24.7 C
Asia
Saturday, February 4, 2023
HomePoliticsHong Kong stocks lead losses in Asia on China unrest, oil at...

Hong Kong stocks lead losses in Asia on China unrest, oil at lowest in 2022

Proposed oil price cap unlikely to be lowered due to disagreements between Poland and Baltics: CBA

of the European Union Proposed cap According to Australia’s Commonwealth Bank, Russia’s oil prices are unlikely to fall due to opposition from Poland and the Baltics.

Both countries object to the proposal’s claims, saying the current offer is too generous and too close to the current price Russia puts on the market.

Vivek Dhar, the CBA’s Director of Mining and Energy Commodities Research, questioned the feasibility of reflecting the opposition of the EU’s more hawkish member states.

“I know Poland and the Baltics are vehemently disagreeing about a high price cap at the moment, but realistically speaking, will their opposition drive prices down?” he said on CNBC. I said in “Click here for the program name”

talks about price cap Postponed to next day friday debate fails Reaching a conclusion.

— Li Yingxiang

Moving production of Apple’s latest Pro iPhone out of China’s Zhengzhou won’t be ‘at all’ easy: analyst

Martin Yang, senior analyst for emerging technologies at investment firm Oppenheimer, told CNBC that production of Apple’s latest Pro iPhone has been hit by workers’ uprisings over China’s zero-coronavirus policy. He said it would not be “at all” easy to move from the Zhengzhou factory, which is giving “road sign asia.”

“The iPhone 14 Pro and Pro Max will continue to be produced exclusively in Zhengzhou,” he said, noting that some of the production of low-end phones such as the iPhone 13 and iPhone 14 has moved to factories in Shenzhen, China and India. mentioned.

“This suggests that high-end iPhones have a different set of production processes that are not very easy to move elsewhere. Refers to highly customized equipment and a trained workforce that can’t.Yang.

But he said he was “confident” that customers wouldn’t switch to competitor Samsung because of Apple’s “competitive advantage.”

He said the iPhone is perceived to be more valuable than Android phones because Apple has access to high-end components at lower costs while other companies are squeezed on margins.

— Sheila Chen

Casetify is poised to become Hong Kong’s next unicorn, with valuation “close to 1 billion,” CEO says

Hong Kong-based Casetify is currently valued “close to $1 billion,” said co-founder and CEO Wesley Ng. CNBC Make It.

This comes after raising its first funding after 10 years of operation in 2021. The company reportedly made an “eight-figure” profit from C Capital.

When worldwide inflation When Imminent economic headwindsNg said Casetify was “lucky” that it wasn’t backed by a venture firm.

“We did not over-invest in exchange for unnecessary growth. Fortunately we are healthy but remain very cautious.”

Read more about Ng’s multi-million dollar company and his business tips here.

— Go Chiu Tong

30% chance of China reopening sooner than expected: Goldman Sachs

China will most likely reopen around April next year after the National People’s Congress meets, Goldman Sachs said, but authorities could reopen sooner as Covid cases are difficult to control. have a nature

China’s chief economist, Hui Xiang, said the former scenario has a 60% chance of happening.

“There is also a 30% chance of reopening early just because Covid is hard to control, suggesting it could be a very cumbersome process due to lack of medical readiness. ‘ she said.

“It’s not medically ready yet, but the virus is evolving that way. [that] It will be very costly to continue enforcing that dynamic zero Covid policy,” she said.

She said policymakers will have to weigh the costs and benefits of strict Covid restrictions as protests are taking place across the country.

“This is not what they’ve been through before. [or] I had a lot of experience dealing with it in previous cycles,” she said.

— Surin Tan

Oil futures widen losses as U.S. crude hits lowest level of the year

Both US and Brent crude futures each fell more than 2% in Asian morning trading.

West Texas Intermediate Futures It has fallen to $73.86 per barrel, its lowest level since December 2021. Brent Crude Oil Futures So far, session lows have fallen to $81.16 per barrel.

WTI last fell 2.58% to $74.31 a barrel, while Brent crude ended down 2.37% to trade at $81.65 a barrel.

