February 5, 2023

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News Headlines: Hindustan Times provides exclusive top stories of the day, today headlines from politics, business, technology, photos, videos, …

Factory activity data in China missed expectations. Asia Pacific markets are mixed

Factory activity data in China missed expectations.  Asia Pacific markets are mixed

Factory activity in China came in below expectations, contracting for the second straight month

Official manufacturing in China Purchasing Managers Index For the month of November it came in at 48, below the 50-point mark that separates growth from contraction.

This is lower than the forecast of analysts polled by Reuters, who had expected a reading of 49. The PMI for October came in at 49.2.

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

– Abigail Ng

Australia’s monthly inflation indicator shows a slight slowdown

Australia’s consumer price index for October slowed to 6.9% year-on-year, from 7.3% in September, according to a monthly index by the Australian Bureau of Statistics.

The rise in the prices of housing, food and non-alcoholic beverages, as well as transportation, drove up the overall CPI index.

Bilibili Pop shares in the Asia morning session

Hong Kong shares listed Bilibili It figured up 12.7% in Sabah Asia after the company It beat revenue estimates for the third quarter of the year.

Net revenue was 5.79 billion yuan ($809.8 million), up 11% from the same period in 2021. Refinitiv Eikon estimated revenue would be 5.52 billion yuan.

Net losses shrank to 1.7 billion yuan, and average monthly active users grew by 25% year on year.

The company’s shares are listed in the United States They rose 22% overnight, while Hong Kong shares were last up 8.47%.

– Abigail Ng

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

South Korea and Japan’s industrial production declined in October.

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Japan primary industrial production In October, it fell 2.6% month-on-month, above expectations for a 1.5% drop, according to a Reuters poll.

The reading marked the second consecutive decline after seeing a 1.7% decline in the previous month.

South Korea Industrial production It also decreased by 3.5% compared to the previous month, less than expectations for a decrease of 1%. The reading was the lowest since May 2020, when output fell 6.7%.

– Jihe Lee

Factory activity in China is expected to contract for the second month in a row

China’s official manufacturing PMI for November is expected to come in at 49, below the 50-point mark that separates growth from contraction, according to analysts polled by Reuters.

This is just below the reading of 49.2 reported in October.

PMI readings are sequential and represent monthly changes in activity.

– Abigail Ng

China says it is closely watching developments in the virus when asked about the policy shift

Chinese health authorities have said that officials are “closely watching” developments of the Covid virus when asked if the protests in the region will lead to shifts in the non-COVID policy.

“China is closely following and watching the virus as it evolves and mutates,” officials said in a translation of a briefing on Tuesday.

Christine Wang, Evelyn Cheng

CNBC Pro: Goldman Sachs’ Currie says oil stocks are trading “well below” their long-term trend

Geoff Currie, global head of commodities research at Goldman Sachs, told CNBC that historically, oil stocks have traded at a much higher premium to crude oil prices than they are at current price levels..

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For example, the price gap between SPDR Oil and Gas ETF And the Brent Crude on Ice Futures were around $66.60 on Tuesday. This is well below the $104 gap recorded at the beginning of January 2017, according to Koyfin data, as the chart below shows.

China announces measures to boost vaccination of the elderly

health authorities in China issued a plan To promote vaccination of the elderly, according to a notice on the National Health Commission website.

Hong Kong shares listed CanSino Biology It extended gains in the afternoon session and rose 18% shortly after the announcement was made.

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

CNBC Pro: With Wall Street plummeting, these increased-margin stocks could be safe bets

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

Professional subscribers can Read more here.

– Xavier Ong

The Nasdaq and the S&P 500 are down on the third day

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

Meanwhile, the NASDAQ Composite It closed down by 0.59%, closing at 10,983.78. tIt is the S&P 500 It decreased by 0.16%, closing at 3,957.63.

– Alex Haring