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☆ Southeast Asian markets are in for a 'bungee jump' in 2023, says JPMorgan
▼ + stars: | 2022-12-12 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

JPMorgan analysts expect Southeast Asian markets to experience a "sharp fall followed by a rapid increase in altitude (bear market rally) followed by another decline until eventually markets come to rest at rock-bottom" in 2023. Southeast Asia's markets will move in a way similar to that of a "bungee jump" in 2023, plunging before surging in the second half of the year, according to JPMorgan analysts. They attributed that to weakened purchasing power in light of monetary policy tightening, lower savings and the higher cost of borrowing. The MSCI ASEAN Index fell 22% from February's high to the year's lowest in October. The index subsequently rebounded 10%, buoyed by hopes of China reopening and a pivot from the U.S. Federal Reserve.

☆ Asia-Pacific shares poised to drop as investors look ahead to Fed meeting, U.S. inflation this week
▼ + stars: | 2022-12-12 | by ( Lee Ying Shan | ) www.cnbc.com time to read: 1 min

Pedestrians cross a street in front of the Tokyo Stock Exchange, operated by Japan Exchange Group, in Tokyo, Japan. Shares in the Asia-Pacific are set to decline Monday as investors look ahead to a Fed meeting and U.S. inflation data this week. In Australia, the S&P/ASX 200 was down 0.59%. The Nikkei futures contract in Chicago was at 27,730 while its counterpart in Osaka was at 27,750. That's lower compared against the Nikkei 225's last close at 27,901.01.

☆ Asia-Pacific shares poised to rise ahead of China inflation data
▼ + stars: | 2022-12-09 | by ( Lee Ying Shan | ) www.cnbc.com time to read: 1 min

The Chinese flag floats before the skyscrapers of multinational corporations on February 23, 2018 in Shanghai, China. Shares in the Asia-Pacific are set to rise ahead of China inflation data for November. In Australia, the S&P/ASX 200 inched up 0.32%. The Nikkei futures contract in Chicago was 27,695 while its counterpart in Osaka was at 27,680. That's higher than the Nikkei 225's last close at 27,574.43

☆ China's Xi to visit Riyadh as Saudi Arabia seeks to expand international reach
▼ + stars: | 2022-12-07 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Chinese President Xi Jinping will be in Saudi Arabia on Wednesday to attend the first China-Arab States Summit and the China-Gulf Cooperation Council Summit in Riyadh, according to the Ministry of Foreign Affairs in China. The visit, which will span three days, followed an invitation from Saudi Arabia's King Salman, and will be attended by other Arab heads of state. Saudi Arabia was the largest oil importer for China in 2021, accounting for 17% of the Asian giant's oil imports. "The optics of a hospitable kingdom welcoming Xi and inviting host of US partners in the Middle East will prove important," Eurasia Group's analysts wrote in a note. "Saudi Arabia will adopt a similar model to US President Joe Biden's visit last July, presenting itself as the regional hub for heavyweight geopolitical meetings," they said.

☆ Hong Kong home prices drop to the lowest in nearly five years — and the worst may not be over
▼ + stars: | 2022-12-07 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Prices of Hong Kong's residential properties plunged to a near five-year low as rising interest rates and a mass exodus of expat workers drove down prices in one of the world's most expensive cities to work in. Hong Kong's home price index for October fell 2.4% to 352.4 compared to the previous month, marking the lowest level for the gauge since November 2017. Hong Kong, the world's least affordable housing market, saw dips in some of its largest private housing estates. In YOHO town, a 393-square feet apartment that's currently listed for 5.98 million Hong Kong dollars — that's about HK$15,216 per square foot, and a 20% drop in price compared to the previous month. A confluence of factors including weaker growth predictions and mainland Covid policies contribute to the grim outlook, but Hong Kong's immigration crisis and snowballing interest rates remain salient sticking points.

☆ Philippines’ inflation soars to 14-year high, fueling expectations of more rate hikes
▼ + stars: | 2022-12-06 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Philippines' annual inflation data for November soared 8% year-on-year, marking the country's highest inflation in 14 years as food prices soar, according to data from the Philippines Statistics Authority. Its surge was driven primarily by costlier food prices. Recent typhoons have hammered the production of crops like vegetables, rice and fruits, driving food prices higher. Core inflation, which excludes volatile energy and food prices, rose by 6.5%. He said the Philippines will be ramping up food production in a bid to ease price pressures.

