29 Min Ago
Hong Kong movers: Casinos, technology stocks drop on rising China case numbers
Hong Kong-listed stocks related to reopening and technology fell in Asia’s morning session following reports of a surge of Covid cases in China.
– Jihye Lee
33 Min Ago
Tokyo core inflation hits highest levels in 40 years
Tokyo’s core consumer price index rose 3.6% in November on an annualized basis, more than the 3.5% expected in a Reuters poll.
The report marks the fastest annual pace Japan’s capital has seen since April 1982, and significantly above the Bank of Japan’s inflation target of 2%.
The capital’s reading indicates higher inflationary pressures have yet to be tamed. Nationwide inflation is hovering around similarly historic levels.
— Jihye Lee
3 Hours Ago
CNBC Pro: Outperforming asset manager picks the stocks set to win as margins get squeezed
Patrick Armstrong, chief investment officer at Plurimi Wealth, believes margin squeeze is the ‘biggest risk’ for equities. But he thinks some stocks could beat the trend.
“Own sectors with defendable margins or that are creating margin squeeze elsewhere,” he added, naming the sectors and stocks he likes best.
Pro subscribers can read more here.
— Zavier Ong
3 Hours Ago
CNBC Pro: UBS says recession in 2023 will be an inch deep but a mile wide — and that’s not priced into stocks
Global economic conditions will shift next year and that’s going to flip which markets and sectors underperform, according to the chief strategist of UBS Investment Bank.
“It’s an inch deep but it’s a mile wide,” he said of the expected recession. “Global growth is at 2% and that is not priced into stocks,” Bhanu Baweja told CNBC’s “Squawk Box Europe” Wednesday.
He also named which sectors he expects to outperform next year.
— Jenni Reid
21 Hours Ago
Malaysian stocks rose after state palace announces prime minister
Malaysia-listed stocks closed higher on Thursday after the the state palace announced Anwar Ibrahim as the nation’s prime minister.
The benchmark KLCI index closed 4.04% higher following previous negative sessions, ending the session at the highest levels in more than two months.
Telecommunications group Axiata Group Bhd rose more than 12%, and Maxis Bhd rose 11%. Genting Malaysia climbed around 8% and rubber glove manufacturer Top Glove also gained 8% in the afternoon session.
The Malaysian ringgit strengthened slightly against the U.S. dollar and last stood at 4.5080.
– Jihye Lee