Hong Kong stocks rise nearly 2% in Asia ahead of U.S. midterm elections, China trade data

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China to reopen ‘months away’ despite talk of preparations: Goldman Sachs

Speculation about China’s reopening sparked a rally in markets last week, but economists at Goldman Sachs say it’s “months away”.

“The actual reopening is still months away as vaccination rates for the elderly remain low and death rates appear high among those who have not been vaccinated based on official data in Hong Kong,” economists led by Hui Shan said in a note.

They added that the government is likely working on an exit strategy and the company expects the country to reopen in the second quarter of 2023.

— Jihye Lee

CNBC Pro: Morgan Stanley Says This Global Stock of Battery Material Could Rise Over 80%

Morgan Stanley expects shares in an Asian battery materials manufacturer to rise 85% by the end of next year.

This under-the-radar battery materials supplier to Teslawhich already has three-digit sales growth, plans to expand production to the United States.

Even JP Morgan’s analysts who use a “conservative valuation approach” expect the stock to rise 25% within a year.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Apple says iPhone production has been temporarily reduced due to Covid-19 restrictions in China

Apple said production of the iPhone 14 has been temporarily reduced due to Covid-19 restrictions at its assembly plant in China’s Zhengzhou, according to a statement released Sunday.

The warning could mean the tech company could struggle to meet demand in December as it has “significantly reduced capacity” at the plant. The company previously signaled slowing growth in its iPhone business in its earnings report last month.

Apple’s warning comes as China has last week ordered lockdowns in Zhengzhou, where Apple does most of its iPhone production. According to Reuters, workers have fled the facility due to Covid restrictions and outbreaks.

— Sarah Min, Kif Leswing

CNBC Pro: There Are Still Opportunities In Technology – Here’s How To Trade It: Analysts

Technology companies are facing a double whammy of bad news, with disappointing earnings and continued rate hikes by the Federal Reserve, both weighing on the sector.

But with the tech-heavy Nasdaq down more than 30% so far, analysts say there are some bright spots that could provide opportunities for investors.

Here are some of their top picks, including one stock that has an average upside potential of over 50%.

CNBC Pro subscribers can read more here.

— Weizhen Tan

The Valley Voice
The Valley Voicehttp://thevalleyvoice.org
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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