Malaysian stocks rise as State House announces prime minister
Listed shares in Malaysia rose like a state palace announced Anwar Ibrahim is the prime minister of the country.
Benchmark KLCI index It traded 3.86% higher after previous negative sessions, trading at its highest level in more than two months.
Telecommunications group Axiata Group Bhd 12.4%, while Maxis Bhd rose 11.2%. Genting Malaysia 7.8% and the rubber glove maker rose Top Glove gained 7.8% in the afternoon session.
The Malaysian Ringgit It strengthened slightly against the US dollar and finally settled at the level of 4.5080.
Bill Ackman says the Hong Kong dollar peg will break
Billionaire hedge fund manager Bill Ackman questioned its continuity Hong Kong dollaradded to his words that he nailed the dollar Pershing Square You have a significant short position in the currency.
“We have a large notional short position against the Hong Kong dollar by holding our put options,” the CEO of Pershing Square Holdings said in a series of tweets.
“Meng is already meaningless to Hong Kong, and it’s only a matter of time before it breaks,” Ackman writes.
However, Sim Moh Siong, currency strategist at Bank of Singapore, said the pegs would remain as negative sentiment towards China “calmed” with recent adjustments, including China’s quarantine period for international travelers.
“Given that fundamentals continue to support the Fed, the peg will hold,” he said. “I think things can happen [have] “It has calmed down a bit on the China front, which in turn could add to the stability of the Hong Kong dollar,” he said.
– Jihye Lee
Grab, Gojek respond to Singapore’s move to expand job protection for gig workers
Grab said it was broadly supportive of Singapore final announcement Protecting jobs and expanding benefits for gig workers from 2024.
The decision includes guaranteeing injury compensation and pension payments as part of new standards for the gig economy, which primarily affect delivery and ride-hailing companies.
In response to CNBC’s request for comment, Grab said he “broadly supports” the measures and said implementation should be “gradual,” citing current headwinds for the global economy, such as recession concerns.
“We will be guided by these considerations to minimize impact on our partners’ earnings and consumer prices,” Grab said.
The company called for the measures to be applied to all concert platforms, citing fairness concerns.
Gojek said measures requiring companies to match Central Provident Fund pension contribution rates to those of their employers would “mean less take-home pay” for gig workers, adding that the company already has similar policies.
“These recommendations will be based on the existing coverage we offer our driver-partners through our driver benefits program,” Gojek told CNBC.
– JP Ong, Sheila Chiang
New Zealand’s central bank has discussed a 100 basis point hike, the governor says
The Reserve Bank of New Zealand was targeting an even bigger rate hike in its latest official cash rate decision – the sharpest move yet, despite a 75 basis point hike.
RBNZ Governor Adrian Orr said on CNBC’s Squawk Box Asia: “I’d say we’ve had more discussions between 50 and 75 than 75 and 100.”
“Right now we can say that we’re unequivocally tight in our monetary position,” Orr said, “and we should be given the compactness of the economy right now.”
– Jihye Lee
Foxconn says new hires raise pay concerns, contact continues
It is a major Apple supplier Foxconn It said new hires at the iPhone factory in Zhengzhou “applied to the company” about compensation. statement on their website.
This announcement is made after the media informed The delay in bonus payments sparked mass protests by hundreds of workers, with videos on social media showing people breaking surveillance cameras and windows.
“The company emphasized that the allowance has always been fulfilled according to the contractual obligation and will continue to communicate with the relevant colleagues,” Foxconn said, adding that reports of Covid-positive workers living in the factory’s dormitories were “patently untrue.”
“Regarding any incidents of violence, the company will continue to engage with employees and the government to ensure that similar incidents do not recur.”
Taiwan-listed shares of Hon Hai Technology Group, Foxconn’s official name, fell 0.5% in Thursday’s morning session.
– Jihye Lee
The Bank of Korea raised interest rates by 25 points, meeting expectations
Bank of Korea raised the benchmark interest rate It rose 25 basis points to 3.25%, a smaller increase from its previous move and broadly in line with expectations.
A Reuters poll of economists had expected the move amid signs of slowing domestic growth.
According to the latest figures released earlier this month, the country’s inflation rate for October was 5.7% – well above the central bank’s 2% target.
IOC Governor Rhee Chang-yong will hold a press conference later in the day regarding the monetary decision.
– Jihye Lee
CNBC Pro: Asset manager says investors should buy these big-cap stocks now
According to Rob Lun, chief investment strategist at asset manager Surevest, there’s one big stock investors should be buying right now.
He calls his CEO “a significant visionary.”
Although Luna chose a large-cap stock, he advised investors to split the names of two stocks he called “best-in-breed” into smaller names.
CNBC Pro subscribers can read more here.
– Weizhen Tan
Stocks are up for a second day as Wall Street cheers the Fed’s signal of smaller interest rate hikes ahead
Stocks rose on Wednesday, marking a second straight day of gains as investors saw minutes from the Federal Reserve pointing to a slower pace of rate hikes ahead.
The Dow Jones Industrial Average rose 95.96 points, or 0.28%, to 34,194.06. The S&P 500 rose 0.59% to 4,027.26, while the Nasdaq Composite added 0.99% to 11,285.32.
Nordstrom stock It decreased by 4.24% after the department store chain reaffirmed its forecast. However, according to Refinitiv consensus expectations, Nordstrom beat profit and sales expectations in its latest results. Tesla Citi rose 7.82% after upgrading its stock to neutral from sell. Deere increased by 5.03% with profit.
– Carmen Reinicke
CNBC Pro: A short seller who bet against a British supermarket expects a nearly 50% crash in its share price
If the short seller’s prediction comes true, there is more pain for investors in the British supermarket company.
The hedge fund is currently taking a £32.6m bear bet and expects shares in the grocer to fall 44%.
The fund’s chief investment officer also believes that the supermarket will raise new capital by reducing shareholders year after year in order to stay afloat in a difficult environment.
CNBC Pro subscribers can read more here.
– Ganesh Rao
Fed minutes point to smaller rate hikes ahead, stocks rally
Shares rose after the release of the minutes on Wednesday afternoon November meeting of the Federal Reserve. The report showed that the central bank is making progress in its fight to lower inflation and expects to slow the pace of interest rate hikes in the future.
“A large majority of participants decided that a slowdown in the pace of growth would soon be appropriate,” the minutes said. “The uncertain lags and magnitudes of the effects of monetary policy on economic activity and inflation were one of the reasons such an assessment was important.”
This means the Fed will likely introduce smaller rate hikes in December and early 2023.
Markets welcomed the news. The Dow Jones Industrial Average rose 130 points or 0.38%. The S&P 500 gained 0.70%, and the Nasdaq Composite gained 1.10%.
– Carmen Reinicke
