- December 23, 2022
- By: Admin1_blog
- Asia Market, Indices
Lee Ying Shan
Asia-Pacific shares traded lower, taking the lead from losses on Wall Street while investors also looked ahead to some economic data in the region. Japan’s core consumer price index at 3.7% in November on an annualized basis, marking the fastest pace since December 1981.
The Nikkei 225 fell 1% in its first hour of trade. The Japanese yen stood at 132.38 against the U.S. dollar. Australia’s S&P/ASX 200 was down 0.84% and South Korea’s Kospi also fell 1.24%.
|.N225||Nikkei 225 Index||*NIKKEI||26124.14||-383.73||-1.45|
|.HSI||Hang Seng Index||*HSI||19679.22||0||0|
|.AXJO||S&P/ASX 200||*ASX 200||7076.1||-76.4||-1.07|
|.FTFCNBCA||CNBC 100 ASIA IDX||*CNBC 100||7882.25||-71.7||-0.9|
Singapore and Malaysia will also be releasing their inflation data for November.
Overnight in the U.S., stocks tumbled as the year-end selloff resumed following a brief respite this week, dashing hopes for a Santa Claus rally.
Japan’s core inflation notches over 40 year-high
Japan’s core consumer price index rose 3.7% in November on an annualized basis, marking the fastest pace since December 1981, when it rose by 4%.
The reading was in line with estimates from analysts polled by Reuters, and comes after notching 3.6% last month.
The reading remains above the Bank of Japan’s inflation target of 2%. Nationwide CPI for all items stood at 3.8%.
— Lee Ying Shan
CNBC Pro: Tech fund manager backs these 2 software stocks will outperform in a recession
Automation and cost-cutting at many businesses during a recession will drive up profits at two Silicon Valley companies, according to tech fund manager Jeremy Gleeson.
Gleeson, who manages a $1.5 billion tech fund at AXA, believes if there is a recession next year, then “companies are going to need to do more with less.”
“One of the ways they could do that is by utilizing technology better to enhance the productivity of their existing workforce,” he said and named the two stocks that will benefit from the trend.
— Ganesh Rao
CNBC Pro: Buying Peloton and similar growth stocks is ‘absolute nonsense,’ says strategist
High-growth tech stocks are unlikely to rebound after a “pivot” on interest rates from the Federal Reserve, according to one market strategist.
CNBC Pro subscribers can read why Peter Toogood, chief investment officer at Embark Group, also believes stocks such as Peloton are an “absolute nonsense” trade for investors.
— Ganesh Rao
Stocks close lower Thursday
Stocks closed lower Thursday, after pulling back from session lows, as year-end selling resumed on Wall Street.
The Dow Jones Industrial Average fell 348.99 points, or 1.05%, after falling as much as 803.05 points earlier in the session. S&P 500 declined 1.45%, while the Nasdaq Composite was 2.18% lower.
— Sarah Min
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