPR remained at 4.3%, both unchanged from August 2022.

The offshore and onshore Chinese yuan was flat, ending at 6.7679 and 6.7738 against the US dollar.

— Lee Ji-hye

Japan’s core inflation rises 4% in December, highest since 1981

Japan’s core inflation rose to 4% on an annualized basis last December.

The reading climbed from the 3.7% inflation print seen in November.

Monthly consumer prices rose 0.2% in December, flat from the previous month.

The Japanese yen traded at 128.63 yen, down 0.16% against the US dollar.

— Lee Ji-hye

Bitcoin Transactions Go High As Jamie Dimon Calls Digital Currencies An ‘Advertised Scam’

Bitcoin has traded higher because JP Morgan CEO Jamie Dimon called it an “advertised scam”. Interview for CNBC’s “Squawk Box” A bystander at the World Economic Forum in Davos, Switzerland.

Bitcoin rose 1.5% to trade at $21,127 over the past 24 hours, while Ethereum rose 1.81% to $1,556.72, according to CoinMetrics.

JP Morgan's Jamie Dimon: Bitcoin is 'a advertised scam'

— Jihye Lee, Jessie Pound

Fewer Americans than expected to file unemployment claims

About 190,000 unemployment claims were filed in the US in the week ending Jan. 14, which is lower than expected, indicating continued resilience in the labor market.

This is below the 215,000 first week claims forecast by analysts polled by Dow Jones. It also marks a decrease from her 205,000 the previous week.

Market participants have been watching labor data for signs of a cooling job market. Labor is one area of ​​the economy that has performed well, even as other areas have shown contraction following a series of rate hikes by the Federal Reserve.

— Alex Haring

Brainard sees interest rates continuing to rise even as inflation subsides

Federal Reserve Governor Brian Brainard said Thursday that he expects interest rates to remain high despite recent signs that inflation is weakening.

of speech was given At the Chicago Booth School of Business, a senior central bank official vowed to “keep the course” until inflation shows further signs of approaching the Fed’s 2% target.

“Despite recent easing, inflation remains high and policy will need to be sufficiently restrictive for some time to ensure a sustained return to 2%.

— Jeff Cox

CNBC Pro: Weak Dollar Is Great News For Copper, Asset Manager Says — And Names 3 Stocks To Buy

Stephen Glass of Pera Fund Management said the US dollar has fallen in recent months, which is good news for commodities.

He is particularly bullish on copper and has suggested buying three stocks.

CNBC Pro subscribers can read more here.

— Tan Weizhen

Fed’s Collins says future rate hikes could be ‘more measured’

Boston Federal Reserve Governor Susan Collins said Thursday that the central bank believes it can enact smaller rate hikes after a string of aggressive moves last year.

“By adjusting interest rates more cautiously at this stage, we will be able to address the competing risks that monetary policy currently faces: There is a risk that may be sufficient, and a risk that our actions may cause unnecessary losses to actual employment,” she said in a prepared remark.

Collins did not specify where she thinks policy should go next. However, at her December meeting, the Fed approved a 0.5-point rate hike after four consecutive 0.75-point moves.

While most economists expect at least a modest recession this year, Mr Collins said he was “pretty optimistic that there is a way to keep inflation under control without a deep recession.”

— Jeff Cox

CNBC Pro: Morgan Stanley says Chinese market will be biggest winner in 2023, and these stocks stand out

Wall Street is bullish on China’s economic reopening. But Morgan Stanley is even further ahead, predicting Chinese stocks will beat global markets this year.

Investment banks named the top stocks, including one tech giant with a potential upside of about 30%.

Pro subscribers can read more here.

— Xavier Ong

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