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The Hang Seng TECH Index, which represents the 30 largest technology companies listed in Hong Kong, surged 8% in Asia's trade. Electronic vehicle-maker Xpeng gained 24%, leading gains for the broader index, Li Auto jumped 12% and Nio climbed more than 15%. The Hang Seng index rose 4% while China's CSI 300 index, which tracks the largest largest mainland-listed stocks, rose almost 2%. Hong Kong-listed casino operators also saw significant gains, with MGM China rising 19%, Wynn Macau climbing 16% and Sands China adding 13%. Morgan Stanley upgrades to overweight
Stocks were unable to continue Wednesday's rally because investors were awaiting a key jobs report coming Friday, said Edward Moya, senior market analyst at Oanda. He said investors were purposefully pulling back ahead of non-farm payroll data coming in the morning. Investors will be looking for the right, middle-ground data, said Megan Horneman, chief investing officer at Verdence Capital Advisors. With "a so-so number, I think the markets can maybe rally on that," she added. "But if you get a really weak number, it's just going to spook investors after such a strong rally we've seen in November."
Strategists at Goldman Sachs said from February 2021 to October 2022, the Hang Seng index saw a "systemic correction," which the firm defines as a fall of 40% or more. Next key levelsAnalysts at Weiss Multi-Strategy Advisers said, "November may, in hindsight, be viewed as a key turning point for Chinese equities," noting the Hang Seng China Enterprise index and the property sector saw significant gains. After its November gains, the Hang Seng index hovered around 18,600 – a level of resistance according to market watchers. "With the 18,600 level of resistance being overcome for the Hang Seng Index, that could seem to place the key psychological 20,000 level on watch," IG market strategist Yeap Jun Rong said in a Thursday note. The HSI last fell below the 20,000 level in August, and analysts expect to see a continued rebound in the equity market on further signs that the nation will shift away from zero-Covid.
Federal Reserve Chair Jerome Powell says he continues to believe in a path to a "soft-ish" landing — even if the path has narrowed over the past year. "I would like to continue to believe that there's a path to a soft or soft-ish landing" Powell said at the Brookings Institution. "Our job is to try to achieve that, and I think it's still achievable," Powell said. "If you look at the history, it's not a likely outcome, but I would just say this is a different set of circumstances." — Sarah Min
Shares in the Asia-Pacific are set for a mixed open as investors await economic data from the region, including Tokyo's consumer price index and Singapore's final gross domestic product readings. Markets in the U.S. were closed for the Thanksgiving holiday and will close early on Friday. In Australia, the S&P/ASX 200 in Australia rose 0.15%. The Nikkei futures contract in Chicago was at 28,370 while its counterpart in Osaka was at 28,380 – slightly lower than the Nikkei 225's last close at 28,383.09.
Singapore's economy is likely to face persistent pain from global financial concerns, even though the country's core inflation eased somewhat in October. "Amid weakening external demand, the Singapore economy is projected to slow to a below-trend pace in 2023," the central bank said in its latest Financial Stability Review report. "Inflation is expected to remain elevated, underpinned by a strong labour market and continued pass-through from high imported inflation." Warning of contagion risk from global markets, the central bank said the nation's corporate, household, and financial sectors should "stay vigilant" amid the macroeconomic challenges that lie ahead. While still at 14-year highs, Singapore's core consumer price index rose 5.1% for the month compared with a year ago, slightly lower than 5.3% in September.
Markets in the Asia-Pacific are set to trade higher as the U.S. Federal Reserve officials said they expect to switch to smaller rate hikes "soon," according to minutes released on Wednesday. The Bank of Korea is expected to deliver a scaled back rate hike of 25 basis points, according to economists polled by Reuters. The S&P/ASX 200 in Australia rose 0.2% after stocks on Wall Street rose mildly following the Fed minutes release. The Nikkei futures contract in Chicago was at 28.355 and its counterpart in Osaka was at 28,350 – higher than the Nikkei 225's last close at 28,115.74.
Keeping inflation under control is the best way to ensure a strong economy for everyone, Federal Reserve Governor Philip Jefferson said Thursday. "Low inflation is key to achieving a long and sustained expansion — an economy that works for all," the central bank official said during an event in Minneapolis. "Pursuing our dual mandate is the best way for the Federal Reserve to promote widely shared prosperity." Jefferson did not provide any direct comments on where he sees policy heading as the Fed looks to achieve both full employment and stable prices. His comments from following a flurry of speeches from his colleagues, who universally say the Fed will need to raise interest rates more to bring down inflation still running around its highest levels since the early 1980s.
Shares in the Asia-Pacific are set to trade mixed as a number of economic data is slated to be released in the region. Japan will release trade balance data for October, which analysts are expecting to see a $11 billion trade deficit, according to a Reuters poll. Australia's S&P/ASX 200 gained 0.12% in its first hour of trade, as the country awaits its latest unemployment data later in the day. The Nikkei futures contract in Chicago was at 27,930 while its counterpart in Osaka was at 27,920, slightly lower than the Nikkei 225 's last close at 28,028.30.
