Asia-Pacific markets traded lower; China keeps the LPR stable | Techy Kings


China kept its key lending rate as expected

China left its benchmark lending rate unchanged for the third consecutive month, according to an announcement from the People’s Bank of China.

The one-year prime loan rate was stable at 3.65%, and the five-year rate was also held at 4.3%, the notice said.

– Abigail Ng

South Korea saw exports fall again in the first 20 days of November

South Korean exports for the first 20 days of November fell 16.7% on an annual basis, with demand from China lagging, according to data from the customs agency.

The decline in exports was a sharp decline from the 5.5% fall seen in October compared to the same period last year.

Imports also fell 5.5% for the first 20 days of November, resulting in a slight increase in the trade deficit — $4.4 billion for the period, compared to the $4.9 billion deficit reported in October.

The country has recorded a total of $40 billion in trade deficits year to date, statistics from the agency show.

— Jihye Lee

CNBC Pro: Morgan Stanley’s Mike Wilson predicts S&P 500 bottom, calls it a ‘great buying opportunity’

Morgan Stanley’s Chief US Equity Strategist Mike Wilson said we are in the “end stages” of a bear market, but things will remain challenging for a while.

He predicts when — and at what level — the S&P 500 will hit “new lows.”

CNBC Pro subscribers can read more here.

— Weizhen Tan

China is expected to keep its benchmark lending rate steady, a Reuters poll said

China’s central bank is expected to keep key one- and five-year lending rates on hold, according to analysts polled by Reuters.

The one-year rate is currently at 3.65%, and the five-year LPR is at 4.3%.

The People’s Bank of China last cut both rates in August.

China’s offshore yuan was weaker at 7.1376 against the US dollar ahead of Monday’s early results.

– Abigail Ng

CNBC Pro: Strategist says Chinese tech stocks, like Alibaba, ‘very undervalued’

A 30% decline this year in the value of Chinese Big Tech stocks, such as Alibabahas made them “very cheap,” according to investment bank China Renaissance.

Its head of equities, Andrew Maynard, not only believes that the stock market appears to be bottoming out, but also that investors may miss out on a rally if they remain underweight in China.

“Without a shadow of a doubt, China’s underweight will hurt you going forward,” Maynard said.

CNBC Pro subscribers can read more here.

– Ganesh Rao

Markets are watching for more clues about Fed hikes and the economy next week

Investors may be more cautious next week, with stocks looking for direction in quiet trade and bond market warnings of a recession intensifying.

The Thanksgiving holiday on Thursday means the market will likely be quiet on Wednesday and Friday. Dealers will monitor Black Friday holiday shopping reports for feedback on consumers.

“It really was a week where data reliance was the key phrase,” said Julian Emanuel, senior managing director at Evercore ISI. “One-sided attitude [for stocks] is higher unless the data continues to deteriorate and the Fed remains on its hawkish tilt… which has clearly been strengthened in the last 48 hours.”

Check out our full dive into what to expect next week here.

— Patti Domm, Tanaya Macheel


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