Hong Kong stocks rise more than 2% as China trade data misses estimates

Rising interest rates and food inflation are headwinds for the Indian economy

The two risks India’s economy will face in 2023 are inflation and rising interest rates, State Bank of India Governor Dinesh Kumar Khara told CNBC’s “Squawk Box Asia” on Monday.

There is a risk that India and other economies will have to keep raising interest rates when central banks such as the US Federal Reserve do so, Khara said.

Food inflation is also a challenge as India “imports a significant portion of its food requirements”, Khara added.

— Su-Lin Tan

The US midterms will not have a “direct, immediate impact” on China. Morgan Stanley

The U.S. midterm elections will not result in a direct and immediate impact on China, Morgan Stanley said in a note on Monday.

The results, however, may indicate that the proposal to check US companies investing in China may resurface.

In September, Sen. Robert Casey pushed for such a process during a Senate Banking Committee hearing in September, citing “national security” concerns.

If such proposals are adopted, Morgan Stanley sees the information technology sector, manufacturing and healthcare as the most affected, it said in a note.

Morgan Stanley added that they “do not expect a hard disconnect between the West and China.”

– Lee Ying Shan

China’s October exports posted their first annual decline since May 2020

China’s exports decreased by 0.3% in US dollars. in October from a year earlier, significantly missing expectations for a 4.3% rise in a Reuters poll and a sharp decline in September’s 5.7% growth.

Also Read :  Asia-Pacific markets trade lower as recession fears grow

Imports also fell by 0.7% is forecast to rise 0.1% from a year earlier after a 0.3% increase in September.

According to data from Refinitiv Eikon, last month’s decline in the US dollar was the first year since May 2020.

According to Refinitiv Eikon data, the yuan weakened by almost 3% against the US dollar in October.

Yuan-denominated exports rose 7% and imports rose 6.8%, customs data released Monday showed.

– Evelyn Cheng

Coinbase Criticizes Singapore’s Crypto Regulations, Urges City-States to Embrace Retail

Singapore wants to be a Web3 hub, but at the same time doesn’t approve of crypto trading, Coinbase co-founder and CEO Brian Armstrong said at a panel session last week.

“Those two things are incompatible in my mind, and I’d like to see Singapore embrace retail and self-hosted wallets,” Armstrong said, speaking with Sopnendu Mohanty, chief fintech officer at the Monetary Authority of Singapore, at the Singapore FinTech Festival 2022. .

Mohanty, in response, said retail investors today “are exposed to risks they don’t realize they are taking.”

“We believe that Web 3.0 is the future, and what we want to do is make the money that can transact on this ecosystem be considered a safe asset, a safe currency,” Mohanty said. “As long as that’s the direction, we’re good.”

Also Read :  Travelers rush to take advantage of China reopening

– Sheila Chiang

China reopening still ‘months away’ despite talk of preparations Goldman Sachs

Speculation about China’s reopening led to a rally in markets last week, but Goldman Sachs economists say that is still “months away.”

“The actual reopening is still months away as vaccination rates among the elderly remain low and death rates appear high among the unvaccinated, based on official Hong Kong data,” economists led by Hui Shan said.

They added that the government is likely working on an exit strategy and that the company expects the country to reopen in the second quarter of 2023.

– Jihe Lee

CNBC Pro. Morgan Stanley says this global supply of battery material could increase by more than 80%

Morgan Stanley expects shares of the Asian battery materials maker to rise 85% by the end of next year.

Supplier of this radar battery material Teslawhich already has triple-digit revenue growth, plans to expand production to the United States.

Even JP Morgan analysts who use a “conservative valuation approach” expect the stock to rise 25% in a year.

CNBC Pro subscribers can read more here.

— Ganesh Rao

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Apple says iPhone production has been temporarily reduced in China due to Covid-19 restrictions

Apple said iPhone 14 production has been temporarily curtailed at its assembly plant in Zhengzhou, China due to Covid-19 restrictions, it said in a statement on Sunday.

The warning could mean the tech company could struggle to meet demand in December as it runs “significantly reduced capacity” at the plant. The company previously signaled slowing growth in its iPhone business in its earnings report last month.

Apple’s warning comes after China last week ordered a lockdown in Zhengzhou, where Apple does most of its iPhone production. According to Reuters, employees fled the facility due to Covid restrictions and the outbreak.

— Sarah Min, Kif Lesswing

CNBC Pro. There are still opportunities in technology. Here’s how to trade it. analysts

Tech companies are facing a double whammy of bad news, disappointing earnings and continued rate hikes by the Federal Reserve, both of which are weighing on the industry.

But technologically heavy Nasdaq: Down more than 30% year to date, analysts say there are some bright spots that could provide opportunities for investors.

Here are some of their top picks, including one stock that averaged 50% growth.

CNBC Pro subscribers can read more here.

— Weizhen Tan

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