Hong Kong stocks rise around 3% after reports say city is considering Covid rule easing

China’s National Health Commission has issued guidelines for treating Covid at home

Chinese health authorities announced guidelines for treating Covid patients at home on Thursday, a day after formalizing a policy allowing most infected patients to self-quarantine as part of measures to ease the country’s lockdown.

A statement on the National Health Commission’s website said patients should be isolated in separate rooms if possible and self-antigen tests should be performed.

Along with warning that patients with acute symptoms should be hospitalized, it also includes instructions for patients with mild symptoms to monitor their health at home and take medication if needed.

The commission included a list of drugs used to treat the symptoms of Covid.

Health officials plan to hold a press conference at 3:00 p.m. local time.

– Abigail Ng and Evelyn Cheng

Hong Kong Bans Masks Outdoors: Report

Fitch expects house prices in Australia and China to decline in 2023

Fitch Ratings expects house prices in Australia to fall significantly by 7 to 10 percent next year, according to its latest outlook report.

The agency also predicts that Chinese housing prices will decrease by 1-3% next year.

“We expect rates to decline further before bottoming out in 2023, but mortgage performance will deteriorate somewhat due to economic headwinds,” Fitch Ratings’ Tracy Wang said in a report.

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However, housing prices in Japan may moderate the trend to 2% to 4% in 2023, the report said. Australian prices are expected to rise in 2024.

– Jihye Li

Japan’s economy shrank less than expected in the third quarter

Japan’s economy shrank 0.8% quarter-on-quarter in the third quarter, with revised gross domestic product exceeding expectations for a 1.1% drop in a Reuters poll.

The first preliminary estimate released by the government in November showed a decrease of 1.2 percent.

According to government data, the country’s current account has a deficit of 64.1 billion yen or 469.3 million US dollars. The reading significantly missed estimates for a profit of 623.4 billion yen in a separate Reuters poll.

– Jihye Li

Australia’s trade surplus was bigger than expected in October

Australia’s trade surplus rose to A$12.2 billion ($8.19 billion) in October, slightly better than expected, official data showed.

Economists polled by Reuters had expected a print of A$12.1 billion, with the economy expected to narrow again after a trade surplus of A$12.4 billion.

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Exports decreased by 0.9% and imports by 0.7%.

– Abigail Ng

Stocks often close lower

Stocks closed mostly lower on Wednesday, with the S&P 500 down 0.19% to close at 3,933.92.

The Dow Jones index increased by 1.58 points and closed at 33,597.92 points. The Nasdaq composite was down 0.51% at 10,958.55.

– Samantha Subin

CNBC Pro: Bank of America says these two global chip stocks will grow 75 percent from EV sales

A shortage of semiconductors could help boost profits for a handful of chipmakers amid booming electric car sales, Bank of America said.

The Wall Street bank predicted the two-chip stock would rise 75% on the trend.

CNBC Pro subscribers can read more here.

– Ganesh Rao

Expected economic data could kickstart growth next year, Morgan Stanley’s Slimmon said

Andrew Slimmon, senior portfolio manager at Morgan Stanley Investment Management, said next week’s economic data should not be surprised to see a bullish outlook for the end of the year and into 2023.

The key period for data releases begins with the producer price index on Friday, followed by the November consumer price index and a possible rate hike from the Federal Reserve next week.

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“The last time these were released, they all led to a rally in the stock market because we had better inflation,” he said.

Like many investors, Slimmon expects a downturn, given the inverted yield curve, but is not anticipating the “major earnings slump” or recession many predict in the first quarter.

This is because many consumers have increased their savings in recent years as the latest recession is just around the corner.

“The message this year is that the economy has been much more resilient than many people expected, and I don’t think that’s going to be the end of next season,” he said.

– Samantha Subin

CNBC Pro: Is Apple a stock to buy or avoid? Two investors face each other

It’s been a tumultuous year for tech companies as investors flee growth stocks amid rising interest rates and other headwinds.

apple Although there were some windfalls, it was better among the technological carnage.

On CNBC’s “Street Signs Asia” on Wednesday, the two investors faced off for and against buying the stock.

CNBC Pro subscribers can read more here.

– Weizhen Tang

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