Hong Kong Movers: Casinos and tech stocks fall on rising number of cases in China
Hong Kong-listed stocks related to the reopening and technology fell in Asian morning session after reports of a surge in Covid cases in China.
Casino operator actions MGM Chinese fell more than 4%, Wynn Macau lost 2.5%, sand china fell 3% and SJM shares it also lost 2.7%.
technological actions such as Tencent also fell more than 3% in the morning session, meituan lost 3.17% and bilibili throw 4.36%.
Tokyo core inflation hits highest levels in 40 years
Tokyo Core Consumer Price Index rose 3.6% in November on an annualized basis, more than the 3.5% expected in a Reuters poll.
The report marks the fastest annual pace Japan’s capital has seen since April 1982, and significantly above the Bank of Japan’s 2% inflation target.
The reading from the capital indicates that the higher inflationary pressures have not yet been checked. National inflation is around similar historical levels.
CNBC Pro: Outperforming asset manager picks stocks that will gain as margins shrink
Patrick Armstrong, chief investment officer at Plurimi Wealth, believes narrowing margins are the “biggest risk” for stocks. But he believes that some stocks could buck the trend.
“Own sectors with defensible margins or creating margin compression elsewhere,” he added, naming the sectors and stocks he likes best.
Professional subscribers can read more here.
CNBC Pro: UBS says the recession in 2023 will be an inch deep but a mile wide, and that’s not included in the share price
Global economic conditions will change next year and that will change which markets and sectors will underperform, according to the chief strategist at UBS Investment Bank.
“It’s an inch deep but a mile wide,” he said of the expected downturn. “Global growth is 2% and that’s not included in the share price,” Bhanu Baweja told CNBC’s “Squawk Box Europe” on Wednesday.
He also named which sectors he expects to outperform next year.
CNBC Pro subscribers can read more here.
— jennie reid
Malaysia stocks rose after state palace announced prime minister
Malaysia-listed shares closed higher on Thursday after the state palace Announced Anwar Ibrahim as the nation’s prime minister.
the reference point KLCI Index it closed 4.04% higher after previous negative sessions, ending the session at the highest levels in more than two months.
telecommunications group Axiata Group Bhd increased by more than 12% and Maxis Bhd increased by 11%. genting malaysia rose about 8% and manufacturer of rubber gloves top glove it also gained 8% in the afternoon session.
the malay ringgit it strengthened slightly against the US dollar and last stood at 4.5080.
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