U.S. President Joe Biden said it's "unlikely" a missile that killed two people in Poland was fired from Russia, citing the trajectory of the rocket. Asked by a reporter if the missile was fired from Russia, Biden said: "There is preliminary information that contests that, I don't want to say that until we completely investigate." He went on to say: "It's unlikely... in the minds of the trajectory, that it was fired from Russia. Biden reiterated that the leaders of the Group of 7 agreed to support an ongoing investigation into the explosion. "We agreed to support Poland's investigation into the explosion in rural Poland near the Ukrainian border.
U.S. President Joe Biden meets Chinese President Xi Jinping on the sidelines of the G-20 leaders' summit in Bali, Indonesia, on Nov. 14, 2022. But it's unlikely that trade tensions between the two superpowers will see concrete improvement anytime soon, according to BMO Wealth Management. "I wouldn't expect any easing at all," Yung-yu Ma, the firm's chief investment strategist, told CNBC's "Squawk Box Asia," adding that trade ties are, on the contrary, likely to deteriorate. He expects the U.S. to announce even more measures on top of the the recently imposed chip export restrictions to China. "I do think the trend is for actually increasing technology restrictions and export restrictions," he said.
The G-20 summit kicks off Tuesday. Here's what to expect.
  + stars: | 2022-11-14 | by ( Jihye Lee | )   time to read: +5 min
Indonesian Finance Minister Sri Mulyani (C front) attends the G20 Finance Ministers Meeting in Nusa Dua, on Indonesia's resort island of Bali, on July 16, 2022. Nineteen countries and one economic region, the European Union, will attend this year's two-day G-20 meeting. This year's in-person attendee list has been in the spotlight as Russian President Vladimir Putin continues his unprovoked war in Ukraine. U.S. President Joe Biden is also scheduled to hold a bilateral meeting with his Chinese counterpart Xi Jinping ahead of the G-20. He highlighted China's stance on the war in Ukraine as one of many signs of eroding relations between the U.S. and China.
Sequoia Capital marks down its FTX investment to $0
  + stars: | 2022-11-10 | by ( Jihye Lee | )   time to read: +1 min
Venture capital firm Sequoia Capital said it will mark down to zero its investment of over $210 million in cryptocurrency exchange FTX, as possibilities of bankruptcy loom. "In recent days, a liquidity crunch has created solvency risk for FTX," Sequoia said in a note to investors posted on Twitter. "Based on our current understanding, we are marking our investment down to $0," the Silicon Valley-based firm said Wednesday. FTX, owned by 30-year-old entrepreneur Sam Bankman-Fried, was valued at $32 billion earlier this year. Sequoia's announcement comes as rival exchange Binance's CEO Changpeng Zhao backed out of a proposed deal to purchase FTX, leaving the beleaguered firm at risk of a liquidity crisis.
Asia-Pacific stocks are set to rise as investors await the results of the United States midterm elections and a slew of economic data is expected, including China's inflation data. The Nikkei 225 in Japan was marginally higher while the Topix was fractionally lower. The Kospi in South Korea gained 0.36% and the Kosdaq gained 0.27%. In Australia, the S&P/ASX 200 rose 0.39% in the first hour of trade.
Stocks in the Asia-Pacific traded higher early Tuesday morning as investors digest the Bank of Japan's summary of opinions and look ahead to the U.S. midterm elections. The Nikkei 225 in Japan rose 0.71% and the Topix was also 0.69% higher. The Bank of Japan released a summary of opinions of board members from its monetary policy meeting in October, when it left interest rates unchanged while global peers took on jumbo rate hikes. New Zealand will release its outlook for inflation in the fourth quarter. Nintendo will report quarterly earnings later in the day.
Alibaba's international e-commerce platform AliExpress has expanded in South Korea and Brazil, in addition to Europe. BEIJING — Alibaba 's international e-commerce business AliExpress is spending the equivalent of $7 million to reach consumers in South Korea, the unit told CNBC in an exclusive interview. AliExpress said it launched three-to-five-day shipping to South Korea last year, allowing South Korean residents to buy some products, especially in fashion, from Taobao. In all, the business unit said it spent 10 billion won this year in South Korea to lower product prices. "Although in 2020, the United States was ranked number one, other countries such as China are expanding their presence in the Korean e-commerce market," the report said, noting South Korean consumers are now buying from more than 30 countries.
Thomas Peter | ReutersStocks in Hong Kong and China rallied at the end of a volatile week last week, driven by speculation that Beijing could soon ease its Covid-zero policy — but economists at Goldman Sachs say China may still be "months away" from reopening. We estimate that a full reopening could drive 20% upside for Chinese stocks... Goldman Sachs"The actual reopening is still months away as elderly vaccination rates remain low and case fatality rates appear high among those unvaccinated based on Hong Kong official data," Goldman Sachs economists led by Hui Shan said in a Sunday note. China stocks may jump 20% at reopeningGoldman maintains its view that China could reopen in the second quarter of 2023. The latest Hong Kong government statistics show only 60.81% of people aged 80 and older have received all three doses. "A safe and orderly reopening is very difficult right now," the Goldman Sachs note said.
