Asia markets trade mixed amid recession fears; China trade data misses expectations


China’s exports and imports are falling more than expected

China’s dollar-denominated exports fell 8.7% year-on-year in November, more than expected with a 3.5% decline, according to analysts in a Reuters poll.

Imports in US dollars also fell 10.6% year-on-year, further than a 6% drop expected in a separate Reuters survey.

The country’s trade surplus came in at $69.84 billion, lower than the $78.1 billion forecast.

– Jihy Lee

House prices in Hong Kong are falling to their lowest point in nearly five years, with more room to fall

Housing prices in Hong Kong fell to near a five-year low as rising interest rates and a mass exodus of foreign workers pushed prices down in one of the world’s most expensive cities to work – and there’s more room to fall.

Hong Kong’s house price index for October fell 2.4% to 352.4 compared to the previous month, marking the lowest level for the meter since November 2017.

In addition, according to a report from Natixis, the city real estate prices could fall 25% from the previous peak in 2021 before losses start to ease.

“The weak economic environment, both in Hong Kong and globally, and rapidly rising borrowing costs are the main factors contributing to the fall in real estate prices,” Nelson Wong, executive director of research at real estate firm Jones Lang LaSalle, told CNBC.

— Lee Ying Shan

TSMC shares rise after Apple says it will use chips made in the US by the Taiwanese company

China expected a further decline in exports and imports

China’s trade data for November is expected to show further declines in both exports and imports, according to a Reuters poll of economists.

Average forecasts predict exports to fall 3.5% year-on-year in November, after falling 0.3% in October, and imports are expected to fall 6% after falling 0.7% in the previous month.

The trade balance in US dollars is expected to fall to $78.1 billion, down from last month’s $85.15 billion.

— Jihye Lee

CNBC Pro: ‘A gift to investors’: BlackRock says it’s time to rethink bonds

It’s time to rethink bonds, according to the BlackRock Investment Institute, which said at this point, “the appeal of fixed income is strong.”

“Higher yields are a gift to investors who have long been hungry for income. And investors don’t have to go far on the risk spectrum to receive it,” Philipp Hildebrand, Vice Chairman of BlackRock, and Jean Boivin, Head of BlackRock Investment Institute, wrote in a note last week.

They outlined their best ways to make money.

Pro subscribers can read more here.

— Zavier Ong

The Australian economy grew more slowly in the third quarter

Australia’s economy grew 0.6% quarter-on-quarter, official data showed – missing estimates that predicted quarterly growth of 0.7% in a Reuters poll.

The most recent gross domestic product showed moderate growth due to growth of 0.9% in the second quarter in the first three months of the year.

On an annualized basis, GDP added 5.9% in the third quarter, reflecting “continued economic growth since the effects of the Delta outbreak in September quarter 2021” according to the Australian Bureau of Statistics.

“Growth was largely driven by strong household spending,” it added.

The annualized figure also beat expectations in a separate Reuters poll for a gain of 6.2%.

Australian dollars little had changed after the report and the S&P/ASX 200 maintained 0.7% lower.

— Abigail Ng

CNBC Pro: UBS says shares in this global airline will rise 55%

Shares of a global airline will rise 55% in the coming year, according to UBS.

The investment bank raised its price target after the pan-European airline said it expects huge demand over the Christmas period.

CNBC Pro subscribers can read more here.

— Ganesha Rao

Stocks end lower, building on Monday’s losses

Shares plummeted on Tuesday, building on losses from the previous session.

The S&P 500 lost 1.44% to close at 3,941.26, while the Nasdaq Composite fell 2% to finish at 11,014.89. The Dow Jones Industrial Average fell 350.76 points, or 1.03%, to 33,596.34.

— Samantha Subin

Oil falls to lowest level since December 27, 2021

Oil prices fell on Tuesday, weighed down by economic uncertainty, even amid a Russian oil price cap and a potential rebound in demand from China’s reopening.

US West Texas Intermediate crude for January delivery fell more than 4% to $73.85 Tuesday afternoon. Brent crude for February delivery fell 4.34% to $79.09 a barrel.

The US also said it sees oil production increase next year, flipping its outlook after five months of austerity. Production is expected to reach 12.34 million barrels per day in 2023, surpassing the daily record of 12.315 million barrels per day in 2019, according to a monthly report from the Energy Information Administration.

—Carmen Reinicke

Inflation is eroding consumer welfare and could lead to a recession in 2023, says Dimon

Dimon said in June that he was preparing the bank for an economic “hurricane” brought on by the Federal Reserve and Russia’s war in Ukraine.

Al Drago | Bloomberg | Getty Images

US consumers are still doing well and supporting the US economy, but that could change next year, he said JPMorgan Chase CEO Jamie Dimon.

Consumers have $1.5 trillion in additional savings from pandemic stimulus programs and are spending 10% more than in 2021, he said on CNBC’s “Squawk Box” Tuesday.

“Inflation erodes everything I just said, and that one and a half trillion dollars will run out by the middle of the year next year,” Dimon said. “If you look ahead, those things could very well derail the economy and cause a mild or hard recession that people are worried about.”

Dimon also gave his thoughts on cryptocurrencies, the need for fossil fuels and other topics during the extensive interview.

— Hugo Son

The Valley Voice
The Valley Voice
Christopher Brito is a social media producer and trending writer for The Valley Voice, with a focus on sports and stories related to race and culture.


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