Australia’s central financial institution hikes charges by 25 foundation factors as anticipated
The Reserve Financial institution of Australia raised rates of interest by 25 foundation factors to 2.85%, according to the common forecast by analysts in a Reuters ballot.
That is the seventh consecutive tightening transfer by the RBA in a bid to regulate inflation within the nation.
The Australian greenback rallied to round $0.6440 forward of the choice, and final traded at $0.6429 following the announcement.
On the earlier assembly in October, the central financial institution raised charges by 25 foundation factors, fewer than the anticipated half-point hike.
— Abigail Ng
Hong Kong movers: Hold Seng Tech shares lead beneficial properties in wider index
Hong Kong-listed know-how shares led beneficial properties within the wider Hold Seng index, with Meituan gaining greater than 10% within the morning session.
Tencent gained 8.56%, Alibaba rose 7.2% and Xiaomi gained 4.3%. JD.com additionally rose 6.06%.
The transfer comes after the Caixin PMI knowledge for China’s manufacturing unit exercise got here in barely higher than anticipated, in response to CMC Markets market analyst Tina Teng.
–Jihye Lee
Hold Seng loses greater than 14% within the month of October
Asia-Pacific market efficiency in October
| Market | Month-to-date efficiency | 12 months-to-date efficiency |
| Australia’s S&P ASX 200 | 6.01% | -7.81% |
| Japan’s Nikkei 225 | 4.5% | -5.86% |
| South Korea’s Kospi | 6.23% | -23.1% |
| China’s Shanghai Composite | -4.33% | -20.5% |
| Hong Kong’s Hold Seng | -14.55% | -37.1% |
Mainland China and Hong Kong markets underperformed Asia-Pacific friends within the month of October.
The Hold Seng index wallowed at its lowest ranges since April 2009 after shedding 14.55% as of Monday’s shut.
In the meantime, shares in Australia, Japan and South Korea posted single-digit beneficial properties to shut the primary month of the yr’s ultimate quarter, whereas the Shanghai Composite slipped 4.33%.
Japan shares closed at their highest since Sept. 20, however main APAC indexes had been all nonetheless underwater from the beginning of the yr.
— Abigail Ng
CNBC Professional: What traders can purchase on this ‘brief lived’ rally, in response to one analyst
After October’s inventory market rally, traders are debating whether or not shares have hit the underside or if it is one other short-lived bounce.
Michael Landsberg, chief funding officer at Landsberg Bennett Non-public Wealth Administration, is within the latter camp, arguing the rally, as soon as once more, seems to be non permanent.
He instructed CNBC what he thinks traders can purchase — and brief.
CNBC Professional subscribers can learn extra right here.
— Weizhen Tan
China’s manufacturing unit exercise shrank for a 3rd consecutive month in October, non-public survey says
The Caixin manufacturing Buying Managers’ Index for October confirmed that manufacturing unit exercise contracted for the third month in a row.
The studying got here in at 49.2, in contrast with expectations for a print of 49. In September, the manufacturing PMI was at 48.1, beneath the 50-point mark that separates progress from contraction.
PMI readings evaluate exercise from month to month.
Official knowledge from the Nationwide Bureau of Statistics got here in at 49.2 on Monday, lacking expectations for a print of fifty.
— Abigail Ng
Hong Kong’s financial system shrank by 4.5% within the third quarter
Hong Kong’s gross home product fell by 4.5% within the third quarter of the yr in contrast with the identical interval a yr in the past, advance estimates from the Census and Statistics Division confirmed Monday.
That is the worst contraction because the second quarter of 2020. Analysts polled by Reuters anticipated 0.7% progress, whereas GDP decreased 1.3% within the second quarter.
“The worsened exterior atmosphere and continued disruptions to cross-boundary land cargo flows dealt a critical blow to Hong Kong’s exports,” the assertion mentioned, including the drop in GDP was “primarily attributable to the weak efficiency in exterior demand in the course of the quarter.”
Fastened capital formation, or funding, decreased by 14.3%, whereas exports and imports additionally fell.
— Abigail Ng
CNBC Professional: This Chinese language electrical carmaker’s inventory may rally by greater than 260%, Citi says
Citi has picked a big electrical automobile maker as one among its “prime” purchase concepts amongst Chinese language shares.
It expects shares within the automaker to rise by greater than 260% over the subsequent 12 months as EV gross sales soar.
CNBC Professional subscribers can learn extra right here.
— Ganesh Rao
South Korea’s commerce deficit widens for the month of October
South Korea’s commerce deficit widened to $6.7 billion for the month of October from a revised determine of $3.78 billion in September, knowledge from the customs company confirmed.
Imports rose 9.9% to $59.18 billion from the identical interval a yr in the past, whereas exports dropped 5.7% to $52.48 billion.
The newest knowledge reveals the most important drop in exports since August 2020, in response to FactSet.
–Jihye Lee
CNBC Professional: Neglect Tesla? Citi and HSBC title 2 options to play the EV increase
Tesla could also be an investor favourite for publicity to the EV trade, however Citi and HSBC title two options to play the rising demand for electrical autos.
Professional subscribers can learn extra right here.
— Zavier Ong
