An Hour Ago
Kosdaq set to snap 5-day losing streak after wiping out recent gains
South Korea’s small-to-midcap heavy Kosdaq index gained 2.23% by midday trading, eying to end a 5-day losing streak.
South Korean news agency Yonhap reported that President Yoon Suk Yeol said the short-selling ban will remain in effect until financial authorities devise measures to fundamentally prevent potential damage to retail investors.
Short selling is when a trader sells borrowed shares to buy back at a lower price and pocket the difference.
The index has shed 8% in the last five sessions, wiping out gains made on Nov. 6.
Last Monday, financial authorities in South Korea banned short selling until the end of June 2024.
— Shreyashi Sanyal
5 Hours Ago
Australia November consumer confidence slides after rate hike
Australia’s consumer confidence slid in November, according to a Westpac-Melbourne Institute survey.
The Westpac-Melbourne Institute index of consumer sentiment fell to 79.9 in November, down from 82 in October. The current reading reflects deeply pessimistic levels, according to the survey.
It notes that the Reserve Bank of Australia’s decision to raise interest rates by 25 basis points to 4.35% last week, knocked about 6 points off confidence during the survey week.
“The RBA’s November rate hike has put renewed pressure on family finances and reignited concerns about both the rising cost of living and the prospect of further rate rises to come,” said Matthew Hassan, senior economist of Westpac Group.
“Responses over the survey week show sentiment was heading for a slight gain prior to the RBA move, responses amongst those surveyed before the decision consistent with an index read of just over 83.”
The RBA had held interest rates steady four straight months until its meeting in November.
— Shreyashi Sanyal
5 Hours Ago
CNBC Pro: Goldman Sachs: These ‘conviction list’ global stocks will benefit from a circular economy boom
Rising commodity prices, increased regulation and a growing recognition of sustainability benefits are set to be “key catalysts” of the circular economy, Goldman Sachs said, naming its “conviction list” stocks to play the theme.
Quoting estimates from McKinsey, Accenture and the United Nations Environment Program, the bank said that the economic benefits of the circular economy range from $2.9 trillion to $4.5 trillion by 2030.
“While regulators, corporates, and investors have placed much emphasis on achieving Net Zero emissions and Biodiversity goals, we believe the critical role a Circular Economy will play in solving for both has been overlooked, particularly as a lack of available resources threatens the speed, scale, and affordability of a clean energy transition,” Goldman’s analysts wrote in a Nov. 2 note.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
5 Hours Ago
CNBC Pro: Morgan Stanley picks global ‘alpha’ opportunities for November — and gives one about 60% upside
Asian markets have had a tumultuous year.
The MSCI Asia ex Japan Index plunged from its January high, losing around 12% since then.
Chinese stocks are especially volatile. Hong Kong’s Hang Seng index is down around 12% in the year to date, while the Shenzhen Component has fallen over 9%.
Those keen on investing in Asia in the face of such uncertainty can consider Morgan Stanley’s selection of Asian stocks it calls “alpha” opportunities for November.
CNBC Pro subscribers can read more here.
— Weizhen Tan
5 Hours Ago
CNBC Pro: Morgan Stanley reveals its outlook for Asian stocks, says one major index is set to soar 11% in 2024
Morgan Stanley has revealed its bullish call on a major Asian stock index for 2024.
The investment bank expects the key stock index to rise 11% next year after rising by about 25% this year.
The Wall Street bank said the Asian country’s currency will strengthen next year and boost equities exposed to international trade.
CNBC Pro subscribers can read more here.
— Ganesh Rao
12 Hours Ago
Markets could still go higher but investors shouldn’t get ‘greedy,’ Wells Fargo’s Christopher Harvey says
Markets could still tick higher but investors should consider profit taking, according to Wells Fargo head of equity strategy Christopher Harvey.
“You could go higher, but if you go higher, we don’t want people to be greedy,” Harvey told CNBC’s “Squawk on the Street” on Monday. “Take some profits [and] be a little bit more defensive.”
Harvey added that he remains focused on large caps stocks, and noted that small caps “have a difficult time getting out of their own way” in the current economic environment.
— Brian Evans
9 Hours Ago
Oil settles higher as OPEC dismisses demand concerns
Oil prices settled higher on Monday after OPEC dismissed concerns that demand is slowing.
Brent crude contracts for January rose $1.09, or 1.34%, to…
Read More: Asia markets gain ahead of Biden-Xi talks