☆ Oil prices rose as much as 2% on hopes of China's reopening and as OPEC+ maintains output cut targets
▼ + stars: | 2022-12-05 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

A pump jack on an oil field owned by Bashneft company near the village of Nikolo-Berezovka, northwest from Ufa, Bashkortostan, Russia, in 2015. The Group of Seven's price cap of $60 for Russian seaborne oil and a ban on Russian crude kicked in on Monday. Oil prices climbed as much as 2% on Monday after China signaled a broader relaxation of Covid curbs, OPEC+ announced its decision not to change oil production targets, and a price cap on Russian oil took effect. The Group of Seven's price cap of $60 for Russian seaborne oil and a ban on Russian crude kicked in on Monday. The Kremlin had previously threatened that it will not supply oil to countries setting and endorsing the price cap.

☆ India may be set to become third largest economy by 2030, overtaking Japan and Germany
▼ + stars: | 2022-12-01 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Beautiful and colorful aerial view of Mumbai skyline during twilight seen from Currey Road, on February 16, 2022 in Mumbai, India. India is set to overtake Japan and Germany to become the world's third-largest economy, according to S&P Global and Morgan Stanley. "These drivers will make [India] the world's third-largest economy and stock market before the end of the decade." India posted a year-on-year growth of 6.3% for the July to September quarter, fractionally higher than a Reuters poll forecast of 6.2%. The country posted a record 20.1% year-on-year growth in the three months to June 2021, according to Refinitiv data.

☆ The G-7 may cap Russia's oil price — but it won't dent Moscow's war chest, analysts say
▼ + stars: | 2022-11-25 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

(Photo by JOE KLAMAR / AFP)The Group of 7 nations are in talks to cap Russian oil at $65 and $70 a barrel — but analysts say it likely won't have a significant impact on Moscow's oil revenues even if it's approved. Russia has threatened to it will not supply oil to countries setting and endorsing the price cap. In a note on Thursday, he said that current Russian oil shipments face minimal disruption from the European Union denying shipping and insurance services. He agreed that the discussed price cap won't make much of a dent or deter Moscow in its war against Ukraine. "Russia's seaborne oil exports have increased to China, India and Turkey at the expense of advanced economies following the Ukraine war," he added.

☆ Asia-Pacific stocks rise ahead of New Zealand rate decision, Fed minutes
▼ + stars: | 2022-11-23 | by ( Lee Ying Shan | ) www.cnbc.com time to read: 1 min

A pedestrians walks past the Reserve Bank of New Zealand headquarters in on Thursday, Aug. 9, 2018. New Zealand's central bank raised interest rates by 50 basis points to 2.0% on Wednesday, its fifth rate hike in a row as it seeks to get on top of inflation and signaled the cash rate would peak at a higher level than previously forecast. Shares in the Asia-Pacific rose Wednesday ahead of several economic data releases in the Asia-Pacific. New Zealand's central bank is expected to deliver a 75 basis point hike, according to a Reuters poll. The S&P/ASX 200 was up 0.87% despite the Reserve Bank of Australia governor Philip Lowe on Tuesday hinting at more rate hikes ahead.

☆ Iran says 40 foreigners arrested for taking part in antigovernment protests
▼ + stars: | 2022-11-22 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

A protester holds a portrait of Mahsa Amini during a demonstration in support of Amini, a young Iranian woman who died after being arrested in Tehran by the Islamic Republic's morality police, on Istiklal avenue in Istanbul on September 20, 2022. Iran's judiciary spokesperson reportedly said Tuesday that 40 foreign nationals have been detained for participating in recent anti-regime protests. The individuals whose nationalities have not been revealed were arrested in accordance with Iranian laws, Iran's judiciary spokesman Masoud Setayeshi said in a regular news briefing, state media Mehr News reported. Iran's supreme leader Ayatollah Ali Khamenei had in earlier stages of the protest blamed foreign "enemies" for orchestrating what he termed as "riots." In late September, nine Europeans from France, Sweden, Italy, Germany among other countries were arrested by the Iranian government for their involvement in the protests.

☆ Goldman cuts oil forecast on 'lack of clarity' over G-7 Russia oil price cap, China Covid outbreaks
▼ + stars: | 2022-11-21 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Crude oil storage tanks at the Juaymah Tank Farm in Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia, in 2018. Goldman Sachs lowered its oil price forecast by $10 to $100 per barrel for the fourth quarter of 2022, citing rising Covid concerns in China and lack of clarity over the Group of Seven nations' plan to cap Russian oil prices. China recorded recorded three Covid deaths over the weekend, the country's first deaths from the virus since May this year. China's capital Beijing tightened Covid measures in the last three days as the local case count climbed to several hundred per day. The economists added that the possibility of more lockdowns in the world's top importer of oil will dent demand from it even further.

