Asia-Pacific Markets, Fed, Wall Street, Apple, Tesla, Japan PMI

Alibaba shares rise after Ant Group gets approval for capital plan

Shares in Hong Kong-listed Alibaba rose 6.43% in morning trade on Wednesday – after China’s Banking and Insurance Regulatory Commission approved Ant Group’s capital expansion plan for its Chongqing-based consumer finance unit.

A step The announcement was made last weekChinese regulators have given billionaire Jack Ma’s fintech company permission to raise 10.5 billion yuan ($1.5 billion).

An ant colony is a Affiliate of Alibaba The e-commerce company has a 33% stake in this. Ant Group operates the Alipay mobile payments wallet in China. Shares of Alibaba rose 2.78% on Tuesday, the first trading session since the announcement.

Other companies named in the notice include Hangzhou Jintou Digital Technology Group, Nanyang Commercial Bank, Zhejiang Sunny Optical and China Huarong Asset Management.

Approval indicates progress Government-led regulatory reform A fintech company.

– Jihye Lee, Evelyn Cheng

CNBC Pro: Analysts see these 10 global renewable energy stocks delivering 50% upside despite higher rates

Skyrocketing energy costs have spurred investment in renewable energy around the world.

Swiss investment bank UBS has identified 10 major renewable energy companies that are poised to capitalize on this trend and outperform over the next year.

CNBC Pro subscribers can read more here.

– Ganesh Rao

Japan’s manufacturing activity has been weak for more than two years

The au Jibun Bank Flash Japan Production Purchase Manager’s code A reading of 48.9 was recorded in December, marking the second consecutive month in contraction territory.

The reading was down from November’s 49.0 and marked the weakest reading since October 2020 at 48.70.

The report attributed the lingering contractions in manufacturing to “weak global economic trends.”

– Lee Ying Shan

Tesla’s Asian suppliers fell after the delivery report

Tesla’s suppliers in Asia subsequently fell reported Its fourth-quarter vehicle production and delivery numbers for 2022 fell short of expectations.

The deliveries report showed 405,278 total deliveries for the quarter and 1.31 million total deliveries for the year, about 427,000 deliveries short of expectations for the year-end quarter.

of Japan Panasonic Losing 1.82% in early Asian trade – South Korea’s LG Chem fell 0.17% in earlier hours and Samsung SDI fell about 2%.

Shenzhen-listed stocks Modern Ambrex technology, or CATL, also known as CATL, fell 1.7%. Tesla shares fell 12% on Wall Street on Tuesday.

– Ashley Cabot, Jihye Lee

CNBC Pro: Wall Street Is Bullish on This Chip Company, Morgan Stanley Gives Up 55%

2022 once hit the hot chip sector, but Wall Street is turning more bullish on semiconductor stocks for next year.

Recently, many pros have urged investors Take a long-term view on the sectorThe importance of chips is given in many major secular trends.

Analysts named one stock particularly bullish, citing its earnings potential and future profitability.

CNBC Pro subscribers can read more here.

– Weissen Don

Apple’s Asian suppliers are trading mostly despite reports of production cuts

US manufacturing PMI fell at fastest pace since May 2020

According to S&P Global, the U.S. manufacturing price managers’ index, a measure of output, fell at the fastest rate in December since May 2020.

The index stood at 46.2 in December, up from 47.7 in November, according to data released on Tuesday. Lower prices and contracted production levels weighed on the index. Additionally, December saw a sharper-than-expected decline in new sales, with companies citing uncertainty due to the economic backdrop.

– Carmen Reinicke

Tesla fell 13%, hitting a new 52-week low

Shares fell more than 13%, hitting levels not seen since August 2020. Worst annual performance for a slide stock – Tesla plunges 65% in 2022

– Carmen Reinicke

Apple’s market cap falls below $2 trillion

A sale Apple Shares pushed the iPhone maker’s market capitalization below $2 trillion on Tuesday.

Shares fell 4% amid reports of production cuts on some goods due to weak demand. Concerns about iPhone supplies during the holiday season have mounted in recent weeks and the stock has come under pressure as shutdowns spread through Apple’s main supplier in China.

The fall in shares was a year ago, when Apple Became the first US company to reach a $3 trillion market cap.

Apple was the last mega-cap technology stock to cross the $2 trillion mark.

– Samantha Subin

Goldman Sachs says US will avoid recession in 2023

Goldman Sachs has a better-than-consensus forecast for the US economy in 2023.

“Our economists continue to believe the Fed will successfully engineer a soft landing for the U.S. economy to avoid recession,” analysts wrote on Tuesday.

“This non-consensus forecast partly reflects our view that a period of low growth is sufficient to gradually rebalance the labor market and reduce wage and price pressures,” the note said. “But it also reflects our analysis indicating that the drag of fiscal and monetary policy tightening will ease sharply next year, contrary to consensus that the lagged effects of interest rate hikes will cause a recession in 2023.”

Additionally, the bank today raised its 4Q22 GDP growth forecast by 10bp to +2.1% on the back of a surprisingly strong November construction spending release.

“The disconnect between the U.S. economy’s recovery in 2022 and the fall in stocks has been the dominant narrative of the past year,” Goldman said. “Also, whether this disconnect continues, or whether the economy matches the market downturn, or whether the market rebounds on the back of an economic soft landing may be part of the story of 2023.”

– Carmen Reinicke

Leave a Reply

Your email address will not be published.