Australia GDP grows 0.2% in the final quarter of 2023
Australia’s Economy Grows Despite Slowing in 2023
Australia’s economy grew by 0.2% in the fourth quarter of 2023, according to the Australian Bureau of Statistics. This growth was driven by government expenditure and private business investment. However, the growth rate was slightly below the Reuters poll estimate of 0.3%.
“Growth was steady in December, but slowed across each quarter in 2023,” said Katherine Keenan, head of national accounts at the ABS. She further added, “Government spending and private business investment were the main drivers of GDP growth this quarter.”
Although the growth rate was slightly lower than expected, the real GDP for the twelve months ending in December was recorded at 1.5%, slightly above the Reuters poll forecast of a 1.4% increase.
CNBC Pro: ‘Once-in-a-lifetime opportunity’? Wealth manager names 3 stocks on his radar right now
Investment Opportunities in 2024 According to Wealth Manager
Wealth manager Brian Vendig believes that 2024 presents a favorable market for investors to capitalize on expansionary earnings outlooks. Vendig, the president of MJP Wealth Advisors, expects appreciation in stock values after a notable slowdown in earnings during the previous year. He suggests that there are untapped opportunities in sectors like healthcare, industrials, materials, financials, and consumer staples that did not significantly participate in the market returns of last year.
Vendig’s insights and stock recommendations can be accessed by CNBC Pro subscribers. For more details, click here.
South Korea’s inflation quickens more than expected in February after three straight months of slowing
Inflation Rate Jumps in South Korea
South Korea experienced a higher-than-expected inflation rate of 3.1% in February, which is a significant increase compared to the previous three months. The rate surpassed the 2.8% recorded in January and also exceeded the Reuters poll’s expectation of 2.9%. The core inflation rate, which excludes food and energy prices, settled at 2.5%. The country’s central bank, which had halted rate hikes early in 2023, currently maintains a base rate of 3.5%.
CNBC Pro: Diversify your AI plays — these are the best alternatives to Nvidia, fund managers say
Exploring the Alternatives to Nvidia in AI Investments
Fund managers are advising diversification of AI investments, considering that the AI market offers opportunities beyond Nvidia. While Nvidia’s performance in the AI industry is commendable, relying solely on that one stock can be risky. According to tech investor Paul Meeks, who suggests that Nvidia is a great investment, diversification is necessary in the AI sector.
Furthermore, one analyst reveals two promising startups that could potentially become the next Nvidia. For more details on recommended alternative investments, refer to the CNBC Pro article available here.
Oil prices tick lower after China growth pledge, OPEC+ production cuts fall flat with traders
Oil Prices Slip Due to China Growth Pledge and OPEC+ Decision
Crude oil futures experienced a marginal decline as a result of China’s commitment to boosting economic growth and the perceived ineffectiveness of the OPEC+ decision to extend production cuts. The West Texas Intermediate (WTI) contract for April settled at $78.15 a barrel after shedding 59 cents (0.75%), while May Brent futures dropped 76 cents (0.92%), leading to a settlement at $82.04 a barrel. The Chinese government’s economic growth target for 2024 has been set at about 5%, accompanied by the issuance of “ultra-long” special treasury bonds worth $138.9 billion to finance major projects. OPEC and its allies, the OPEC+ group, unveiled a decision to maintain cuts to crude production at a level of 2.2 million barrels per day throughout the second quarter.
Magnificent 7 stocks, semiconductors among Nasdaq-100’s worst performers
Tesla stock slides on weak China sales, Berlin factory shutdown
Tesla Faces Challenges in China and Berlin
Tesla’s stock experienced a decline of nearly 5% during Tuesday’s trading session. The electric vehicle manufacturer’s shares were negatively affected by disappointing sales figures from China. The company reported a 19% year-on-year drop in China-made vehicle sales, with around 60.4k vehicles sold in February 2024, compared to approximately 74.5k vehicles in the previous year. To add to the troubles, a suspected arson attack forced the temporary shutdown of Tesla’s Berlin factory. According to Tesla’s Berlin factory head, production is not expected to resume this week.
Please note that the decline in sales and the factory shutdown are not unique to Tesla, and the effects extend to other companies as well.
Bitcoin hits record above $69,000
Bitcoin Achieves New All-Time High
Bitcoin soared to an unprecedented peak, surpassing $69,000 and breaking the previous record set in 2021. Coin Metrics reported that the cryptocurrency reached a high of approximately $69,210. Currently, it is trading at around $68,307, reflecting a 1% increase. This surge in price is fueled by growing excitement around bitcoin ETFs and the upcoming halving event.
