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Asia markets trade mixed amid recession fears; China to report trade data

China expected to see a further drop in exports and imports

China’s trade data for November is expected to show a further drop in both exports and imports, according to a Reuters poll of economists.

Average forecasts project exports to fall 3.5% in November on a year-on-year basis after a 0.3% decline in October, and imports are forecast to fall 6% after falling 0.7% the previous month.

The US dollar trade balance is forecast to ease to $78.1 billion – down from last month’s $85.15 billion.

– Jihye Lee

CNBC Pro: ‘A gift to investors’: BlackRock says it’s time to rethink bonds

It’s time to reassess bonds, according to the BlackRock Investment Institute, which said “the lure of fixed income is strong” right now.

“Higher returns are a gift to investors who have long been starved of income. And investors don’t have to go far up the risk spectrum to receive it,” Philipp Hildebrand, deputy chairman of BlackRock, and Jean Boivin, head of the BlackRock Investment Institute, wrote in a memo last week.

They outlined their best ways to make money.

Pro subscribers can read more here.

— Zavier Ong

Australia’s economy experienced slower growth in the third quarter

Australia’s economy grew 0.6% from the previous quarter, official data showed – missing estimates expecting a 0.7% quarterly growth predicted in a Reuters poll.

The latest gross domestic product showed subdued growth from the second quarter’s expansion of 0.9% from the first three months of the year.

On an annual basis, GDP in the third quarter increased by 5.9%, which the Australian Bureau of Statistics said reflected “sustained economic growth since the impact of the delta eruption in the September quarter of 2021.”

“Growth was largely driven by strength in household spending,” it added.

The annualized figure also missed expectations in a separate Reuters poll of a 6.2% gain.

Australian dollar was little changed after the report and the S&P/ASX 200 held 0.7% lower.

— Abigail Of

CNBC Pro: UBS Says Global Airline Shares Set to Rise 55%

Shares of a global airline are set to rise 55% over the next year, according to UBS.

The investment bank raised its price target after the pan-European airline said it expected to see bumpy demand over Christmas.

CNBC Pro subscribers can read more here.

– Ganesh Rao

Shares ended lower, based on Monday’s losses

Shares fell on Tuesday, building on losses from the previous session.

The S&P 500 fell 1.44% to close at 3,941.26, while the Nasdaq Composite dipped 2% to end at 11,014.89. The Dow Jones Industrial Average fell 350.76 points, or 1.03%, to settle at 33,596.34.

– Samantha Subin

Oil falls to its lowest level since December 27, 2021

Oil prices fell on Tuesday, weighed down by economic uncertainty even amid a Russian oil price cap and a potential increase in demand thanks to China’s reopening.

US West Texas Intermediate crude for January delivery fell more than 4% to $73.85 by afternoon Tuesday. Brent crude for February delivery fell 4.34% to $79.09 a barrel.

The US also said it sees oil production rising next year, reversing its outlook after five months of cuts. A monthly report from the Energy Information Administration said production is forecast to reach 12.34 million barrels per day in 2023, up from the daily record of 12.315 million barrels per day in 2019.

—Carmen Reinicke

Inflation is eroding consumer wealth and could bring recession in 2023, says Dimon

Dimon said in June that he was preparing the bank for an economic “hurricane” caused by the Federal Reserve and Russia’s war in Ukraine.

Al Drago | Bloomberg | Getty Images

US consumers are still doing well and supporting the US economy, but that could change next year, according to JPMorgan Chase CEO Jamie Dimon.

Consumers have $1.5 trillion in excess savings from pandemic stimulus programs and are spending 10% more than in 2021, he said Tuesday on CNBC’s “Squawk Box.”

“Inflation is eroding everything I just said, and that trillion and a half dollars will run out sometime in the middle of the year next year,” Dimon said. “Looking ahead, these things could very well derail the economy and cause a mild or severe recession that people worry about.”

Dimon also weighed in on cryptocurrencies, the necessity of fossil fuels and other topics during the wide-ranging interview.

—Hugh Son

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