Asia-Pacific markets trade mixed as second day of G-20 underway

Soegeefx AppsAsia MarketAsia-Pacific markets trade mixed as second day of G-20 underway

Abigail Ng

Shares in the Asia-Pacific fell on Wednesday as world leaders gathered in Bali, Indonesia for a second day of the Group of 20 summit. Polish authorities said a Russian-made missile killed two citizens, which president Andrzej Duda described as “an isolated incident,” adding an investigation is underway.

The Nikkei 225 in Japan dropped 0.76% and the Topix fell 0.56%. South Korea’s Kospi slipped 1.08% and Australia’s S&P/ASX 200 shed 0.43%.

In Hong Kong, the Hang Seng index and the Hang Seng Tech index fell around 1% in early trade. Mainland China’s Shanghai Composite was fractionally lower and the Shenzhen Component

slipped 0.289%. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.65%.

.N225 Nikkei 225 Index *NIKKEI 27806.9 -183.27 -0.65
.HSI Hang Seng Index *HSI 18213.75 -129.37 -0.71
.AXJO S&P/ASX 200 *ASX 200 7110.2 -31.4 -0.44
.SSEC Shanghai *SHANGHAI 3127.51 -6.57 -0.21
.KS11 KOSPI Index *KOSPI 2456.39 -23.94 -0.97
.FTFCNBCA CNBC 100 ASIA IDX *CNBC 100 7737.89 -53.44 -0.69

Indonesia’s central bank starts its two-day meeting, in which economists expect the benchmark interest rate to be raised by 50 basis points to 5.25%.

Overnight in the U.S., stocks gained after a measure of wholesale inflation signaled that the pressure may be easing.

— CNBC’s Ted Kemp, Tanaya Macheel and Carmen Reinicke contributed to this report.

World Bank says Russia is ‘wrecking their own future’ through Ukraine war

World Bank President David Malpass said Russia is hurting its own future by continuing a war on Ukraine.

“It weakens Russia, it makes them outcasts and it really is wrecking their own future,” he said. “I’m hurt by what Russia is doing to itself, to its own people.”

When asked about the latest developments of a Russian-made missile killing Polish citizens, Malpass said: “I don’t want to speculate about the missiles, but as far as the G-20 [goes], there’s been unity, broad unity of G-20 countries against war.”

–Jihye Lee

JPMorgan lowers its GDP forecasts for China

JPMorgan downgraded its economic forecasts for China in response to developments including a recent surge in Covid cases and a “notable drag on domestic activity,” analysts said in a note.

The investment bank now expects China’s GDP growth for 2022 to come in at 2.9%, down from its previous forecast of 3.1%. In 2023, JPMorgan sees China’s economy growing 4%, compared with an earlier prediction of 4.5%.

October’s retail sales and industrial production data released Tuesday disappointed as global growth slowed and China battled Covid outbreaks.

— Abigail Ng, Michael Bloom

CNBC Pro: Analysts think these EV-related stocks in the lithium supply chain could be winners

Goldman Sachs says the peak in battery metal prices is approaching.

Given this outlook, CNBC Pro screened the Global X Lithium & Battery Tech ETF for stocks related to electric vehicle makers that could offer opportunities for investors.

These stocks are expected to post full-year growth in 2023, are buy rated by the majority of analysts covering them, and have average potential upside of at least 20% over the next 12 months.

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— Zavier Ong

Missile that killed 2 in Poland was Russian-made, Polish foreign ministry says

Two people were killed after a Russian-made missile fell inside Poland, the country’s foreign ministry said early Wednesday.

The ministry said Russia was carrying out a lengthy attack on Ukrainian infrastructure when the missile struck the village of Przewodów, killing two Polish citizens.

The Polish Minister of Foreign Affairs Zbigniew Rau called on the Russian ambassador for “immediate detailed explanations” of the incident.

– Chris Eudaily

Stocks close higher for the third day in the last four

The major averages rose Tuesday after another report signaled that inflation could be slowing.

The Dow Jones Industrial Average ended the day up 56.22 points, or 0.2%, at 33,592.92. The S&P 500 advanced 0.9% to 3,991.73, and the tech-heavy Nasdaq Composite gained 1.5% to close at 11,358.41.

— Tanaya Macheel

Source : CNBC

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