January 27, 2023

Brighton Journal

Complete News World

China is easing more Covid restrictions; Reopening stocks in Hong Kong rise

China is easing more Covid restrictions;  Reopening stocks in Hong Kong rise

China is raising negative test requirements for travelers through the region

Travelers across regions in China will no longer need to show results of a Covid-negative test, according to the Publication of the National Health Commission.

The notice said that areas not designated as high risk cannot stop work or production.

She added that asymptomatic COVID patients could also choose to isolate at home for five days.

– Evelyn Cheng

Hong Kong tech and travel stocks rise ahead of China’s Covid presser

China’s full reopening is unlikely to appear in the next six months: Hang Seng Bank

Economist Dan Wang of Hang Seng Bank said on CNBC that a full reopening in China is not likely to be seen anytime soon. “Squawk Box Asia”.

“We don’t know if … a ‘return to normal’ could happen, in fact, within the next six months,” she said, citing inconsistencies in policy implementation between different departments and regions.

For example, like Taiyuan and Xi’an, changes in Covid policies are still behind what is happening in Beijing and Shanghai, she said.

India’s central bank raises interest rates by 35 basis points, in line with expectations

The Reserve Bank of India raised 35 basis points after its policy meeting in December, pushing interest rates to 6.25%.

This follows an increase of 50 basis points in September.

Inflation eased to 6.77% in October this year on an annual basis, down from 7.41% in September. This is still above the Reserve Bank of India’s inflation target of 4%.

– Abigail Ng

A Singaporean official says China’s reopening is a bigger driver of oil prices than Russia’s crude cap

Singapore's foreign minister said that China could not follow suit

Singaporean Foreign Minister Vivian Balakrishnan told CNBC on Tuesday that China’s reopening would be a bigger driver of oil prices than Russia’s oil cap.

“I expect to see a big opportunity,” Balakrishnan said. “Now this has profound implications for the global economy, more than a cap on oil prices.”

China’s mid-to-long term playbook should therefore focus on improving vaccination rates, Balakrishnan said.

“You can open up if you have high vaccination rates. So I will be watching to see what efforts China is making to ramp up vaccinations for the elderly,” he added.

See also  Bank of England raises interest rates for the fifth time

Read the full story over here.

Charmaine Jacob

Shares of Vingroup rose 5% as VinFast files for its EV unit to go public in the US

Vietnam-listed shares of Vingroup rose more than 5% and hovered around the highest levels seen in five months after its EV manufacturing unit VinFast has been uploaded to the public in the United States, .

VinFast, Vietnam’s only domestic automaker, plans to begin delivering electric SUVs to US customers by the end of this year.

In March, the company He announced plans to build a $2 billion factory in North Carolina.

– John Rosevear, Jihye Lee

China’s exports and imports decline more than expected

China’s dollar-denominated exports fell 8.7% in November year on year, falling more than expectations for a 3.5% drop, according to analysts polled by Reuters.

Imports in US dollars also fell 10.6% in the month from a year ago, more than the 6% drop expected in a separate Reuters survey.

The country’s trade surplus came in at $69.84 billion, lower than the expected $78.1 billion.

– Jihe Lee

Hong Kong housing prices have fallen to their lowest level in nearly five years, with more room for decline

Residential property prices in Hong Kong have fallen to their lowest level in nearly five years as rising interest rates and an exodus of expat workers drive down prices in the country. One of the most expensive cities in the world to work in – There is more room to fall.

Hong Kong House Price Index for October It fell 2.4% to 352.4 from the previous month, marking the lowest level on the scale Since November 2017.

Additionally, according to a Natixis report, the city Real estate prices could drop 25% from their previous peak in 2021, before they start to make up for losses.

“The weak economic environment both in Hong Kong and globally, and rapidly rising borrowing costs are the main contributors to the decline in real estate prices,” Nelson Wong, executive director of research at real estate firm Jones Lang LaSalle, told CNBC.

– Lee Ying Chan

TSMC shares rose after Apple said it would use chips made in the US by a Taiwanese company

China is expected to see a further decline in exports and imports

China’s trade data for November is expected to show a further decline in both exports and imports, according to a Reuters poll of economists.

See also  Biden will meet the Fed chair as inflation bites the pocketbooks

The median forecast expects exports to decline 3.5% in November year-on-year after declining 0.3% in October, and imports are expected to decline 6% after declining 0.7% in the previous month.

The US dollar trade balance is expected to contract to $78.1 billion – down from $85.15 billion in the previous month.

– Jihe Lee

CNBC Pro: ‘A gift for investors’: BlackRock says it’s time to rethink bonds

It’s time to rethink bonds, according to the BlackRock Investment Institute, which said the “fixed-income lure is strong” for now.

said Philipp Hildebrand, vice president of BlackRock, and Jan Boivin, president of the BlackRock Investment Institute, wrote in a note last week.

They have identified their best ways to take advantage of it.

Professional subscribers can Read more here.

– Xavier Ong

The Australian economy experienced slower growth in the third quarter

The Australian economy grew by 0.6% compared to the previous quarter, Official data showed – It missed estimates of 0.7 percent quarterly growth expected in a Reuters poll.

The latest GDP showed weak growth from an expansion in the second quarter of 0.9% compared to the first three months of the year.

On an annual basis, GDP in the third quarter added 5.9%, which the Australian Bureau of Statistics said reflects “sustained economic growth since the effects of the delta outbreak in the September 2021 quarter.”

“Growth was largely driven by strong household spending,” she added.

The annual figure also missed expectations in a separate Reuters poll for a gain of 6.2%.

Australian dollar Little has changed after the report’s S&P/ASX 200 It maintained a decrease of 0.7 percent.

– Abigail Ng

CNBC Pro: UBS says shares in this global airline are set to surge 55%

Stocks closed lower, building on Monday’s losses

Shares fell on Tuesday, building on losses from the previous session.

The S&P 500 fell by 1.44%, closing at 3,941.26, while the Nasdaq Composite fell by 2%, ending at 11,014.89. The Dow Jones Industrial Average fell 350.76 points, or 1.03%, to settle at 33,596.34 points.

– Samantha Sobin

Oil fell to its lowest level since December 27, 2021

Oil prices fell on Tuesday, weighed down by economic uncertainty even amid a Russian oil price cap and a potential demand boost thanks to China’s reopening.

US West Texas Intermediate crude for January delivery fell more than 4% to $73.85 on Tuesday afternoon. Brent crude for February delivery fell 4.34% to $79.09 a barrel.

The United States also said it expects to increase oil production next year, reversing its outlook after five months of cuts. A monthly report from the Energy Information Administration said that production is expected to reach 12.34 million barrels per day in 2023, more than the daily record of 12.315 million barrels per day in 2019.

– Carmen Renick

Dimon says inflation is eroding consumer wealth and could lead to a recession in 2023

Dimon said in June that he was preparing the bank for an economic “hurricane” caused by the Fed and Russia’s war in Ukraine.

Drago | bloomberg | Getty Images

US consumers are still doing well and supporting the US economy, but that may change next year, according to the c. B. Morgan Chase Executive Director Jamie Dimon.

He said on Tuesday that consumers have $1.5 trillion in excess savings from pandemic stimulus programs and are spending 10% more than in 2021. CNBC’s “Squawk Box.”. “

Inflation eats away at everything I just said, Damon said, and this trillion and a half dollars will run out sometime in the middle of next year. “When you look to the future, these things could derail the economy and cause a moderate or severe recession that people are worried about.”

Damon also saw on Digital currenciesnecessity Fossil fuels And other topics during the interview are extensive.

– Heo Sun