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Asia-Pacific markets mixed as Japanese shares see second day of losses

Indonesia bans the export of bauxite from June 2023

India’s central bank governor warns that the next financial crisis will come from private cryptocurrencies

The next financial crisis will come from private cryptocurrencies, Shaktikanta Das, India’s central bank governor, said on Wednesday.

Speaking at the BFSI Insight Summit 2022 organized by Business Standard, Das said he is adamant that cryptocurrencies should be banned, adding that it has no underlying value and poses a risk to macroeconomic and financial stability.

Bitcoin was last higher by about 0.24% at $1[ads1]6,840, according to Coin Metrics. Ether rose 14% to $1,211.77.

— Charmaine Jacob

Japan’s 2-year yield briefly tops zero for the first time since 2015

The yield on 2-year Japanese government bonds rose briefly above zero for the first time since 2015 in morning trading on Wednesday. The note gained 2.7 basis points to be just below the flatline.

Japan’s 2-year interest rate rises above zero for the first time since 2015

The yield on the 10-year JGB jumped more than 3 basis points to 0.451%, also hitting 2015 highs, while the yield on the 30-year JGB rose 2 basis points to trade at 1.6%.

The yield moves inversely to the price, and a basis point is equal to 0.01%.

– Jihye Lee

HKEX launches office in New York to expand international reach

Hong Kong’s exchange operator launched its New York office in a bid to expand its international reach and expand its global customer base.

The new office of Hong Kong Exchanges and Clearing Limited (HKEX) will promote its connectivity with Mainland China’s markets and its liquid primary and secondary cash markets, it said.

“At HKEX, we are fully focused on supporting the growth ambitions of our clients worldwide,” said HKEX CEO Nicolas Aguzin.

“We look forward to deepening our relationships with investors, companies and risk managers across the region, connecting capital with opportunity and East with West,” he added.

About 41% of turnover in Hong Kong’s stock markets is attributed to international investors. HKEX currently has offices in Beijing, Shanghai and Singapore.

– Lee Ying Shan

Bank shares in Tokyo rise again as broader index falls

Japanese yen at strongest in more than four months

The Japanese yen strengthened further overnight after the Bank of Japan announced it would widen its yield curve control band.

The currency strengthened by more than 5% against the Australian dollar and the New Zealand dollar – while it gained more than 3% against the US dollar.

The yen strengthened after the Bank of Japan announced it would widen its yield curve control band

CNBC Pro: Fund manager says a recession is ‘imminent’ — and cites cheap stocks to play it

Market watchers are increasingly worried about a looming recession, and fund manager Steven Glass is no exception.

Against this backdrop, he says he focuses on companies with earnings visibility that trade at attractive values.

His picks include a Big Tech name that he said is “extremely cheap” with “huge margin potential.”

Pro subscribers can read more here.

— Zavier Ong

Shares continue to rise, snap 4-day losing streak

Shares rose on Tuesday, snapping a four-day losing streak.

The Dow Jones Industrial Average rose 92.47 points, or 0.28%, to 32,850.01. The S&P 500 rose 0.11% to 3,821.73, while the Nasdaq Composite rose 0.01% to 10,547.11.

—Carmen Reinicke

Bank of Japan is more hawkish faster than expected, signals

The Bank of Japan’s surprise policy shift sent interest rates up globally, as investors reacted to more evidence that central bankers around the world will continue to push interest rates higher.

“It was definitely a surprise. I don’t think anybody out there expected it,” said Ben Jeffrey, price strategist at BMO. The Bank of Japan moved faster than expected to tighten policy. The BOJ changed its yield curve policy to allow the yield on the 10-year Japanese government bond to move 50 basis points either side of the zero target rate, up from 25 basis points.

The announcement drove interest rates higher around the world, as yields on Japanese government bonds (JGBs) rose to 7-year highs. Prices move opposite to returns. The US 10-year jumped 3.68%.

“They were definitely the last one standing when it came to being a pigeon, and now they’re still a pigeon, but smaller,” Jeffrey said. “There is obviously bearish JGBs and bonds globally, but in the longer term that should help the yen which will make Treasurys more attractive to Japanese investors next year.”

–Patti Domm

Expect a more challenging environment going forward, says Atlantic Equities

Atlantic Equities analysts expect a more challenging backdrop for the global consumer in 2023.

“Inflation may well have peaked on a headline basis, but input costs remain high and companies will at least try to hold if not take additional rates in some cases,” analyst Edward Lewis said in a note on Tuesday. “It could become more challenging as levels of elasticity begin to normalize with US retailers starting to push back against prices, in line with where European peers have been all year.”

He singled out Coca-Cola and Pepsi as some of his favorite consumer picks, citing “category momentum, ongoing investments and strong execution supporting increased growth.”

– Tanaya Machel

The stock market has lost $11.7 trillion so far this year

It’s been a tough year for stocks, which are currently in a bear market and down year-to-date.

From the market’s annual peak on Jan. 3 through this morning, U.S. stocks have lost $11.7 trillion in market value, according to data from the Bespoke Group.

“Maximum drawdown was $13.6 trillion at the Sept. 30 low, so we’ve seen the market cap increase by just under $2 trillion since then,” analysts wrote Tuesday. “In dollar terms, this downturn has been more extreme than anything investors have ever experienced. It’s pretty deflationary if you ask us!”

Of that $11.7 trillion, more than $5 trillion in losses come from just five companies – Apple, Microsoft, Amazon, Alphabet, Meta and Tesla.

—Carmen Reinicke

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