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New Zealand interest rate hikes, inflation data

Malaysian stocks little changed as wait continues for country’s new prime minister

Malaysian listed shares have changed little as the country’s political stalemate continues and local media reports say Malaysia’s King, Yang di-Pertuan Agong, will make a decision without giving a timeline. Hmm.

benchmark KLCI index After two negative sessions, it fell 0.09%.

Among the heavyweights of the index, Genting Malaysia down 2.33% after reporting third-quarter earnings, top glove also lost 1.1% — while Nestle increased by 0.28%, CIMB 0.18% increase

of Malaysian ringgit It rose slightly against the US dollar in the morning session, ending at 4.5690.

— Lee Ji-hye

Chinese online gaming stocks rise as sector crackdown appears to ease

Bank of New Zealand hints at further rate hikes

Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr said the bank’s only goal is to raise the official cash rate to a point where inflation falls.

Orr’s comments come after the central bank’s maximum rate hike of 75 basis points.

“Our core inflation rate is too high,” Orr said at a news conference, adding that the central bank was “on track for a tightening cycle.”

In a separate press release shortly after the decision was made, the RBNZ said:

— Li Yingxiang

BYD Stock Falls After Berkshire Hathaway Cuts Shares

shares of BYD Hong Kong-listed down 2.64% after Warren Buffett’s Berkshire Hathaway announced The company has cut its stake in a Chinese electric car maker.

The company sold 3.2 million shares worth about HK$630 million ($80.6 million), reducing its stake from 16.28% to 15.99%, according to filings with HKEX.

Separately, the company announced that it will increase the price of some EV models. Reuters.

– Lee Ji Hye

Kuaishou and Baidu stocks rise after earnings announcement

Xiaomi expects revenue to decline in the third quarter

Xiaomi Earnings are expected to decline in the third quarter of 2022, according to an estimated average of Refinitiv polls.

Sales for the July-September quarter are expected to decline 9.66% to 70.52 billion yuan ($9.87 billion) from 78.06 billion yuan in the same period last year.

Daiwa Securities Capital Markets said in a report that the expected drop is likely due to “weak smartphone sales,” as well as a worsening macro environment and weak consumer sentiment.

Xiaomi’s share price fell as much as 1.72% in the morning trading before the announcement, and closed by about 1%.

– Lee Yingxiang

New Zealand dollar rises after biggest rate hike

The New Zealand dollar rose to 0.6192 against the dollar after the central bank raised interest rates by 75 basis points.

NZD last traded at 0.6170 against the dollar, NZX50 The New Zealand index fell 0.8%.

New Zealand 10-year government bond yield briefly hit 4.305% shortly after the decision and last traded at 4.235%. The yield is inversely proportional to the price, equivalent to a basis point of 0.01%.

– Li Yingxiang

CNBC Pro: Goldman says EV batteries are becoming ‘important’, cites two stocks

According to Goldman Sachs, electric vehicle batteries are becoming “extremely important” in the energy transition.

Investment banks have named the top two stocks responsible for the EV battery sector, one of which is up nearly 70%.

CNBC Pro subscribers can read more here.

— Tan Weizhen

Singapore Releases Lower 2022 GDP Estimates

Singapore’s economy is expected to grow by around 3.5% in 2022, according to Ministry of Trade and Industry forecasts, with a softening external demand outlook following the European energy crisis and continued coronavirus-related restrictions in China. is mentioned.

This figure is a narrower estimate of the previous forecast range of 3% to 4% and reflects annualized growth of 4.1% in the third quarter and 1.1% growth from the prior quarter. .

The ministry also said it expects the country’s GDP growth in 2023 to be between 0.5% and 2.5%.

— Lee Ji-hye

CNBC Pro: UBS says self-driving cars could become a $100 billion market in China and names stocks that could make it happen.

Electric vehicles are gaining momentum, especially in China, the world’s largest EV market.

