China has kept its key lending rates on hold as expected
China left its benchmark lending rate unchanged for the third consecutive month, the People’s Bank of China said in a statement.
The one-year loan prime rate is 3.65% and the five-year interest rate is 4.3%.
– Off Abigail
South Korea’s exports fell further in the 20 days since November
South Korea’s exports fell 16.7% on an annual basis for the 20 days to November, with demand from China lagging behind. Information From Customs.
The decline in exports was a sharp drop from the 5.5% decline seen in October compared to the same period a year ago.
Imports also fell 5.5% for the first 20 days of November, resulting in a slight improvement in the trade deficit — $4.4 billion for the period, compared with a $4.9 billion deficit recorded in October.
A total of $40 billion was reported in the trade deficit across the country, according to the agency’s figures.
– Jihye Lee
CNBC Pro: Morgan Stanley’s Mike Wilson predicts S&P 500 bottom, calls it a ‘fantastic buying opportunity’
Mike Wilson, chief US equity strategist at Morgan Stanley, said we are in the “end phase” of a bear market, but the situation will remain challenging for some time to come.
He predicts when — and at what level — the S&P 500 will hit “new lows.”
– Weissen Don
China will keep its key lending rates steady, according to a Reuters poll
China’s central bank is expected to keep its one-year and five-year lending prime rates on hold, according to a Reuters poll.
The one-year rate is currently 3.65% and the five-year LPR is 4.3%.
The People’s Bank of China last cut both interest rates in August.
of China Sea Yuan It was weak against the US dollar at 7.1376 ahead of Monday’s early decision.
– Off Abigail
CNBC Pro: Chinese tech stocks like Alibaba ‘deeply overvalued’, strategist says
Like the 30% decline in the value of Chinese big tech stocks this year Ali BabaThat makes them “incredibly cheap,” according to investment bank China Renaissance.
Its head of equities, Andrew Maynard, believes that not only does the stock market appear to be bottoming out, but investors may miss out on a rally if they are underweight in China.
“Without a shadow of a doubt, being underweight China will cost you going forward,” Maynard said.
– Ganesh Rao
Markets are eyeing Fed hikes and more clues on the economy in the coming week
Investors may be a bit more cautious next week, as stocks seek direction in quiet trade and bond market warnings of a recession grow louder.
The Thanksgiving holiday on Thursday means markets will be quiet on Wednesday and Friday. Marketers will monitor reports about Black Friday holiday shopping for consumer sentiment.
“It’s really been a week of data bias,” said Julian Emanuel, senior managing director of Evercore ISI. [for stocks] As long as the data continues to deteriorate and the central bank remains on its hawkish side, it will be higher… This has clearly been reinforced in the last 48 hours.”
Check out our full deep dive on what to expect in the coming week Here.
– Buddy Dome, Tanaya Machel
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