Japan sees core inflation at highest in 40 years as Asia-Pacific stocks rise

Philippines central bank expects economy to see ‘low growth’ next year, not recession

Central bank governor Felipe Medalla of Bangko Sentral ng Pilipinas (BSP) said the economy is expected to experience “low growth” of less than 5%, not a recession, next year.

Speaking to CNBC Sri Jegarajah in an interview, he said the central bank estimates the economy will grow by 6% next year, which is higher than the International Monetary Fund’s outlook of 5%.

This outlook could change by around 100 basis points depending on the deterioration of global financial conditions, he added.

BSP delivered its second 75 base point hike of the year on Thursday, bringing its benchmark interest rates to 5%.

— Natalie Tham, Jihye Lee

Tencent and NetEase shares rise after China approves game titles

Stocks of Chinese technology companies Tencent and NetEase Hong Kong-listed rose after the companies were granted gaming licenses by China’s National Press and Publication Administration.

Shares of Tencent rose 3% at the open and NetEase more than 5%.

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

On Thursday, NetEase shares plunged more than 11% after the company announced that its license with Activision Blizzard would be end in January 2023.

—Jihye Lee

Japan’s core inflation index rises 3.6%, more than expected

Japan’s core consumer price index rose 3.6% in October on an annualized basis, beating expectations for a 3.5% rise and the fastest pace since February 1982.

The index, which excludes fresh food but includes fuel costs, rose 3.0% in September from the same period a year ago.

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

—Jihye Lee

CNBC Pro: JPMorgan Says These Asian Travel Stocks Are About To Burst

As travel to Asia picks up and continues to gain momentum, particularly after China’s recent announcement to reduce quarantine time for international travelers, JPMorgan says it remains bullish on the travel industry of the region.

“Given the strong visibility of forward bookings and the additional upside resulting from the final stage of reopening in parts of the region, we remain positive on the airline and airport sectors in Asia,” he said. he said in a Nov. 11 memo.

CNBC Pro subscribers can Click here to find out which stocks investors should pay attention to.

— Charmaine Jacob

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

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

—Sarah Min

CNBC Pro: ‘The bullish case for the semis is compelling’: BofA picks best chip stocks to buy

Chip stocks, once popular with investors, are going badly this year.

But BofA says that despite consumer demand remaining under pressure, “the bullish case for the semis is also compelling.”

Semiconductor sales could rebound in the second half of 2023, BofA predicted.

Here are some themes that the bullet stocks could build on, says the bank, which also chooses which names to buy.

CNBC Pro subscribers can learn more here.

—Weizhen Tan

Fed’s Jefferson says low inflation is best way to prosperity

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

“Low inflation is essential to achieving a long and sustained expansion — an economy that works for everyone,” the central bank official said at an event in Minneapolis. “Continuing our dual mandate is the best way for the Federal Reserve to promote widely shared prosperity.”

Jefferson offered no direct comment on the direction he envisions policy as the Fed seeks to achieve both full employment and stable prices.

His comments following a flurry of speeches from his colleagues, who universally say the Fed will have to raise interest rates further to bring down inflation which is still hovering around its highest levels since the early 1980s .

—Jeff Cox

Fed’s Bullard says monetary policy not yet ‘tightly enough’

St. Louis Federal Reserve Chairman James Bullard said more tightening may be needed for the central bank to get inflation under control.

He said Thursday that inflation remained at an unacceptably high level, noting the policy was not “tightly enough” at current levels. The Fed has raised rates from zero to a range of 4% to 4.25% this year as US inflation climbs 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 prices suggest disinflation is expected in 2023,” Bullard said.

—Fred Imbert

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