China may reopen borders with Hong Kong before the New Year
China may lift requirements for Hong Kong residents traveling to the country ahead of next month’s New Year, as part of a series of new reopening measures, a report has said. the South China Morning Post, citing official sources familiar with the matter.
The proposal will be part of a “larger” pilot program, which two sources told SCMP, could be “a good opportunity” to start before the break. the New Year begins on January 22.
Hong Kong’s border with China has been closed since February 2020.
Travel sales listed in Hong Kong rose to Cathay Pacific up 1.78%, China Eastern Airlines plus 4.19%, and Air China up 1.39%.
— Lee Ying Shan
Southeast Asian markets are in for a ‘bungee jump’ in 2023, according to JPMorgan
Southeast Asian markets will take a “bungee jump”-like path next year — falling before surging in the second half of 2023, JPMorgan wrote in a note. report.
The bear market appears to be characterized by a “sharp fall followed by a rapid rally (bear market rally) followed by another decline until the market rests below,” wrote the research team led by Rajiv Batra.
They attributed the weakening of purchasing power to tighter monetary policy, lower savings and higher borrowing costs.
In addition, JPMorgan predicts that the MSCI ASEAN Index will “retest this year’s lows and may move lower” in the first half of 2023, on the back of strengthening financial conditions. and the weakness of external needs, etc.
The MSCI ASEAN index fell 22% from a high in February to a year low in October, but recovered 10%.
— Lee Ying Shan
Janet Yellen sees interest rates tapering by the end of 2023, but says the economy remains sluggish.
U.S. Treasury Secretary Janet Yellen speaks at the West Bank Securities and Exchange Commission on December 8, 2022 in Fort Worth, Texas.
Andy Jacobsohn | Afp | Getty Images
The Secretary of the Treasury Department of the United States, Janet Yellen, sees the “significant decrease in the price of the price” at the end of the next year, if there is no “unexpected surprise.”
Yellen, speaking in an interview on CBS’ “60 Minutes,” expressed her hope in transportation costs and gas prices are falling.
But he warned, however, that the economic crisis remains and the economy is still plagued by crises. But he said the banking system could protect “very healthy” businesses and households.
“There is a risk of a collapse.
The latest reading for the US consumer price index is expected on Tuesday. Analysts polled by Reuters expected the index to rise 0.3% in November. Prior to this, October consumer prices were lower than expected. Despite the reduction in the inflation rate, it remains above the Fed’s 2% rate.
— Lee Ying Shan
Oil prices rise to dollar on Moscow’s threat to cut production
Oil prices rose above the dollar on the back of China’s reopening of the economy and Moscow’s threat to reduce oil production in retaliation for lower commodity prices. Russia.
In early Asian hours, Brent crude futures rose 1.53%, or $1.11, to $72.13 a barrel, while US benchmark West Texas Intermediate futures rose 1.29%, or close to a dollar. at $77.08 per barrel.
Russian President Vladimir Putin on Friday told reporters in the Kyrgyz capital of Bishkek that Russia “simply does not sell out” to countries that impose Western tariffs on the Russian oil, Reuters reported.
– Lee Ying Shan
CNBC Pro: Shares of this under-the-radar global miner are set to rally 50%, analysts say
Shares in a London-listed miner are set to rise by 50%, according to Ben Davis, a mining analyst at Liberum Capital.
The company, which produces metals such as platinum, palladium, and chrome, also offers an 8% dividend.
CNBC Pro can read more here.
— Ganesh Rao
CNBC Pro: Dan Niles is betting the S&P 500 will hit a new low in 2023. Here’s how he’s trading.
Dan Niles’ Satori Fund is beating the market this year. He shares what’s behind the system and how he trades the market while it’s on the decline.
Pro subscribers can read more here.
— Zavier Ong
Futures are slightly lower
Futures prices have declined slightly in the first hour of trading. Dow futures are down about 50 points, or 0.2%, while Nasdaq 100 futures are down 0.3%.
— Jesse Pound
Wall Street is coming off a losing week
The major average fell on Friday to post a losing week, ending a two-week winning streak for Wall Street.
Here are the highlights from last week:
- The Dow fell 2.77%, suffering its worst performance since September.
- The S&P 500 fell 3.37%, suffering its worst loss since September.
- The Nasdaq composite fell 3.99%, suffering its worst weekly loss in a month.
- The Russell 2000 fell 5.08%, marking the worst week since September for small caps.
- All 11 groups were negative for a week, causing a drop in energy.
— Jesse Pound, Christopher Hayes
