Hong Kong shares rose nearly 3% after the city said it was considering easing its Covid rule

Hong Kong shares rose nearly 3% after the city said it was considering easing its Covid rule
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Hong Kong considers scrapping outdoor mask rules: Report

Fitch expects house prices in Australia and China to decline in 2023

Fitch Ratings expects Australian house prices to fall significantly by 7% to 10% next year. report.

The agency also predicts that house prices in China will fall by 1% to 3% next year.

“We expect rates to decline further in 2023 before bottoming out, but mortgage performance will only deteriorate modestly in the face of economic headwinds,” Fitch Ratings’ Tracy Wan said in a report.

However, house prices in Japan may moderate their growth trend to 2% to 4% in 2023, the report said. Prices in Australia are predicted to increase in 2024.

– Jihye Lee

Japan’s economy shrank less than expected in the third quarter

Japan’s economy shrank 0.8% on a quarterly basis in the third quarter. revised gross domestic product A Reuters poll beat expectations for a 1.1% contraction.

The government’s first preliminary estimate released in November was a 1.2% decline.

The country also reported an unadjusted current account deficit of ¥64.1 billion ($469.3 million). government data is displayed. The reading in a separate Reuters poll significantly missed estimates for a surplus of 623.4 billion yen.

– Jihye Lee

Australia’s trade surplus in October was larger than expected

Australia’s trade surplus in October was slightly larger than expected at A$12.2 billion ($8.19 billion). the official date is shown.

Economists polled by Reuters had forecast a print of A$12.1 billion and expected a further decline than reported – the economy saw a trade surplus of A$12.4 billion.

Exports decreased by 0.9% and imports by 0.7%.

– Abigail Ng

Stocks are mostly closing below

Stocks were mostly lower on Wednesday, with the S&P 500 down 0.19% to 3,933.92.

The Dow Jones Industrial Average rose 1.58 points to end the session at 33,597.92. The Nasdaq Composite fell 0.51% to 10,958.55.

– Samantha Subin

CNBC Pro: Bank of America says these two global chip stocks could boost EV sales by 75%

A shortage of semiconductors amid a boom in electric car sales could help boost profits for several chipmakers, according to Bank of America.

The Wall Street bank predicted that the two chip stocks would see their share prices rise by more than 75% on the back of this trend.

CNBC Pro subscribers can read more here.

– Ganesh Rao

Morgan Stanley’s Slimmon says pending economic data could start a rally next year

Don’t be surprised if next week’s economic data starts a rally through the end of the year and potentially into 2023, according to Andrew Slimmon, senior portfolio manager at Morgan Stanley Investment Management.

The main cycle of data releases begins with the producer price index on Friday, followed by the consumer price index for November and the Federal Reserve’s next likely rate hike next week.

“The last time they were released, they all led to rallies in the stock market because we had better inflation tracks,” he said.

Like many investors, Slimmon expects a downturn ahead, given the inverted yield curve, but he doesn’t expect the “big earnings collapse” or decline that many are predicting in the first quarter.

This is partly because many consumers have increased their savings in recent years given the proximity of the most recent recession.

“The message this year is that the economy has proven to be more resilient than many people expected, and I don’t think next quarter will be the end of that,” he said.

– Samantha Subin

CNBC Pro: Is Apple a stock to buy or avoid? Two investors came face to face

It’s been a tumultuous year for tech companies as investors flee growth stocks in the face of rising interest rates and other headwinds.

apple although there were some winds, it held up better among the technological carnage.

Two investors face off on CNBC”Street Signs Asia” To make a case for or against the purchase of the stock on Wednesday.

CNBC Pro subscribers can read more here.

– Weizhen Tan

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