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☆ Asia markets poised to fall for a second day; China's Covid situation remains in focus
▼ + stars: | 2022-11-29 | by ( Abigail Ng | ) www.cnbc.com time to read: +1 min

St. Louis Fed President James Bullard said Monday that the Fed should continue to raise its benchmark interest rate in the coming months and that the market may be underestimating the chance that the Fed has to get more aggressive. "We're going to have to continue pursue our interest rate increases into 2023, and there's some risk that we've have to go even higher than [5%]," Bullard said at a Barron's Live webinar. Bullard made waves in financial markets earlier this month when he said the Fed's hikes have had "only limited effects" on inflation so far and that the benchmark interest rate may need to rise to between 5% and 7%. "I think we'll probably have to stay there all through 2023 and into 2024, given the historical behavior of core PCE inflation or Dallas Fed trimmed mean inflation. But they probably won't come down quite as fast as markets would like and probably the Fed would like," Bullard said.

☆ Hoping to beat the tourist crowd on your trip to Japan? That ship has sailed
▼ + stars: | 2022-11-29 | by ( Abigail Ng | ) www.cnbc.com time to read: +5 min

I thought I managed to beat the tourist crowds on my recent trip to Japan. Visitors gather on a terrace near the Kiyomizu-dera to watch the sunset and autumn leaves in Kyoto, Japan. In the months before those rules were lifted on Oct. 11, there were fewer traffic jams and queues, said Aw. Tokudaw's Aw said bookings with her company remain strong for the year-end period, at around 85% of pre-Covid levels. Travel, however, told CNBC Travel that its customers from Singapore have made bookings all the way through to April.

☆ China's stocks, yuan tumble as COVID protests rattle nerves
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +4 min

A U.S. crackdown on Chinese tech giants citing national security concerns also weighed on shares of technology firms. Nevertheless, the social unrest and rising coronavirus cases had fuelled expectations of an earlier end to China's zero-COVID policy, putting a floor under stocks and boosting tourism and consumer shares. "The market does not like uncertainties that are difficult to price and the China protests clearly fall into this category. While state media has not reported the protests, photos and videos of the protests circulated on social media. "The demonstrations ... mean the current COVID policy mix is no longer politically sustainable.

☆ European markets head for lower open as Covid protests in China continue
▼ + stars: | 2022-11-28 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a lower open on Monday as investors keep a close eye on unrest in China as protests against strict Covid measures and lockdowns erupted over the weekend. The unrest came as infections surged, prompting more local Covid controls, while a central government policy change earlier this month had raised hopes of a gradual easing. Youth unemployment has neared 20%. Hong Kong stocks led losses in a negative Asia-Pacific session on Monday amid the unrest in China over its continued zero-Covid policy. Oil futures hovered around new 2022 lows as demand concerns over the world's second-largest consumer of oil weighed on prices.

☆ Asia markets set to fall amid unrest in China over Covid restrictions
▼ + stars: | 2022-11-28 | by ( Abigail Ng | ) www.cnbc.com time to read: 1 min

Police officers block off a street in Shanghai in the area where protests against China's zero-Covid policy took place the night before following a deadly fire in Urumqi, the capital of the Xinjiang region. (Photo by HECTOR RETAMAL/AFP via Getty Images)Asia-Pacific shares are set to trade lower on Monday amid unrest in China over its continued zero-Covid policy and a growing number of cases reported in the nation. That's slightly lower compared against the Nikkei 225's last close at 28,283.03. In Australia, the S&P/ASX 200 fell 0.39%, and the risk-sensitive Australian dollar weakened to $0.6718. Retail sales are also due out in Australia later Monday.

☆ CEO of multimillion-dollar company Casetify shares his No. 1 'super underrated' business tip
▼ + stars: | 2022-11-28 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +6 min

Ng now runs his own business, Casetify, with the same philosophy. Headquartered in Hong Kong, the tech accessory brand is most well-known for its wide range of trendy phone cases. Wesley Ng Co-founder and CEO, CasetifyTo date, Casetify said it has sold more than 15 million phone cases worldwide. BootstrappingCasetify was first launched as an e-commerce platform back in 2011 that allows customers to customize phone cases with Instagram photos. There are currently 19 stores globally, where customers can design their own phone cases and "get it within 30 minutes," he added.

