Hong Kong movers: Casinos, tech stocks fall as China caseload rises
Hong Kong-listed stocks related to reopening and technology fell in Asia’s morning session following reports of a spike in Covid cases in China.
Casino operator shares MGM China fell more than 4%, Wynn Macao lost 2.5%, china sand fell 3% and SJM Holdings also lost 2.7%.
Tech stocks like tencent also fell more than 3% in the morning session, Meituan lost 3.17% and Bilibili lost 4.36%.
– Jihye Lee
Tokyo core inflation hits highest levels in 40 years
Tokyo’s main consumer price index rose 3.6% in November on an annualized basis, above the 3.5% expected in a Reuters poll.
The report marks Japan’s capital’s fastest annual pace since April 1982 and significantly above the Bank of Japan’s 2% inflation target.
Readings from the capital indicate that higher inflationary pressures have yet to be tamed. Inflation across the country is hovering around similar historical levels.
— Jihye Lee
CNBC Pro: Top-performing asset manager picks stocks set to win as margins squeeze
Patrick Armstrong, chief investment officer at Plurimi Wealth, believes tightening margins are the “biggest risk” for equities. But he thinks some stocks may outperform the trend.
“Own sectors with defensible margins or that are creating margin compression elsewhere,” he added, naming the sectors and stocks he likes best.
Professional subscribers can read more here.
— Zavier Ong
CNBC Pro: UBS says recession in 2023 will be an inch deep but a mile wide — and that’s not priced in stocks
Global economic conditions will change in the coming year and that will change which markets and sectors are underperforming, according to the chief strategist at UBS Investment Bank.
“It’s an inch deep, but it’s a mile wide,” he said of the expected recession. “Global growth is at 2% and that’s not quoted in stocks,” Bhanu Baweja told CNBC’s “Squawk Box Europe” on Wednesday.
He also cited which sectors he expects to outperform in the coming year.
CNBC Pro subscribers can read more here.
🇧🇷 Jenni Reid
Malaysian stocks soar after state palace announces prime minister
Malaysia-listed stocks closed higher on Thursday after the state palace announced Anwar Ibrahim as the country’s prime minister.
the reference KLCI index closed up 4.04% after previous negative sessions, ending the session at the highest levels in more than two months.
Telecommunications group Axiata Group Bhd rose more than 12% and Maxis Bhd rose 11%. Genting Malaysia was up around 8% and rubber glove maker Top Glove also gained 8% in the afternoon session.
The Malaysian Ringgit strengthened slightly against the US Dollar and settled at 4.5080.