Live updates, FOMC meeting, Japan corporate inflation

Inflationary pressures are expected to ease in 2024 as global inflation eases to 4.9% year-on-year from 6.0% in 2023. Report Shown by Mastercard Economic Institute.

“Most countries are coming out of the most disorienting kind of economy that we’ve been stuck in for a while,” where you had big swings in inflation, interest rates, etc. [and] Migration flows into some economies,” MEI’s David Mann told CNBC’s “Squawk Box Asia.”

“We’re still finishing that leg of the bungee jump” following the Covid-19 pandemic, he added, and expects quieter inflation and slightly higher wage growth next year — which should lead to real wage growth.

The MEI noted in their report that the global economy will be “more normal” in 2024, but consumer spending is likely to remain cautious.

Mann also highlighted that only about 55% of international travel has been recovered. But entering 2024, countries such as China and Japan have the potential to see more growth in outbound travel as China reopens and tourists take advantage of the weaker yen, he explained.

— Quek Gee On

Philippines Exports October fell 17.6% year-on-year, deepening from a 6.3% drop in September and marking the fastest decline since April.

Imports fell 4.4% year-on-year, down from a 14.7% drop in September.

Overall, total foreign trade for October was $16.9 billion, a 9.8% decline from a year earlier.

The Philippines’ trade deficit widened to $4.17 billion from $3.51 billion in September.

– Lim Hui Jee

Energy stocks have lagged for much of the year, and were the only sector not to rise in a warm November rally — but some analysts are still bullish.

In fact, Louis Navilier, president and founder of Navilier & Associates, says energy is now his “highest calling.”

He and Citi named the stocks they wanted.

CNBC Pro subscribers can read more here.

– Weissen Don

Manufacturer price in Japan It rose faster than expected in November, with a 0.3% year-over-year gain compared with a 0.1% rise forecast by economists polled by Reuters.

The 0.3% rise in the corporate price index was lower than October’s revised figure of 0.9%, and the slowest rate of growth recorded since February 2021.

CGPI measures the prices of goods and services traded in the corporate sector.

On a monthly basis, producer prices rose 0.2% from a 0.3% fall in October.

– Lim Hui Jee

The S&P 500 index hit a new high for 2023 last week, breaking through the 4,600 level and continuing its rally since early November. The key question for investors now is whether this momentum can be sustained in the future.

In addition to using historical data, HSBC used artificial intelligence to analyze the language used in recent quarterly earnings calls to predict stock market performance.

CNBC Pro subscribers can read more here.

– Ganesh Rao

S&P 500 names hit their highest levels in a year on Monday as the market tried to extend its six-week winning streak. Overall, 52 S&P 500 components made new 52-week highs. Check out some of them:

• Until the MetroPCS IPO in April, 2007, T-Mobile traded at an all-time high.
• Booking Holdings traded at an all-time high until its IPO in April 1999
• Chipotle Mexican Grill traded at an all-time high for its IPO in January 2006
• TR Horton traded at an all-time high for its IPO in June 1992
• Lennar traded at an all-time high when it began trading in 1971
• Lululemon traded at an all-time high at its IPO in July 2007
• Marriott International traded at an all-time high in 1993 with its spin-off from Marriott Corp.
• NVR, Inc. Nov. Traded at an all-time high until the post-bankruptcy IPO in 1993
• Royal Caribbean trades at levels not seen since February 2020
• Boeing trades at levels not seen since June 2021
• Cintas traded at an all-time high for its IPO in 1983
• Fast trading in unseen positions from January, 2022
• FedEx trades at levels not seen since August, 2021
• WW Granger traded at an all-time high in 1967 when it began trading.
• Huntington Ingalls trades at levels not seen since November, 2022
• Howmet Aerospace traded at all-time highs until the Alcoa spinoff in November, 2016
• Ingersoll-Rand trades at all-time highs in our history dating back to 1972

– Fred Imbert, Chris Hayes

Expectations for inflation next year have hit their lowest level in more than 2½ years, according to a New York Federal Reserve survey released on Monday.

A survey of consumer expectations for November showed the one-year average outlook fell to 3.4%, a 0.2 percentage point drop from October and the lowest since April 2021. Average expectations have been revised to 3% over the three- and five-year horizons. 2.7% respectively.

However, the results are consistent with other surveys, such as the University of Michigan’s consumer sentiment reading, which showed the one-year outlook fell to 3.1%, the lowest since March 2021.

As part of the results, year-ago expectations for a change in gas prices fell 0.5 percentage point to 4.5%, while the outlook for food costs fell 0.3 percentage point to 5.3%.

– Jeff Cox

Oil prices were little changed on Monday, with investors pointing to rising production as demand eases.

The West Texas Intermediate contract for January delivery was up 9 cents, or .13%, at $71.32 a barrel. Brent crude for February was up 19 cents, or .25%, at $76.03 a barrel.

Oil futures posted seven consecutive weeks of losses amid record U.S. output, a weakening economy in China and a lack of confidence in OPEC+’s ability to balance the market.

– Spencer Kimball