Asia-Pacific markets mixed as investors weigh economic risks

Japan’s economy contracted slightly more than expected in the third quarter

Japan’s economy saw an annualized contraction of 0.8% in the third quarter, with the revised gross domestic product reading beating expectations in a Reuters poll of a slowdown. 1.1%.

The government’s first provisional forecast for November was a 1.2% decline.

The country also reported a 64.1 billion yen ($469.3 million) deficit in its unadjusted current account balance, government data showed. The reading missed estimates for a surplus of 623.4 billion yen in a separate Reuters poll.

– Jihye Lee

Australia’s trade surplus was larger than expected in October

Australia’s trade surplus in October came in at 12.2 billion Australian dollars ($8.19 billion), slightly larger than expected, official data showed.

Economists polled by Reuters had forecast a print of 12.1 billion Australian dollars, expecting a further drop than reported – after the economy saw a trade surplus of 12.4 billion Australian dollars.

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Exports fell 0.9%, and imports fell 0.7%.

— Abigail Ng

The stock closed at an all-time low

Stocks closed at Wednesday’s lowest, with the S&P 500 down 0.19% to close at 3,933.92.

The Dow Jones Industrial Average closed flat, or 1.58 points higher, to finish the session at 33,597.92. The Nasdaq Composite fell 0.51% to end at 10,958.55.

— Samantha Subin

CNBC Pro: Bank of America says EV sales could rise 75% in these two global stocks

A shortage of semiconductors during a boom in electric car sales could help boost profits at a few chipmakers, Bank of America said.

Wall Street banks predicted that the two stocks could see their share prices rise by more than 75% on the back of this trend.

CNBC Pro subscribers can read more here.

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— Ganesh Rao

Awaiting economic data could start rally next year, says Morgan Stanley’s Slimmon

Don’t be surprised if the economic data coming out next week starts a rally at the end of the year and possibly 2023, said Andrew Slimmon, portfolio manager of Morgan Stanley Investment Management.

The key period for data releases begins on Friday with the producer price index, followed by November consumer prices and rate hikes. likely to come from the Federal Reserve next week.

“The last time these were released, they led to a rally in the stock market because inflation was better,” he said.

Like many investors, Slimmon expects future declines, given the inverted yield curve, but doesn’t expect the “big money crash,” or decline, that many people are predicting in the quarter. first.

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This is due to the fact that many consumers have increased their savings in recent years due to the proximity of the last recession.

“The message this year is that the economy has proven to be much better than many expected and I don’t think the next quarter will be over,” he said.

— Samantha Subin

CNBC Pro: Is Apple a stock to buy or avoid? Two investors face each other

It’s been a turbulent year for tech companies, as investors flee growth stocks in the face of rising interest rates and other headwinds.

apple has held up better in the technical sweep, despite the storm.

Two investors appeared on CNBC’s “Street Signs Asia” on Wednesday to make a case for buying the stock.

CNBC Pro subscribers can read more here.

— Weizhen Tan

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