Since its launch on Sept. 1, the KPOP and Korean entertainment ETF has not performed well — recently trading on the New York Stock Exchange Arca at $15.05 — a roughly 23% drop from its debut. Shares of Korean entertainment companies have been underperforming overall, with YG Entertainment's stock price down around 26% year-to-date and Hybe down more than 64% year-to-date. The fund is a 30-stock index, which includes entertainment companies that manage bands such as BTS, BlackPink, and Twice — their respective agencies being HYBE, YG Entertainment, and SM Entertainment. Shares of Korean entertainment companies have been underperforming overall. Johnny Nunez | Getty Images Entertainment | Getty Images
A man looks at an electric quotation board displaying the Nikkei key index of the Tokyo Stock Exchange in Tokyo. Shares in the Asia-Pacific are set to trade higher Monday as investors digest the latest U.S. jobs report and look ahead to the midterm elections. The Nikkei futures contract in Chicago was at 27,480 while its counterpart in Osaka was at 27,400 — higher than Nikkei 225's last close at 27,199.74. In Australia, the S&P/ASX 200 traded 0.34% higher. China is slated to release trade data later in the day, while Apple suppliers in the region will be in focus as the company warned Covid restrictions in China are hurting iPhone production.
The Hong Kong Observatory has issued a Signal 8 or higher a total of six times in 2022, twice in 2021, and four times in 2020. What we're focusing on is the resiliency of Hong Kong – Hong Kong has proven time and time again that it can come back. Shortly following the interview, the Hong Kong Stock Exchange suspended trade after the H.K. "What we're focusing on is the resiliency of Hong Kong – Hong Kong has proven time and time again that it can come back. Companies would need to reach a valuation of $250 million Hong Kong dollars, lower than the current requirement of HK$500 million.
The Bank of Japan left interest rates unchanged Friday, remaining an outlier compared with its hawkish global peers that are undertaking jumbo rate hikes. The central bank also said it would purchase necessary amounts of Japanese government bonds at a fixed rate in order to keep 10-year JGB yields at around 0%. The announcement is in line with predictions by economists in a Reuters poll, who expected no changes to the central bank's monetary policy despite the Japanese currency hovering at 32-year lows. "The Bank will support financing, mainly of firms, and maintain stability in financial markets, and will not hesitate to take additional easing measures if necessary," it said in its monetary policy statement. The yield on the 10-year JGB stood at 0.246% below the upper limit of the central bank's yield target.
Ed Jones | AFP | Getty ImagesEconomies in Asia-Pacific will dominate global growth in the upcoming year, according to S&P Global Market Intelligence. S&P predicts the region will achieve real growth of roughly 3.5% in 2023, while Europe and the U.S. will likely face recession. The firm trimmed its growth forecast for global real GDP by 0.6 percentage point from last month's forecast of 2% — and now expects to see 1.4% growth in 2023. That's a steep decline from 5.9% global growth in 2021 and even slower than the 2.8% growth S&P expects for 2022. "With moderate growth in Asia-Pacific, the Middle East, and Africa, the world economy can avoid a downturn, but growth will be minimal," said Sara Johnson, executive director of economic research, S&P Global Market Intelligence.
Even as the global economy is headed into a recession, South Korea's economy saw a small growth backed by what one analyst attributed to "revenge spending" as the country reopens. Gross domestic product rose 0.3% for the July-September period, according to Bank of Korea data — the slowest quarterly growth seen in a year. "I think that the momentum domestically is rather resilient," said Kathleen Oh, Bank of America's Korea economist on CNBC's "Squawk Box Asia." "Consumption is holding up strong with the reopening and pent-up demand in services, we're actually seeing quite strong 'revenge spending' in leisure, entertainment and travel," she said, adding that domestic demand is likely to support continued growth until the rest of this year. South Korea's third quarter GDP report showed growth was backed mostly by consumer spending and investment in facilities, which grew 1.9% and 5% respectively.
Toru Hanai | Bloomberg | Getty ImagesThe Japanese currency could weaken even further to 170 levels against the U.S. dollar next year, according to Japan's former vice minister of finance for international affairs, Eisuke Sakakibara. Commenting on reports of yet another intervention being conducted by officials late last week, Sakakibara said, "Most of the business people are now expecting further depreciation of the yen. Sakakibara's forecast for the yen comes as Japanese officials remain tight-lipped on publicly confirming a second intervention taking place to defend the currency. watch nowA majority of economists polled by Reuters expected no change to the nation's dovish monetary policy in its next meeting slated for Thursday. 'A history of failed interventions'Even if authorities continue to intervene to defend its currency, it won't have much of an effect, Sakakibara said.
The Japanese yen weakened past 150 against the U.S. dollar, a key psychological level, reaching levels not seen since August 1990. The Bank of Japan's two-day meeting is slated for next week. Policymakers have ruled out a rate hike in order to defend against further weakening of the currency. On Thursday, Japan's 10-year government debt yields breached the 0.25% ceiling that the central bank vowed to defend – last standing at 0.252%. It offered to buy 100 billion yen ($666.98 million) worth of Japanese government bonds with maturities of 10-20 years and another tranche worth 100 billion yen with maturities of 5-10 years.
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