Asia Pacific Markets, Federal Reserve, Wall Street, Apple, Tesla, Japan PMI

Hong Kong-listed Alibaba shares rose 7.11% in morning trade Wednesday — after the China Banking and Insurance Regulatory Commission approved a plan to expand the capital of Ant Group for its Chongqing-based consumer financial unit.

according to A notice was posted last weekIn February, Chinese regulators gave the green light to billionaire fintech firm Jack Ma to raise 10.5 billion yuan ($1.5 billion).

Ant group is A subsidiary of Alibaba in which the e-commerce giant owns 33%. Ant Group operates Alipay’s mobile payments wallet in China. Alibaba shares rose 2.78% on Tuesday, in the first trading session after the notice was posted.

Other companies named in the notice include Hangzhou Jintou Digital Technology Group, Nanyang Commercial Bank, Zhejiang Sunny Optical and China Huarong Asset Management.

Signs of approval in progress State-led regulatory reform financial technology giant.

– Jihee Lee, Evelyn Cheng

Skyrocketing energy costs have spurred investment in renewable energy around the world.

Swiss investment bank UBS has named 10 leading renewable energy players to capitalize on this trend and are set to outperform over the next year.

CNBC Pro subscribers can read more here.

– Ganesh Rao

the au Jibun Bank Flash Japan Manufacturing PMI December recorded a reading of 48.9, marking the second consecutive month in contraction territory.

The reading eased from 49.0 for November, and represented the weakest number since the October 2020 figure of 48.70.

The report stated that the continuing contraction in production is due to “weak global economic trends.”

– Lee Ying Chan

Tesla’s suppliers fell into Asia after that mentioned Vehicle production and deliveries figures for the fourth quarter of 2022 fell short of expectations.

The deliveries report showed a total of 405,278 deliveries for the quarter and 1.31 million deliveries for the year, short of expectations to see around 427,000 deliveries for the fourth quarter of the year.

Japan Panasonic It lost 1.82% in early Asian trade – LG Chem in South Korea fell 0.17% in the previous hours and Samsung SDI fell about 2%.

Shenzhen listed stock Contemporary Amperex technology, or also known as CATL, fell 1.7%. Tesla shares closed down 12% Tuesday on Wall Street.

– Ashley Cabot, Jee Lee

The once-hot chip sector has struggled in 2022, but Wall Street appears to be becoming more bullish on semiconductor stocks for the year ahead.

Recently, many professionals have urged investors to Take a long-term view of the sectorDue to the importance of chips in many major secular directions.

Analysts have named one stock in particular as bullish, citing its earnings potential and future profitability.

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– Wizen tan

The US manufacturing price managers’ index, a measure of output, fell at the fastest rate in December since May 2020, according to S&P Global.

The index stood at 46.2 in December, down from 47.7 in November, according to data released on Tuesday. The impact of lower prices and shrinking production levels on the index. Additionally, December saw a more-than-expected decline in new sales, with companies noting uncertainty due to the economic backdrop.

– Carmen Renick

The stock is down more than 13%, hitting levels not seen since August 2020. The slide comes from the worst annual performance for the stock – Tesla is down 65% in 2022.

– Carmen Renick

Sale in an Apple The shares pushed the iPhone maker’s market value below $2 trillion on Tuesday.

Shares fell 4% on news that production was being cut in some items due to weak demand. Concerns about iPhone supplies have mounted over the holiday period in recent weeks and pressured stocks as lockdowns spread through Apple’s main supplier in China.

The decline in stocks contrasts a year ago, when Apple was It became the first US company to reach a market capitalization of $3 trillion.

Apple was the latest of the huge tech stocks to hover above the $2 trillion mark.

– Samantha Sobin

Goldman Sachs has out of consensus forecasts for the US economy in 2023.

“Our economists continue to believe that the United States will avoid a recession because the Federal Reserve successfully engineers a soft landing for the economy,” analysts wrote on Tuesday.

“These unanimous forecasts partly reflect our view that a period of below potential growth is sufficient to gradually rebalance the labor market and ease wage and price pressures,” the note said. “But it also reflects our analysis that the pullback from fiscal and monetary tightening will decline sharply next year, contrary to the consensus view that the delayed effects of higher interest rates will lead to a recession in 2023.”

In addition, the bank today raised its forecast for Q4’22 GDP growth by 10bps to +2.1% on the back of a surprisingly strong announcement on construction spending for November.

“The disconnect between the resilience of the US economy in 2022 and the shorting experienced by equities was the main narrative last year,” Goldman said. “Whether this decoupling persists, or if the economy aligns with the direction of the market, or whether the market rebounds in the wake of an economic soft landing may be at least part of the story of 2023.”

– Carmen Renick