Hong Kong leads Asian markets higher ahead of the Fed’s final meeting of 2023

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This is CNBC’s blog that covers Asia-Pacific markets.

Hong Kong stocks led gains in Asia-Pacific markets Tuesday ahead of the final U.S. Federal Reserve meeting of the year.

The Federal Reserve’s two-day meeting begins on Tuesday and the U. S. central bank is expected to keep the federal budget rate steady at a range of 5. 25% to 5. 5%.

Japan’s manufacturing costs rose at a faster-than-expected pace, posting a 0. 3% year-on-year increase, with a 0. 1% rise estimated by economists polled via Reuters.

The Japanese yen showed some strength against the dollar, trading about 0.1% higher at 146.04 as investors will be keenly watching the impact of the Fed’s decision on the dollar/yen pair.

Market participants will also assess the November U. S. inflation figures released on Tuesday afternoon, which are expected to come in at 3. 1%, according to a Reuters poll. This is down from 3. 2% in October.

Hong Kong’s Hang Seng Index recovered from a one-year low to close up 1. 1%, while mainland China’s CSI Three Hundred Index finished up 0. 2% at 3,426. 8.

In Australia, the S-index

Japan’s Nikkei 225 closed up 0. 2% at 32,843. 7, after rising 1. 6% in the previous session. However, the broader Topix lost 0. 2% to close at around 2,353. 2.

South Korea’s Kospi rose 0. 4% to 2,535. 3, while the smaller Kosdaq gained 0. 5% to end at 839. 5. Both indices have posted 3 consecutive days of gains.

In the U. S. , all three primary indexes rose overnight and the Dow Jones Industrial Average posted its third straight day of gains.

The Dow complex closed down 0. 43% at its point since January 2022, while the S

— CNBC’s Brian Evans and Pia Singh contributed to this report.

Inflationary pressures are expected to ease in 2024 as inflation moderates to 4. 9% year-on-year from 6. 0% in 2023, according to a report by the Mastercard Economics Institute.

Most countries are emerging from a “very disorienting economy that we were stuck in for a while, where there were big swings in inflation, interest rates and migration flows for some economies,” MEI’s David Mann told CNBC . Squawk Asia Box”.

He added that “we’re still finishing off that tail end of the bungee jump” following the Covid-19 pandemic, and expects calmer inflation and slightly higher wage growth next year — potentially leading to real wage growth.

The MEI noted in its report that the global economy will look “more normal” in 2024, but that consumers will most likely remain cautious about spending.

Mann also highlighted that international travel is only about 55% recovered. But entering 2024, countries like China and Japan have the potential to see greater momentum in outbound travels, as China reopens and tourists take advantage of a weaker yen, he explained.

-Quek Jie Ann

India’s Nifty 50 index rose 0. 2% to 21,023. 05, hitting a new high.

The index has hit many new all-time highs in 2023 and is up 16% this year. It is also headed for its eighth consecutive year of gains.

India’s stock market has overtaken Hong Kong’s and become the world’s seventh-largest stock market as optimism grows about the country’s economic prospects.

As of the end of November, the total market capitalization of the National Stock Exchange of India was $3.989 trillion versus Hong Kong’s $3.984 trillion, according to data from the World Federation of Exchanges.

-Shreyashi Sanyal

Philippine exports plunged 17. 6% year-on-year in October, extending from September’s 6. 3% drop to mark the drop since April.

Imports fell 4. 4% year-on-year, down from a 14. 7% drop in September.

In total, foreign industry in October reached $16. 9 billion, down 9. 8% from a year earlier.

The Philippines’ trade deficit widened to $4.17 billion, compared with $3.51 billion in September.

-Lim Hui Jie

Energy stocks have been lagging for much of this year and were the only sector that didn’t rise during November’s strong rally; However, some analysts remain optimistic. In fact, Louis Navellier, president and founder of Navellier

Producer prices in Japan rose at a faster-than-expected pace in November, notching a 0.3% gain year-on-year compared with the 0.1% rise forecast by economists polled by Reuters.

The 0. 3% rise in the business goods value index is down from October’s revised 0. 9% figure and the slowest rate of expansion since February 2021.

The API measures the costs of goods and traded in the business sector.

On a month-on-month basis, producer prices climbed 0.2%, reversing from a 0.3% fall in October.

-Lim Hui Jie

The S&P 500 index hit a new high for 2023 last week, crossing the 4,600 level and continuing its rally since early November. The key question for investors now is whether this momentum can be sustained in the future.

In addition to the old data, HSBC used artificial intelligence to analyze the language used in the latest quarterly earnings calls to wait for the stock market’s performance.

CNBC Pro subscribers can learn more here.

-Ganesh Rao

Various S titles

-Fred Imbert, Chris Hayes

Inflation expectations for next year have reached their lowest point in more than two-and-a-half years, according to a New York Federal Reserve survey released Monday.

The November Customer Expectations Survey showed that the median year-over-year outlook fell to 3. 4%, down 0. 2 points from October and the lowest since April 2021. Median three- and five-year expectations were replaced at 3% and 2. 7%, respectively.

However, the effects are in line with surveys such as the University of Michigan’s consumer sentiment reading, which showed that the year-over-year outlook plummeted to 3. 1%, the lowest level in this survey since March 2021.

As a result of these results, the outlook for gas costs for next year fell 0. 5 percentage points to 4. 5%, while the outlook for food costs fell 0. 3 percentage points to 5. 3%.

—Jeff Cox

Shares of crypto-related equities tumbled on Monday as the price of bitcoin headed for its worst day since August.

Cryptocurrency exchange operator Coinbase and Bitcoin proxy Microstrategy fell by about 6% each, while Bitcoin miners fell by double digits. Riot Platforms and Marathon Digital, the largest mining stocks, lost 12% and 11%, respectively. Wall Street favorites CleanSpark and Iris Energy fell 15% and 11%, respectively.

Bitcoin fell 4. 8% to $41,793. 00, according to Coin Metrics, after surpassing $44,000 last week for the first time since April 2022.

-Tanaya Macheel

Oil prices were were little change Monday as investors navigate growing production with softening demand.

The West Texas Intermediate contract for January rose 9 cents, or .13%, to settle at $71.32 a barrel. The Brent crude contract for February gained 19 cents, or .25%, to settle at $76.03 a barrel.

Oil futures have posted seven straight weeks of losses amid record U. S. production, a weakening economy in China and a lack of confidence in OPEC’s ability to balance the market.

-Spencer Kimball

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