Asia markets trade mixed amid recession fears; China trade data misses expectations

China’s imports and exports have fallen more than expected

China’s dollar-denominated exports fell 8.7% in November on a year-on-year basis, falling short of expectations for a 3.5% decline, according to analysts in a Reuters poll.

Exports in US dollars also fell 10.6% in the month from a year ago, lower than expectations for a 6% drop in another Reuters poll.

The country’s trade totaled $69.84 billion, down from the forecast of $78.1 billion.

– Jihye Lee

Home prices in Hong Kong have fallen sharply in almost five years, with more and more available space

Property prices in Hong Kong fell to their lowest level in nearly five years as rising interest rates and a massive migration of foreign workers pushed down prices in one of the world’s most expensive cities to work in – and there is plenty of room for them to fall.

Hong Kong home prices in October fell 2.4% to 352.4 compared to the previous month, indicating a sharp decline in the gauge. as of November 2017.

In addition, according to the Natixis report, the city asset prices may fall by 25% from the previous risk in 2021, before the destruction begins.

“Weak economic conditions in Hong Kong and around the world, as well as rising credit costs are the main contributors to the decline in property prices,” Nelson Wong, head of research at real estate firm Jones Lang LaSalle told CNBC.

— Lee Ying Shan

Shares of TSMC rose after Apple said it would use chips made in the US by the Taiwanese company

China is expected to see further declines in imports and exports

China’s trade data for November is expected to show further declines in imports and exports, according to a Reuters poll of economists.

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Central forecasts predict exports will fall 3.5% in November on an annualized basis after a 0.3% drop in October, and exports are forecast to fall 6% after a 0.7% drop last month.

Trade in US dollars is expected to drop to $78.1 billion – less than last month’s $85.15 billion.

— Jihye Lee

CNBC Pro: ‘Gift for investors’: BlackRock says it’s time to rethink bonds

It’s time to rethink bonds, according to the BlackRock Investment Institute, which said “the allure of fixed income is strong” right now.

“High yields are a gift to long-starved investors. And investors don’t have to go far from risk to receive them,” said Philipp Hildebrand, vice chairman of BlackRock, and Jean Boivin, director of BlackRock. Investment Institute, wrote in a statement last week.

They explained their top ways of making money.

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– Xavier Onga

Australia’s economy saw slower growth in the third quarter

Australia’s economy grew by 0.6% from the previous quarter, it showed – figures that missed expectations of 0.7% quarterly growth predicted in a Reuters poll.

The latest domestic sales showed a slower growth from the second quarter’s growth of 0.9% from the first three months of the year.

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On a year-over-year basis, GDP in the third quarter increased by 5.9%, which the Australian Bureau of Statistics said showed “the fastest economic growth since the Delta event in September 2021.”

“Growth was mainly driven by the strength of domestic investment,” it added.

The annual figure also missed expectations in another Reuters poll to gain 6.2%.

Australian dollar changed little after the report and S&P/ASX 200 it was kept 0.7% lower.

— Abigail Ng

CNBC Pro: UBS says shares in global airline expected to rise 55%

Shares of international airlines are expected to grow by 55% next year, according to UBS.

The investment bank raised its share price after the pan-European airline expected to see strong demand over Christmas.

CNBC Pro subscribers can read more here.

– Ganesh Rao

Stocks may fall, building on Monday’s losses

Stocks fell on Tuesday, extending losses from the previous session.

The S&P 500 shed 1.44% to close at 3,941.26, while the Nasdaq Composite sank 2% to end at 11,014.89. The Dow Jones Industrial Average fell 350.76 points, or 1.03%, to settle at 33,596.34.

– Samantha Subin

Oil has fallen sharply since Dec. 27, 2021

Oil prices fell on Tuesday, weighed down by economic uncertainty even over the price of Russian crude and demand boosted by China’s reopening.

US West Texas Intermediate crude for January delivery fell more than 4% to $73.85 on Tuesday afternoon. Brent crude for February delivery fell 4.34% to $79.09 a barrel.

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The US also said it sees oil production increasing next year, restoring its futures after five months of cuts. A monthly report from the Energy Information Administration said it is expected to hit 12.34 million barrels per day in 2023, higher than the daily record of 12.315 million barrels per day in 2019.

—Carmen Reinicke

Inflation is hurting consumer wealth and could lead to a recession in 2023, Dimon says

Dimon said in June that he was preparing the bank for the economic “storm” caused by the Federal Reserve and Russia’s war in Ukraine.

Al Drago | Bloomberg | Getty Images

American consumers are still doing well and supporting the US economy, but this could change next year, according to JPMorgan Chase CEO Jamie Dimon.

Consumers have more than $1.5 trillion in savings on promotional programs and will spend 10% more in 2021, he said Tuesday on CNBC’s “Squawk Box.”

“Inflation is destroying everything I’ve talked about, and that trillion and a half dollars will be gone sometime in the middle of next year,” Dimon said. “Looking forward, these things could disrupt the economy and lead to the recession that people are worried about.”

Dimon also weighed in on cryptocurrencies, the importance of fossil fuels and other topics in various interviews.

– Son Hugh

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