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Hong Kong stocks are volatile, Asian markets are mixed; China PMI eases to contraction

Hong Kong stocks are volatile, Asian markets are mixed;  China PMI eases to contraction
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Goldman Sachs expects Fed rates to reach 5%

Economists at Goldman Sachs expect the Federal Reserve funds rate to reach 5% after raising its forecast for a 75 basis point hike by the central bank at this week’s meeting.

Economists led by Jan Hatzius said in a note on Saturday that they had added another 25 basis points to their forecasts – now calling for a hike of 50 bps in December, 25 bps in February and another 25 bps in March.

“Inflation is likely to remain uncomfortably high for some time, making continued growth in small increments the path of least resistance,” he said.

Jihye Lee

Macau’s gaming stocks are dwindling after casino lockdown due to dealer Covid case

Hong Kong-listed Macau gaming stocks fell sharply in early trade after an employee MGM China‘s Cotai casino has tested positive for Covid government notification.

Many areas related to the work have been cordoned off, in another notice, the measures are expected to be lifted between November 3 and 5.

MGM China shares fell 2.89% Wynn Macau decreased by 2.62%, Galaxy Entertainment shares fell by 1.85%. Sands China shares also lost 2.29%. SJM Holdings also decreased by more than 3%.

Factory activity in China fell in October, missing expectations

China’s factory activity fell in October compared to September, according to the National Bureau of Statistics.

The official manufacturing Purchasing Managers’ Index print came in at 49.2, missing expectations for a reading of 50 – the mark that separates monthly growth from contraction.

In September, the PMI indicator was at the level of 50.1.

China’s official non-manufacturing PMI came in at 48.7, compared to a print of 50.6 in September.

– Abigail Ng

Japanese industrial production fell for the first time in four months

Japan’s industrial production fell 1.6% in August compared to September. government data is displayed falls more than expectations of a 1% decline in a Reuters survey and the three-month growth streak is ended.

The decline was driven by motor vehicles, chemicals and industrial machinery, the statement said.

A government survey forecasting industrial production figures predicted a decline in October and an increase in November.

– Jihye Lee

CNBC Pro: These 12 cheap global stocks are expected to rally, and analysts love them

Stocks around the world have sold off this year on recession fears and rising inflation and now look cheap.

Analysts say there may be buying opportunities in some stocks that they expect to accumulate.

To find those stocks, CNBC Pro screened names under the MSCI World index that met a number of criteria.

CNBC Pro subscribers can read more here.

– Weizhen Tan

Currency check: Japanese yen weakens past 148 level

of Japan Yen It broke above the 148 level against the US dollar for the first time since last Wednesday in Asian morning trade.

The moves come ahead of the Fed’s policy meeting this week, where the central bank is expected to raise interest rates by 75 basis points, widening the rate gap between the US and Japan.

The Japanese yen firmed slightly to 146 last week ahead of the Bank of Japan’s monetary decision to keep interest rates steady, before retreating towards 148 against the dollar.

Last time it was 148.23 per dollar.

– Abigail Ng

China’s October factory activity is forecast to be unchanged from September

China’s official Purchasing Managers’ Index for October will be roughly flat from September, according to a Reuters poll.

At 50, the reading is projected to reach the point that separates growth from contraction. PMI prints compare activity from month to month.

In September, the economy showed a PMI indicator of 50.1.

– Abigail Ng

Traders are looking for signs of a slowdown from the Fed

Wall Street will be closely watching the Federal Reserve’s statement this week for signs that the central bank will ease the pace of rate hikes.

according to CME FedWatch tooltraders believe there is an 80% chance the Fed will raise rates by three quarters on Wednesday.

This would push the central bank’s target range to 4% from 3.75%.

In addition, the market seems more uncertain. There is only a 44% chance of another increase in this volume in December.

– Jesse Pound

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