Japan sees core inflation at highest level in 40 years as Asia-Pacific stocks rise

Japan sees core inflation at highest level in 40 years as Asia-Pacific stocks rise
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The Philippine central bank expects the economy to experience “low growth” next year, not a recession

The Philippines will see it "Slow growth" 2023, no recession: central bank

Central bank governor Felipe Medalla of Bangko Sentral ng Pilipinas (BSP) said the economy would expect “low growth” of below 5% next year and no recession.

Talking to CNBC Sri Jegaraja In an interview, he said the central bank estimates that the economy will grow by 6% next year, which is higher than the International Monetary Fund’s forecast of 5%.

That outlook could change by about 100 basis points depending on deteriorating global financial conditions, he added.

The BSP delivered their second 75 basis point hike of the year on Thursday, raising its benchmark interest rate to 5%.

— Natalie Tham, Jihye Lee

Tencent and NetEase stocks surge after China approves game titles

Stocks of Chinese technology companies Tencent and NetEase Hong Kong-listed shares rose after the companies were granted gaming licenses by China’s National Press and Publication Administration.

Tencent shares were up 3% at open and NetEase was up more than 5%.

The regulator granted licenses for around 70 games for November, including Tencent’s Metal Slug: Awakening and NetEase’s A Chinese Odyssey: Homecoming.

On Thursday, NetEase shares plunged more than 11% after the company announced it would be licensed with Activision Blizzard End in January 2023.

– Jihye Lee

Japan’s core inflation index rises 3.6%, higher than expected

The central index of consumer prices for Japan rose 3.6% on an annual basis in October, beating expectations for a 3.5% rise and the fastest pace since February 1982.

The index, which excludes fresh groceries but includes fuel costs, rose 3.0% in September compared to the same period last year.

The latest data marks the seventh consecutive month that inflation rates in Japan have been above the Bank of Japan’s target of 2%.

– Jihye Lee

CNBC Pro: JPMorgan says these Asian travel stocks are about to bang

As travel resumes in Asia and continues to gain momentum, especially after China’s recent announcement that it would reduce the quarantine period for international travelers, JPMorgan says it remains upbeat for the region’s travel industry.

“We remain positive on the Asian airline and airport sectors given the high visibility of advance bookings and further upside potential resulting from the final phase of reopening in parts of the region,” it said in a statement dated 11/11 Grades.

CNBC Pro subscribers can do this click here to find out which stocks investors should pay attention to.

– Charmaine Jacob

The S&P 500 and Nasdaq Composite closed lower on Thursday

The Dow Jones Industrial Average closed near the zero line on Thursday, despite falling as much as 314 points during the session. The S&P 500 fell 0.31%. The Nasdaq Composite fell 0.35%.

– Sarah Min

CNBC Pro: “Bull Case For Semis Is Compelling”: BofA Picks Top Chip Stocks For Buy

Chip stocks, once a hot favorite among investors, are going badly this year.

But the BofA says that despite consumer demand remaining under pressure, the “bull case for semis is also compelling.”

Semiconductor sales could rebound in the second half of 2023, BofA predicted.

Here are some themes chip stocks could be riding on, says the bank, which also picks names to buy.

CNBC Pro subscribers can read more here.

— Wheat Tan

The Fed’s Jefferson said low inflation is the best way to achieve prosperity

Keeping inflation under control is the best way to ensure a strong economy for all, Federal Reserve Governor Philip Jefferson said on Thursday.

“Low inflation is key to long and sustained expansion — an economy that works for all,” the central bank official said during an event in Minneapolis. “Pursuing our dual mandate is the best way for the Federal Reserve to foster widespread prosperity.”

Jefferson made no direct comments on where he sees policy direction as the Fed seeks to achieve both full employment and stable prices.

His comments follow a series of speeches from his peers, who generally say the Fed needs to raise interest rates more to bring down inflation, which is still at its highest level since the early 1980s.

– Jeff Cox

Fed’s Bullard says monetary policy is not yet ‘enough restrictive’

St. Louis Federal Reserve President James Bullard said further tightening may be needed for the central bank to tame inflation.

He said on Thursday that inflation was unacceptably high, noting that policies at current levels were not “enough restrictive”. The Fed has hiked interest rates from zero to a range of 4% to 4.25% this year as US inflation rises to levels not seen in decades.

“So far, the change in monetary policy stance appears to have had a limited impact on observed inflation, but market prices suggest that disinflation is expected in 2023,” Bullard said.

—Fred Imbert

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