UK CPI growth falls to a 24-month low

Asia-Pacific indices

Asia-Pacific indices rose on Wednesday, in the wake of another positive session in the US. The Nasdaq set a new all-time high.

The People's Bank of China

As expected, the People's Bank of China maintained its lending rates steady in December. The one-year loan prime rate was held unchanged at a record low of 3.45% for the fourth consecutive month. The five-year rate, a reference for mortgages, was left at 4.2% for the sixth straight month.

Japan's trade deficit

In Japan, the trade deficit widened to ¥777Bin in November from ¥661Bin the previous month. It is, however, lower than the #2TIn deficit recorded in November a year ago. Exports edged down 0.2% YoY, the first drop in three months, dented by weak demand from China. Imports tumbled 11.9% for an eighth straight month, weighed down by lower energy costs.

The consumer price inflation rate

In the UK, the consumer price inflation rate has fallen to 3.9% in the year to November from 4.6% in October. That is a bigger dip than expected, and this takes consumer price index (CPI) to the lowest it's been in more than two years.

The GfK consumer confidence

In Germany, GfK consumer confidence rose to -25.1 for the month of January, its highest level in five months.

The eurozone consumer confidence

Later on Wednesday, eurozone consumer confidence is expected to rise to -16.4 in December. Over in the US, CB consumer confidence is forecast to rise by two points to 104 in December, and existing home sales are anticipated to fall by 0.5% mom-over-month (MoM).

FedEx

On the equity market,FedEx shares fell around 10% in extended trading after it reported earnings and revenue below market estimates and cut its revenue forecasts. While adjusted earnings rose 23% to $3.99 per share, it was 20 cents lower than consensus. Revenue came in at $22.2 billion, $600 million lower than the same quarter a year ago and missing estimates of $22.37 billion. FedEx now expects a low-single-digit percentage decline in revenue from last year, compared with its prior forecast of roughly flat results.

Micron Technology

Micron Technology is set to report yet another quarter of losses for its fiscal Q1 2024, after reporting losses every quarter in fiscal 2023. On top of an industry-wide slowdown, Micron is facing a ban on its products on the Chinese market. The memory chip maker is expected to post a loss of $1.01 per share on revenue of $4.55 billion. Also expected before the opening bell was General Mills. The street anticipates earnings of $1.15 per share on revenue of $5.37 billion.