November 26, 2022

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Asia-Pacific markets trade less; China keeps the LPR steady

Asia-Pacific markets trade less;  China keeps the LPR steady

China is keeping its loan prime rates suspended as expected

China left its benchmark lending rate unchanged for the third consecutive month, according to an announcement from the People’s Bank of China.

The one-year principal loan rate is fixed at 3.65%, the notice said, and the five-year rate is also suspended at 4.3%.

– Abigail Ng

South Korea experienced an even larger decline in exports in the first 20 days of November

South Korea’s exports for the first 20 days of November fell 16.7% year-on-year, as demand from China slumped, according to data from the customs agency.

The decline in exports is a sharp decline from a 5.5% decline in October compared to the same period last year.

Imports also fell 5.5% in the first 20 days of November, slightly improving the trade deficit – $4.4 billion for the period, compared to the $4.9 billion deficit reported in October.

Statistics from the agency showed that the country recorded a total of $40 billion in trade deficit year-to-date.

– Jihe Lee

CNBC Pro: Morgan Stanley’s Mike Wilson Predicts S&P 500 Bottom, Calls It ‘A Great Buying Opportunity’

We’re in the “final stages” of a bear market, says Mike Wilson, senior US equity analyst at Morgan Stanley, but it’s going to be tough for a while longer.

He predicts when β€” and at what level β€” the S&P 500 will hit a “new low.”

CNBC Pro subscribers can read more here.

– Wizen tan

China is expected to keep record lending rates steady, a Reuters poll said

CNBC Pro: Strategist says Chinese tech stocks, like Alibaba, are ‘undervalued’

This year, a 30% decline in the value of shares of major Chinese technology companies, such as Ali Babamade it “incredibly cheap,” according to investment bank China Renaissance.

The head of equities, Andrew Maynard, not only believes that the stock market looks like it has bottomed out, but also that investors could lose the rally if they remain less heavy on China.

“Without a shadow of a doubt, underweight China is going to cost you going,” Maynard said.

CNBC Pro subscribers can read more here.

– Ganesh Rao

Markets are watching for more clues of Fed increases and the economy next week

Investors may be a bit more cautious next week, as stocks seek direction in quiet trade and bond market warnings of a recession get louder.

The Thanksgiving holiday on Thursday should mean that the markets will likely be quiet on Wednesday and Friday. Merchants will be watching reports on Black Friday holiday shopping for consumer feedback.

β€œIt really is a week where data-driven is the keynote,” said Julien Emmanuel, Senior Managing Director at Evercore ISI. bias [for stocks] It will be higher unless data continues to deteriorate and the Fed remains hawkish…which has clearly strengthened in the last 48 hours. “

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Check out our full deep dive on what to expect next week over here.

– Patti Dome, Tanaya Machell