Asia stock markets today: Live updates, China data

On Friday, Hong Kong’s Hang Seng Index rose 3.19%, leading gains among major Asian indexes even as China’s November economic data showed an uneven recovery.

Basic materials stocks led the rise, but the index’s top gainer was e-commerce company Jingdong Shangcheng, whose stock price rose about 10%.

Other companies in the top list include real estate developer Longfor Group, Xinyi Solar Holdings, the world’s largest producer of solar cover glass, and hot pot chain Hai Dilao.

Announced by the People’s Bank of China It said it would carry out a 50 billion yuan ($7.06 billion) reverse repo operation and inject 1.45 trillion yuan in medium-term equipment financing to “maintain reasonable and sufficient liquidity in the banking system.” Ta.

The medium-term facility loan rate was kept unchanged at 2.5%, while the seven-day reversal rate was also kept at 1.8%.

According to Reuters, MLF loans worth 650 billion yuan are set to expire this month, and the operation will inject a net 800 billion yuan of new funds into the banking system.

—Lim Huijie

Japan’s manufacturing activity contracted for the seventh consecutive month in December, according to a report. private investigation.

The preliminary figures for au Jibun Bank’s Manufacturing Purchasing Managers Index show that the Manufacturing Purchasing Managers Index in December fell from 48.3 in November to 47.7, indicating that business conditions in the manufacturing industry have deteriorated most rapidly in 10 months. It was shown that

A reading below 50 indicates shrinkage.

However, au Jibun Bank’s flash service PMI rose from 50.8 in November to 52.0 in December, the highest increase in the past three months.

Growth in services remained slower than the average for all of 2023, according to the survey. In December, total new trade expanded at a slightly faster but moderate pace, despite a slight decline in new export sales.

— Shreyashi Sanyal

Australian private sector activity According to preliminary estimates from Judo Bank, the economy was still in contraction territory in December, but it contracted at a more moderate pace.

The country’s Composite Purchasing Managers Index was 47.4, compared with a 27-month low of 46.2 in November.

Australia’s manufacturing PMI was 47.8, slightly up from 47.7 in the previous month, but the services PMI was 47.6, slowing the rate of contraction compared to November’s 46.0.

The central bank said demand conditions remained under pressure in December, but input cost inflation had eased. Overall employment also continued to rise, and business optimism improved from November.

— Lim Huijie

Macroeconomic uncertainty and rising interest rates may have affected the performance of solar stocks this year, but one fund manager remains bullish on the sector’s long-term prospects.

“We really like solar power because unlike wind power, solar power can be installed anywhere. But at the moment it is affected by interest rates. So if interest rates go down (at the moment they are not) solar companies could do very well,” Stephen Glass, managing director and investment analyst at Australia-based Pella Funds, told CNBC Pro.

And there’s one stock he should keep an eye on as a long-term strategy.

CNBC Pro subscribers can read more here.

— Amara Balakrishna

Goldman Sachs recently added a number of stocks to its list of top stocks.

The list, called “Conviction List – Director’s Cut,” includes the United States, Europe, and Asia Pacific.

This time we will introduce four newly added items.

CNBC Pro subscribers can read more here.

— Tan Weizhen

Deutsche Bank said Federal Reserve Chairman Jerome Powell’s dovish tone on Wednesday raised the possibility that a rate cut would come sooner than some expected, raising the possibility of a soft landing if inflation continues to ease. said.

“The first rate cut is likely to occur in June 2024, and while our baseline remains unchanged: the Fed will cut rates by 175 basis points next year, today’s meeting “Suggests dovish risks to expectations.” The memo was titled “December FOMC: Powell Breaks Out in Punch Bowl Early in Holiday Party.”

Ruzzetti continued: “We see a rise in risk, with a rate cut potentially occurring as early as March.” “The prospects for a soft landing would improve if policy is eased sooner, with the expectation of a more significant de-inflation.”

actual, CME FedWatch Tools Markets are currently pricing in a roughly 72% chance that the Fed will cut interest rates by 0.25 percentage point in March. That’s up from 65% on Wednesday.

— Sarah Min, Michael Bloom

Big tech stocks lagged the market and edged into negative territory amid a broader market rally.

Microsoft and Netflix were down about 2.3% as of Thursday afternoon. Amazon and Alphabet fell 1.1% and 0.9%, respectively. Shares of Apple and Meta Platforms also fell 0.2% and 0.5%, respectively.

Meanwhile, the S&P 500 Index rose 0.2% and the Nasdaq Composite Index rose 0.1%.

— Ha-Kyung Kim

Oil prices settled 3% higher on Thursday on a weaker dollar and a slight upward revision to demand growth in 2024.

West Texas Intermediate for January rose $2.11, or 3.04%, to settle at $71.58 per barrel, while February Brent crude rose $2.35, or 3.16%, to settle at $76.61 per barrel. It was settled in

The US dollar also fell to a four-month low on Thursday after the US Federal Reserve signaled an end to interest rate hikes. A weak dollar could lower oil prices and increase demand.

And on Thursday, the International Energy Agency said it expects global oil demand to rise by 1.1 million barrels per day in 2024, up slightly from its previous forecast of 930,000 barrels per day.

— Spencer Kimball

The benchmark interest rate fell below 4% for the first time since August as traders bet on a Fed rate cut in 2024. The 10-year bond last traded at around 3.95%.