Asia-Pacific Markets, Trade Data, Bank of Japan

The CEO of Toyota will step down from his position on April 1

Toyota Motor Corporation’s President and Chief Executive Akio Toyoda will step down on April 1 to be replaced by current Chief Branding Officer Koji Sato, the Japanese automaker said.

Toyoda will become the new chairman of the board of directors, while current chairman Takeshi Uchiyamada will remain as a member of the board of directors.

“I thought the best way to advance Toyoda’s transformation would be for me to become chairman in support of a new president, and this led to today’s decision,” Toyoda said in a webcast.

Tokyo-listed shares of Toyota ended the session 0.63% lower Thursday prior to the announcement.

— Ruxandra Iordache, Jihye Lee

Hyundai reports great profit in the fourth quarter

Hyundai Motor posted net profit of 1,710 trillion won ($1.4 billion) for the fourth quarter ended December, up 143.8% year-on-year.

Despite the great results, the reading was still shy of Refinitiv’s forecast of 2.5 trillion won net profit.

The figure also marks a 21.1% growth compared to the previous quarter that ended in September.

Sales of the automaker’s Sport Utility Vehicles (SUVs) were a major contributor to results, with Hyundai expecting “strong sales of high-end models to continue”.

Shares of the company last rose 6.04% on Thursday.

— Lee Ying Shan

Singapore’s manufacturing output contracted 3.1%, continuing its decline since October

Singapore’s annualized manufacturing output for December fell 3.1%, beating Reuters’ expectations of a 6.9% plunge.

The reading marks the third straight drop since October and comes after November’s figure of a 3.2% dip.

On a monthly basis, Singapore’s manufacturing data rose 3.2%, compared to a 1.2% decline in the previous month.

— Lee Ying Shan

Hang Seng Index heavyweights are playing catch-up after vacation

Hong Kong benchmark heavyweight stocks Hang Seng index played catch-up after returning from the Lunar New Year holiday, with the index rising 1.8%.

Stocks of technology companies Xiaomi and Lenovo increased by 9.27% ​​and 4.51% respectively.

Shares of real estate companies saw a similar increase. Longfor group saw a 6% increase while Logan group popped 7.35%. Rural garden increased by 3.13%.

Shares of Hong Kong-listed car companies also rose, with BYD adding 5.83% Yellow an increase of 4.32%.

— Lee Ying Shan

Macquarie estimates that Hyundai will record a record profit of 3.2 trillion won

According to an earnings forecast from Macquarie’s Capital Head of Mobility Research, James Hong, Hyundai is expected to post an operating profit of 3.2 trillion won ($2.597 billion).

“We are slightly above market consensus,” said Hong, who attributed the forecast to the company’s Brazilian manufacturing arm driving sales volume growth as well as tailwinds from the weak Korean won against the dollar.

Refinitiv estimates that Hyundai is expected to post a net profit of 2.311 trillion won for the fourth quarter, which would represent an 81% increase over the company’s net profit of 1.272 trillion won in the third quarter.

Hyundai’s earnings call is scheduled for 1 p.m. local time.

Shares of the company last rose 1.93%.

— Lee Ying Shan

CNBC Pro: Wall Street majors share when global stock markets could fall and by how much

As stocks continue their rally, several major financial institutions are now forecasting a significant downturn in global stock markets.

The S&P 500 index is up more than 10% since its low in October last year. In Europe, the STOXX 600 increased by more than 15% during the same period.

But some investment banks say those gains are now at risk as they fear the lagged effects of monetary tightening are likely to weigh on earnings this year and shrink profit margins.

CNBC Pro subscribers can read here when the market is likely to fall and by how much.

— Ganesha Rao

The Philippine economy grows by 7.2% in the fourth quarter

The Philippine economy grew at a robust 7.2% in the fourth quarter of 2022, beating expectations, according to statistics authority data.

A Reuters poll had predicted gross domestic product growth in the last three months of 2022 to reach 6.5%, compared to a year earlier.

