Hong Kong shares rose more than 4% as tech shares rose; China’s performance data is disappointing

Fertilizer is key to restarting Black Sea grain deal, expert says

A greater emphasis on fertilizer could help lower global food prices and secure the extension of the Black Sea Agreement, said Michael Vatigiodis, senior adviser at the Center for Humanitarian Dialogue.

He explained that Russia produces a quarter of the world’s production because 70% of Europe’s fertilizer production facilities do not have enough ammonium nitrate.

“I think what Russia is looking for is more attention on the part of the international community to the need for fertilizer so that it can implement that agreement,” Vatigiodis said, adding that more emphasis should be placed on fertilizer. Reduces global food prices.

– Lee Ying Shan

Japan’s monetary policy unchanged for next nine to 12 months: Monex Group

Japan's monetary policy 'not perfect' anytime soon: Financial Services Agency

The Bank of Japan will remain a “bulwark of stability” for another year as the economy has an output gap, Monex Group’s Jesper Cole told CNBC after Japan released its third-quarter gross domestic product estimates.

He said the GDP figure, which missed expectations, confirmed “how sensitive, in a negative way, the Japanese consumer is” in the current environment.

Beyond the next 12 months, Koll said, the Fed should focus on whether the U.S. economy ends up with a soft landing or a hard landing.

He said he was looking at whether the Japanese government could come up with a structural industrial policy that would encourage the business community to engage in their own investment spending.

– Off Abigail

Primavera Capital says some Chinese tech stocks have tremendous value

Shares of big Chinese tech companies are currently “very depressed” and “dirt cheap,” said Fred Hu, founder and president of Primavera Capital.

Hong Kong’s Hang Seng Tech index has fallen more than 30% since the start of the year, although the index has rallied in recent weeks.

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The Chinese government’s relentless crackdowns and zero-covid policy have dampened confidence among tech entrepreneurs and investors, but some tech stocks have “huge deep value,” Hu said.

“China is a country that any other successful nation needs [for] Technology and innovation … I think there’s an upside to a lot of stocks like that, he added.

– Charmaine Jacob

Chinese tech stocks listed in Hong Kong rose early in the session

Shares of Chinese technology companies listed in Hong Kong rose significantly in the first hour of trading.

Tencent 7.6% up Meiduan received 5.9%, and Ali Baba 9% up. The Hang Seng Tech index rose about 4%.

The moves follow US President Joe Biden and Chinese President Xi Jinping, despite China’s disappointing activity and retail sales data. Meeting Ahead of the G-20 summit in Bali.

John Rutledge, chief strategist at private investment firm Safanad, said discussions between the two leaders went “much better” than expected, though he largely credited lower expectations.

The Biden-Jinping meeting went better than I expected, says Safanad's Routledge

TSMC shares rose more than 9% on Berkshire Hathaway stock news

Shares Taiwan Semiconductor Manufacturing Co Jumped after being listed in Taiwan Berkshire Hathaway Revealed a $4 billion stake in the company.

The stock rose as much as 9.44%, hitting its highest level in nearly two months.

Berkshire added more than 60 million shares of the Taiwanese chipmaker’s US depositary receipts, worth $4.1 billion (1.2%). TSM) at the end of the third quarter, becoming Taiwan Semi Group’s 10th largest holding at the end of September.

The stock was last up as much as 8%.

China’s industrial production, retail sales miss expectations in October

CNBC Pro: Top Morningstar Strategist Says Stocks Are 15% Undervalued and Shares 6 Favorites

According to Morningstar, the stock could be undervalued by 15% as many stocks are in a bear market.

The equity research firm’s chief U.S. strategist believes the headwinds at the start of the year will begin to subside early next year and benefit stocks.

Dave Sekara shared his “fair value” assessment on six companies with a “broad economic moat” that would perform well in such an economic environment.

CNBC Pro subscribers can read more here.

– Ganesh Rao

Australia’s central bank is hinting at even bigger interest rate hikes

The Reserve Bank of Australia has signaled further and larger interest rate hikes in an effort to curb inflationary pressures. minutes Released from its latest meeting.

“The Board acknowledged the importance of bringing inflation back to target and expects to raise interest rates further in the coming period,” it said in the release.

The central bank had considered raising its cash rates by 50 basis points, but saw a strong case for raising the rate by 25 basis points, it said.

The higher interest rates would be “part of broader efforts to stabilize more stable demand and supply in the Australian economy,” the RBA said, adding that members had not ruled out a return to larger hikes if necessary.

– Jihye Lee

Japan’s economy unexpectedly contracted in the third quarter, data showed

CNBC Pro: China is easing its Covid measures. Here’s how market pros play it

Which stocks will benefit if China withdraws its zero covid policy? As China eases some of its virus restrictions, market benefits reveal how to play the reopening.

Pro subscribers can Read more here.

– Javier Ong

Shares of sessions low on Brainard comments

The S&P 500 rebounded from its lows after Federal Reserve Vice Chairman Lael Brainard and Treasury yields eased slightly from their highs of late. said In a conversation with Bloomberg News, it may be appropriate to slow down the pace of interest rate hikes “soon.”

The S&P 500 was down 0.1% after closing more than 0.7% at one point last Monday. The 10-year Treasury yield rose 5 basis points to 3.878%, having previously traded around 3.90%.

“I think it’s very important to emphasize that we’ve done a lot, but we have more work to do, both in terms of raising rates and maintaining controls to keep inflation down to 2% over time,” Brainard added.

– John Melloy, Jeff Cox

Fed’s Waller’s Message to Markets: Rates End Point ‘Still a Way to Go’

While the central bank may raise rates at a slower pace next month, that should not be interpreted as a sign of softening in its fight to reduce inflation, Fed Governor Christopher Waller said.

“Stop focusing on speed and start focusing on where the end point is going to be. Until inflation comes down, that end point is still a ways away.” Waller said Sunday.

Earlier this month, the central bank raised rates by 75 basis points The highest level since 2008.

– Fred Imbert

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