Asia-Pacific stocks trade mixed after Wall Street losses

Indonesian and Indian currencies not seen as benefiting from China’s reopening: ANZ

Unlike other emerging market currencies, the Indonesian rupiah and Indian rupiah did not gain much of China’s reopening, said Khoon Goh, head of Asia research at ANZ Bank.

These currencies have “delayed movement…because these two economies are not seen as huge beneficiaries of China’s reopening,” Goh told CNBC’s “Street Signs Asia” on Thursday.

He added that Chinese tourists do not contribute much to the overall growth of India or Indonesia.

On the other hand, Goh said the Thai baht has been Asia’s best performing currency so far this year, and the Singapore dollar is one of his top recommendations for 2023.

— Charmaine Jacob

Asia-Pacific currencies mixed, Australian dollar weakens

Asia-Pacific currencies strengthened on Thursday afternoon, a day after the Bank of Japan announced it would keep its control of the yield curve unchanged.

The japanese yen continued to strengthen 0.8% and last traded at 127.89 against the US Dollar.

The Korean won also strengthened nearly 0.4% as the country announced plans to lift a mandatory registration process for foreign equity investors, a move that appears to further encourage overseas investment.

The Australian dollar, meanwhile, weakened more than 0.7% after its jobs data turned weaker than expected, signaling that central bank rate hikes could be slow due to the deterioration of the job market.

China’s reopening a boon to Asia’s growth outlook, says Aberdeen

Asia’s outlook is brighter this year, thanks in large part to China’s sudden reopening, according to James Thom, chief investment officer at Aberdeen Standard Investments.

“There’s a lot to worry about given all the global concerns and issues. But I think Asia is gradually improving. The outlook is improving somewhat at the start of this year,” he said. -he declares. CNBC’s “Street Signs Asia” on Thursday.

“Obviously the reopening of China is a huge tipping factor in that very few people had anticipated or anticipated it and it’s going to be a real boon for growth and supporting markets,” Thom added.

He also pointed out that “the weaker US dollar in general, again, is helpful for Asian markets.”

—Sumathi Bala

Cryptocurrencies are trading lower following Genesis’ plan to file for bankruptcy

Cryptocurrencies have been trading lower as crypto lender Genesis prepares to file for bankruptcy, Bloomberg reported citing sources familiar with the matter.

Bitcoin was down 2.51% at $20,742.39, according to data from Coin Metrics. Ether fell 3.66% to settle at $1,522.93.

Just last week, Genesis, along with Gemini, were charged by the Securities and Exchange Commission with allegedly selling unregistered securities as part of a high-yield product offered to depositors.

Earlier this month, Genesis laid off 30% of its workforce.

—Lee Ying Shan

CNBC Pro: Veteran investor says ‘tech is dead’, names safer stocks to weather ‘current storm’

After a tough 2022, some investors are returning to tech, but investment veteran Michael Landsberg is letting the sector slide.

He favors safer sectors and shares the names of five companies he hopes will weather the “current storm”.

Pro subscribers can learn more here.

— Zavier Ong

Oil prices fall more than a dollar as fears of recession loom

Oil prices fell more than a dollar following a disappointing U.S. retail sales reading that fueled recession fears.

Brent crude futures fell 1.21%, or $1.03 to $83.95 a barrel, while US West Texas Intermediate futures lost 1.38%, or 1.10 $ to $78.38 a barrel.

Retail sales in the United States in December fell 1.1%, slightly more than the forecast 1%.

– Lee Ying Shan

Australia’s unemployment rate holds steady, but jobs suffer

Australia’s unemployment rate edged up 3.5% in December, slightly beating Reuters expectations of a 48-year low of 3.4%.

The figure compares to an unemployment rate of 3.4% for November.

However, employment figures for December plunged by 14,600, largely missing expectations for growth of 22,500 as well as a rise of 64,000 for November.

—Lee Ying Shan

CNBC Pro: Morgan Stanley’s Slimmon Says Stocks Will ‘Surprise’ Wall Street in 2023 – and Names Two He Likes

Investing veteran Andrew Slimmon said he thinks stocks are doing “much better” than most expected this year.

“I’m not so sure about the second half of this year, but I think the surprise is going to be that the stock market is going to do better earlier this year than was almost universally predicted by many strategists on the equity side. selling,” Slimmon, senior portfolio manager at Morgan Stanley Investment Management, told CNBC’s “Squawk Box Asia” on Friday.

He also named two of his favorite stocks.

Pro subscribers can learn more here.

— Zavier Ong

Japan announces trade deficit for December

Japan recorded a trade deficit of 1.45 trillion yen ($11.27 billion) for the month of December, official data showed.

Japan’s imports in December were up 20.6% from a year ago, slightly below Reuters expectations of 22.4%. Its exports rose 11.5% year-on-year, against an estimate of 10.1%.

The reading would cap an entire year of trade deficits for Japan.

—Lee Ying Shan

CNBC Pro: 2023 is shaping up to be tough – but this ‘outstanding’ stock is rock solid, fund manager says

Many investors are bracing for a tough year, with at least a mild recession looking likely.

Due to the “clouded” economic environment, fund manager Trent Masters of Alphinity Investment Management told CNBC Pro Talks he picks stocks with one key quality: earnings resilience.

He names a “rock-solid” stock that meets that criteria.

CNBC Pro subscribers can learn more here.

—Weizhen Tan

Shares ended lower on Wednesday

All major averages ended the day lower on Wednesday.

The Dow Jones Industrial Average fell 613.89 points, or 1.81%. The S&P 500 lost 1.56% and the Nasdaq Composite slipped 1.24%.

—Tanaya Machel

Fed master says ‘we have to keep going’ with rate hikes

Cleveland Federal Reserve Chair Loretta Mester said Wednesday that interest rates should continue to rise even with the recent slowdown in inflation.

In an interview with The Associated Press, the policymaker said the Fed will likely need to raise its benchmark interest rate above 5% in order to bring inflation down steadily to the 2 target. % of the central bank. She noted that markets and the economy easily absorbed the half-point rate hike in December.

“I just think we have to keep going, and we’ll talk to the [Jan. 31-Feb. 1] meeting how much to do in a particular meeting,” Mester said. what we get is very well anchored inflation expectations at 2%…and inflation on that downward path.”

The federal funds rate is currently targeted in a range between 4.25% and 4.5%.

—Jeff Cox

Holiday sales data falls short of expectations

Holiday sales numbers were weaker than expected for 2022, according to data from the National Retail Federation.

The industry group said sales in November and December were up 5.3% year-on-year. The NRF had projected growth of between 6% and 8%.

The data does not include spending at car dealerships, gas stations and restaurants. Sales figures are not adjusted for inflation.

—Jesse Pound, Melissa Repko

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