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Asia markets trade mixed amid recession fears; China trade data misses expectations

China’s exports and imports drop more than expected

China’s dollar-denominated exports fell 8.7% in November on an annualized basis, declining more than expectations of a 3.5% drop, according to analysts in a Reuters poll.

Imports in U.S.-dollar terms also fell 10.6% for the month compared to a year ago, falling further than an expect drop of 6% in a separate Reuters survey.

The nation’s trade surplus came in at $69.84 billion, lower than the forecast for $78.1 billion.

– Jihye Lee

Hong Kong home prices plummet to the lowest in almost five years, with more room to plunge

Prices of Hong Kong’s residential properties fell to almost five-year low as rising interest rates and a mass exodus of expat workers drove down prices in one of the world’s most expensive cities to work in — and there is more room to fall.

Hong Kong’s home price index for October fell 2.4% to 352.4 compared to the previous month, marking the lowest level for the gauge since November 2017.

Additionally, according to a Natixis report, the city’s property prices could plummet 25% from the previous peak in 2021, before it starts to pare losses. 

“The weak economic environment both in Hong Kong and globally, and rapidly rising borrowing costs are the most important contributors to the decline in property prices,” Nelson Wong, executive director of research at real estate company Jones Lang LaSalle told CNBC.

—Lee Ying Shan

TSMC shares rise after Apple says it will use chips made in the U.S. by the Taiwan firm

China expected to see a further drop in exports and imports

China’s trade data for November is expected to show a further drop in both exports and imports, according to a Reuters poll of economists.

Average forecasts predict exports will drop 3.5% in November on an annualized basis after declining 0.3% in October, and imports are forecasted to fall 6% after slipping 0.7% the previous month.

The trade balance in U.S. dollars is predicted to narrow to $78.1 billion — smaller than the previous month’s $85.15 billion.

— Jihye Lee

CNBC Pro: ‘A gift to investors’: BlackRock says it’s time to rethink bonds

It’s time to rethink bonds, according to the BlackRock Investment Institute, which said “the lure of fixed income is strong” right now.

“Higher yields are a gift to investors who have long been starved for income. And investors don’t have to go far up the risk spectrum to receive it,” Philipp Hildebrand, vice chairman of BlackRock, and Jean Boivin, head of the BlackRock Investment Institute, wrote in a note last week.

They outlined their top ways to cash in.

Pro subscribers can read more here.

— Zavier Ong

Australia’s economy saw slower growth in the third quarter

Australia’s economy grew by 0.6% from the previous quarter, official data showed – missing estimates expecting a 0.7% quarterly growth predicted in a Reuters poll.

The latest gross domestic product showed subdued growth from the second quarter’s expansion of 0.9% from the first three months of the year.

On an annualized basis, GDP in the third quarter added 5.9%, which the Australian Bureau of Statistics said reflects “sustained economic growth since the effects of the Delta outbreak in September quarter 2021.”

“Growth was largely driven by strength in household spending,” it added.

The annualized figure also missed expectations in a separate Reuters poll for a 6.2% gain.

Australia’s dollar was little changed after the report and the S&P/ASX 200 maintained 0.7% lower.

— Abigail Ng

CNBC Pro: UBS says shares in this global airline are set to soar by 55%

Shares of a global airline are set to soar by 55% over the next year, according to UBS.

The investment bank raised its price target after the pan-European airline said it expects to see bumper demand during Christmas.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Stocks finish lower, build on Monday’s losses

Stocks tumbled Tuesday, building on losses from the previous session.

The S&P 500 shed 1.44% to close at 3,941.26, while the Nasdaq Composite sank 2% to finish at 11,014.89. The Dow Jones Industrial Average dropped 350.76 points, or 1.03%, to settle at 33,596.34.

— Samantha Subin

Oil falls to lowest level since Dec. 27, 2021

Oil prices slumped Tuesday, weighed down by economic uncertainty even amid a Russian oil price cap and potential demand uptick thanks to China’s reopening.

U.S. West Texas Intermediate crude for January delivery fell more than 4% to $73.85 in the afternoon Tuesday. Brent crude for February delivery slipped 4.34% to $79.09 per barrel.

The U.S. also said it sees oil production increasing next year, reversing its future outlook after five months of cuts. A monthly report from the Energy Information Administration said production is forecast to hit 12.34 million barrels a day in 2023, more than the daily record of 12.315 million barrels a day in 2019.

—Carmen Reinicke

Inflation is eroding consumer wealth and may bring 2023 recession, Dimon says

Dimon said in June that he was preparing the bank for an economic “hurricane” caused by the Federal Reserve and Russia’s war in Ukraine.

Al Drago | Bloomberg | Getty Images

American consumers are still doing well and supporting the U.S. economy, but that may change next year, according to JPMorgan Chase CEO Jamie Dimon.

Consumers have $1.5 trillion in excess savings from pandemic stimulus programs and are spending 10% more than in 2021, he said Tuesday on CNBC’s “Squawk Box.”

Inflation is eroding everything I just said, and that trillion and a half dollars will run out sometime mid-year next year,” Dimon said. “When you’re looking out forward, those things may very well derail the economy and cause a mild or hard recession that people worry about.”

Dimon also opined on cryptocurrencies, the necessity of fossil fuels and other topics during the wide-ranging interview.

— Hugh Son

Read More: Asia markets trade mixed amid recession fears; China trade data misses expectations

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