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Business

China’s factory activity at lowest reading since April; Asia markets are mixed




Bitcoin briefly crosses $17,000 to its highest levels since mid-November

The price of bitcoin briefly passed $17,000 in Asia’s morning session for the first time since mid-November.

Bitcoin rose 2.2% from the previous 24 hours, according to Coin Metrics and last traded at $16,863.07 per coin.

Ether also rallied, up 4.74% in the past 24 hours, trading at $1,268.46.

– Jihye Lee

China’s factory activity misses expectations, contracts for second straight month

China̵[ads1]7;s official PMI for November came in at 48, below the 50-point mark that separates growth from contraction.

That’s lower than the expectations of analysts polled by Reuters, who predicted a reading of 49. October’s PMI was 49.2.

PMI readings are sequential and represent month-to-month changes in factory activity.

— Abigail Of

Australia’s monthly inflation indicator shows a slight decline

Australia’s consumer price index for October eased to 6.9% year-on-year, from 7.3% in September, according to a monthly indicator from the Australian Bureau of Statistics.

The rise in prices for housing, food and non-alcoholic beverages as well as transport brought the overall CPI indicator up.

Bilibili shares pop in Asia morning session

Hong Kong-listed shares of Bilibili rose as much as 12.7% in Asia morning after the company beat earnings estimates for the third quarter of the year.

Net income came in at 5.79 billion Chinese yuan ($809.8 million), up 11% from the same period in 2021. Estimates from Refinitiv Eikon predicted revenue of 5.52 billion yuan.

Net losses were reduced to 1.7 billion yuan, and average monthly active users increased by 25% year-on-year.

US-listed shares in the company rose 22% overnight, while Hong Kong shares were last up 8.47%.

— Abigail Of

Industrial production data from South Korea and Japan come in worse than expected

South Korea and Japan’s industrial production saw a decline for the month of October.

Japan’s preliminary industrial production for October fell 2.6% from a month ago, more than expectations for a 1.5% decline, according to a Reuters poll.

The gauge marks the second straight decline after seeing a 1.7% drop last month.

South Korea’s industrial production also fell 3.5% from a month ago, also lower than expectations for a 1% decline. The reading was the lowest since May 2020, when output fell 6.7%.

– Jihye Lee

China’s factory activity is expected to contract for the second month in a row

China’s official manufacturing purchasing managers’ index for November is expected to come in at 49, below the 50-point mark that separates growth from contraction, according to analysts polled by Reuters.

That is slightly lower than the reading of 49.2 reported in October.

PMI readings are sequential and represent monthly changes in activity.

— Abigail Of

China says it is “closely monitoring” virus developments when asked about policy changes

Chinese health officials said officials were “closely monitoring” the development of Covid when asked if protests in the region would lead to changes in the zero-Covid policy.

“China has been monitoring and closely monitoring the virus as it evolves and mutates,” officials said, according to a translation of Tuesday’s briefing.

– Christine Wang, Evelyn Cheng

CNBC Pro: Goldman Sachs’ Currie says oil stocks are trading “well below” their long-term trend

Goldman Sachs’ global head of commodities research Jeff Currie told CNBC that historically, oil stocks have traded at a much higher premium to crude oil prices compared to today’s price levels..

For example, the price gap between SPDR Oil & Gas ETF and ICE Burnt crude oil The futures contract was at around $66.60 on Tuesday. That’s significantly lower than the $104 gap recorded in early January 2017, according to Koyfin data, as the chart below shows.

China’s factory activity at lowest reading since April;  Asia markets are mixed

China announces measures to increase vaccination among the elderly

China’s health authorities released a plan to increase vaccinations for the elderly, according to a notice on the National Health Commission’s website.

Hong Kong-listed shares of CanSino Biologics extended gains in the afternoon session, rising as much as 18% shortly after the announcement was made.

The alert said the government should use more data points to accurately identify target groups for vaccination for the elderly.

CNBC Pro: As Wall Street Turns Bearish, These Margin Growth Stocks Could Be Safe Bets

Wall Street pros are worried about the outlook for stocks, urging investors to stay defensive. These margin growth stocks can be safe bets.

Pro subscribers can read more here.

— Zavier Ong

Nasdaq and S&P 500 close for third day

The Dow Jones Industrial Average closed 3.07 points, or 0.01%, higher after trading down for much of the day. The index ended the day at 33,852.53.

Meanwhile, have Nasdaq Composite ended lower by 0.59%, to close at 10,983.78. The S&P 500 fell 0.16% to close at 3,957.63.

– Alex Harring



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