New Zealand interest rate hikes, inflation data

Singapore’s inflation rate moderates the increase in gas and electricity prices

The inflation rate of Singapore decreased by 0.2% to 5.1% in October and on an annual basis, the Ministry of Trade and Industry (MTI) reported – after seeing the same index at 5.3% in September.

The latest consumer price index for October was lower than the Reuters poll forecast of 5.3% for October.

The inflation rate for all things decreased to 6.7% in October on an annual basis after seeing a rate of 7.5% in September.

MTI said the decline was due to a slight increase in goods and services, as well as gas and electricity prices.

“Energy and food commodity prices have dropped from the previous year’s figures, but remain high due to ongoing supply constraints,” the ministry said in a statement.

— See Ying Shan

Malaysian stocks were little changed as the nation’s wait for a new prime minister continued

Listed stocks in Malaysia changed slightly as local politics continued and local media said Malaysia’s king, the Yang di-Pertuan Agong, would make a decision, without giving a timetable.

The benchmark KLCI index was down 0.09% after two negative sessions.

Among the index’s heavyweights, Genting Malaysia fell 2.33% after reporting third-quarter earnings, and Top Glove lost 1.1% – while Nestle gained 0.28% and CIMB rose 0.18%.

No Malaysian ringgit strengthened slightly against the US dollar in the morning session and stood at 4.5690.

– Jihye Lee

Chinese online gaming is booming as the sector’s decline seems to be easing

New Zealand’s central bank is pointing to further hikes

Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr said the bank’s sole objective was to get the government’s interest rate down to the point where inflation could be lowered.

Orr’s comments come after the central bank announced its rate hike of 75 basis points.

“Our core inflation rate is very high,” Orr said at a news conference, adding that the central bank “is well on its way to an easing cycle.”

In a separate press release, shortly after the decision, the RBNZ said, “Committee members agreed that monetary conditions should continue to tighten.

— See Ying Shan

BYD’s share price declines after Berkshire Hathaway trims stats

Limit of BYD listed in Hong Kong sold 2.64% lower after Warren Buffett’s Berkshire Hathaway announced that it has reduced its stake in Chinese car manufacturers.

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According to the HKEX filing, the company sold 3.2 million shares worth about 630 million Hong Kong dollars ($80.6 million), reducing its company holding to 15.99% from 16.28%, the filing showed.

Separately, the company announced that it will raise prices for some of its EV models, according to Reuters.

– Jihye Lee

Shares of Kuaishou, Baidu rose after announcing earnings

Xiaomi expects to post a lower revenue in the third quarter

Xiaomi It is expected to see a decrease in revenue for the third quarter of 2022, according to estimates from the Refinitiv poll.

The company is expected to see a 9.66% decline in revenue to 70.52 billion yuan ($9.87 billion) for the July-September quarter, compared to 78.06 billion yuan in the same period. body last year.

The expected increase may be due to “weak mobile sales,” as well as weak residential and consumer sentiment, Daiwa Capital Markets wrote in a note.

Shares of Xiaomi fell as much as 1.72% in morning trading before the launch, and remained in the 1% lower range.

– See Ying Shan

The New Zealand dollar strengthens when prices are high

The New Zealand dollar strengthened to 0.6192 against the dollar after the central bank raised rates by 75 basis points, its biggest increase on record.

NZD last traded at 0.6170 against the dollar and the NZX 50 index in New Zealand fell 0.8%.

New Zealand’s 10-year Treasury yield touched 4.305% shortly after the decision, then traded at 4.235%. The increase in price is continuous, and the basis is equal to 0.01%.

– See Ying Shan

CNBC Pro: Goldman says EV batteries are becoming ‘very important’ and names 2 products

Electric vehicle batteries are gaining “critical importance” amid the energy transition, according to Goldman Sachs.

The investment bank leaves two top stocks to play in the EV battery sector, giving the group nearly 70%.

CNBC Pro subscribers can read more here.

– Weizhen Tan

Singapore released narrow GDP projections for 2022

Singapore’s economy is projected to grow by around 3.5% in 2022, according to a forecast from the Ministry of Trade and Industry, citing a soft external outlook following European influence and China’s ongoing sanctions.

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This number is a narrow estimate from its previous estimate of between 3% and 4% – and represents 4.1% growth for the third quarter and 1.1% growth from the previous quarter.

