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Japan sees core inflation at 40-year high as Asia-Pacific shares rise

The Philippines’ central bank expects the economy to see “low growth” next year, not a recession

The Philippines will experience "low growth" in 2023, not a recession: Central Bank

Central Bank of the Philippines (BSP) Governor Felipe Medalla said the economy is expected to see “low growth” of below 5%, not a recession, next year.

In an interview with CNBC’s Sri Jegarajah, he said the central bank estimates the economy will grow 6% next year, higher than the International Monetary Fund’s 5% outlook.

That outlook could change by around 100 basis points depending on worsening global financial conditions, he added.

The BSP delivered its second 75 basis point hike of the year on Thursday, raising benchmark interest rates to 5%.

— Natalie Tham, Jihye Lee

Tencent, NetEase shares rise after China approves game titles

Shares in Chinese technology companies Tencent and NetEase listed in Hong Kong rose after the companies were granted gaming licenses by China’s National Press and Publication Administration.

Tencent shares rose 3% at the open, and NetEase rose more than 5%.

The regulator issued licenses for around 70 games for November, including Tencent’s Metal Slug: Awakening and NetEase’s A Chinese Odyssey: Homecoming.

On Thursday, NetEase shares plunged more than 11% after the company announced that its license with Activision Blizzard will end in January 2023.

– Jihye Lee

Japan’s core inflation index rises 3.6%, higher than expected

Japan’s core consumer price index rose 3.6% in October on a year-over-year basis, beating expectations for a 3.5% increase and the fastest pace since February 1982.

The index, which excludes fresh food but includes fuel costs, rose 3.0% in September compared with the same period a year ago.

The latest data marks the seventh consecutive month that the nation has seen inflation levels above the Bank of Japan’s 2% target.

– Jihye Lee

CNBC Pro: JPMorgan says these Asian travel stocks are poised to emerge

As travel in Asia resumes and continues to gain momentum, particularly following China’s recent announcement to reduce quarantine periods for international travelers, JPMorgan says it remains positive for the region’s tourism industry.

“Given the high booking visibility going forward and further upside from the final leg of the reopening in parts of the region, we are bullish on the Asia airlines and airport sectors,” it said in a Nov. 11 note.

CNBC Pro subscribers can click here to find out which stocks investors should pay attention to.

— Charmaine Jacob

S&P 500, Nasdaq Composite close lower on Thursday

The Dow Jones Industrial Average closed near the flat line Thursday despite falling as much as 314 points in the session. The S&P 500 fell 0.31 percent. The Nasdaq Composite fell 0.35 percent.

—Sarah Min

CNBC Pro: ‘Bull case for semifinals is compelling’: BofA picks the best chip stocks to buy

Chip stocks, once a hot favorite among investors, are doing poorly this year.

But BofA says that despite consumer demand remaining under pressure, “the bull case for semifinals is also compelling.”

Semiconductor sales may return in the second half of 2023, BofA predicted.

Here are some themes that chip stocks could ride on, says the bank, which also selects names to buy.

CNBC Pro subscribers can read more here.

— Weizhen Tan

The Fed’s Jefferson said that low inflation is the best way to achieve prosperity

Keeping inflation under control is the best way to ensure a strong economy for everyone, Federal Reserve Governor Philip Jefferson said Thursday.

“Low inflation is the key to achieving a long and sustained expansion – an economy that works for everyone,” the central bank governor said at an event in Minneapolis. “Adhering to our dual mandate is the best way for the Federal Reserve to promote universally shared prosperity.”

Jefferson did not comment directly on where he sees policy heading, as the Fed looks to achieve both full employment and stable prices.

His comments followed a flurry of speeches from his colleagues, who generally said the Fed would need to raise interest rates more to bring down inflation, which has remained around the highest levels since the early 1980s.

-Jeff Cox

Fed’s Bullard says monetary policy not yet ‘tight enough’

St. Louis Federal Reserve President James Bullard said more tightening may be needed for the central bank to tame inflation.

He said on Thursday that inflation remains unacceptably high, noting that policy is not “sufficiently restrictive” at current levels. The Fed has raised interest rates from zero to a range of 4%-4.25% this year as US inflation rises to levels not seen in decades.

“So far, the change in monetary policy appears to have had only limited effects on observed inflation, but market prices suggest that disinflation is expected in 2023,” Bullard said.

— Fred Imbert

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