Japan sees core inflation at a 40-year high as equities trade mixed in Asia-Pacific

Alibaba’s CEO said that Alibaba experienced delivery disruptions during Singles’ Day

The emergence of Covid has affected region by region, said Alibaba CEO Daniel Zhang, resulting in abnormal or halted logistics service in various places, according to a FactSet transcript of the company’s quarterly earnings call Thursday.

Zhang noted disruptions in logistics through November 11, while adding that the company is “seeing improvements.”

Alibaba also announced that it would increase its share repurchase program by $15 billion.

Read the full story here.

– Evelyn Cheng

Morgan Stanley confirms job cuts in the Asia Pacific region

Gokul Laruya, CEO of Morgan Stanley Asia Pacific confirmed that layoffs in the Asia Pacific region are underway.

When asked if he could confirm reports regarding the company’s plans to cut 10% of its 500 employees in the region, Laroia told CNBC’s Emily Tan on Thursday that plans are already underway.

“I don’t actually know if the number is 10%, but there will be a decrease in strength,” he said. “Actually, this is in progress.”

LaRuja added that China remains an important market for Morgan Stanley, although it has slowed more than expected this year, and that the company expects to remain invested there.

– Jihe Lee

High stocks of South Korea and Japan’s defense following North Korea’s missile launch

Shares of defense-related companies in South Korea and Japan rose in Friday morning’s session after North Korea confirmed an intercontinental ballistic missile launch.

In South Korea, Hanwha Aerospace rose 4.69%, Korea Aerospace rose 2.34%, and Victek rose 2.3%.

In Japan, Mitsubishi Heavy Industries rose 0.93% while Hosoya Pyro Engineering rose 1.7% in the Asian afternoon session.

– Jihe Lee

CNBC Pro: While Muddy Waters bets on dLocal, here are the other fintech stocks short sellers are eyeing

The Philippine central bank expects the economy to experience “low growth” next year, not a recession

You will face the Philippines

Central Bank Governor Felipe Medalla of the Central Bank of the Philippines (BSP) said the economy is expected to see “low growth” of less than 5%, not a recession, next year.

Speaking to CNBC’s Sri Jegarajah, he said the central bank estimates the economy will grow by 6% next year, above the IMF’s forecast of 5%.

He added that these expectations may change by about 100 basis points depending on the deterioration of global financial conditions.

BSP Bank made its second rate hike by 75 basis points this year on Thursday, raising benchmark interest rates to 5%.

– Natalie Tham and Jee Lee

Shares of Tencent and NetEase rose after China approved game titles

Chinese technology stocks Tencent And the netease Hong Kong-listed stocks rose after the China National Press and Publication Administration granted gaming licenses.

Tencent shares were up 3% at the open, and NetEase shares were up more than 5%.

The regulator issued licenses for about 70 games for the month of November, including Tencent’s Metal Slug: Awakening and NetEase’s A Chinese Odyssey: Homecoming.

On Thursday, shares of NetEase fell more than 11% after the company announced that its license with Activision Blizzard will expire in January 2023.

– Jihe Lee

Core inflation in Japan rose 3.6%, higher than expected

Japan’s core CPI rose 3.6% in October year-on-year, beating expectations for a 3.5% rise and the fastest pace since February 1982.

The index, which does not include fresh foods but includes fuel costs, rose 3.0% in September compared to the same period last year.

The latest data marks the seventh consecutive month that the country has seen inflation levels above the BoJ’s target of 2%.

– Jihe Lee

CNBC Pro: JPMorgan says Asian travel stocks are poised to emerge

With travel resuming in Asia and continuing to gain momentum, especially after China’s recent announcement to reduce quarantine time for international travelers, JPMorgan says it remains optimistic about the region’s travel industry.

“Given the higher visibility of forward bookings and further upside arising from the final phase of reopening in parts of the region, we remain positive in the airline and airport sectors in Asia,” it said in a November 11 note.

CNBC Pro subscribers can click here to see which stocks investors should watch out for.

Charmaine Jacob

The S&P 500 and the Nasdaq Composite closed lower on Thursday

The Dow Jones Industrial Average closed near the flat line on Thursday despite falling as much as 314 points in the session. The S&P 500 fell 0.31%. The Nasdaq Composite fell 0.35%.

— Sarah Min

CNBC Pro: “The semi-halving bull case is convincing”: Bank of America picks the best chip stocks to buy

Chip stocks, once an investor favorite, have fared poorly this year.

But BofA says that although consumer demand remains under pressure, “the bullish case for semi-finals is also compelling.”

BofA expects semiconductor sales to rebound in the second half of 2023.

Here are some of the topics that chip stocks could ride on, says the bank, which also chooses which names to buy.

CNBC Pro subscribers can read more here.

– Wizen tan

The Fed’s Jefferson said that low inflation is the best path to prosperity

Federal Reserve Governor Philip Jefferson said Thursday that keeping inflation under control is the best way to ensure a strong economy for everyone.

“Low inflation is the key to achieving a long and sustainable expansion – an economy that works for everyone,” the central bank official said during an event in Minneapolis. Pursuing our dual mandate is the Fed’s best way to promote broad shared prosperity.

Jefferson offered no direct comments on where he sees policy direction as the Fed looks to achieve full employment and stable prices.

His comments follow a series of rhetoric from colleagues, who generally say the Fed will need to raise interest rates more to bring down inflation that is still hovering around its highest levels since the early 1980s.

– Jeff Cox

Federal Reserve Chairman Bullard says monetary policy isn’t ‘tight enough’ yet

St. Louis Fed President James Bullard said more central bank tightening may be needed to tame inflation.

He said on Thursday that inflation remains unacceptably high, suggesting that policy is not “enough restrictive” at current levels. The Federal Reserve raised interest rates from zero to a range of 4%-4.25% this year, as inflation in the United States rose to levels not seen in decades.

“So far, the change in monetary policy stance appears to have had only limited effects on observed inflation, but market rates indicate an expectation of subdued inflation in 2023,” Bullard said.

– Fred Imbert

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