Asia-Pacific markets are trading lower; China keeps the LPR stable

Japanese department stores rise as Berkshire Hathaway reportedly raises stake

Shares in some Japanese department stores rose at the start of the Asian session despite retreats in the region’s markets after billionaire Warren Buffett’s Berkshire Hathaway boosted its holdings in firms, according to regulatory filings.

Berkshire increased its stake by more than 1 percentage point Mitsubishi, Mitsui & Co, Itoch, Marubeni and Sumitomo hold more than 6% in each of the firms, the filing showed.

Japan’s Mitsubishi rose 1.89%, Marubeni 2.12% and Sumitomo more than 1% in the morning session. Itochu also rose 0.84% ​​and Mitsui 0.16% higher.

It comes days after Berkshire Hathaway said it increased its holdings of Taiwan Semiconductor Manufacturing Company’s U.S. depositary receipts, sending shares of the Taiwan-listed company up more than 10% in the Asian session.

— Jihye Lee

China is expected to keep key lending rates unchanged

China left its key interest rate unchanged for the third consecutive month, according to an announcement by the People’s Bank of China.

The prime rate for one-year loans is stable at 3.65% and the five-year rate is also suspended at 4.3%, the announcement said.

— Abigail Of

South Korea saw another drop in exports in the first 20 days of November

South Korea’s exports fell 16.7% year-on-year in the first 20 days of November, with demand from China lagging, according to data from the customs agency.

The export slump is a sharp drop from the 5.5% decline recorded in October compared to the same period a year ago.

Imports also fell 5.5% in the first 20 days of November, leading to a slight improvement in the trade deficit to $4.4 billion for the period, compared to the $4.9 billion deficit reported in October.

The country has posted a total trade deficit of $40 billion since the beginning of the year, the agency’s statistics showed.

— Jihye Lee

CNBC Pro: Morgan Stanley’s Mike Wilson predicts S&P 500 bottom, calls it ‘great buying opportunity’

Morgan Stanley chief U.S. equity strategist Mike Wilson says we’re in the “end phase” of the bear market, but things will be tough for a while yet.

It predicts when—and at what level—the S&P 500 will hit a “new low.”

CNBC Pro subscribers can read more here.

— Weizhen Tan

China is expected to keep its benchmark interest rates steady, a Reuters poll says

China’s central bank is expected to leave its one-year and five-year key interest rates unchanged, according to analysts polled by Reuters.

The one-year rate is currently 3.65% and the five-year LPR is 4.3%.

The People’s Bank of China last cut both rates in August.

China’s offshore yuan was weaker at 7.1376 against the US dollar ahead of the decision early Monday.

— Abigail Of

CNBC Pro: Strategist says Chinese tech stocks like Alibaba are ‘deeply undervalued’

This year’s 30% decline in the value of China’s Big Tech stocks, such as Ali Babamade them “incredibly cheap”, according to investment bank China Renaissance.

Its head of equities, Andrew Maynard, not only believes the stock market may have bottomed out, but that investors may miss out on the recovery if they remain underweight China.

“Without a shadow of a doubt, an underweight China will cost you in the future,” Maynard said.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Markets are watching for further clues about Fed hikes and the economy next week

Investors may be a bit more cautious in the week ahead, with stocks looking for direction in quiet trading and bond market warnings of a recession getting louder.

The Thanksgiving holiday on Thursday should mean markets are likely to be quiet on Wednesday and Friday. Marketers will monitor Black Friday holiday shopping reports for consumer feedback.

“This is really a week where data addiction is the buzzword,” said Julian Emanuel, senior director of Evercore ISI. “Bias [for stocks] is higher if the data doesn’t continue to deteriorate and the Fed doesn’t stay on its hawkish stance… which has clearly strengthened over the past 48 hours.”

Check out our full deep dive on what to expect in the coming week here.

— Patti Domm, Tanaya Machel

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