Hong Kong stocks lead losses as Asian markets are lower on US inflation data

Hong Kong-listed tech stocks slide as broader Hang Seng index briefly loses 2%

Hong Kong-listed tech stocks fell, while the broader Hang Sang index dipped briefly 2%, as investors continued to digest the upcoming results of the US midterm elections and brace for more scrutiny on Chinese technology companies.

Shares of city-listed technology companies fell in afternoon trading. Shares of Alibaba listed in Hong Kong fell 3.79% and JD. com it too fell by 3.6%. Similarly, Tencent lost 1.44% and Meituan 1.25%.

—Lee Ying Shan

CNBC Pros: Exxon or Chevron? Goldman Sachs issues a verdict on which stock is a better buy

Energy is the rare bright spot in a year where markets have been pummeled.

When looking at the major oil stocks, ExxonMobil And Chevrons are two names that may come to mind.

Both companies posted solid third-quarter earnings last month. The question is, which stock is a better buy?

Goldman Sachs sets out to determine which name “deserves the prize.”

—Weizhen Tan

Australian central bank official says it may be able to ‘sit and wait’ for rate hike

Reserve Bank of Australia Deputy Governor Michele Bullock said interest rates were at a level where “there might be an opportunity to sit and wait and see for a bit what happens next.”

Speaking to the Senate Economic Legislation Committee on Thursday, he said he thinks interest rates will likely have to “go up a little more,” but no firm times and amounts have been set yet.

The RBA earlier this month raised its cash rate by 25 basis points to 2.85%.

—Lee Ying Shan

Cryptocurrencies are the ‘Wild Wild West’ with 99% noise and confusion, says Fed’s Kashkari

Neel Kashkari, who once called bitcoin an “absolutely useless” currency, is at it again.

On Wednesday, the Minneapolis Fed chairman slammed cryptocurrencies, calling it the “wild Wild West and chaos rolled into one.”

Speaking at an event at South Dakota State University, Kashkari said the “fatal flaw” in the virtual asset is that anyone can create those coins and that makes them “hard to tell apart.”

“For several years I’ve said it’s 95% fuss and fuss and I think 95% might be generous – it could be 99% noise and fuss and fuss based on what’s going on right now,” he said , adding that he has yet to see anything worthwhile coming from cryptocurrencies.

–Jihye Lee

Major cryptocurrencies fall after Binance pulls out of deal to buy FTX

Main cryptocurrencies bitcoins And ether fell in early Asian trade on Thursday after Binance pulled out of the deal to acquire FTX.

Bitcoin is down nearly 10% to trade at $16,411.65, while ether is down 10.33% to $1,167.95, as of 10:22 PM ET Wednesday, according to data from CoinDesk.

Binance on Wednesday pulled plans to buy its rival FTX, leaving the cryptocurrency exchange on the verge of collapse.

—Lee Ying Shan

CNBC Pro: Do ​​you think the dollar is about to peak? Here’s how to play it

The US dollar index it rose to a two-decade high in September. It has also reached all-time highs against several major currencies in recent weeks, including the British pound and Japanese yen.

Now, several market participants now believe that the dollar rally, led by the Federal Reserve which has been raising interest rates more aggressively than other central banks, is about to fade over the next three to six months.

CNBC Pro gathered the views of investment banks and brokers on where they see the direction of the dollar. Subscribers can read more here.

—GaneshRao

Bank of Japan to maintain current medium-term monetary policy: Fitch

The Bank of Japan is likely to maintain its accommodative monetary policy of ultra-low rates over the medium term despite heightened risks, Fitch Ratings said in a statement.

“The next annual round of wage negotiations in March 2023 could offer hints that wage growth and inflation expectations are taking root, and we believe the BoJ will maintain accommodative policy to influence these negotiations,” he said.

The agency also expects the economy to grow 1.7% in 2022 and 1.3% in 2023, adding to a recovery in the services sector.

–Jihye Lee

Earnings preview: Apple’s top suppliers in Asia are expected to see growth

Asia’s leading chip manufacturers Taiwan semiconductor manufacturing And International semiconductor manufacturing company they expect to see growth in their latest reports.

Taiwanese chipmaker TSMC is expected to report its monthly revenue in the afternoon, as investors closely monitor any comments following a Wall Street Journal report that the company is considering adding a multibillion-dollar plant in Arizona.

SMIC, meanwhile, expects 36.73% growth for third-quarter revenue, according to data from Refinitiv. The company reported an annualized increase in revenue of 41.59% over the second quarter.

—Lee Ying Shan

Correction: This post has been updated to remove an inaccurate characterization of TSMC

Shares closed lower, snapping a three-day winning streak

Stocks went on a three-day winning streak, closing lower Wednesday after midterm election results failed to provide clear answers about who would still control Congress and a cryptocurrency sell-off weighed on the markets.

The Dow Jones Industrial Average is down more than 600 points, or nearly 2%. The S&P 500 was down about 2% and the Nasdaq Composite was down about 2.5%.

— Sarah Min

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