China’s factory activity misses expectations, contracts for second straight month
China’s official manufacturing Purchasing Managers’ Index for November came in at 48, below the 50-point mark that separates growth from contraction.
That was below expectations of analysts polled by Reuters, who had forecast a reading of 49. October’s PMI was 49.2.
PMIs are consistent and represent monthly changes in factory activity.
– Abigail Ng
Australia’s monthly inflation gauge shows a slight slowdown
Australia’s consumer price index for October slowed to 6.9% year-on-year from 7.3% in September, according to the Australian Bureau of Statistics’ monthly reading.
The increase in the price of housing, food and non-alcoholic beverages, as well as transportation, led to an increase in the general CPI indicator.
Bilibili Asia shares pop in morning session
Hong Kong stocks Known The Asian morning rose as much as 12.7% after the company beat revenue estimates for the third quarter of the year.
Net income was 5.79 billion Chinese yuan ($809.8 million), up 11% from the same period in 2021. According to estimates by Refinitiv Eikon, the revenue will be 5.52 billion yuan.
Net losses decreased to 1.7 billion yuan, and average monthly active users increased by 25% year-on-year.
The company’s shares are listed in the United States It rose 22% overnight, while Hong Kong shares gained 8.47%.
– Abigail Ng
South Korea, Japan industrial production data come in worse than expected
Industrial production in South Korea and Japan each fell for October.
Japan’s primary industrial production for October fell 2.6% from a month earlier, more than expectations for a 1.5% decline, according to a Reuters poll.
The reading marked a second straight decline after a 1.7% drop in the previous month.
South Korea’s industrial production also fell 3.5% from a month ago, below expectations for a 1% decline. The reading is the lowest since May 2020, when output fell 6.7%.
– Jihye Lee
China’s factory activity is expected to contract for the second month in a row
China’s official Manufacturing Purchasing Managers’ Index for November is expected to reach 49, below the 50-point mark that separates growth from contraction, according to analysts polled by Reuters.
This is slightly lower than the 49.2 reading reported in October.
PMI readings are consistent and represent monthly changes in activity.
– Abigail Ng
China said it was “closely monitoring” virus developments when asked about the change in policy
Asked whether protests in the region would lead to changes in the zero-Covid policy, Chinese health authorities said officials were “closely monitoring” Covid developments.
“China is monitoring and closely monitoring the virus as it evolves and mutates,” he said, according to a translation of Tuesday’s briefing.
– Christine Wang, Evelyn Cheng
CNBC Pro: Goldman Sachs’ Currie says oil stocks are trading “way below” long-term trend
Goldman Sachs Global Head of Commodity Research Jeff Currie told CNBC that historically, oil stocks have traded at a premium to crude oil prices compared to current price levels..
For example, the price difference between SPDR Oil & Gas ETF and ICE Brent Crude On Tuesday, the futures contract was around $66.60. That’s significantly lower than the $104 gap recorded in early January 2017, according to Coyfin data.
China announces measures to increase vaccination of seniors
China’s health authorities have released a plan to increase vaccination of the elderly, according to a notice on the National Health Commission’s website.
Hong Kong stocks CanSino Biologics extended gains in the afternoon session and rose as much as 18% shortly after the announcement.
The notice says that authorities should use several data points to accurately identify target groups for the vaccine for seniors.
CNBC Pro: These margin-boosting stocks may be a safe bet as Wall Street falls
Wall Street experts are concerned about the outlook for stocks and are urging investors to remain defensive. These stocks with margin growth can be a safe bet.
Pro subscribers can read more here.
– Xavier Ong
Nasdaq and S&P 500 fell for a third day
The Dow Jones Industrial Average It rose 3.07 points or 0.01% after falling for most of the day. The index ended the day at the level of 33,852.53.
In the meantime, Nasdaq Composite It closed down 0.59% at 10,983.78 points. To S&P 500 It decreased by 0.16% and reached the level of 3,957.63.
– Alex Harring