China’s economic data, Japan’s GDP disappoints

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Top tech investor Paul Meeks reveals if it’s time to go all in on tech.

Tech stocks took the worst hit in the first half of the year as investors fled amid a market-wide selloff. But investor interest in the sector appears to be growing again, raising questions.

Top technology investor and portfolio manager Paul Meeks shares his trading strategies for the sector, what the market is watching, and the best ideas in the space.

Find out more on CNBC Pro.

— Xavier Ong

According to the professor, Japan’s high prices are holding back spending

Sayuri Shirai, a professor at Keio University, said Japan’s gross domestic product fell short of expectations from April to June, partly due to soaring prices.

Despite the easing of Covid restrictions, consumption growth has not been strong, she told CNBC’s Squawk Box Asia, as gas, utility bills and food prices are “extremely high.”

People go to restaurants and amusement parks, but high prices keep them from spending, she said.

Meanwhile, capital expenditures exceeded market expectations, which Shirai said was not surprising.

“I think this was to be expected, given the negative numbers from January to March. she said.

— Abigail Ng

China’s Industrial Production, Retail Sales Data Below Estimates

Chinese factory and consumer data for July fell short of estimates, according to official data.

Industrial production rose 3.8%, below the 4.6% forecast in a Reuters poll and just below the 3.9% figure reported in June.

July retail sales increased 2.7% compared to the same period in 2021, below the 5% growth forecast.

— Abigail Ng, Evelyn Chen

China’s central bank unexpectedly cuts rates

The People’s Bank of China has cut the one-year medium-term loan facility for 400 billion yuan ($59.3 billion) of loans to some financial institutions by 10 basis points to 2.75%, according to an announcement on the central bank’s website. Did.

All 32 respondents in last week’s poll predicted that interest rates on the medium-term lending facility would remain flat, according to Reuters.

The PBOC also lowered its 7-day reverse repo rate by 10 basis points to 2%.

— Abigail Ng

Japan’s GDP grows but misses estimates

Preliminary estimates show that Japan’s annualized gross domestic product increased by 2.2% in the April-June quarter compared to the previous quarter.

This is below the expected 2.5% increase based on Reuters poll forecasts.

— Abigail Ng

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