Asia stock markets today: Live updates, Federal Reserve

The Japanese government said this We expect the economy to recover, but at a slow pace.

Japan’s Cabinet Office said in a press release, “Although Japan’s economy appears to be taking a short break in some parts recently, it is recovering at a moderate pace.”

A slowdown in the global economy amid a tightening cycle of monetary policy and reduced prospects for a faster recovery in China were cited as key risks to Japan’s growth.

“The government will accelerate new capitalist efforts to transform the economy from a cost-cutting economy that has existed for 30 years to a growth-oriented economy with sustained wage increases and aggressive investment,” the press release said. .

— Shreyashi Sanyal

Big Tech names have gained a lot of popularity this year, with investors flocking to the so-called Magnificent Seven stocks.

But some portfolio managers are shifting their focus to other tech companies, particularly small- and mid-cap stocks.

Karen Karmandarian, senior portfolio manager at Tematics Asset Management, told CNBC Pro: “I’m looking for a more constructive approach by balancing among large-cap stocks and increasing exposure to mid- and small-cap stocks. I’ll start investing,” he said.

CNBC Pro subscribers can find some of his favorite stocks here.

— Amara Balakrishna

Investment bank UBS has identified and named stocks that will benefit from the growth of next-generation ‘solid-state’ battery technology in electric vehicles.

Solid-state batteries are considered a potential breakthrough technology because they can store more energy and charge faster than lithium-ion batteries. Although researchers have known about this technology for decades, large-scale commercialization was not yet possible.

CNBC Pro subscribers can read more about UBS analysts’ stock picks here.

— Ganesh Rao

The Fed released its minutes from October 31st to November. This showed that the central bank has not signaled the possibility of raising interest rates.

“While discussing the policy outlook, participants noted the importance of keeping the stance of monetary policy sufficiently restrictive to bring inflation back to the Committee’s 2% target over time,” the minutes read. “The judgment continued that there was.”

— Jeff Cox

The explosive growth of Tem, the U.S. arm of Chinese e-commerce giant Pinduoduo, could pose challenges for some big retailers, according to Bank of America.

Although consumers have welcomed Temu’s rapid growth, competitors are likely to lose market share and profits may decline in the near future.

Wall Street banks named retailers vulnerable to the rise of Chinese e-commerce apps and those likely to be isolated from it.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Oil prices were little changed on Tuesday after rising in the previous two sessions as traders awaited a meeting of the Organization of the Petroleum Exporting Countries scheduled for later this week.

The January contract for Brent crude oil rose 13 cents, or 0.16%, to settle at $82.45 per barrel on Tuesday, while the January contract for West Texas Intermediate fell 6 cents, or 0.08%, to settle at $82.45 per barrel. It settled at $77.77 per barrel.

OPEC and its allies OPEC+ will hold a meeting on Sunday, as oil prices have fallen sharply since September due to demand concerns. There is growing speculation that the group may implement even deeper production cuts.

senior official of the International Energy Agency told Reuters Global oil markets on Tuesday expected a slight oversupply in 2024, even if OPEC+ countries extend current production cuts into next year.

— Spencer Kimball

The technology sector was the biggest decliner in the S&P 500 in Tuesday trading, dropping 1.1% compared to a 0.3% decline for the broader market index. This was the worst day for the tech industry since October 26th.

Semiconductor stocks fell sharply on Tuesday. ON Semiconductor, Qualcomm, Monolithic Power Systems and Intel all fell more than 2.5%.

— Ha-Kyung Kim

Lower-than-expected housing data for October shows homebuyers are feeling the pressure of high interest rates. Existing home sales have fallen to their lowest level since August 2010, down more than 14% from a year ago.

“The combination of high prices, high interest rates, and a persistent lack of inventory is causing home purchases to accelerate rapidly,” said Jamie Cox, managing partner at Harris Financial Group.

“If interest rates come down next year, house prices will recover quickly,” he added. Federal funds futures pricing suggests the Federal Reserve will keep interest rates on hold at its next meeting in December.

— Ha-Kyung Kim