☆ Comments from market watchers on the COVID-19 protests in China
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +4 min

ALVIN TAN, ASIA FX STRATEGIST, RBC CAPITAL MARKETS, SINGAPORE:"The scale of the protests will necessarily elicit a response from Beijing. KEN CHEUNG, CHIEF ASIA FX STRATEGIST, MIZUHO, HONG KONG:"The China economy is heading to the direction of reopening but the road to the reopening could be a bumpy one. "Overall, the China Q4 growth outlook should remain grim given the COVID resurgence and the related mobility tightening. GARY NG, ECONOMIST, NATIXIS, HONG KONG:"The market does not like uncertainties that are difficult to price and the China protests clearly fall into this category. MARTIN PETCH, VICE PRESIDENT, MOODY'S INVESTORS SERVICE:"We expect the protests ... to dissipate relatively quickly and without resulting in serious political violence.

☆ Market watchers' comments on COVID-19 protests in China
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +6 min

Here's what market watchers are saying about the unrest:ALLAN VON MEHREN, CHIEF ANALYST, DANSKE BANK, COPENHAGEN:"Normally protests in China are aimed at local governments but a crowd in Shanghai directed their protest against the Communist Party and Xi Jinping." "The protests come as the recent tweaks in the zero-Covid policy seem to have backfired as they led to rising cases across the country that subsequently triggered new restrictions being implemented. MARK HAEFELE, GLOBAL WEALTH MANAGEMENT CIO, UBS, ZURICH:"We do not expect economic or market headwinds in China to abate significantly over the coming months. KEN CHEUNG, CHIEF ASIA FX STRATEGIST, MIZUHO, HONG KONG:"The China economy is heading to the direction of reopening but the road to the reopening could be a bumpy one. GARY NG, ECONOMIST, NATIXIS, HONG KONG:"The market does not like uncertainties that are difficult to price and the China protests clearly fall into this category.

In Beijing, hundreds of mostly young people demonstrated in the commercial heart of the city well into the small hours of Monday. Freedom of expression, freedom of the press, freedom of arts, freedom of movement, personal freedoms. A security guard tries to cover a protest slogan against zero-Covid on the campus of Peking University in Beijing. “Open your eyes and look at the world, dynamic zero-Covid is a lie,” the protest slogan at Peking University read. At Tsinghua University, another elite university in Beijing, hundreds of students gathered on a square to protest against zero-Covid and censorship.

☆ Cardinal Joseph Zen Convicted by Hong Kong Court in Crackdown on Dissent
▼ + stars: | 2022-11-25 | by ( Elaine Yu | ) www.wsj.com time to read: 1 min

HONG KONG—Retired bishop and longtime Hong Kong democracy advocate Cardinal Joseph Zen was convicted of failing to register a fund providing aid to antigovernment protesters, the latest court verdict in a continuing crackdown on dissent in the city. The 90-year-old cardinal, along with other prominent activists including local pop singer Denise Ho and veteran barrister Margaret Ng, didn’t file paperwork for the 612 Humanitarian Relief Fund, a court ruled Friday. The now-defunct fund offered financial and legal assistance to people arrested during the protests that convulsed the city from 2019 up until China’s imposition of a sweeping national security law on the semiautonomous territory the following summer.

☆ Decision on North American auto rules dispute 'imminent', Canada says
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +2 min

MEXICO CITY, Nov 25 (Reuters) - A decision should be made very soon on a dispute pitting Canada and Mexico against the United States on the interpretation of regional trade rules in the auto industry, Canada Minister of International Trade Mary Ng said on Friday. Canada this year joined Mexico in a complaint against the United States over how to apply automotive sector content requirements under the United States-Mexico-Canada (USMCA) free trade agreement, which came into effect in 2020. Mexico and Canada favor a more flexible interpretation of the rules than Washington, and Mexico said in August that dispute panel hearings were beginning. Those disagreements have led to a separate energy dispute under USMCA that pits Ottawa and Washington against Mexico. Ng this week said Canada had begun exploratory discussions with Ecuador over a potential free trade agreement.

HONG KONG/BEIJING, Nov 24 (Reuters) - China's biggest commercial banks have pledged at least $162 billion in fresh credit to property developers, bolstering recent regulatory measures to ease a stifling cash crunch in the sector and triggering a rally in property shares. Three state-owned banks lined up around $131 billion worth of credit lines to developers on Thursday, a day after three other lenders committed $31 billion, responding to Beijing's call for support. The massive, coordinated injection of liquidity into the property sector buoyed the shares of major developers on Thursday. PSBC late on Thursday announced that it would provide a total of 280 billion yuan in financing to Country Garden as well as others. China Construction Bank Corp (601939.SS) signed cooperative agreements with eight property developers, including Vanke, Longfor and Midea, financial media outlet Yicai reported.

