Asia-Pacific markets mixed ahead of U.S. inflation data

Chip war in favor of Asian manufacturers: Malaysia Semiconductor Industry Association

Malaysia will benefit from U.S. chip export restrictions, Malaysia Industry Association says

U.S. export restrictions could benefit many manufacturing countries in Asia, including Malaysia, said Wong Siew Hai, president of the Malaysia Semiconductor Industry Association.

“As they impose tariffs on chips to ship from China to the US, China needs to find a solution. So basically there’s a lot more options for everyone,” Wong told CNBC’s Squawk Box Asia on Thursday.

“Currently there are cases of company formation in Malaysia, in Vietnam… [and] there is much more because with more restrictions the US imposes on China, China needs to find solutions,” he said.

— Su-Lin Tan

TSMC secures a year-long license from the US for chip expansion in China, reports Nikkei

Taiwan Semiconductor Manufacturing Co. has secured a year-long license to continue ordering U.S. chip manufacturing equipment for its expansion in China, Nikkei reported, citing sources.

The US government license allows the company to continue shipping equipment to its plan in Nanjing, China, and serves as a temporary exemption from the latest sweeping regulations announced by the US. The controls aim to prevent China from obtaining key chips or manufacturing components for supercomputers.

TSMC declined to comment to Nikkei.

This comes after South Korea’s SK Hynix announced on Wednesday that it had received a one-year dispensation from the US government.

– Jihye Lee

CNBC Pro: Goldman Sachs favors Tesla and another major automaker even during an economic slowdown

Goldman Sachs raised its forecast for electric car sales and said Tesla and another major automaker will benefit from the Inflation Reduction Act.

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It comes at a time when the auto sector is facing multiple headwinds in 2023, from rising interest rates to a slump in consumer demand.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Japan’s producer price index for September rises the most in five months

Earnings Announcements: Taiwan’s TSMC, Japan’s Fast Retailing

Taiwan Semiconductor Manufacturing Co According to data from Refinitiv, revenue is expected to rise 34.6% to $20.03 billion in the third quarter of this year, compared to $14.88 billion in the same period last year.

The stock traded 1.38% higher in Asia this morning while broader Taiex was about flat. Its US-listed shares gained around 1% overnight.

Meanwhile, analysts expect Japan Fast Retail Refinitive estimates it will post a record annual profit of 291 billion yen ($1.98 billion), or a 17% increase for the full fiscal year.

Fast Retailing shares were last up 0.09%.

– Abigail Ng

CNBC Pro: Is Meta a Stock to Buy or Dodge? A bull and a bear face each other

These are turbulent times for Metawith investors fleeing this year as it struggles with headwinds.

The stock plunged to its lowest level since January 2019 in late September — and has fallen even further since.

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Now that its shares are so cheap, are big investors considering Facebook’s parent company a buy, or should it be avoided?

CNBC’s Street Signs Asia spoke to Independent Solutions Wealth Management’s Paul Meeks and Longbow Asset Management’s Jake Dollarhide as they faced each other to lay out their bull-and-bear plans for Meta.

Pro subscribers can read more here.

— Wheat Tan

Biotech company BeiGene’s shares surge 20% after positive update on blood cancer drug

Hong Kong-listed Beine shares rose 20% on the open after the company announced positive late-stage data for its blood cancer drug.

The biotechnology company said its treatment for adult patients with chronic lymphocytic leukemia or small lymphocytic lymphoma is currently under FDA review, with a decision expected in January 2023.

– Jihye Lee

Toshiba jumps more than 9% after reports of potential acquisitions

shares of Toshiba rose as much as 9.4% after a report said a consortium could acquire the company for about $19 billion.

Kyodo News reported that the Tokyo-based fund that runs the group, Japan Industrial Partners, has asked several companies, including Chubu Electric Power and Orix, to participate in the move, citing people familiar with the matter.

Toshiba could be delisted once the acquisition is complete.

– Jihye Lee

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CNBC Pro: This EV battery-related sector is attractive right now, and Citi names stocks to benefit

This sector could be the next big technology for powering electric vehicles, with Citi calling it one of the ten fastest growing industrial technology markets as it highlights the opportunities in the space.

Morgan Stanley also tagged a stock it says is a “hidden EV battery game.”

CNBC Pro subscribers can read more here.

— Wheat Tan

Stocks close lower after a choppy session

All three major moving averages closed lower on Wednesday after oscillating between gains and losses throughout the day.

The S&P 500 lost 0.33% to 3,577.03, its lowest close since November 2020 and its sixth consecutive daily loss.

The Dow Jones Industrial Average lost 28.34 points, or 0.10%, to close at 29,210.85. The Nasdaq Composite fell 0.09% to close at 10,417.10.

– Carmen Reinicke

Fed minutes show the central bank sees more rate hikes and higher rates for longer

The Federal Reserve’s September meeting minutes, released on Wednesday, show the central bank expects to continue raising interest rates and keeping them higher until inflation shows signs of abating.

The minutes reflect policymakers’ discussions prior to the latest 0.75 percentage point hike, the third consecutive hike of this magnitude this year.

The central bank was surprised by the sustained pace of inflation but remains optimistic that rate hikes will help keep inflation in check again.

– Carmen Reinicke, Jeff Cox

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