Hong Kong Stocks Rise Over 3%;  Chinese exports mark first annual decline since May 2020

Hong Kong Stocks Rise Over 3%; Chinese exports mark first annual decline since May 2020

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

Chinese exports in US dollars fell 0.3% in October from a year earlier, significantly missing expectations of a 4.3% increase in a Reuters poll and a sharp decline from 5.7% growth in September.

Imports also fell 0.7%, missing forecast for a 0.1% gain over the previous year after rising 0.3% in September.

The decline in U.S. dollars last month marked the first year-on-year decline since May 2020, according to data from Refinitiv Eikon.

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

In yuan terms, exports rose 7 percent and imports 6.8 percent, according to customs data released on Monday.

— Evelyn Cheng

Coinbase slams Singapore’s crypto regulations, urges city-state to embrace retail

Singapore wants to be a Web3 hub, but at the same time frowns on crypto trading, Coinbase co-founder and CEO Brian Armstrong pointed out during a panel discussion last week.

“These two things are incompatible in my mind, and I’d like to see Singapore embrace retail and self-hosted wallets,” Armstrong said, speaking alongside Sopnendu Mohanty, the Authority’s chief financial technology officer. Singapore Monetary Fund at Singapore FinTech Festival 2022. .

Mohanty, in response, 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 make sure that the money that can transact on this ecosystem is seen as a safe asset, a safe currency,” Mohanty said. “As long as it’s the direction, it’s fine.”

—Sheila Chiang

China will still reopen ‘months from now’ despite talk of preparations: Goldman Sachs

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

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

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

—Jihye Lee

CNBC Pro: Morgan Stanley says this global stockpile of battery materials could soar more than 80%

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

This under-the-radar battery materials supplier for You’re herewhich is already recording 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 rebound 25% in one year.

CNBC Pro subscribers can learn more here.

—Ganesh Rao

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

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

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

Apple’s warning comes as China last week ordered shutdowns in Zhengzhou, where Apple does the majority of its iPhone production. According to Reuters, employees fled the facility due to Covid restrictions and outbreaks.

—Sarah Min, Kif Leswing

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

Tech companies face a double whammy of bad news, with disappointing earnings and continued rate hikes by the Federal Reserve both weighing on the sector.

But with heavy technology Nasdaq down more than 30% since the start of the year, analysts believe there are bright spots that could provide opportunities for investors.

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

CNBC Pro subscribers can learn more here.

—Weizhen Tan

#Hong #Kong #Stocks #Rise #Chinese #exports #mark #annual #decline

Leave a Comment

Your email address will not be published. Required fields are marked *