☆ UK stocks track gains in Europe, Dr. Martens sinks on profit warning
▼ + stars: | 2022-11-24 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) rose 0.3% in thin trading as U.S. markets were shut for the Thanksgiving holiday. The domestically focused FTSE 250 midcaps (.FTMC) rose 0.7%, also reflecting the upbeat mood in equity markets. A weak spot was Dr. Martens (DOCS.L), which tumbled 20% and looked set for its biggest percentage drop ever, after warning that its annual core profit margin would be lower than last year. UK stock markets have recovered sharply since a botched mini-budget roiled sentiment in October, with investors hoping that measures by the new government will help instil confidence even as Britain faces what is expected to be a lengthy recession. Shares of Vodafone , Imperial Brands (IMB.L) and National Grid (NG.L) slid as they traded without entitlement for dividend payout.

☆ Asia-Pacific markets mixed as investors weigh risks
▼ + stars: | 2022-11-22 | by ( Abigail Ng | ) www.cnbc.com time to read: 1 min

People walk past the Tokyo Stock Exchange (TSE) on October 01, 2020 in Tokyo, Japan. Shares in the Asia-Pacific were set to rise on Tuesday as investors weigh risks. In Australia, the S&P/ASX 200 rose 0.5% ahead of central bank governor Philip Lowe's speech at the Committee for Economic Development of Australia. The Kospi and the Kosdaq in South Korea each fell 0.34%. MSCI's broadest index of Asia-Pacific shares outside Japan was about flat.

☆ Asia-Pacific markets set to inch higher ahead of China's lending rate decision
▼ + stars: | 2022-11-21 | by ( Abigail Ng | ) www.cnbc.com time to read: 1 min

A man looks at his smartphone as he walks past the People's Bank of China building on May 20, 2022 in Beijing. Shares in the Asia-Pacific were set to rise on Monday as analysts expect China's central bank to keep its benchmark lending rates, or loan prime rates, on hold, according to a Reuters poll. The Nikkei futures contract in Chicago was at 27,930 while its counterpart in Osaka was at 27,970. That compared against the Nikkei 225's last close at 27,899.77. Over the weekend, Malaysia's election produced a hung parliament, and parties are trying to win support from other blocs to form the government.

☆ The Philippines will experience "low growth" in 2023: Central bank
▼ + stars: | 2022-11-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Philippines will experience "low growth" in 2023, not recession: Central bankFelipe Medalla, Governor of Bangko Sentral ng Pilipinas, discusses the macroeconomic outlook for the Philippines next year, and says "the question is not a recession but the extent to which growth is declined."

☆ Asia-Pacific markets trade mixed as second day of G-20 underway
▼ + stars: | 2022-11-16 | by ( Abigail Ng | ) www.cnbc.com time to read: 1 min

Shares in the Asia-Pacific were mixed on Wednesday as world leaders gather in Bali, Indonesia for a second day of the Group of 20 summit. Investors will be closely watching for more details after Polish authorities said a Russian-made missile killed two citizens and an investigation is underway. The Nikkei 225 and the Topix in Japan were about flat. MSCI's broadest index of Asia-Pacific shares outside Japan was slightly below the flatline. Economists surveyed by Reuters expect the benchmark interest rate to be raised by 50 basis points to 5.25%.

☆ Philippine central bank to raise rates by 75 bps- Reuters poll
▼ + stars: | 2022-11-15 | by ( Shaloo Shrivastava | ) www.reuters.com time to read: +2 min

The BSP has already raised its key rate by a total of 225 basis points since May. Three-quarters of respondents, 12 of 16, forecast a 50 basis point rise in December to 5.50%. Six of 16 expected a 50 basis point hike, five expected a 25 basis point move while five others did not expect any move after December. The median forecast shows a higher terminal rate of 5.75% by end-Q1, compared with expectations of 5.00% by end-December in a September poll. Four big banks, Goldman Sachs, Nomura, DBS and UOB, estimated a terminal rate as high as 6.00% while HSBC predicted 6.25%.

