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Asian markets fall as Japan’s core inflation is the highest in more than 40 years

TSMC in talks to build first chip plant in Europe: Financial Times

Taiwan Semiconductor Manufacturing Co. is in talks with suppliers to build its first European chip plant in Dresden, Germany, the Financial Times reported, citing people familiar with the matter.

The company will reportedly send senior executives to Germany to discuss government support levels and local supply chain. The facility will focus on 22nm and 29nm chip technologies, the report states.

Shares of the Taiwan-listed company traded 2.8% lower in Asian trade on Friday.

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US Secretary of State Blinken talks to Wang Yi

US Secretary of State Antony Blinken spoke with his Chinese colleague Wang Yi and discussed Russia’s war against Ukraine, the situation regarding Covid and US-China bilateral relations.

“The secretary discussed the need to maintain open lines of communication and responsibly manage the US-China relationship,” US spokesman Ned Price said in a statement.

“It is critically important to maintain open channels of communication,” Blinken said in a post on Twitter.

A readout of the meeting by the Chinese Foreign Ministry added that the two also discussed issues surrounding Taiwan.

– Lee Ying Shan

Singapore and Malaysia’s core inflation rates remain unchanged

Singapore’s core inflation rose 5.1% in November year-on-year, unchanged from October’s figure.

The reading was higher than estimates in a Reuters poll that predicted a 5% rise, driven by moderate increases in utilities and electricity costs, according to the Trade and Industry Ministry.

Inflation is expected to remain high in the first half of 2023 before “slowing down more clearly”, the ministry said.

In Malaysia, the November core CPI was also unchanged at 4% from a year ago, beating expectations of 3.9%.

– Lee Ying Shan

The Bank of Japan signaled a policy change in October, the minutes show

The Bank of Japan had hinted at an upcoming policy shift during its October monetary policy meeting, minutes from the October 27 and 28 meeting showed.

One member noted that it was “important to continue to examine how future exit strategies will affect the market and whether market participants will be well prepared for them,” the statement said.

While members of the central bank’s board of directors highlighted the need for its prolonged dovish stance, while noting the need to “pay attention to the side effects of monetary policy easing,” the minutes showed.

“It was necessary to examine the impact of high prices on household behavior and wages humbly,” it said.

– Jihye Lee

China to scrap quarantine requirements for international travelers: Bloomberg

China plans to scrap quarantine requirements for foreign travelers next month, Bloomberg reported, citing sources familiar with the matter.

International arrivals to mainland China only need to complete three days of health surveillance, which has not yet been formally defined, the report said.

This will replace guidelines to be placed in a quarantine hotel or isolation facility.

Travelers are currently required to quarantine for five days in a hotel or isolation facility, followed by three days of home isolation.

– Lee Ying Shan, Evelyn Cheng

The oil price is rising due to an expected decline in Russian crude oil exports

Oil prices rose on expectations that Russian oil exports could fall by 20% in December, according to Reuters calculations.

Brent crude futures rose 0.72% to $81.56 a barrel, while US West Texas Intermediate futures traded up 1.01% to $78.27 a barrel.

An expected drop in Russian crude oil exports looks set to put pressure on an increase in demand for heating oil as parts of the United States prepare for a winter storm.

– Lee Ying Shan

Japan’s core inflation is over 40 years high

Japan’s core consumer price index rose 3.7% in November on a year-on-year basis, marking the fastest pace since December 1981, when it rose 4%.

The reading was in line with estimates from analysts polled by Reuters, and comes after noting 3.6% last month.

The reading remains above the Bank of Japan’s inflation target of 2%. Nationwide CPI for all goods was 3.8%.

– Lee Ying Shan

CNBC Pro: Tech fund manager backs these two software stocks will outperform in a recession

Automation and cost-cutting in many businesses during a recession will boost profits at two Silicon Valley companies, according to tech fund manager Jeremy Gleeson.

Gleeson, who manages a $1.5 billion technology fund at AXA, believes that if there is a recession next year, then “companies will need to do more with less.”

“One of the ways they can do that is to use technology better to increase the productivity of their existing workforce,” he said, citing the two stocks that will benefit from the trend.

CNBC Pro subscribers can read more here.

– Ganesh Rao

Shares close lower on Thursday

Stocks closed lower on Thursday, having retreated from session lows, as year-end selling resumed on Wall Street.

The Dow Jones Industrial Average fell 348.99 points, or 1.05%, after falling as much as 803.05 points earlier in the session. The S&P 500 fell 1.45%, while the Nasdaq Composite was 2.18% lower.

—Sarah Min

CNBC Pro: Buying Peloton and similar growth stocks is ‘absolute nonsense,’ strategist says

Asian markets fall as Japan’s core inflation is the highest in more than 40 years

High-growth technology stocks are unlikely to rebound after a “pivot” on interest rates from the Federal Reserve, according to one market strategist.

CNBC Pro subscribers can read why Peter Toogood, chief investment officer at Embark Group, also believes stocks such as Platoon is an “absolute nonsense” trade for investors.

– Ganesh Rao

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