Asia-Pacific markets trade lower; China keeps LPR steady

Hong Kong movers: Reopening and tech stocks fall as China reports Covid-related deaths

Japan’s trading houses are booming as Berkshire Hathaway reportedly boosts shares

Shares of some Japanese trading houses rose at the start of the Asian session, despite a retreat in the region’s markets, after billionaire Warren Buffett’s Berkshire Hathaway increased its holdings in companies, with individual regulatory filings right

Berkshire raised its stake by more than 1 percent Mitsubishi, Mitsui & Co, Itochu, Marobani and Sumitomo To hold more than 6% in any company, the filing showed.

Japan-listed Mitsubishi shares rose 1.89% in the morning session, Marubeni rose 2.12% and Sumitomo rose more than 1%. Itocho was also up 0.84% ​​and Mitsui was up 0.16%.

It comes days after Berkshire Hathaway revealed it had increased its stake in the Taiwanese semiconductor manufacturing company’s US stock receipts, sending the Taiwanese-listed company’s shares up more than 10% in the Asian session. become

– Jaehee Lee

China has kept its primary debt rates unchanged as expected

South Korea further cut exports in the first 20 days of November

South Korean exports fell 16.7 percent year-on-year in the first 20 days of November, lagging demand from China, according to data from the customs agency.

The export decline is a sharp decline from a 5.5% decline in October compared to the same period last year.

Imports also fell 5.5% in the first 20 days of November, resulting in a slightly improved trade deficit – $4.4 billion for the period, compared to the $4.9 billion deficit reported in October.

The agency’s statistics show that the country has recorded a total trade deficit of $40 billion year-to-date.

– Jaehee Lee

CNBC Pro: Morgan Stanley’s Mike Wilson predicts lower S&P 500, calls it a ‘great buying opportunity’

Morgan Stanley’s head of US equity strategist Mike Wilson says we are in the “late stages” of a bear market, but the situation will remain challenging for the long term.

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He predicts when — and at what level — the S&P 500 will hit “new lows.”

CNBC Pro subscribers can read more here.

– Vision Tan

A Reuters poll says China expects to keep lending rates steady

China’s central bank is expected to keep its one-year and five-year lending rates unchanged, according to a Reuters poll.

The one-year rate currently stands at 3.65%, and the five-year LPR is at 4.3%.

The People’s Bank of China last cut both rates in August.

The Chinese yuan was weak against the US dollar at 7.1376 before the decision on Monday morning.

– Abigail Ng

CNBC Pro: Chinese tech stocks, like Alibaba, ‘deeply undervalued’, strategist says

A 30% decline in the value of major Chinese tech stocks this year, ie AlibabaAccording to investment bank China Renaissance, they have made it “incredibly cheap”.

Its head of equities, Andrew Maynard, believes not only that the stock market is bearish, but also that investors will miss out on the rally if they lose weight in China.

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“Undoubtedly, China’s weight loss will cost you in the future,” Maynard said.

CNBC Pro subscribers can read more here.

– Ganesh Rao

Markets are watching next week for more signs on the Fed’s hikes and the economy

Investors may be a bit more cautious next week, looking for guidance in muted stock trades and bond market warnings on rising volatility.

The Thanksgiving holiday on Thursday should mean markets will likely be quiet on Wednesday and Friday. Retailers will monitor Black Friday holiday shopping reports for consumer feedback.

“This is truly a week where data integrity is the key phrase,” said Julian Emanuel, senior managing director at Evercore ISI. “Prejudice [for stocks] Higher unless the data continues to deteriorate and the Fed remains in its hawkish slant…which has clearly strengthened over the past 48 hours.

Check out our full deep dive on what to expect next week here.

– Patti Dom, Tanya Mitchell

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