☆ Asia-Pacific markets little changed ahead of China activity data release
▼ + stars: | 2022-11-15 | by ( Abigail Ng | ) www.cnbc.com time to read: 1 min

A man walks past the Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Monday, Nov. 30, 2020. Shares in the Asia-Pacific were little changed on Tuesday ahead of a slew of economic data from China, and following the meeting between U.S. President Joe Biden and Chinese President Xi Jinping. The Nikkei 225 in Japan was slightly lower. Japan's economy unexpectedly contracted in the third quarter, official data showed. China is set to report industrial production and retail sales data.

☆ Wall Street bonuses predicted to fall as much as 45% amid a drought in dealmaking. Here's who will get hit the hardest.
▼ + stars: | 2022-11-15 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +4 min

The dramatic decline follows bumper bonuses in 2021, which resulted in record pay. Last year was especially bountiful, thanks to record M&A and IPO dealmaking, which led to bonuses not seen since before the Great Recession. But this year, compensation consulting firm Johnson Associates predicts, bonuses will drop by as much as 45% amid a drought in Wall Street's main business of IPOs and M&A. Meanwhile, those in advisory positions of investment banks won't be as scathed as their underwriter colleagues — the analysis predicts bonuses down 15% to 20%. The analysis predicts their awards could be 15% to 20% more than last year.

☆ Marlins become first major team with women as president and GM
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

Nov 14 (Reuters) - The Miami Marlins became the first U.S. major sports franchise to have two women simultaneously running a team's day-to-day off-the-field affairs after they appointed Caroline O'Connor as president of business operations on Monday. The decision to promote O'Connor comes two years after the Marlins made history when they named Kim Ng as Major League Baseball's first female general manger. "I think we're a really special organization. I think it makes our organization unique and stand out, and shows what women can do and the roles that they can hold." "Her leadership will continue to guide the Marlins organization toward our goal of sustained success while strategizing additional new ventures to grow our business and enhance our brand recognition."

☆ Miami Marlins promote Caroline O'Connor, making her pro baseball's second-highest ranking woman
▼ + stars: | 2022-11-14 | by ( Jessica Golden | ) www.cnbc.com time to read: +2 min

The Miami Marlins will be led by two of the highest-ranking women in professional sports. The organization announced on Monday that owner Bruce Sherman is promoting Caroline O'Connor to president of business operations, effective immediately. The move makes the Marlins the first pro sports team to have women operating the entirety of the team's day-to-day business. In 2020, the team hired Kim Ng as the first female general manager in Major League Baseball history, making her the league's highest-ranking woman in baseball operations. The Marlins were MLB Wild Card Champions in 2020 but have failed to make the playoffs the past two seasons.

☆ Asia-Pacific markets set to trade mixed after Friday's rally
▼ + stars: | 2022-11-14 | by ( Abigail Ng | ) www.cnbc.com time to read: 1 min

Asia-Pacific markets were set to trade mixed on Monday after closing the previous week with a big rally as U.S. consumer prices rose less than expected and China announced some easing of its Covid measures. The Hang Seng index saw the best day since March 16. Despite the number of Covid cases in China surging last week, markets latched onto the "symbolism of the movement, however small," referring to the changes, according to Ray Attrill of National Australia Bank.

[1/2] Ex-Goldman Sachs banker Roger Ng exits the Brooklyn Federal Courthouse (EDNY) after being found guilty for his part helping embezzle from Malaysia's 1MDB sovereign wealth fund, in Brooklyn, New York, U.S., April 8, 2022. REUTERS/Brendan McDermid/File PhotoNEW YORK, Nov 11 (Reuters) - Roger Ng, the former Goldman Sachs (GS.N) banker convicted for helping loot Malaysia's 1MDB sovereign wealth fund, on Friday sued the government's star witness Tim Leissner for more than $130 million, alleging fraud. A federal jury in Brooklyn convicted Ng in April of conspiring to violate an anti-bribery law and commit money laundering. Jho Low, a Malaysian financier and suspected mastermind of the looting, was also indicted in Brooklyn and remains at large. Reporting by Jonathan Stempel in New York; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

The economy would likely grow above the government's 6.5%-7.5% growth target for 2022, Economic Planning Secretary Arsenio Balisacan told a media briefing. On a quarterly basis, gross domestic product (GDP) rose 2.9% versus a 0.1% contraction in April-June and an expected 1% rise, the data showed. "While these developments are remarkable, I want to underscore that our nation still faces a considerable burden in the form of high inflation," Balisacan said. Balisacan said the government remained committed to fighting inflation to protect people's purchasing power, including by tightening monetary policy. "In the face of surging prices, that's a big upside surprise," said ING economist Nicholas Mapa.

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