Asia-Pacific shares mostly lower, Tokyo inflation at 40-year high; US markets closed

Hong Kong movers: Casinos, tech stocks fall on rising China caseload

Hong Kong-listed shares related to reopening and technology fell in Asia’s morning session after reports of a rise in Covid cases in China.

Shares in casino operators MGM China fell more than 4%, Wynn Macau lost 2.5%, Sands China fell 3%, and SJM Holdings also lost 2.7 per cent.

Technology stocks such as Tencent also fell more than 3% in the morning session, Meituan lost 3.17% and Bilibili fell 4.36 per cent.

– Jihye Lee

Tokyo’s core inflation hits 40-year high

Tokyo’s core consumer price index rose 3.6% in November on a year-on-year basis, more than the 3.5% expected in a Reuters poll.

The report marks the fastest annual pace seen by Japan’s capital since April 1982, and well above the Bank of Japan’s 2% inflation target.

The capital’s reading indicates that higher inflationary pressures have not yet been tamed. Nationwide inflation is hovering around corresponding historical levels.

– Jihye Lee

CNBC Pro: Outperforming asset manager picks the stocks to win as margins get squeezed

Patrick Armstrong, chief investment officer at Plurimi Wealth, believes margin squeeze is the ‘biggest risk’ to equities. But he believes that some stocks can buck the trend.

“Own sectors with healthy margins or creating margin squeezes elsewhere,” he added, naming the sectors and stocks he likes best.

Pro subscribers can read more here.

— Zavier Ong

CNBC Pro: UBS says 2023 recession will be an inch deep but a mile wide — and it’s not priced in stocks

Global economic conditions will change next year and that will reverse which markets and sectors are underperforming, according to the chief strategist of UBS Investment Bank.

“It’s an inch deep, but it’s a mile wide,” he said of the expected recession. “Global growth is at 2% and that’s not priced into stocks,” Bhanu Baweja told CNBC’s “Squawk Box Europe” on Wednesday.

He also mentioned which sectors he expects to do better next year.

CNBC Pro subscribers can read more here.

Jenny Reid

Malaysian stocks rose after the State Palace announcement by the Prime Minister

Listed shares in Malaysia closed higher on Thursday after the State Palace announced Anwar Ibrahim as the country’s prime minister.

Benchmark KLCI index closed 4.04% higher after previous negative sessions, ending the session at the highest levels in more than two months.

Telecommunications group Axiata Group Bhd rose more than 12% and Maxis Bhd rose 11%. Genting Malaysia rose about 8% and rubber glove maker Top Glove also gained 8% in the afternoon session.

The Malaysian ringgit strengthened slightly against the US dollar and was last at 4.5080.

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