Asia-Pacific markets mostly lower as second day of G-20 is underway

Biden says it is ‘unlikely’ that the missile that killed two people in Poland came from Russia

US President Joe Biden said it was “unlikely” that a missile that killed two people in Poland was fired from Russia, citing the missile’s trajectory.

Asked by a reporter if the missile was fired from Russia, Biden said: “There is preliminary information that contradicts that, I don’t want to say that until it’s fully investigated.”

He continued, “Unbelievable … in the mind of the road, that it was fired from Russia. But, we’ll see.”

Biden confirmed that the Group of 7 leaders agreed to support the ongoing investigation into the explosion.

“We agreed to support Poland’s investigation into the explosion in the Polish countryside near the Ukrainian border. And I will make sure that we find out exactly what happened,” he told reporters on the sidelines. the G-20 summit in Bali, Indonesia. .

– Jihye Lee

Tencent reports earnings, reportedly starting a new round of job cuts

Chinese technology giant Tencent is due to report third-quarter earnings in Asia.

The company is expected to see another decline after posting a decline in first-time earnings in the previous quarter ended in June. The median forecast from Refinitiv predicts a fall of 0.47% to 141.7 billion Chinese yuan ($20 billion).

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Separately, sources told Reuters that Tencent is starting a new round of job cuts. The news comes as tech companies around the world announce layoffs.

Tencent shares rose as much as 3% in early trade, and were last up 0.83%, compared with a 0.81% fall in the broader. Hang Seng Index.

— Abigail Ng, Jihye Lee

The World Bank says Russia is ‘damaging its future’ with its war in Ukraine

World Bank President David Malpass says Russia is harming its own future by continuing to go to war with Ukraine.

“It weakens Russia, it makes them an outcast and it really hurts their own future,” he said. “It saddens me what Russia is doing to itself, to its people.”

When asked about the latest developments regarding the Russian-made missiles that killed Polish citizens, Malpass said: “I don’t want to ask about the missiles, but about the G-20. [goes]there was unity, a broad unity of the G-20 countries against the war.

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– Jihye Lee

JPMorgan cuts GDP forecast for China

JPMorgan has downgraded its economic outlook for China in response to developments including a surge in Covid cases and a “remarkable lead in domestic activity”, analysts said in a note. one.

The investment bank now expects China’s GDP growth for 2022 to reach 2.9%, down from a previous forecast of 3.1%. In 2023, JPMorgan sees China’s economy growing by 4%, compared to a previous forecast of 4.5%.

October retail sales and industrial production data released on Tuesday disappointed as global growth slowed and China struggled with the Covid epidemic.

— Abigail Ng, Michael Bloom

CNBC Pro: Analysts think EV-related stocks could be winners in the lithium supply chain

Goldman Sachs says battery metal prices are nearing a peak.

Given this perspective, CNBC Pro looked at the Global X Lithium & Battery Tech ETF share price for stocks related to electric car manufacturers that can provide opportunities for investors.

These stocks are expected to post full-year growth in 2023, bought by most analysts who cover them, and have an average potential gain of at least 20% over the next 12 months.

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This is the .

— Zavier Ong

The missile that killed 2 people in Poland was Russian-made, the Polish foreign minister said

Two people were killed after a Russian missile landed in Poland, the country’s foreign ministry said on Wednesday morning.

The ministry said Russia was conducting a long-range attack on Ukrainian infrastructure when the missile hit the town of Przewodów, killing two Polish citizens.

Polish Foreign Minister Zbigniew Rau called the Russian embassy for a “detailed explanation” of what happened.

– Chris Eudaile

The stock closed higher for the third day in the last four

The major index rose on Tuesday after another report indicated that inflation may ease.

The Dow Jones Industrial Average ended the day up 56.22 points, or 0.2%, at 33,592.92. The S&P 500 advanced 0.9% to 3,991.73, and the technical-heavy Nasdaq Composite gained 1.5% to close at 11,358.41.

— Tanaya Machel

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