Taiwan elections, China’s GDP, Japan’s inflation

The Taiwan-weighted index started the week up 0.5% after Lai Ching-de won Saturday’s presidential election.

Mr. Yori contributed to the Democratic Party’s three consecutive victories. Lai, who is seen as a strong China skeptic, won more than 40% of the popular vote and said he was “determined to protect Taiwan from China’s threats and intimidation.”

The Beijing government often refers to Mr. Lai as “ They denied his victory, calling him a “stubborn striver for Taiwanese independence” and a dangerous separatist.

Mr. Lai has vowed to remain open-minded in his governing style, but his government does not yet form a parliamentary majority. His victory also raised concerns about chilly U.S.-China relations and security in the broader Indo-Pacific region.

Taiwanese stocks rose more than 26% in 2023, while China’s CSI300 index fell more than 11% last year.

Europe’s utilities sector may have come under pressure over the past three years, but Goldman Sachs said change is afoot and named the stocks that will lead the industry in 2024.

“The improving outlook for inflation and interest rates has created an opportunity for incremental organic growth in the renewable energy (capital cycle also appears to be having a positive impact, as evidenced by rising revenues) and grid (capital cycles also appear to be having a positive impact) market. ”, the bank’s analysts wrote.

The investment bank has named a series of stocks that are expected to rise 30%.

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— Amara Balakrishna

U.S. crude oil prices on Friday followed a familiar pattern in response to rising tensions in the Middle East, briefly spiking in line with the recent escalation in tensions, but falling later in the day.

West Texas Intermediate futures briefly exceeded $75 per barrel after the US and UK launched airstrikes against the Houthi rebels in Yemen, but the price rebounded in late trading to settle at $72.68 per barrel. Ta. Brent futures topped $80 per barrel and settled at $78.29.

Several tanker companies halted sailings to the Red Sea on Friday following the airstrikes. But traders remain uncertain about the possibility of a broader Middle East conflict erupting and disrupting oil supplies. Analysts say the Strait of Hormuz is a real potential flashpoint that could push prices higher.

“The market will wait to see if this spreads to important oil shipping routes like the Strait of Hormuz,” Helima Croft of RBC Capital Markets told CNBC on Friday.

— Spencer Kimball

The producer price index fell by 0.1% in December, indicating that inflation may be easing. Economists polled by Dow Jones had expected a rise of 0.1%.

— Fred Imbert

Citigroup shares edged higher on Friday after Chief Executive Officer Jane Fraser announced new job cuts to boost the bank’s stock price and results.

Citigroup announced that 20,000 employees, or about 10% of its workforce, will be laid off “over the medium term” as part of new corporate reforms. The stock had so far risen nearly 2% on the news.

The layoff announcement comes after the bank posted a $1.8 billion loss related to various risks and expenses in the fourth quarter. The company’s fourth-quarter sales were $17.44 billion, lower than the $18.75 billion expected by analysts polled by LSEG.

— Lisa Kailai Han

JPMorgan Chase & Co.’s stock rose more than 2% premarket, even as the bank said its fourth-quarter profit fell due to $2.9 billion in fees related to last year’s regional bank failure.

Specifically, the bank announced that profit fell 15% year over year to $9.31 billion.

— Fred Imbert, Hugh Song