Stock futures slip slightly after S&P 500 hits a fresh 2023 high: Live updates

52 Mins Ago

Global debt is ‘extremely worrying’ but may not lead to a crisis this year, says David Roche

Veteran investor David Roche said Monday he was “very worried” about the amount of global debt, but reassured that it would not be a top crisis this year as inflation continues to ebb.

There’s a mismatch in the rate at which debt is increasing and our capacity to pay for it, warned Roche.

He said he is certain that mounting debt will be a major crisis, but not the top crisis of the year as interest rates continue to fall.

“Interest rates will be on the way down rather than up and that will save us all again to fight another day,” he said on CNBC’s “Squawk Box Asia” on Monday.

Global debt increased by $10 trillion in the first half of 2023, bringing it to a record high of $307 trillion.

— Charmaine Jacob

50 Mins Ago

Gold prices notch new record, analysts say there’s still room to rise

Spot gold prices notched a new record on Monday for a second straight day, rising to a high of $2,110.8 per ounce before giving up some gains. It is currently trading at $2,084.28.

Analysts who spoke to CNBC noted that the yellow metal’s price is on course to hit fresh highs next year, citing geopolitical uncertainty, a likely weaker U.S. dollar and possible interest rate cuts.

“The anticipated retreat in both the USD and interest rates across 2024 are key positive drivers for gold,” said Heng Koon How, UOB’s head of markets strategy, global economics and markets research, who expects gold prices could reach up to $2,200 by the end of 2024.

Read more here.

— Lee Ying Shan

2 Hours Ago

Evergrande shares rise as court hearing postponed, refutes report that it was never profitable

Shares of Evergrande Group rose over 9% as the beleaguered Chinese property firm’s court hearing over its possible liquidation was postponed to Jan. 29, 2024.

The firm was originally scheduled to face a Hong Kong court hearing on Monday over a petition from a creditor seeking to wind up the company.

Over the weekend, GMT Research issued a report alleging that the company had inflated its revenue for a decade, and that the it was never profitable, which Evergrande refuted.

Read the full story here.

— Lim Hui Jie

7 Hours Ago

December’s winning track record

December has a long track record of posting solid gains for equities. The S&P 500 has historically posted gains 72.6% of the time, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.

December has also historically been the best of any month, with an average gain of 2.97% for the up months, a 3.19% average decrease for the down months and an overall average gain of 1.28%, according to the analyst.

— Yun Li

7 Hours Ago

Traders expect rate cuts in 2024

Market pricing indicated a more than 70% chance of a rate cut starting March next year, according to the CME FedWatch Tool. Moreover, futures are pointing to cuts totaling 1.25 percentage points by the end of the year, the equivalent of five quarter percentage point reductions.

The Fed’s next meeting and last of the year is Dec. 12-13. The central bank enacted a series of 11 interest rate hikes, taking its policy rate to the highest in 22 years at a target range between 5.25%-5.5%.

— Yun Li

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