China’s factory activity is at its lowest level since April; Asian markets soared

China's factory activity is at its lowest level since April;  Asian markets soared
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China’s factory activity fails to meet expectations, contract for second month in a row

China’s official production List of Purchasing Managers November came in at 48, below 50 points that separate growth from contraction.

That’s lower than analysts’ expectations in the Reuters poll, which predicted 49 readings. October PMI was 49.2.

PMI readings are sequential and represent monthly changes in factory operations.

— Abigail Ng

Australia’s monthly inflation gauge shows slight slowdown

Australia’s October consumer price index fell to 6.9% year-on-year from 7.3% in September. monthly indicator by the Australian Bureau of Statistics.

The increase in housing, food and non-alcoholic beverages and transportation prices raised the general CPI indicator.

Bilibili shares rise in Asian morning session

Shares traded in Hong Kong they believed rose as much as 12.7% in the morning of Asia after the company exceeded revenue forecasts for the third quarter of the year.

Net income was Chinese yuan 5.79 billion ($809.8 million), up 11% from the same period in 2021. According to estimates by Refinitiv Eikon, revenue was estimated at 5.52 billion yuan.

Net losses fell to 1.7 billion yuan, and the average monthly active user increased by 25% year-on-year.

Shares of the company traded in the USA Hong Kong shares rose 8.47% last night, while stocks rose 22% overnight.

— Abigail Ng

South Korea and Japan industrial production data came in worse than expected

Industrial production in South Korea and Japan recorded declines in October.

of japan pre-industrial production According to a Reuters poll, October fell 2.6% from a month earlier, beating expectations for a 1.5% decline.

The reading marks the second consecutive decline after seeing a 1.7% drop the previous month.

South Korea’s industrial production It also fell 3.5% from a month ago, below the 1% expectation. Reading was the lowest level since May 2020, when production fell 6.7%.

– Jihye Lee

China’s factory activity expected to contract for the second month in a row

China’s official Manufacturing Purchasing Managers Index for November is expected to come in at 49, below the 50 points that separates growth from contraction, according to analysts polled by Reuters.

This is slightly lower than the 49.2 reported in October.

PMI readings are sequential and represent monthly changes in activity.

— Abigail Ng

China said it was ‘watching closely’ virus developments when asked about a change in policy

When asked if the protests in the region could lead to shifts in zero-COVID policy, Chinese health officials said they were “closely monitoring” developments in Covid.

According to a translation of Tuesday’s briefing, officials said, “China is monitoring and closely watching the virus as it evolves and mutates.” said.

– Christine Wang, Evelyn Cheng

CNBC Pro: Goldman Sachs’ Currie says oil shares are trading ‘well below’ long-term trend

Goldman Sachs’ Global Head of Commodities Research, Jeff Currie, told CNBC that oil inventories have historically traded at a much higher premium to crude oil prices compared to current price levels..

For example, the price difference SPDR Oil and Gas ETF and ICE Brent Raw The futures contract was at about $66.60 on Tuesday. As the chart below shows, this is significantly lower than the $104 gap recorded in early January 2017, according to Koyfin data.

China announces measures to increase elderly vaccination

Chinese health officials published and planned To increase elderly vaccination, according to an announcement on the National Health Commission’s website.

Shares traded in Hong Kong CanSino Biology It expanded its gains in the afternoon session and rose as much as 18% shortly after the announcement was posted.

The statement said authorities should use multiple data points to accurately identify target groups for vaccination for the elderly.

CNBC Pro: As Wall Street looks bearish, these margin-boosting stocks could be safe bets

Wall Street professionals are concerned about the stock’s outlook and are urging investors to stay on the defensive. These stocks with margin growth can be safe bets.

For subscribers read more here.

— Zavier Ong

Nasdaq and S&P 500 slumped for third day

this Dow Jones Industrial Average It closed 3.07 points, or 0.01%, higher after trading lower for most of the day. The index closed the day at 33,852.53.

Meanwhile, Nasdaq Composite It closed at 10,983.78, down 0.59%. To S&P 500 It closed at 3,957.63, down 0.16%.

—Alex Harring

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