Hong Kong stocks up 3% as tech stocks rise; China's activity data disappoints - CNBC

Hong Kong-listed shares of Chinese exertion companies roseate importantly successful the archetypal hr of trade.

Tencent roseate 7.6%, Meituan gained 5.9%, and Alibaba roseate 9%. The Hang Seng Tech scale was up astir 4%.

The moves travel contempt disappointing enactment and retail income information from China, and pursuing U.S. President Joe Biden and Chinese President Xi Jinping's meeting up of the G-20 acme successful Bali.

Safanad's main concern strategist said the treatment betwixt the 2 leaders went "much better" than expected, though helium mostly credited that to debased expectations.

Shares of Taiwan Semiconductor Manufacturing Company listed successful Taiwan jumped aft Berkshire Hathaway disclosed a $4 cardinal involvement successful the company.

The banal soared arsenic overmuch arsenic 9.44%, reaching the highest levels successful astir 2 months.

Berkshire added much than 60 cardinal shares of the Taiwanese chipmaker's American depositary receipts, worthy $4.1 cardinal (1.2% of TSM) by the extremity of the 3rd quarter, making Taiwan Semi the conglomerate's 10th biggest holding astatine the extremity of September.

The banal was past up astir 8%.

China's concern accumulation grew 5% successful the period of October compared with a twelvemonth ago, slowing from an summation of 6.3% seen successful September. The latest fig misses estimates of a 5.2% emergence predicted successful a Reuters poll.

Separately, retail income successful China fell 0.5% successful October from a twelvemonth ago, missing expectations.

Analysts polled by Reuters expected a 1% increase, and retail income grew 2.5% successful September.

— Abigail Ng

With galore stocks successful a carnivore market, equities could beryllium undervalued by 15%, according to Morningstar.

The equity probe firm's main U.S. strategist believes headwinds that were contiguous earlier successful the twelvemonth volition commencement to recede astatine the commencement of adjacent twelvemonth and payment stocks.

Dave Sekera besides shared his "fair value" appraisal connected six companies with a "wide economical moat" that volition outperform successful specified an economical environment.

CNBC Pro subscribers tin work much here.

— Ganesh Rao

The Reserve Bank of Australia hinted astatine further and perchance larger involvement hikes up successful its efforts to tame inflationary pressures, according to the minutes released from its latest meeting.

"The Board agreed connected the value of returning ostentation to people and expects to summation involvement rates further implicit the play ahead," it said successful the release.

The cardinal slope had considered raising its currency rates by 50 ground points, but saw a stronger lawsuit to summation the complaint by 25 ground points, it said.

Higher involvement rates would beryllium portion of wider efforts to "establish a much sustainable equilibrium of request and proviso successful the Australian economy," the RBA said, adding that members had not ruled retired the anticipation of returning to larger hikes if needed.

– Jihye Lee

Japan's system unexpectedly contracted successful the 3rd 4th from a twelvemonth ago, authoritative preliminary estimates showed.

Gross home merchandise shrank 1.2% in the July-to-September 4th compared with the aforesaid play past year, missing estimates for maturation of 1.1% successful a Reuters poll.

— Abigail Ng

Which stocks could payment if China rolls backmost its zero-Covid policy? Market pros uncover however to play a reopening arsenic China eases immoderate of its microorganism controls.

Pro subscribers tin read much here.

— Zavier Ong

The S&P 500 rebounded disconnected its lows and Treasury yields eased from their highs a spot precocious greeting aft Federal Reserve Vice Chair Lael Brainard said it whitethorn "soon" beryllium due to dilatory the gait of involvement complaint hikes, successful a speech with Bloomberg News.

The S&P 500 was past conscionable down 0.1% aft being disconnected by much than 0.7% astatine 1 constituent Monday. The 10-year Treasury output was 5 ground points higher to 3.878% aft trading arsenic precocious arsenic astir 3.90% earlier.

"I deliberation what's truly important to stress is we've done a batch but we person further enactment to bash some connected raising rates and sustaining restraint to bring ostentation down to 2% implicit time," Brainard added.

—John Melloy, Jeff Cox

Fed Governor Chirstopher Waller said that, portion the cardinal slope could rise rates astatine a slower gait adjacent month, this shouldn't beryllium interpreted arsenic a softening motion successful its combat to bring down inflation.

"Quit paying attraction to the gait and commencement paying attraction to wherever the endpoint is going to be. Until we get ostentation down, that endpoint is inactive a ways retired there," Waller said Sunday.

Earlier this month, the Fed raised rates by 75 ground points to their highest level since 2008.

— Fred Imbert