But UBS believes that autonomous driving will be an even bigger megatrend than electrification, with the market size reaching about $100 billion in China alone by 2030.

Here’s how investors can play with this megatrend, according to UBS.

Pro subscribers can read more here.

— Xavier Ong

Bank of New Zealand hikes rates by 75 basis points

The Reserve Bank of New Zealand raised its official discount rate by 75 basis points to a record high of 4.25%.

The decision is in line with analyst expectations, according to a Reuters poll.

Since the RBNZ first started its rate hike cycle in October 2021, this is the ninth straight rate hike, five of which were by 50 basis points.

Inflation in New Zealand is now at 7.2%, just below its 30-year high.

— Li Yingxiang

Investors should invest in second-tier Chinese tech stocks: UBS Global Wealth Management

According to Eva Li, head of Chinese equities at UBS Global Wealth Management’s chief investment office, investors are taking advantage of volatile moves in Chinese tech stocks to invest in smaller, less-established stocks. It is said that we should invest in companies that do not have

“Under current regulations, tier 2 players will do better than top companies. Use this opportunity to rotate to tier 2 companies such as those with resilient income.” ‘” she told CNBC’s ‘Street Signs Asia.

Additionally, the tech giant is perceived to be a “macro recovery”. [proxies]and the road to eventual full reopening “will be bumpy and choppy,” she said.

“We will move there eventually, but it will take time,” she said.

— Abigail Ng

Stocks rose, with the S&P 500 closing above the key 4,000 level for the first time since September.

Stocks rose Tuesday, with all three major averages up over 1%. That’s because Wall Street expects rising interest rates and inflation to ease towards the end of the year. The S&P 500 also closed at levels not seen since September.

The Dow Jones Industrial Average closed at 34,098.10, up 397.82 points (1.18%). The Nasdaq Composite also rose 1.36% to 11.174.41.

The S&P 500 rose 1.36% to close at 4,003.58, surpassing the 4,000 level for the first time since September.

— Carmen Reinicke

84% of today’s 19 S&P 500 52-week highs are all-time highs

Nineteen S&P 500 stocks hit 52-week highs on Tuesday, with 16 of them (84%) also hitting all-time highs. Three of the 19 stocks (TRV, MRK, IBM) are also in the Dow Jones Industrial Average, and two of his stocks are all-time highs.

  • General Parts Co. (GPC), highest since 1948 IPO
  • Oreilly Auto (ORLY) hits highest price since 1993 IPO
  • TJX Cos. (TJX) hits highest price since 1987 IPO
  • General Mills (GIS), all-time high since 1927
  • Monster Beverage (MNST) hits record high since its predecessor listed on NASDAQ in 1992
  • PepsiCo’s (PEP) record highs date back to the 1965 merger of Pepsi-Cola and Frito-Lay.
  • Marathon Petroleum (MPC) hits all-time high after spinning off from Marathon Oil in 2011
  • Aflac Inc. (AFL), tracing back CNBC data history to 1973
  • Arthur J. Gallagher (AJG) hits highest price since 1984 IPO
  • Globe Life (GL) Hits All-Time Highs Back to 1980 Predecessor Data
  • MetLife (MET) hits new high since 2000 IPO
  • Progressive (PGR), highest since 1971 IPO
  • Travelers (TRV) hits all-time high after being spun off from City in 2002
  • Gilead Sciences (GILD) hits highest price since April 2020
  • Merck & Co. (MRK) Hits New Highs in CNBC History Since 1978
  • PACCAR (PCAR) hits highest price since 1971 IPO
  • Quanta Services (PWR) hits record high since 1998 IPO
  • Snap-On (SNA) hits highest price since June 2021
  • International Business Machines (IBM) hits highest price since February 2020

Earlier Tuesday, the S&P 500 hit two 52-week lows.

  • Tesla (TSLA), lowest price since November 2020
  • Medtronic (MDT) hits lowest price since March 2020

no comment.

— Scott Schnipper and Christopher Hayes

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