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Asia-Pacific shares trade higher, BOJ makes no change to yield range

Gaming stocks jump after China grants license approvals

Listed gaming shares in Hong Kong rose after China granted license approvals to 88 games, including NetEase, Tencent Holdings and miHoYo, marking a further easing of Beijing’s gaming crackdown.

Shares of NetEase jumped as high as 6.81[ads1]% in early trade, hitting its highest in more than four months. Tencent shares rose 0.11%.

– Lee Ying Shan

Bank of Japan likely to lift yield curve control another 50 basis points: UBS

Japan’s central bank is likely to widen its 10-year government yield curve control range by another 50 basis points to a range of 1% below and above the 0% target, UBS Global Wealth Management CEO Tan Teck Leng said.

“The scenario of a complete abandonment of the YCC is unlikely,” he said on CNBC’s “Squawk Box Asia,” adding a move would be “uncharacteristic” of the central bank.

“I think the easiest thing for them to do is to remove the cap, let it find real value – but again there are very big uncertainties, which is why we think that as a middle ground they have to at least raise it to a ceiling of 1.0%,” he said.

The dividend of 10-year Japanese government bonds breached the upper ceiling of its band for a fifth consecutive session on Wednesday morning ahead of the BOJ’s monetary policy announcement.

Japan’s core production orders for November fall more than expected

Japan’s private manufacturing orders for November fell 8.3% from the previous month, according to official data.

The fall was significantly larger than Reuters’ expectations of a 0.9% decline. On an annual basis, production orders fell by 3.7%.

The machinery figures for the private sector exclude orders from volatile orders for ships and power companies.

– Lee Ying Shan

CNBC Pro: Thinking of jumping back into Big Tech? This investor is wary of 2 stocks in particular

CNBC Pro: Morgan Stanley says cheaper electric cars are coming — and names the global stocks that stand to benefit

As electric cars become increasingly popular, a new manufacturing technique that could make them more affordable is attracting interest, according to Morgan Stanley.

Some automakers are outsourcing the process that could benefit three leading Asian parts suppliers, the Wall Street bank said.

CNBC Pro subscribers can read more here.

– Ganesh Rao

Stocks end the day mixed, the Dow falls almost 400 points

The Dow Jones Industrial Average fell to end the day, as Goldman Sachs shares weighed on the stock index.

The Dow lost 391.76 points, or 1.14%, to close at 33,910.85. The S&P 500 fell 0.2% to 3,990.97. The Nasdaq Composite rose 0.14% to end the day at 11,095.11.

– Tanaya Machel

Bank of America sees a later start to the recession

A recession likely won’t start now until later in 2023, as consumer spending has been stronger than expected and the Federal Reserve eases the pace of rate hikes, according to Bank of America.

“We are pushing back the timing of our outlook for a mild recession in the US economy by about a quarter given durability in consumer spending due to strong labor markets, excess savings, declining energy prices and easier economic conditions,” the firm said in a client note. “That said, we think the headwinds will cause consumers to reduce spending and push the savings rate higher as the year progresses.”

That puts the recession into its second quarter, driven by an investment-led decline that leaks into consumer spending.

After pushing the benchmark interest rate up by 4.25 percentage points in 2022, the Fed is expected to ease back, with a 0.25 percentage point increase in February. It is expected to be followed by further quarter-point increases in March and May.

Rate cuts likely won’t come until 2024, the firm said.

-Jeff Cox

Goldman Sachs shares fall on earnings miss

Goldman Sachs shares fell 2.4% after the Wall Street investment bank shared fourth-quarter results that missed analysts’ expectations on both the top and bottom lines.

The bank reported earnings of $3.32 per share on $10.59 billion in revenue. Consensus estimates called for earnings of $5.48 a share on revenue of $10.83 billion, according to analysts surveyed by Refinitiv.

Provisions for credit losses also slightly exceeded expectations.

—Hugh Son, Samantha Subin

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