Asia markets trade mixed amid recession fears; China trade data misses expectations

TSMC shares rose after Apple said it would use US-made chips from the Taiwan company

China expected further declines in exports and imports

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

The average forecast predicts that exports will fall 3.5% in November on an annual basis after a decrease of 0.3% in October, and imports are expected to fall 6% after a decrease of 0.7% from the previous month.

The trade balance in US dollars is expected to narrow to $78.1 billion – less than $85.15 billion in the previous month.

— Jihye Lee

CNBC Pro: ‘Gift for Investors’: BlackRock Says It’s Time to Consider Bonds

It’s time to reconsider bonds, according to the BlackRock Investment Institute, which says the “fixed income trap is strong” right now.

“Higher yields are a gift for investors who have long been hungry for income. And investors do not need to increase their risk to get it,” Philipp Hildebrand, vice president of BlackRock, and Jean Boivin, head of BlackRock Investment Institute, wrote in a note last week.

They have identified the best way to make money.

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— Zavier Ong

Australia’s economy saw slower growth in the third quarter

Australia’s economy grew 0.6% in the previous quarter, official data showed – missing estimates for the 0.7% quarterly growth predicted in a Reuters poll.

The latest gross domestic product showed moderate growth from a 0.9% increase in the second quarter of 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 reflected “sustained economic growth since the effects of the Delta outbreak in ‘the September quarter of 2021.”

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

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

Australian dollars little changed after the report and the S&P/ASX 200 decreased by 0.7%.

— Abigail Ng

CNBC Pro: UBS says shares of this global airline will rise 55%

Shares of global airlines are set to rise 55% next year, UBS said.

The investment bank raised its price target after the pan-European airline said it expected to see strong demand over Christmas.

Also Read :  The worst of inflation is likely over, but the worst for the economy probably isn't

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— Ganesh Rao

Stocks ended lower, building on Monday’s losses

The stock fell on Tuesday, building on losses from the previous session.

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

— Samantha Subin

Oil fell to its lowest level since December 27, 2021

Oil prices fell on Tuesday, weighed down by economic uncertainty even as Russian oil prices fell and the possibility of increased demand due to China’s opening up.

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 sees an increase in oil production next year, reversing its outlook for the future after five months of cuts. A monthly report from the Energy Information Administration said production is forecast to reach 12.34 million barrels per day in 2023, surpassing the daily record of 12.315 million barrels per day in 2019.

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—Carmen Reinicke

Inflation is eroding consumer wealth and could lead to recession in 2023, Dimon says

Dimon said in June that he was preparing the bank for the economic “storm” caused by the Federal Reserve and Russia’s war in Ukraine.

Al Drago | Bloomberg | Getty Images

US consumers are still doing well and supporting the US economy, but that could change next year, according to the JPMorgan Chase CEO Jamie Dimon.

Consumers have more than $1.5 trillion in savings from the pandemic stimulus program and are spending 10% more than in 2021, he said Tuesday on CNBC’s “Squawk Box.”

“Inflation is destroying everything I’ve talked about, and we’re going to lose a trillion dollars by the middle of next year,” Dimon said. “When you look into the future, these things can damage the economy and cause a mild or severe recession that worries people.”

Dimon also weighed in on cryptocurrencies, the need for fossil fuels and other topics during the wide-ranging interview.

— Hugh Son

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