Hong Kong stocks rise more than 3% as China trade data loses

China’s October exports recorded the first year-on-year decline since May 2020

China’s exports in US dollars fell 0.3% in October from the previous year, significantly missing expectations for a 4.3% increase in a Reuters poll and a sharp decline from 5.7% growth in September.

Imports also fell 0.7%, missing Expectations are for a 0.1% gain from the previous year after a 0.3% rise in September.

The drop in US dollar terms last month marks the first year-on-year decline since May 2020, according to Refinitiv Eikon data.

The yuan fell nearly 3% against the US dollar in October, according to Refinitiv Icon.

Customs data released on Monday showed exports in yuan rose 7% and imports 6.8%.

– Evelyn Cheng

Coinbase criticizes crypto regulations in Singapore, urges city-state to embrace retail

Singapore wants to be a hub for Web3 but does not agree to trade cryptocurrency at the same time, Queen PieceCo-Founder and CEO Brian Armstrong pointed out In a discussion last week.

“These two are incompatible in my mind, and I would like to see Singapore embrace retail and self-hosted wallets,” Armstrong said, speaking alongside Subindo Mohanty, chief financial technology officer of the Monetary Authority of Singapore at the Singapore Fintech Festival 2022. .

In response, Mohani said retail investors today are “exposed to risks they don’t understand they are taking.”

“We believe Web 3.0 is the future and what we want to do is ensure that the money that can be transacted on this ecosystem is a safe asset and a safe currency,” Mohani said. As long as that’s the trend, we’re fine.

See also  Chinese economic data, Japanese GDP misses expectations

– Sheila Xiang

Goldman Sachs reopens after months despite talk of preparations

Speculation that China will reopen sent markets up last week, but Goldman Sachs economists say it’s still “months away”.

“Actual reopening is still months away as vaccination rates for the elderly remain low and case fatality rates appear to be high among the unvaccinated based on official data for Hong Kong,” the economists led by Hui Shan said in a note.

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

– Jie Lee

CNBC Pro: Morgan Stanley says global battery material stock could rise more than 80%

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

This under-the-radar battery material resource for Teslawhich already has triple-digit revenue growth, plans to expand manufacturing in the United States.

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

CNBC Pro subscribers can read more here.

– Ganesh Rao

Apple says iPhone production temporarily down due to Covid-19 restrictions in China

Apple said iPhone 14 production was Temporarily reduced due to Covid-19 restrictions at its assembly plant in Zhengzhou, China, according to A Sunday statement.

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

See also  US weighs largest ever drawdown of emergency oil reserves

The warning from Apple comes as China last week ordered a lockdown of Zhengzhou, where Apple does most of its iPhone production. According to Reuters, The employees fled the facility Due to COVID restrictions and the outbreak.

– Sarah Min, how to not swing

CNBC Pro: There are still opportunities in tech — here’s how to trade them: Analysts

Tech companies are facing a double whammy of bad news, with Disappointing earnings The continued interest rate hike by the Federal Reserve is weighing on the sector.

But with heavy technology Nasdaq Down more than 30% year-to-date, analysts say there are some bright spots that could present opportunities for investors.

Here are some of their top picks, including one stock with an average rise of over 50%.

CNBC Pro subscribers can read more here.

– Weezin Tan

Leave a Reply

Your email address will not be published.