For the full year, the economy grew by 7.6% in 2022 thanks to strong growth in sectors such as wholesale and retail; repair of cars and motorcycles, which increased by 8.7%. Production amounted to 5% and construction to 12.7%.

“Coincidentally, for this year it’s really domestic consumption, and that’s what the Philippines has,” said Alicia Garcia-Herrero, chief Asia economist at Natixis, speaking for CNBC’s “Squawk Box Asia” on Thursday. publication of GDP data.

“For that reason, I think 2023 will be pretty good for the Philippines compared to the rest of the region. Also the fact… that the central bank will have to do just a tiny bit more – maybe all the way up to 6% , and then pause. And interest rates are very important for consumption.”

She added that interest rates will begin to fall next year, which is “positive again” for the Philippines.

— Sumathi Bala

Bank of Japan emphasizes the need to maintain current monetary policy

The Bank of Japan stressed the need to maintain its current monetary policy, including leaving yield curve controls unchanged, according to the Summary of Opinions from its latest meeting published Thursday.

“The bank should continue with its current yield curve management given the prospects that it will take time to reach the 2% price stability target in a sustainable and stable manner,” said the publication, reiterating its unchanged stance on its inflation target. . .

The central bank continued its activity of buying up Japanese government bonds in response to upward pressure on yields. The Nikkei reported earlier this week that the BOJ announced that it technically holds more than 100% of several major 10-year JGBs — or exceeds issue amounts.

“There has been upward pressure on long-term interest rates and distortions on the yield curve have not subsided,” the BOJ said in its Opinion Summary, citing additional purchases of JGBs as one of several options for action it can take. to control the yield curve within the tolerance range.

– Jihy Lee

Factory production in Singapore is expected to fall 6.9%, a continuation of the decline since October

Singapore’s year-on-year production is expected to fall 6.9% in December, which would be more than double the fall in November, according to analysts polled by Reuters.

The projected forecast would also extend Singapore’s industrial production decline since October and November’s 3.2% fall.

On a monthly basis, factory production in Singapore is expected to fall 1.1%.

— Lee Ying Shan

South Korea’s economy has contracted for the first time since 2020

South Korea’s gross domestic product fell 0.4% in the fourth quarter of 2022 compared to the previous quarter, the first contraction in two and a half years.

According to the Bank of Korea, private consumption fell by 0.4%, exports by 5.8% and manufacturing by 4.1%.

Government spending rose sharply by 3.2% compared to the 0.1% increase in the third quarter.

On an annual basis, South Korea’s GDP rose 1.4% in the last quarter compared to a year earlier, slightly below Reuters’ expectations of 1.5% growth.

— Lee Ying Shan

CNBC Pro: Want to take advantage of China’s reopening? Bank of America and UBS have somewhat less obvious stock choices

Stocks in certain key sectors directly related to China’s reopening, such as domestic consumption and travel, have performed well in recent months.

Investors looking to access these stocks may find them unpalatable at current valuations. But there could be another way to play the reopening, with Bank of America and UBS have identified a range of less obvious beneficiaries outside of China.

Pro subscribers can read more here.

— Zavier Ong

CNBC Pro: Lithium has a strong year ahead – and China’s reopening will boost this stock, says analyst

Thanks to China’s reopening, things are looking good for the electric car industry, especially in the second half of the year, an analyst says.

Corinne Blanchard, vice president of lithium and clean tech equity research at Deutsche Bank, cites one of the top stock picks.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Stocks finish 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 stock loses profit after hours and turns negative

Microsoft shares fell about 1% in afterhours trading, reversing previous gains.

Shares were initially higher after the company posted quarterly earnings per share that beat Street’s expectations. However, investor sentiment soured after Microsoft issued disappointing guidance for current quarter revenue during its earnings conference call.

The company forecast revenue of $50.5 billion to $51.5 billion in its fiscal third quarter, while analysts polled by Refinitiv expected $52.43 billion.

Read more about Microsoft’s results here.

Darla Mercado, Jordan Novet

Leave a Comment