Asia-Pacific shares mostly lower, Tokyo inflation highest in 40 years; American markets closed

Hong Kong movers: Casinos, tech shares fall on rising cases in China

Shares listed in Hong Kong related to the reopening and technology fell in the morning session in Asia after reports of a rise in Covid cases in China.

Casino operator actions MGM China fell by more than 4%, Wynn Macau lost 2.5%, Sands China fell by 3%, and SJM Holdings also lost 2.7%.

Technology shares such as Tencent also down more than 3% in the morning session, Meituan lost 3.17% and They believed spill 4.36%.

– Jihye Lee

Tokyo core inflation hits 40-year high

Tokyo’s consumer price index rose 3.6% year-on-year in November, more than the 3.5% expected in a Reuters poll.

The report represents the fastest annual pace seen by Japanese capital since April 1982 and is well above the Bank of Japan’s inflation target of 2%.

Data from the capital suggest that higher inflationary pressures have yet to be tamed. Nationwide inflation is hovering around similarly historic levels.

— Jihye Lee

CNBC Pro: Outbeat asset manager picks stocks to win as margins tighten

Patrick Armstrong, chief investment officer at Plurimi Wealth, believes margin compression is the “biggest risk” to the stock. But he thinks some stocks could buck the trend.

“Own sectors with defensible margins or those creating margin compression elsewhere,” he added, listing his favorite sectors and stocks.

Subscribers can read more here.

— Zavier Ong

CNBC Pro: UBS says 2023 recession will be an inch deep but a mile wide — and that’s not counting stocks

Global economic conditions will change next year and which markets and sectors are underperforming will change, according to the chief strategist at investment bank UBS.

“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 factoring into stocks,” Bhanu Baweja told CNBC’s “Squawk Box Europe” on Wednesday.

He also named which sectors he expects to perform better next year.

CNBC Pro subscribers can read more here.

Jenny Reid

Malaysian shares rose after the State Palace announced the prime minister

Shares listed in Malaysia closed higher on Thursday after the State Palace announced Anwar Ibrahim as the country’s prime minister.

Benchmark KLCI index closed 4.04% higher after previous negative sessions and ended the session at its highest levels in more than two months.

Telecommunications group Axiata Group Bhd rose more than 12% and Maxis Bhd rose 11%. Genting Malaysia climbed around 8% and rubber glove maker Top Glove also gained 8% in the afternoon session.

The Malaysian ringgit strengthened slightly against the US dollar, last trading at 4.5080.

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