☆ APEC leaders to continue trade discussions; Kamala Harris, Emmanuel Macron to deliver speeches
▼ + stars: | 2022-11-18 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

French President Emmanuel Macron delivers a speech during a meeting with French nationals living in Thailand at the Peninsula hotel in Bangkok on November 17, 2022, on the sidelines of the APEC Summit. (Photo by Ludovic MARIN / AFP) (Photo by LUDOVIC MARIN/AFP via Getty Images)The APEC leaders' meeting begins Friday, as the world's economic leaders are expected to continue discussions of trade and sustainable economic growth. APEC ministers on Thursday exchanged views on how the region can maintain momentum for open trade, investment and travel resumption despite disruptions, according to Thailand's Foreign Ministry. On the agenda is the last day of the CEO summit as well as an economic leaders meeting spanning Friday and Saturday. U.S. Vice President Kamala Harris and French President Emmanuel Macron are also expected to deliver keynote speeches later on.

☆ Xi Jinping, Kamala Harris and other Asia-Pacific leaders convene in Bangkok for economic forum
▼ + stars: | 2022-11-17 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

A motorcyclist seen riding past the APEC 2022 sign in Bangkok. The Apec 2022 summit will take place at the Queen Sirikit National Convention Center in Bangkok from November 18-19,2022. Officials from 21 Asia-Pacific economies are gathering in Bangkok as the Asia-Pacific Economic Cooperation ministerial meeting kicks off Thursday. Attendees for the group's first in-person summit in four years includes Chinese President Xi Jinping, U.S. Vice President Kamala Harris and Japanese Prime Minister Fumio Kishida. There's also a CEO summit, which runs from Wednesday to Friday, as well as an economic leaders meeting on Friday and Saturday.

☆ Iran issues first known death sentence linked to recent protests
▼ + stars: | 2022-11-14 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

A demonstration of solidarity with Iranian protesters at the Brandenburg Gate in Germany. As Iran enters its eighth week of public unrest following the death of 22-year-old Mahsa Amini, the country's Revolutionary Court issued its first known death sentence on Sunday over participation in the anti-regime protests. Jail terms ranging from five to 10 years have been handed down to five other individuals, the ruling stated, on charges of national security and public order violations. The rulings are subject to appeal, and further details of the case will not be published until the final verdict. At least 326 people have been killed in one of the largest sustained challenges to Iran's regime since the 1979 Islamic Revolution, according to Norway-based nongovernmental organization Iran Human Rights.

☆ It may be one of the last countries to let travelers in — and it's not China
▼ + stars: | 2022-11-14 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

Mark Edward Harris | Getty Images News | Getty ImagesFurthermore, North Korea's reopening depends on two countries — China and Russia. Mark Edward Harris | Getty Images News | Getty ImagesBeard agreed, saying travelers still send requests to visit North Korea. North Korea's tourism revenue rose around 400% between 2014 and 2019, according to the North Korea analysis database 38 North. "Our guess is that the DPRK will be one of the last countries to let travelers in," said Vega. Travel brochures promoting North Korea, Tibet and China at a stand at the CMT travel trade fair in January 2020.

☆ Japan's Nikkei 225 jumps more than 2% as Asia markets rise on U.S. inflation report
▼ + stars: | 2022-11-11 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

The U.S. government has introduced some of its most sweeping export controls yet aiming to cut China off from advanced semiconductors. President Joe Biden is expected to discuss Russia's war in Ukraine with Chinese President Xi Jinping next week in a face-to-face meeting. The meeting between the two leaders, the first since Biden ascended to the U.S. presidency, will take place ahead of the G-20 Summit in Bali, Indonesia. "I think the president will be honest and direct with President Xi about how we see the situation in Ukraine with Russia's war of aggression," a senior Biden administration official told reporters on a call. "This is a topic that the president and President Xi have spoken about several times before.

☆ Asia-Pacific markets fall ahead of U.S. inflation data
▼ + stars: | 2022-11-10 | by ( Lee Ying Shan | ) www.cnbc.com time to read: 1 min

Shares in the Asia-Pacific fell Thursday as investors await U.S. inflation data, a key metric closely watched by the Federal Reserve, and as U.S. midterm results continue to roll in. The Nikkei 225 in Japan shed 0.9% in early trade and the Topix declined 0.65%. In South Korea, the Kospi dropped 0.53%. MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.2%. In Australia, the S&P/ASX 200 was down 0.43%.

☆ Asia markets slip ahead of U.S. jobs report
▼ + stars: | 2022-11-04 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Pedestrians cross a road in front of the Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Thursday, Oct. 29, 2020. Asia-Pacific markets opened lower on Friday as markets continued to process the U.S. Federal Reserve's 75 basis point interest rate hike. The monthly U.S. employment report is scheduled to be released later. Economists expect 205,000 jobs were added in October, and forecast the unemployment rate remained at 3.5%, according to Dow Jones. The S&P 500 lost 1.06% to finish at 3,719.89, while the Nasdaq Composite shed 1.73% to settle at 10,342.94.

