China CPI, Retail Sales, Japan GDP

China has begun selling up to one trillion yuan ($138.24 billion) of ultra-long-dated bonds, according to reports from the Financial Times and Reuters.

Financial Times said The People’s Bank of China has “solicited advice from brokers on the pricing of the first tranche sale of sovereign bonds.”

Meanwhile, the bonds will be issued from May 17, Reuters said, citing sources that there will be 300 billion yuan worth of 20-year bonds, 600 billion yuan worth of 30-year bonds and 100 billion yuan worth of 50-year bonds.

These ultra-long-term bonds were announced in March and are designed to finance key projects aligned with national strategies.

These bonds have been issued only three times before, during the Asian financial crisis in 1998, for China Investment Corporation’s capital in 2007, and during the Covid-19 pandemic in 2020.

– Lim Hui Jee

The Australian government expects inflation to remain within the Reserve Bank of Australia’s 2%-3% target range by the end of 2024, according to Reuters.

“We are making progress in the fight against inflation, but it has not been accomplished because people are still under the pump, which is why inflation is a major focus of the budget.” Australia’s Treasurer Jim Chalmers said A media interview on Sunday.

Australia’s government is set to announce the federal budget on Tuesday.

— Shreyashi Sanyal, Reuters

Consumer prices in China rose faster than expected Consumer Price Index no In April, a year-on-year increase of 0.3% was recorded, data from the Bureau of National Statistics showed on Saturday.

That was higher than the 0.2% forecast in a Reuters poll of economists, and higher than the 0.1% rise seen in March.

Separately, China producer price index It fell 2.5% compared to April last year, down from 2.8% in the previous month.

– Lim Hui Jee

A global company specializing in tank facilities and refueling technologies could see its share price rise as much as 140% over the next 12 months, according to an analyst.

The company’s business model assumes that future hydrogen-powered buses, industrial trucks and trains will use hydrogen rather than mass-market cars, which are now shifting primarily to electric power.

The analyst believes it is well-positioned to capture the rapid rise in new hydrogen refueling stations being built in the medium term.

CNBC Pro subscribers can read more here.

– Ganesh Rao

Chipmaker Nvidia dominated the headlines last year, especially after its shares posted an astronomical 240% rise in 2023.

Its popularity shows little sign of waning, and while shares were flat last week, they’re up nearly 80% year-to-date.

The significant rise in Nvidia’s stock price, however, has raised questions about whether those who are not already invested should buy the stock now or wait to see if its price drops.

CNBC Pro spoke to two fund managers who had differing opinions, and subscribers can read more here.

– Amala Balakrishna

Goldman Sachs, America’s biggest investment bank, touched a record high of $458.75 on Friday before ending the week up 3.8%.

Goldman has now risen for four straight weeks, rising nearly 17% in that span and adding 431 points to the Dow Jones industrial average over the same period.

Put another way, Goldman Sachs has accounted for 31% of the Dow Industrials’ 1,405-point gain over the past four weeks.

– Scott Schnipper

Federal Reserve regional heads Neel Kashkari of Minneapolis and Austin Goolsbee of Chicago said they are taking a more patient approach to monetary policy as they weigh this year’s surprisingly strong inflation data.

“I’m in a wait-and-see mode. We’ll get a lot more data to see if this inflation continues or if it stops,” Kashkari said during a joint live interview on CNBC. “We are all committed to getting inflation back to the central bank’s 2% target”.

Goolsbee pointed to faster inflation in 2023 and said he hoped it could resume following the sticky upward trend seen so far this year.

“I don’t like having our hands tied somewhat when we’re going to get a lot of data and important information before the next meeting, much less the rest of the year,” he said. “The data hounds are going to have to do some sniffing and figure out, are we going to go down a path similar to what we saw last year, where inflation fell in a year without a recession? Or did we do something? Use all our good luck, and is this bump from the start of the year really a sign of overheating?”

– Jeff Cox

The University of Michigan’s consumer sentiment index fell due to a big increase in inflation expectations.

The index’s preliminary May reading was 67.4. That’s below the Dow Jones estimate of 76 and April’s estimate of 77.2.

“This 10-index-point decline is statistically significant and brings sentiment to its lowest reading in six months,” Consumer Survey Director Jon Hsu said in a statement.

“While consumers have been reserving judgment for the past few months, they are now sensing negative developments on multiple dimensions. They are concerned that inflation, unemployment and interest rates could all move in an unfavorable direction in the coming year,” Hsu added. .

Year-on-year inflation expectations rose to 3.5% from 3.2%. Long-term ratings also rose from 3% to 31%.

– Fred Imbert