Live updates, FOMC meeting, Japan corporate inflation

Inflationary pressures are expected to cool in 2024, as global inflation moderates to 4.9% year-over-year from 6.0% in 2023, a report by Mastercard Economics Institute showed.

Most countries are coming out of a “very disorientating type of economy that we were stuck with for a while, where you had big swings in inflation, in interest rates, [and] migration flows for certain economies,” MEI’s David Mann told CNBC’s “Squawk Box Asia.“

He added that “we’re still finishing off that tail end of the bungee jump” following the Covid-19 pandemic, and expects calmer inflation and slightly higher wage growth next year — potentially leading to real wage growth.

MEI noted in their report that the global economy will feel “more normal” in 2024, but consumers are likely to remain cautious of spending.

Mann also highlighted that international travel is only about 55% recovered. But entering 2024, countries like China and Japan have the potential to see greater momentum in outbound travels, as China reopens and tourists take advantage of a weaker yen, he explained.

— Quek Jie Ann

Philippine exports plunged 17.6% year-on-year in October, deepening from the 6.3% fall in September to mark there fastest decline since April.

Imports fell 4.4% year-on-year, slowing from the 14.7% drop in September.

Overall, total external trade for October amounted to $16.9 billion, a 9.8% decline from a year earlier.

The Philippines’ trade deficit widened to $4.17 billion, compared with $3.51 billion in September.

— Lim Hui Jie

Energy stocks been laggards for much of this year, and were the only sector not to rise in the hot November rally — but some analysts are still bullish.

In fact, Louis Navellier, chairman and founder of Navellier & Associates, said energy is his “top conviction call” right now.

He and Citi named the stocks they like.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Producer prices in Japan rose at a faster-than-expected pace in November, notching a 0.3% gain year-on-year compared with the 0.1% rise forecast by economists polled by Reuters.

The 0.3% rise in the corporate price goods index was lower than October’s revised figure of 0.9%, and the slowest rate of growth recorded since February 2021.

The CGPI measures the prices of goods and services traded in the corporate sector.

On a month-on-month basis, producer prices climbed 0.2%, reversing from a 0.3% fall in October.

— Lim Hui Jie

The S&P 500 index hit a new high for 2023 last week, crossing the 4,600 level and continuing its rally since early November. The key question for investors now is whether this momentum can be sustained in the future.

In addition to using historical data, HSBC used artificial intelligence to analyze the language used in most recent quarterly earnings calls to predict stock market performance.

CNBC Pro subscribers can read more here.

— Ganesh Rao

A slew of S&P 500 names reached their highest levels in a year Monday, as the market tried to keep its six-week winning streak going. Overall, 52 S&P 500 components made new 52-week highs. Here’s a look at some of them:

• T-Mobile traded at all-time highs back to the MetroPCS IPO in April, 2007
• Booking Holdings traded at all-time highs back to its IPO in April 1999
• Chipotle Mexican Grill traded at all-time high levels back to its IPO in January 2006
• D.R. Horton traded at all-time high levels back to its IPO in June 1992
• Lennar traded at all-time high levels back to when it began trading in 1971
• Lululemon traded at all-time highs back to its IPO in July 2007
• Marriott International traded at all-time high levels back through its spin-off from Marriott Corp in 1993
• NVR, Inc. traded at all-time high levels back to post-bankruptcy IPO in Nov 1993
• Royal Caribbean trading at levels not seen since Feb, 2020
• Boeing trading at levels not seen since June, 2021
• Cintas trading at all-time high levels back to its IPO in 1983
• Fastenal trading at levels not seen since Jan, 2022
• FedEx trading at levels not seen since Aug, 2021
• WW Grainger trading at all-time high levels back to when it began trading in 1967
• Huntington Ingalls trading at levels not seen since Nov, 2022
• Howmet Aerospace trading at all-time highs back to its Alcoa spinoff in Nov, 2016
• Ingersoll-Rand trading at all-time high levels back through our history to 1972

— Fred Imbert, Chris Hayes

Expectations for inflation over the next year hit their lowest level in more than 2½ years, according to a New York Federal Reserve survey released Monday.

The Survey of Consumer Expectations for November showed the one-year median outlook dipped to 3.4%, a 0.2 percentage point drop from October and the lowest since April 2021. Median expectations at the three- and five-year horizons were changed at 3% and 2.7% respectively.

However, the results jibe with other surveys such as the University of Michigan’s Consumer Sentiment reading which showed the one-year outlook plunging to 3.1%, that survey’s lowest since March 2021.

As part of the results, the year-ahead expectations for changed in gas prices fell 0.5 percentage point to 4.5%, while the outlook for food costs fell 0.3 percentage point to 5.3%.

—Jeff Cox

Oil prices were were little change Monday as investors navigate growing production with softening demand.

The West Texas Intermediate contract for January rose 9 cents, or .13%, to settle at $71.32 a barrel. The Brent crude contract for February gained 19 cents, or .25%, to settle at $76.03 a barrel.

Oil futures have booked seven straight week of losses amid record production in the U.S., a weakening economy in China, and a lack of confidence in the ability of OPEC+ to balance the market.

— Spencer Kimball