South Korea inflation, U.S. jobs report, China Covid-zero

Singapore, New York ranked most expensive cities to live: EIU

Singapore and New York have been named the most expensive cities to live in this year, according to the Economist Intelligence Unit (EIU).

The EIU survey shows that the average price of goods in 172 of the world’s largest cities rose by 8.1% in local currency this year, citing a survey conducted by the organization between August 16 and September 16.

This figure marks a significant increase over the 3.5% increase in prices seen in the same survey conducted by the organization last year.

— Charmaine Jacobs

India is poised to become the third largest economy by 2030

India is expected to overtake Japan and Germany to become the world’s third largest economy, S&P Global and Morgan Stanley have predicted in a report.

S&P’s forecasts are based on forecasts that India’s annual nominal GDP growth will average 6.3% through 2030. Similarly, Morgan Stanley estimates that India’s GDP is likely to more than double from current levels by 2031.

On Wednesday, India’s July-September GDP growth was 6.3% year-on-year, slightly ahead of a Reuters poll estimate of 6.2%.

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— Lee Ying Shan

CNBC Pro: Others Name 6 Global Stocks Reflecting Both ‘Defensive Growth and Value’

Others say investors don’t have to forego growth altogether, shifting to a defensive stock portfolio ahead of a potential downturn.

The investment bank named six global stocks that offer “low risk, quality and growth.”

CNBC Pro subscribers can read more here.

— Ganesh Rao

South Korea’s November inflation misses expectations

South Korea’s annual inflation was 5% in November, below estimates of 5.1% in a Reuters poll.

The latest figures show a slight decline from 5.7% in October and below the all-time high of 6.3% in July.

– Jihye Lee

CNBC Pro: BlackRock unit tells investors it’s time for a new portfolio playbook

BlackRock’s ETF division says the investment environment has changed significantly, with “profound implications” for future portfolios.

In its 2023 investor guide, Blackrock’s iShares, one of the world’s largest providers of exchange-traded funds, said the transition had “profound implications for portfolio construction”.

CNBC Pro subscribers can read more here.

— Weizen Tan

‘No one wants to be aggressive’ ahead of Friday’s new jobs data, analyst says

Stocks were unable to extend Wednesday’s rally as investors awaited a key jobs report on Friday, said Edward Moya, senior market analyst at Oanda.

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He said investors are purposefully pulling out of the morning for non-farm payrolls. Investors will also watch data on hourly wages and the unemployment rate.

“US stocks failed to hold on to earlier gains as Wall Street digested a series of economic data that suggested easing inflation and a cooling labor market,” Moya said. “It’s been a nice rally, but nobody wants to be aggressive on the NFP report.”

Investors will be looking for the right, average data, said Megan Horneman, chief investment officer at Verdence Capital Advisors. That is, it is weak enough to show that raising interest rates is having the expected recessionary effect, but strong enough to indicate that a recession could be avoided.

“A big number will spook the markets further that the Fed won’t be able to slow its pace of rate hikes,” Megan Horneman, chief investment officer at Verdence Capital Advisors, said of Friday’s jobs data.

With “such a large number, I think the markets could catch up,” she added. “But if you get a really weak number, it’s just going to scare investors away after such a strong rally that we saw in November.”

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– Alex Herring

The indices come from the month of victory

Thursday marked the first day of a new trading month as the market had a successful November.

The S&P 500 and Dow each had their second consecutive month of gains, rising 5.38% and 5.67%, respectively. For each, this month’s streak was the first since August 2021.

The Nasdaq Composite increased by 4.37%, which was the second consecutive positive month. It was the first time the tech-heavy index had started a streak since three consecutive winning months ended in December 2021.

– Alex Herring

The headline inflation gauge rose less than expected in October

The Bureau of Economic Analysts reported that the core index of personal consumption expenditures, a key measure of inflation, rose 0.2% in October. That’s less than the 0.3% gain expected by the Dow Jones.

Treasury yields fell after the report amid optimism about easing inflation.

— Fred Imbert

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