China’s factory activity at lowest reading since April; Asia markets largely higher

Bitcoin Briefly Surpasses $17,000, Highest Level Since Mid-November

The bitcoin price briefly rose above $17,000 in the morning session in Asia for the first time since mid-November.

According to Coin Metrics, bitcoin is up 2.2% over the past 24 hours and last traded at $16,863.07 per coin.

Ether also climbed, and was up 4.74% over the past 24 hours, trading at $1,268.46.

– Jihye Li

China’s factory activity failed to meet expectations, contracting for the second month in a row

China’s official Manufacturing Purchasing Managers’ Index for November fell to 48, below the 50-point mark that separates growth from contraction.

That was below expectations of analysts polled by Reuters, who had predicted a reading of 49. The PMI for October was 49.2.

PMI readings are sequential and represent the month-to-month change in factory activity.

Abigail Ng

Australia’s monthly inflation indicator shows a slight slowdown

Australia’s consumer price index for October slowed to 6.9% on an annual basis, from 7.3% in September, according to a monthly indicator from the Australian Bureau of Statistics.

The rise in prices for housing, food, and non-alcoholic beverages as well as transportation pushed the overall CPI higher.

Bilibili shares pop in Asia morning session

Hong Kong-listed shares of bilibili Asia morning popped up 12.7% after the company beat revenue estimates for the third quarter of the year.

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Net revenue came in at 5.79 billion Chinese yuan ($809.8 million), up 11% from the same period in 2021. Estimates from Refinitiv Eikon predicted revenue of 5.52 billion yuan.

Net losses narrowed to 1.7 billion yuan, and average monthly active users grew 25% year-on-year.

US-listed shares of the company Hong Kong shares were last up 8.47%, while it soared 22% overnight.

Abigail Ng

South Korea, Japan’s industrial production figures are worse than expected

The month of October saw a decline in the industrial production of South Korea and Japan.

Japan’s preliminary industrial production for October fell 2.6% from a month earlier, according to a Reuters poll, more than expected a 1.5% drop.

The reading marked a second decline in a row after seeing a 1.7% decline last month.

South Korea’s industrial production also fell 3.5% from a month ago, well below expectations for a 1% decline. The reading is the lowest since May 2020, when output declined by 6.7%.

– Jihye Li

China’s factory activity is expected to contract for the second month in a row

China’s official manufacturing purchasing managers’ index for November is expected to come in at 49, below the 50-point mark that separates growth from contraction, according to analysts polled by Reuters.

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This is slightly lower than the reading of 49.2 reported in October.

PMI readings are sequential and reflect month-to-month changes in activity.

Abigail Ng

Asked about policy change, China says it is ‘closely monitoring’ virus development

Chinese health officials said authorities are “closely watching” the development of COVID when asked if protests in the region would lead to a change in their zero-COVID policy.

“China is following and watching closely as the virus evolves and mutates,” the officials said, according to a translation of Tuesday’s briefing.

-Christine Wang, Evelyn Cheng

CNBC Pro: Oil stocks are trading ‘well below’ their long-term trend, says Goldman Sachs Curry

Jeff Curry, Global Head of Commodities Research at Goldman Sachs, told CNBC that historically, oil stocks have traded at a much higher premium to crude prices than current price levels.,

For example, the price difference between SPDR Oil & Gas ETF And ICE Brent Crude The futures contract was around $66.60 on Tuesday. According to data from Coyfin, this is significantly less than the gap of $104 recorded in early January 2017, as shown in the chart below.

China announces measures to promote vaccination of the elderly

China’s health authorities released a plan to promote vaccination of the elderly, according to a notice on the website of the National Health Commission.

Hong Kong-listed shares of CanSino Biologics It extended gains in the afternoon session and rose as much as 18% soon after the announcement was posted.

The notice states that officials should use multiple data points to accurately identify target groups for vaccination of the elderly.

CNBC Pro: As Wall Street turns bearish, these margin-growth stocks may be safe bets

Wall Street professionals are concerned about the stock’s outlook, and are urging investors to remain defensive. These margin growth stocks can be safe bets.

Pro subscribers can read more here.

Xavier Ong

Nasdaq and S&P 500 down for third day

Dow Jones Industrial Average It closed 3.07 points, or 0.01% higher, after trading mostly for the day. The index ended the day at 33,852.53.

Meanwhile, the Nasdaq Composite It closed at 10,983.78, down 0.59%. Teathe s&p 500 It closed at 3,957.63, down 0.16%.

— Alex Harring

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