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November’s CPI’s both good and bad


An Exxon Mobil gas station in Las Vegas on July 25, 2023.

Bridgett Bennett | Bloomberg | Getty Images

This report is from today’s CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

What you need to know today

Prices mostly in line
The
U.S. consumer price index climbed 0.1% in November and rose by 3.1% from a year earlier. The monthly increase is higher than expected, as economists had predicted prices to remain unchanged. The yearly rate, however, is still lower than the 3.2% in October, signaling a steady downward trajectory. A 2.3% drop in energy prices helped keep inflation in check.

Holding pattern
U.S. stocks closed higher Tuesday as investors digested CPI data and awaited the outcome of the Federal Reserve meeting. Asia-Pacific markets mostly fell Wednesday. Mainland China’s Shanghai Composite lost 0.56% despite Chinese leaders vowing to boost domestic demand for the new year. In contrast, Japan’s Nikkei 225 climbed 0.3% as business sentiment improved more than expected.

Glut of pigs
China’s facing the risk of deflation — and a 31.8% year-on-year plunge in pork prices is adding to the country’s woes. Food makes up an estimated one-fifth of China’s consumer price index basket, with pork being a large component within the food category.

OpenAI’s revenue: $44,486
OpenAI may be valued by private investors at $86 billion, but its revenue from its nonprofit operation in 2022 was just $44,485, according to a filing with the U.S. Internal Revenue Service. OpenAI is a nonprofit — but the company launched a capped-profit” firm, OpenAI Global, which is responsible for ChatGPT and drew billions in investment from Microsoft.

[PRO] ‘Buy the dip’
Investors have been cautious on Asian markets — but Morgan Stanley’s advising its clients that the market is transitioning to a new cycle, which would favor quality assets from those countries. “Our suggested strategy is to buy the dip on Quality Growth stocks in [Asia Pacific region excluding Japan, and EM],” the bank’s strategists wrote.

The bottom line



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