Hong Kong shares rise more than 3% as China trade data is missing
Coinbase criticizes Singapore’s crypto regulations, urges city-state to embrace retail
Singapore wants to be a Web3 hub but at the same time rejects crypto trading, Coinbase co-founder and CEO Brian Armstrong pointed out in a panel session last week.
“These two things are incompatible in my mind and I would like to see Singapore embrace retail and self-hosted wallets,” said Armstrong, speaking alongside Sopnendu Mohanty, Chief Fintech Officer for the Monetary Authority of Singapore at the Singapore FinTech Festival 2022.
Mohanty said in response that retail investors today are “exposed to risks they don̵[ads1]7;t understand they’re taking.”
“We believe that Web 3.0 is the future, and what we want to do is ensure that the money that can trade on this ecosystem is considered a safe asset, safe currency,” Mohanty said. “As long as that’s the direction, we’re OK.”
– Sheila Chiang
China reopening still ‘months away’ despite talk of preparations: Goldman Sachs
Speculation about China’s reopening led to a rally in markets last week, but economists at Goldman Sachs say it is still “months away.”
“The actual reopening is still months away as vaccination rates for the elderly remain low and death rates appear high among the unvaccinated based on official data from Hong Kong,” economists led by Hui Shan said in a note.
They added that the government is likely working on an exit strategy and that the firm expects the country to reopen in the second quarter of 2023.
– Jihye Lee
CNBC Pro: Morgan Stanley Says This Global Battery Materials Inventory Could Rise Over 80%
Morgan Stanley expects shares in an Asian maker of battery materials to rise 85% by the end of next year.
This under-the-radar battery material supplier to Teslawhich already has triple-digit revenue growth, plans to expand production to the US.
Even JP Morgan’s analysts using a “conservative valuation approach” expect the stock to rise 25% in a year.
CNBC Pro subscribers can read more here.
– Ganesh Rao
Apple says iPhone production has been temporarily reduced due to Covid-19 restrictions in China
Apple said iPhone 14 production has been temporarily reduced due to Covid-19 restrictions at its assembly plant in Zhengzhou, China, according to a statement on Sunday.
The warning could mean the technology company could struggle to meet demand in December as it deals with “significantly reduced capacity” at the plant. The company previously signaled slowing growth in its iPhone business in its earnings report last month.
The warning from Apple comes as China last week ordered a lockdown in Zhengzhou, where Apple conducts most of its iPhone production. According to Reuters, employees have fled the facility due to Covid restrictions and outbreaks.
—Sarah Min, Kif Leswing
CNBC Pro: There’s still opportunity in tech—here’s how to trade it: Analysts
Tech firms are facing a double whammy of bad news, with disappointing earnings and continued rate hikes by the Federal Reserve both weighing on the sector.
But with the technology-heavy Nasdaq down more than 30% so far this year, analysts say there are some bright spots that could offer opportunities for investors.
Here are some of their top picks, including a stock with an average upside of over 50%.
CNBC Pro subscribers can read more here.
— Weizhen Tan