☆ Major banks are bullish on Hong Kong's economy and China growth prospects
▼ + stars: | 2022-11-02 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

"Hong Kong business is as strong as it has ever been," said StanChart's CEO Bill Winters. I have every confidence Hong Kong will rebound strongly next year. People walk through Exchange Square in Hong Kong on October 28, 2022. Major lenders Standard Chartered and HSBC expressed confidence in the rebound of Hong Kong's and China's economy, even as China ramps up its Covid measures and Hong Kong's economy posted its worst quarter in more than two years. Eventually China will start to open up and the economy will rebound strongly," Quinn told CNBC.

☆ Credit Suisse shares are a 'steal,' say new Saudi backers after taking 9.9% stake
▼ + stars: | 2022-10-31 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Saudi National Bank, the kingdom's largest lender and majority-owned by the Saudi government, announced Wednesday that it was investing up to $1.5 billion in Credit Suisse — representing a stake of up to 9.9%. The bank is reportedly set to become the second-largest shareholder of Credit Suisse, second to Harris Associates. It also aims to cut its cost base by 15%, or 2.5 billion Swiss francs, by 2025. The SNB chairman cited Credit Suisse's investment banking unit as the Achilles' heel of the company, accentuated by the current climate of increased market volatility. "The biggest overhang for Credit Suisse, over the past couple of years ... has been the volatility of the performance of their investment bank," he told CNBC.

☆ Saudi Arabia has a strong tourism market, but minister holds out hope for Chinese travelers
▼ + stars: | 2022-10-28 | by ( Lee Ying Shan | ) www.cnbc.com time to read: 1 min

Sprawling mountains in the south, redevelopment of the Red Sea's coastal jewel city Jeddah and a futuristic smart city NEOM by 2030 — these are just some of the highlights that Saudi Arabia's minister of tourism hopes will be the main draws for future tourists. The Arab kingdom has a "very strong domestic market" for tourism, Saudi Arabia's Minister of Tourism Ahmed Al Khateeb told CNBC's Dan Murphy on Wednesday on the sidelines of the Future Investment Initiative in Riyadh. The minister added that he hopes China eases Covid restrictions, which could lead to an influx of Chinese tourists. "We definitely have [a] very strong religious market, people visiting the two holy cities," Al Khateeb said.

☆ IEA says developing nations are the No. 1 casualty of the energy crisis
▼ + stars: | 2022-10-26 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

watch nowInternational Energy Agency Executive Director Fatih Birol warned emerging and developing countries are most vulnerable to soaring energy prices. "It is not the U.S. who will suffer the most [from] the high energy prices," Birol told CNBC on Tuesday. 'First truly global energy crisis'"We are in the middle of the first truly global energy crisis," Birol said. Soaring energy prices plaguing global markets could offer much-needed impetus to nudge governments to invest toward moving away from dirty energy. The main casualties who will suffer the brunt of high energy prices is neither the United States nor Europe — but emerging and developing nations, said the head of International Energy Agency (IEA) Fatih Birol.

☆ 'Turkey has long been hell for journalists': Reporters slam country's new 'fake news' law
▼ + stars: | 2022-10-21 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

Turkey currently ranks 149 out of 180 countries in the world press freedom index, with 90% of national media under government control, according to international non-profit organization Reporters Without Borders. Seven years ago, Sevgi Akarcesme reported on a series of police raids on Turkey's media industry, which left a trail of newsrooms being shut down one by one — until the time for her own outlet came. Turkey's Parliament last week ratified a law introducing jail terms for journalists and social media users who spread "fake news," or disinformation. The law, proposed by President Recep Tayyip Erdogan's ruling AK Party, comes eight months before the country's general election. "With this new law … the goal is to control social media because conventional media is already under Erdogan's control," said Akarcesme.

☆ Robust or vulnerable? Experts are split on Australia's economic outlook
▼ + stars: | 2022-10-16 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +5 min

According to Australia's Bureau of Statistics, Australia's inflation rate rose to 6.1 in June, a 21-year high. Australia's unemployment rate stood at 3.5% in August, and household savings ratio fell to 8.7% in the March to June quarter. Additionally, a small share of borrowers with high debt and low savings are "vulnerable" to payment difficulties. In addition, Assistant Treasurer Stephen Jones cautioned that Australia's economy is not "hermetically sealed" from the forecasted downturn of the international economy, Sky news reported. This will in turn have an impact on Australia's growth forecast.

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