Hong Kong shares fell 2%, leading to losses in mixed Asian trade after John Lee’s speech

William Ma, Chief Investment Officer of GROW Investment Group, said it is too early to buy both property and physical property in Hong Kong.

Speaking on CNBC’s “Street Signs Asia,” Ma said near-term investors would have to “wait and see” if Hong Kong leader John Lee. police to attract talent will draw people back to the city-state.

In addition, Ma expects property prices and stocks to fall due to weak demand, adding that what Hong Kong needs is a “genuine economic revival”.

Ma also said that Hong Kong’s financial importance will remain and that Chinese companies still prefer to have a presence in the Hong Kong markets.

– Lee Yingshan

Shares of Hong Kong-listed tech companies and EV makers continued to trade lower amid Hong Kong leader John Lee’s policy address, dragging down the overall index along with Macau casino stocks.

Xpeng Motors decreased by 8.24%, Known It decreased by 4.2% and Meituan also decreased by 3.64%. Tencent and Alibaba also decreased by more than 2.5%.

Macau casino stocks also fell, with MGM China It decreased by 3.84% and Wynn Macau It decreased by 4.15%.

Meanwhile, property stocks pared earlier gains. Country Garden was last up 0.7% after trading more than 4% before Lee’s exit.

China Foreign Land and Investment rose 2.25% after a previous increase of 5%.

– Jihye Lee

He will be a senior executive at Kakao Corp step down After a fire at a data center caused massive outages over the weekend and services are disrupted for the messenger’s 53 million users worldwide.

Chief executive Namkoong Whon apologized after the break and said he would resign.

“I feel a heavy burden of responsibility regarding this incident and will step down as CEO and head an emergency disaster task force that is monitoring the aftermath of the incident,” Namkoong said at a news conference at the company’s office on the outskirts of Seoul on Wednesday.

Shares of Cocoa were trading slightly lower 2.43% after the press conference.

– Jihye Lee

Shares of Hong Kong-listed real estate companies rose in morning trade ahead of Chief Executive John Lee’s policy address.

China Foreign Land and Investment increased by 5%, CK Active Earned 2.75% and China Land It added 2.5%. Village garden It added 4.26% even before Lee’s speech.

Local media in Hong Kong report that foreign property owners can get rebates on the buyer’s fee.

– Abigail Ng

Shares of Apple suppliers in Asia fell after the technology firm He reportedly asked a manufacturer in China Discontinuing iPhone 14 Plus component production as Apple reevaluates demand for the product.

Information informed that two other suppliers that assemble modules from that component have also drastically reduced production.

South Korea’s LG Innotek and SK Hynix lost about 2%, while Japan’s lost 2% TDK Corporation and Murata Production each shedding more than 1%.

Apple’s the stock lost $4 per share overnight, but closed the regular session 0.94% higher as major indexes gained.

– Abigail Ng

Goldman analysts wrote in October that it has been a turbulent year for gold, with the precious metal “caught between growth and inflation risks, higher real exchange rates and a strong dollar.” 11 notes.

“In our view, much uncertainty remains around the future path of US inflation, growth, rates and central bank (MB) response functions.”

Goldman ran four different economic scenarios and predicted where gold prices would end up in each case.

CNBC Pro subscribers can read more here.

futures West Texas oil rose around the dollar or 1.33% and futures Crude Brent Up $0.83, or 0.92%, as the Biden administration is expected to release more oil than oil. US Strategic Petroleum Reserve.

The plan could be announced as early as Wednesday, sources told CNBC.

The move is intended to extend the current SPR delivery program, which began this spring, into December, the sources said.

-Kayla Tausche, Jihye Lee

Economists at ANZ expect the Reserve Bank of New Zealand to hike by 75 basis points each at its November and February meetings.

The Central Bank of New Zealand increased interest rates by 50 points to 3.5%. earlier this monthpushed the cash rate to a seven-year high.

ANZ said the Reserve Bank of Australia would take a more conservative path than the RBNZ, which would result in “a wider policy gap in 2023”.

The next monetary policy meeting of the RBNZ will be held in November. 23.

– Jihye Lee

Shares of Apple dipped and briefly turned negative after The Information reported that the tech giant was halting production of the new iPhone 14 Plus.

The move by Apple, the biggest U.S. stock, sent the major averages near their lows of the day, although they have since recovered some of that base.

The Fed is expected to raise another three quarters of interest next month, but the central bank may be reaching its limit for dictating long-term interest rates, according to Jim Paulsen of The Leuthold Group.

“There is considerable precedent in past tightening cycles for the Fed to shut down with the bond market ‘flashing’ first. The Fed may soon try to raise the funds rate to 4%, 4.5% or even 5%. long-dated bonds may simply stop rising and refuse to follow the Fed’s guidance,” Paulsen wrote in a note to clients on Tuesday.

The 10-year Treasury yield has traded above 4% in recent days, hitting its highest level in more than a decade. That could be near the ceiling in 2023, Paulsen said, with growing concern about a recession.

“Every time the Fed tightens monetary policy, recession fears rise relative to inflation fears. Eventually, as the Fed becomes more aggressive, recession becomes a bigger concern than inflation, and bond buyers outnumber bond sellers, meaning the bond market is on fire,” Paulsen added. .

– Jesse Pound