South Korea, Japan industrial production data is available in worse than expected
South Korea and Japan’s industrial production each saw declines for the month of October.
Japan’s preliminary industrial production for October declined 2.6% in comparison with a month ago, greater than expectations of a decline of 1.5%, in keeping with a Reuters poll.
The reading marks the second consecutive decline after seeing a fall of 1.7% the previous month.
South Korea’s industrial production also fell by 3.5% compared with a month ago, also lower than expectations of a decline of 1%. The reading marked the bottom since May 2020, when output declined 6.7%.
– Jihye Lee
China’s factory activity expected to contract for a second straight month
China’s official manufacturing Purchasing Managers’ Index for November is anticipated to are available in at 49, below the 50-point mark that separates growth from contraction, in keeping with analysts polled by Reuters.
That is barely lower than the reading of 49.2 reported in October.
PMI readings are sequential and represent month-on-month changes in activity.
— Abigail Ng
China says it’s ‘closely watching’ virus developments when asked about shift in policy
Chinese health authorities said that officials are “closely watching” the developments of Covid when asked if protests within the region would result in shifts in its zero-Covid policy.
“China has been following and closely watching the virus because it evolves and mutates,” officials said, in keeping with a translation of Tuesday’s briefing.
– Christine Wang, Evelyn Cheng
CNBC Pro: Goldman Sachs’ Currie says oil stocks are trading ‘far below’ their long-term trend
Goldman Sachs’ Global Head of Commodities Research Jeff Currie told CNBC that historically, oil stocks have traded at a much higher premium to crude oil prices in comparison with current price levels.
For example, the worth gap between SPDR Oil & Gas ETF and ICE Brent Crude futures contract was about $66.60 on Tuesday. That is significantly lower than the $104 gap recorded firstly of January 2017, in keeping with Koyfin data, because the chart below shows.
China broadcasts measures to spice up elderly vaccination
China’s health authorities released a plan to spice up elderly vaccination, in keeping with a notice on the National Health Commission’s website.
Hong Kong-listed shares of CanSino Biologics prolonged gains within the afternoon session and rose as much as 18% shortly after the announcement was posted.
The notice said authorities should use multiple data points to accurately discover goal groups for vaccination for the elderly.
CNBC Pro: As Wall Street gets bearish, these stocks with margin growth might be secure bets
Wall Street pros are anxious concerning the outlook for stocks, and are urging investors to remain defensive. These stocks with margin growth might be secure bets.
Pro subscribers can read more here.
— Zavier Ong
Nasdaq and S&P 500 post third day down
The Dow Jones Industrial Average closed 3.07 points, or 0.01%, higher after trading down for much of the day. The index ended the day at 33,852.53.
Meanwhile, the Nasdaq Composite finished lower by 0.59%, to shut at 10,983.78. The S&P 500 slipped by 0.16% to shut at 3,957.63.
— Alex Harring
