Asia markets trade mixed amid recession fears; China to report trade data

China expects further declines in exports and imports

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

Average estimates were for exports to fall 3.5% in November on an annual basis after a 0.3% decline in October, and imports were expected to fall 6% after falling 0.7% in the previous month.

The trade balance in US dollars is expected to decline to $78.1 billion – smaller than the previous month’s $85.15 billion.

– Jihye Lee

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

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

“Higher yields are a boon to investors hungry for long-term income. And investors don’t have to span the risk spectrum to receive it,” BlackRock Vice Chairman Philip Hildebrand and BlackRock head Jean Bovin Investment Institute wrote in a note last week.

They explain their top ways to cash in.

Pro subscribers can read more here.

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– Xavier Ong

Australia’s economy grew at a slower pace in the third quarter

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

The latest gross domestic product showed second-quarter expansion slowed to 0.9% from the first three months of the year.

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

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

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

Australian dollar The report was later slightly altered and the S&P/ASX 200 0.7% under-managed.

– Abigail Ng

CNBC Pro: UBS says shares in global airline will rise 55%

According to UBS, shares of the global airline are set to rise 55% over the next year.

The investment bank raised its price target after pan-European airlines are expected to see bumper demand over Christmas.

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CNBC Pro subscribers can read more here.

– Ganesh Rao

Stocks ended lower, extending Monday’s losses

Stocks fell on Tuesday following losses in the previous session.

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

– Samantha Subin

Oil has fallen to its lowest level since December 27, 2021

Oil prices fell on Tuesday, weighed down by economic uncertainty even amid Russia’s oil price cap and a potential increase in demand due to China’s reopening.

US West Texas Intermediate crude for January delivery fell more than 4% to $73.85 on Tuesday afternoon. Brent crude for February delivery fell 4.34% to $79.09 a barrel.

The U.S. said it expects oil production to rise next year, reversing its outlook for the future after five months of cuts. Production is expected to hit 12.34 million barrels per day in 2023, up from a daily record of 12.315 million barrels in 2019, according to a monthly report from the Energy Information Administration.

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-Carmen Reinicke

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

Dimon said in June that he was preparing the bank for a financial “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 US economy, but that could change next year JPMorgan Chase CEO Jamie Dimon.

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

“Inflation is slowing down everything I just said and a trillion and a half dollars will be gone by the middle of next year,” Dimon said. “When you look forward, those things can really hurt the economy and cause a mild or severe recession that people worry about.”

Dimon also weighed in on cryptocurrencies, the need for fossil fuels and other topics in the wide-ranging interview.

– Hugh Son


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