The ministry also said that it sees the country’s GDP growth in 2023 between 0.5% to 2.5%.

– Jihye Lee

CNBC Pro: UBS says self-driving cars could become a $100 billion market in China — and names names to call it

Electric vehicles are gaining momentum, especially in China, the world’s largest EV market.

But UBS believes that autonomous driving will be a bigger megatrend than electricity – with a market share in China alone of around $100 billion by 2030.

This is how investors can call this megatrend, according to UBS.

Pro subscribers can read more here.

– Xavier Ong

New Zealand’s central bank is raising rates by 75 basis points

The Reserve Bank of New Zealand raised its benchmark interest rate by 75 basis points, its largest increase on record, to 4.25%.

The decision was in line with analysts’ expectations, according to a Reuters poll.

It is the ninth rate hike in a row since the RBNZ began its rate hike program in October 2021, five of which were 50-point hikes.

New Zealand’s inflation currently stands at 7.2%, below a ten-year high.

— See Ying Shan

Investors should turn to the second Chinese technology product: UBS Global Wealth Management

Investors should take advantage of the dramatic run on Chinese technology stocks to move into smaller and less powerful companies, according to Eva Lee, head of China capital at UBS Global’s investment firm. Wealth Management said.

“Under the current law, the second players will do better than the top players. Take advantage of this opportunity to switch to companies in the second level,” according to those who have a rewarding income. , he told CNBC’s “Street Signs Asia.”

Additionally, tech giants are considered “macro recoveries [proxies]and the road to eventually opening in full is “going to be up and down, it’s going to be a shock,” he said.

“We’re getting there eventually but it’s taking time,” he said.

– Abigail Ng

Stocks are rising, with the S&P 500 closing above the 4,000-point level for the first time since Sept.

Stocks rose on Tuesday with all three points gaining more than 1% as Wall Street bet that interest rate hikes and inflation will ease into the end of the year. The S&P 500 also closed at levels not seen since September.

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The Dow Jones Industrial Average closed 397.82 points, or 1.18%, higher at 34,098.10. The Nasdaq Composite also gained 1.36% to 11,174.41.

The S&P 500 rose 1.36% to close at 4,003.58, its first close above the 4,000 level since September.

—Carmen Reinicke

84% of the 19 S&P 500 52-week highs are all-time records.

Nineteen stocks in the S & P 500 hit 52-week highs through Tuesday and, of those, 16 (84%) also hit all-time highs. Three of the 19 (TRV, MRK, IBM) are also in the Dow Jones Industrial Average, and two of those are among the all-time highs:

  • General Parts Co. (GPC), the highest since the 1948 IPO
  • O’Reilly Auto (ORLY), at all-time high since 1993 IPO
  • TJX Cos. (TJX), an all-time high dating back to the 1987 IPO
  • General Mills (GIS), at an all-time high through history dating back to 1927
  • Big Beverage (MNST), the all-time high on the Nasdaq list of its predecessor in 1992
  • Pepsico (PEP), the top, dates back to the merger of Pepsi-Cola and Frito-Lay in 1965.
  • Marathon Petroleum (MPC), long high and back from the Marathon Petroleum in 2011
  • Aflac Inc. (AFL), all-time from CNBC data reports in 1973
  • Arthur J Gallagher (AJG), all-time high back in 1984 IPO
  • Globe Life (GL), is at an all-time high in its predecessor’s data in 1980
  • MetLife (MET), a long time high going public in 2000
  • Progressive (PGR), all the way back to the 1971 IPO
  • Travelers (TRV), an all-time high, was transferred to Citi in 2002
  • Gilead Sciences (GILD), highest since April 2020
  • Merck & Co. (MRK), the longest period in CNBC history dating back to 1978
  • PACCAR (PCAR), at an all-time high dating back to the 1971 IPO
  • Quanta Services (PWR), hit an all-time high back in the 1998 IPO
  • Snap-On (SNA), highest since June 2021
  • International Business Machines (IBM), the highest since February 2020

There was a 52-week low in the S&P 500 early Tuesday morning:

  • Tesla (TSLA), lowest since Nov. 2020
  • Medtronic (MDT), lowest since March 2020

There is no distribution.

– Scott Schnipper and Christopher Hayes


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