— Abigail Ng

Hong Kong action: Tech, EV and real estate stocks fall.casino rise

Consumption surges on rising demand if China lifts lockdown: BofA

China's easing of Covid measures is 'key' to growth recovery in 2023, economists say

Helen Chao, chief Greater China economist at BofA Securities, said household confidence would recover as China reopened its economy.

“As of the end of October, household savings have accumulated to about 5 trillion yuan, compared to only about 2 trillion yuan in normal years,” she told CNBC’s “Squawk Box Asia.” .

“People are borrowing less, but they’re actually putting more money into their household savings because they don’t have anywhere to spend it,” she said.

— Surin Tan

China’s reserve cuts won’t make a big difference as Covid rules are still in force, analysts say

China’s latest move to reduce reserve ratio A 25 basis point rise for banks wouldn’t matter too much for the banking economy without a drastic shift away from tough Covid restrictions, according to The Economist Corporate Network.

“Consumer and investor sentiment has been so damaged by these policies that we won’t see any meaningful recovery until change occurs,” said Mattie, the organization’s China director. Bekink said on CNBC’s show. “Squawk Box Asia”.

Bekink emphasized how sensitive investor sentiment has affected the market before.

“We’ve already seen a pretty big move in the market based on the underlying rumor that Beijing is easing, and that was just a few weeks ago,” she said.

“The lockdown seems endless and relentless,” Bekink said.

— Lee Ji-hye

China turmoil puts other currencies at risk: Standard Chartered

Global currencies are also at risk of weakening along with the offshore Chinese yuan amid fears over China’s zero-Covid policy due to how supply chains may be affected, according to Standard Chartered.

“A key question about how the world will react is how China’s supply chain will react,” Stephen Englander, managing director of Standard Chartered Bank, said on CNBC’s show. rice field “Squawk Box Asia”.

“If it’s more confusing, I think it’s a risk off,” he said. “Not only CNH, other currencies will be at risk.”

Inglander added that traders may want to reduce their exposure to further risks.

— Lee Ji-hye

CNBC Pro: Asset managers pick 3 global retailers to short amid consumer spending dip

Plurimi Wealth chief investment officer (CIO) says mass retailer stocks will fall next year as margins squeeze and consumers cut back on spending.

Patrick Armstrong told CNBC’s Pro Talks that he was betting at a disadvantage by shorting stakes in Japanese retailers, multinational clothing companies and Canadian e-commerce platforms.

Armstrong believes consumers will spend less next year as interest rates and household costs rise.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Oil prices fall as China’s Covid protests continue

Crude oil futures fell early in Asia as rising coronavirus cases, virus restrictions and turmoil in China raised concerns about demand from China, the world’s second largest oil consumer. .

West Texas Intermediate Futures down 0.35% to $76.01 per barrel, Brent Crude Oil Futures It fell 0.26% to $83.41 per barrel.

ANZ Research’s Brian Martin and Daniel Hines said in a report on Monday that oil prices plunged last week as “increased lockdowns in China sparked concerns over demand.”

“This is still a headwind for oil demand,” they said, adding that the impact of rising Covid cases was also reflected in China’s mobility data.

— Abigail Ng

CNBC Pro: Buy This Big Tech Stock Now At An ‘Attractive’ Entry Point, Portfolio Manager Says

According to Food Asset Management’s Brian Arcese, one Big Tech stock has an “attractive” price to buy now.

The company’s portfolio manager, Arcese, sees growth in the “mid-teens” despite cyclical headwinds in the industry.

CNBC Pro subscribers can read more here.

— Tan Weizhen

Offshore Chinese yuan weakens in Asia morning as Covid protests continue

of offshore renminbi It weakened sharply against the US dollar amid negative sentiment over China’s fears over Covid restrictions.

The currency fell about 0.8% against the US dollar to 7.2529 in Asian morning trading.

of dollar index It rose 0.32% to 106.29. Investors are likely to see the U.S. dollar as a safe haven amid growing concerns about China.

— Lee Ji-hye

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments