Hong Kong stocks lead losses as China’s Covid cases rise; Asia-Pacific stocks were mixed

Stocks listed in Hong Kong JD.com The company traded up more than 5% in the afternoon after it confirmed pay cuts to its senior management team.

The Chinese e-commerce giant has confirmed that it will cut the cash salaries of its senior management team by up to 20% from January next year.

The company added that Tepan Logistics will pay social security contributions for employees and set up a housing fund.

“An employee benefits development program is currently being promoted, with a focus on front-line employees,” the company told CNBC.

– Iris Wang

Investing in U.S.-listed Chinese companies is the equivalent of playing “fantasy football,” an asset management firm said, as U.S. regulators continue their scrutiny of the firms.

Kyle Bass, founder and CIO of Hayman Capital Management, said recently reports The US Public Company Accounting Oversight Board has yet to confirm whether it will have “fair access” to the requested information, and reiterated the financial risks faced by investors in US-listed Chinese companies.

“They own a share that claims the Cayman Islands subsidiary, which has no voting rights, and has no access to the assets in the event of bankruptcy,” he told CNBC. “Street Signs Asia,” when asked if Chinese stocks in the U.S. are “investable.”

Chinese companies such as Alibaba have listed overseas JD.comUse a variable interest company structure in which a foreign company is set up to avoid Chinese restrictions on foreign investment and prevent investors from gaining majority voting rights in U.S. stocks.

A US-listed company is usually a holding company formed outside of both the US and China and may not hold shares in a China-based company.

“Investors are really playing fantasy football with Chinese companies because they don’t actually own anything,” he said.

– Jihye Lee

of Indonesia GoTo Group It posted a higher nine-month cumulative loss compared to the same period a year ago, Although quarterly losses narrowed with cost cuts.

Losses between January and September totaled 20.32 trillion rupiah ($1.29 billion), more than double the 11.58 trillion rupiah loss reported a year ago.

Its share price fell 6% in Jakarta on Tuesday morning, marking a 48% decline in share price since it was listed in April this year.

Company announced last Friday The job cuts are part of broader cost-cutting plans, which are expected to be reflected in 2023.

– Sheila Chiang

Kapungan Party Sarawak (GPS), a national political alliance based in Sarawak in East Malaysia and one of the kingmakers of the Malaysian elections, said it would support the Perikatan Nasional Alliance to form a government and would not work with Anwar Ibrahim’s Pakatan Harapan.

Malaysia’s king asked leading coalitions to submit their prime ministerial candidates by 2pm local time after Saturday’s inconclusive election.

“We’ve always been told that [sic] We cannot work with DAP and Pakatan here,” GPS secretary-general Alexander Nanda Linki told CNBC. “Squawk Box AsiaDAP is the progressive party of Pakatan.

“During the election in the last few days, they attacked us a lot. So, it’s very difficult to form a government, to be very objective in that sense.”

In return for GPS’s support, Linki said the government wants to offer posts to party members in ministries such as rural development and commodities.

-Su-Lin Tan

Once a Wall Street darling, Amazon It has lost its luster this year. Shares of the e-commerce company have fallen more than 40%, not doing well. S&P 500This is down about 15% over the same period.

Is it time for investors to pile in again? CNBC faces two market advantages”Street Signs Asia” to sue for and against the stock purchase on Thursday.

CNBC Pro subscribers can read more here.

– Javier Ong

Baidu revenue is expected to decline slightly in the third quarter of 2022, average estimates from a Refinitiv survey show.

The July-September quarter is expected to see a 0.05% drop in revenue to 31.904 billion yuan ($4.46 billion), from 31.92 billion yuan in the same period a year ago.

Meanwhile, Tiktok rival Kuaishou is expected to see 10.2% growth in third-quarter revenue to 22.58 billion yuan, a separate Refinitiv poll indicated — the slowest pace of annual growth since the company began reporting earnings.

Stocks listed in Hong Kong Kwaishu Revenue fell 4.1% Bye Shares were down 0.44% in the morning session.

– Jihye Lee

Mike Wilson, chief US equity strategist at Morgan Stanley, said he expected a “pretty steep decline in inflation” and predicted when this would happen.

But there are two areas with exceptions, he said, where inflation will be “gross”.

CNBC Pro subscribers can read more here.

– Weissen Don

Oil prices were little changed in Asian morning after hitting their lowest levels since January on Monday.

American Crude It was marginally higher at $80.08 a barrel after touching $75.08 in Monday’s session.

Brent is crude It rose slightly to $87.52 a barrel. It touched $82.31 in the previous session.

Oil futures fell briefly on Monday after the Wall Street Journal reported that OPEC+ was considering increasing supply by 500,000 barrels per day. Saudi Arabia later denied the report.

– Off Abigail

The Monetary Authority of Singapore (MAS) did not include troubled cryptocurrency exchange FTX on its investor warning list because it “does not actively solicit users in Singapore,” in contrast to rival exchange Binance.

MAS said there is a “clear difference” between FTX and Binance in targeting local users. Report It was released on Monday afternoon.

“In fact Binance went so far as to offer listings in Singapore dollars and accept Singapore-specific payment methods such as PayNow and PayLah,” it said in the report, adding that between January and August last year there were numerous complaints about Binance.

MAS reiterated the risks investors face when trading digital assets.

“The most important lesson from the FTX debacle is that dealing with any cryptocurrency, on any platform, is risky,” it said, adding that even Singapore-licensed crypto exchanges are regulated only to address the risks of money laundering, and offer no protection. For investors.

“As MAS has repeatedly stated, customers dealing with cryptocurrencies are not protected. They risk losing their money,” it said.

– Jihye Lee

Stocks fell on Monday in a volatile trading session to start the short holiday week.

The S&P 500 fell 0.39% to 3,949.94, while the Nasdaq Composite fell 1.09% to 11,024.51. The Dow Jones industrial average fell 45.41 points, or 0.13%, to 33,700.28, though the index’s losses were pared by a gain. Disney Shares, which rose more than 6%.

Disney jumped after the company announced that former CEO Bob Iger would replace Bob Chabeck.

– Carmen Reinicke