China’s factory activity data misses expectations; Asia-Pacific markets mostly higher

China’s factory activity misses expectations, contracts for a second straight month

China’s official Manufacturing Purchasing Managers’ Index for November came in at 48, below the 50-point mark that separates growth from contraction.

This is below the expectations of analysts polled by Reuters, who predicted a reading of 49. The October PMI was 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% on an annualized basis, from 7.3% in September, according to a monthly indicator by the Australian Bureau of Statistics.

Increases in prices for housing, food and non-alcoholic beverages, as well as transportation led the general CPI indicator higher.

Bilibili shares pop in Asia morning session

Hong Kong listed shares Bilibili already as much as 12.7% in the morning of Asia after the company beat revenue estimates for the third quarter of the year.

Net income came to 5.79 billion Chinese yuan ($ 809.8 million), 11% higher than the same period in 2021. Estimates from Refinitiv Eikon predict revenue of 5.52 billion yuan.

Net loss decreased to 1.7 billion yuan, and average monthly active users grew 25% on an annualized basis.

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

— Abigail Ng

South Korea, Japan industrial production data came worse than expected

Industrial production in South Korea and Japan each saw declines for October.

Japan’s preliminary industrial production for October fell 2.6% compared to a month ago, more than expected for a decline of 1.5%, according to a Reuters poll.

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

South Korea’s industrial production also fell by 3.5% compared to a month ago, also below expectations of a decline of 1%. The reading marked the lowest since May 2020, when production fell 6.7%.

– Jihye Lee

China’s factory activity is expected to contract for a second straight month

China’s official manufacturing Purchasing Managers’ Index 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 slightly lower than the reading of 49.2 reported in October.

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PMI readings are sequential and represent changes in monthly activity.

— Abigail Ng

China says it is ‘watching closely’ virus developments when asked about policy changes

Chinese health officials said officials were “watching closely” the Covid developments as they asked if protests in the region would lead to changes in its zero-Covid policy.

“China has followed and closely watched the virus as it evolved and mutated,” officials said, according to a translation of Tuesday’s briefing.

– Christine Wang, Evelyn Cheng

CNBC Pro: Goldman Sachs’ Currie says oil stocks are trading ‘well below’ long-term trends.

Goldman Sachs’ Global Head of Commodity Research Jeff Currie told CNBC that historically, oil stocks have traded at a premium above crude oil prices compared to current price levels..

For example, the price difference between SPDR Oil and Gas ETF and ICE Brent crude futures contract was about $66.60 on Tuesday. This is significantly lower than the $104 difference recorded in early January 2017, according to Koyfin data, as shown in the chart below.

Do and flourish

China announces measures to strengthen vaccination of the elderly

China’s health authorities have released a plan to boost vaccination of the elderly, according to a notice on the National Health Commission’s website.

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Hong Kong listed shares CanSino Biologics gains extended to the afternoon session and rose as much as 18% shortly after the announcement was posted.

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

CNBC Pro: As Wall Street turns bearish, these stocks and margin growth could be safe bets

Wall Street professionals are worried about the outlook for stocks, and are urging investors to remain defensive. These stocks and margin growth could be safe bets.

Pro subscribers can read more here.

— Zavier Ong

Nasdaq and S&P 500 posted third day down

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

Meanwhile, there Nasdaq composite ended lower by 0.59%, to close at 10,983.78. Tread the S&P 500 slipped by 0.16% to close at 3,957.63.

— Alex Harring


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