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HomeAsiaAsia markets fall for a second day; China Covid in focus

Asia markets fall for a second day; China Covid in focus

Japan’s unemployment rate unchanged, retail sales below estimates

Japanese Unemployment rate October was stable from 2.6% in September, according to official data. The figure is slightly higher than the 2.5% average forecast of economists polled by Reuters.

of Effective ratio of job offers to applicants, which measures the number of active job openings per job seeker, was 1.35. This represents 135 job vacancies for every 100 applicants, indicating that Japan’s labor market remains tight.

national retail sales On an annualized basis, it rose 4.3% in October, below expectations of a 5% increase projected in another Reuters poll.

The latest figures show that retail sales growth has slowed for the first time since June this year.

Lee Ji-hye

Fed needs to continue hiking into next year, Bullard says

James Bullard of Jackson Hole, Wyoming.

David A. Grogan | CNBC

St. Louis Fed President Bullard said on Monday that the Fed should continue to raise benchmark interest rates in the coming months, with markets likely underestimating the Fed’s chances of becoming more aggressive. said to be sexual.

“We need to continue to pursue higher interest rates through 2023, and there is some risk that we will have to go even higher than that. [5%]said Bullard during a Barons Live webinar.

Bullard said earlier this month that the Fed’s interest rate hikes “only limited effect“Inflation so far and we may need to raise the benchmark interest rate from 5% to 7%,” he said.

FOMC voting member Bullard said the Fed should postpone a rate cut next year even if inflation conditions begin to show consistent improvement.

“Given the past performance of core PCE and the Dallas Fed’s adjustment to average inflation, I think it should probably stay at this level through 2023-2024. I think that’s my baseline. But that probably won’t happen,” Bullard said.

— Jesse Pound

Cryptocurrency prices drop after BlockFi declares bankruptcy, but recover quickly

Bitcoin prices plunged Monday after BlockFi officially announced it had filed for Chapter 11 bankruptcy following FTX’s bankruptcy.

Bitcoin temporarily dropped to around $16,000, but has already recovered. Last time he fell just 1% to take him above $16,300, according to Coin Metrics. The Ether price movement also showed a similar rally.

BlockFi has been in bad shape since the spring following the Terra project detonation that led to the implosion of Three Arrows Capital. At the time, the company accepted a bailout from FTX that helped it avoid bankruptcy. Of course, FTX now manages its own bankruptcy.

— Tanaya Machel

Stocks End Monday’s Session Lower

After winning Thanksgiving week, the three major indices ended lower on Monday as investors sold out amid concerns over supply chain disruptions amid Covid-related protests in China. did.

of Dow Jones Industrial Average Losing 1.45%, or 497.57 points, it closed at 33,849.46.of S&P 500 It also dropped 1.54% to end at 3,963.94.of NASDAQ Composite Down 1.58%, it closed at 11,049.50.

— Alex Haring

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