Asia-Pacific markets, Wall Street, industrial output, Hong Kong eases restrictions

South Korea’s retail sales see third month of decline, industrial production recovers

South Korea’s November retail sales fell 1.8% on an annualized basis, after falling 0.2% in October, government data showed.

Meanwhile, its industrial production edged up 0.4% for the month, rebounding slightly after experiencing four consecutive monthly declines previously.

South Korea is due to release its consumer price index on Friday, in which economists polled by Reuters expect inflation to fall another 5%.

– Jihye Lee

Oil prices fall as optimism over China’s reopening plummets

Oil prices fell slightly as China continues to see a growing number of Covid cases as well as a pressure on medical resources sparkling optimism in the prospects for the country’s reopening and fuel demand.

Brent futures lost 0.46% to settle at $82.88 a barrel. Likewise, the United States West Texas Intermediate fell 0.49% to $78.58 a barrel.

“Even China’s reopening narrative may be hampered by China’s record Covid breakout,” Mizuho Bank’s Vishnu Varathan wrote in a note, adding that his reopening should also not be confused with “lasting immunity.” “against the risks of a global recession.

—Lee Ying Shan

Apple’s Asian suppliers fall after the tech giant’s shares hit a new all-time high

Italy makes Covid tests mandatory for travelers from China: Reuters

Italy will require all inbound travelers from China to undergo Covid-testsReuters reports its health minister said, after authorities in Milan announced nearly 50% of passengers on two flights from China had tested positive.

It was not clear what measures would be imposed on arrivals who tested positive, Reuters reported.

Separately, the UK is considering doing the same after the US announced mandatory testing of arrivals from China, the Telegraph reported.

—Lee Ying Shan

CNBC Pro: Tech is ‘down but by no means exhausted’ — watch these stocks in 2023, fund manager says

It’s been a bad year for tech companies, and many investors are wondering when tech stocks will rebound.

Technology fund manager Jeremy Gleeson of AXA Investment Managers told CNBC Pro Talks last week that he still believes in the sector.

He explains why and names the stocks to buy.

CNBC Pro subscribers can learn more here.

—Weizhen Tan

Crypto exchange Kraken to shut down operations in Japan

Kraken Digital Currency Exchange announced that it would cease operations in Japan next month and deregister from the Financial Services Agency of Japan on January 31, 2023.

The exchange cited a confluence of “current market conditions in Japan” and a “weak crypto market globally” as reasons for its move.

The decision was also part of Kraken’s efforts to “prioritize resources and investments in areas that align with [its] strategy and best position Kraken for long-term success.”

Bitcoin fell 0.64% in the past 24 hours and last traded at $16,571.12, according to Parts Metrics. Ether fell 1.18% to $1,193.34.

—Ryan Browne, Lee Ying Shan

US to require negative Covid test from Chinese travelers

Air passengers entering the United States from China will be required to have a negative covid testa federal health official announced Wednesday.

The rule comes into effect on January 5 and applies to all travelers aged two and over from China, Hong Kong and Macau. The rule applies regardless of nationality or vaccination status.

After attempting a zero Covid policy for far longer than other major countries, China is now experiencing a surge in infections after rolling back its public health restrictions in recent weeks.

—Jesse Pound

Apple breaches key technical level and sets new 52-week low

Apple fell through the key $129 level and set a new 52-week low for a second day on Wednesday.

Some analysts view Apple, the largest market cap, as an indicator of the overall market and a major influence on investor sentiment.

“It’s not great for the overall market,” said Todd Sohn, technical analyst at Strategas. “The end of the year is a funky time, but if it continues into the first two weeks of the year, it’s for real.”

Apple fell through the $129 support in early trading on Wednesday and touched a low of $126.41 before reversing. The stock was at $127.15 in afternoon trading.

“If your most important weight is low and hitting new lows, that’s not great. Your best player isn’t scoring,” he said. Sohn said the five biggest names by market capitalization are still losing momentum. “The silver lining is that the influence on the index (S&P 500) is down.”

–Patti Domm

CNBC Pro: China eases Covid restrictions. This could mean a buying opportunity in these stocks

A reopening of the world’s second-largest economy could provide a buying opportunity for investors as China lifts much of its Covid restrictions.

Investors took the recent developments as a signal to start buying Chinese stocks. They expect the Chinese economy to get a boost in 2023, while the United States and Europe continue to deal with the delayed effect of monetary tightening that could dampen economic growth.

“Many institutional investors have been very underweight in Chinese equities,” said Carlos Asilis, co-founder and CIO of Glovista Investments.

“And I think that was a mistake, because he ignored this very important potential reference case that is now priced in, which is the Chinese economy going through a recovery path next year similar to what we have. seen this year in the case of in the United States,” he added.

CNBC Pro subscribers can read the full story here.

—Sarah Min

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