South Korea inflation, China reopens

Week ahead: PMIs, trade data, inflation gauges in Asia-Pacific

Key economic events in the Asia-Pacific next week will be dominated by purchasing managers’ index readings in the region.

China’s National Bureau of Statistics is scheduled to release official manufacturing and non-manufacturing PMI prints Saturday. Reuters expects China’s factory activity to contract by 48%.

South Korea is also due to report its December trade data at the weekend, which economists polled by Reuters had predicted would show a 10.1% drop from a year earlier.

Singapore is scheduled to release manufacturing PMI readings next week S&P Global It is scheduled to release its PMI readings for South Korea, Indonesia and India on Monday.

Inflation prints for the Philippines and Indonesia will be released on Tuesday and Monday respectively, and will be closely watched.

Japan’s PMI reading and China’s private survey of services PMI will be released on Wednesday. Singapore will release November retail sales on Thursday and South Korea’s unemployment rate for December.

– Jihye Lee

Yamaguchi is emerging as a candidate for the next Bank of Japan governor: Sange

Hirohit Yamaguchi, a former deputy governor of the Bank of Japan, is emerging as a candidate to lead the central bank’s Japanese local media. Sange saidCiting people familiar with the subject.

Yamaguchi, who served as a deputy at the central bank until 2013, has been a vocal critic of current governor Haruhiko Kuroda’s tight monetary policy.

The paper added that Yamaguchi would mark a departure from former Japanese Prime Minister Shinzo Abe’s economic stimulus strategy, also known as “Abenomics”.

Sankei said Yamaguchi is drawing attention as incumbent Prime Minister Fumio Kishida moves away from a more accommodative monetary stance, and the nomination for the next central bank chief will be clear next month.

– Jihye Lee

UOB says foreign talent is reluctant to come to Singapore after Hong Kong reopens

As Hong Kong reopens, foreign nationals may be less inclined to visit Singapore, said Alvin Liu, senior economist at United Overseas Bank.

“Singapore has benefited in terms of the talent pool that has come here because of the more stringent rules in Hong Kong,” said Liu, adding that the influx of workers moving to Singapore “will see a slight loosening” now that the city has reopened.

“The talent pool doesn’t want to move here,” said the Singapore-based economist.

Liew also said Hong Kong’s reopening is a step in the right direction for the region to “return to business as usual”.

China’s markets will see a “tactical” recovery next year, analyst says

Chinese markets will see a recovery with a “tactical bounce” in the coming year, Port Shelter Investment Management said.

“It’s obvious to say we might see a tactical bounce,” the company’s chief executive, Richard Harris, told CNBC.

“It will be tactical because China, at the end of the day, has to match the rest of the world,” he said.

Harris expects China’s recovery to take place in the first quarter of the year, and sentiment could continue into the second quarter.

The recovery depends on many currently unknown elements, such as whether strong stimulus will be injected into the Chinese economy and what will be done about inflation as the economy picks up.

– Lee Ying Shan

New Chinese tech ETF could bring ‘retail liquidity’ to Singapore market: investment firm

The asset management firm explains how its SGX ETF listing will differ from its other Chinese index funds

Singapore is on the list CSI Star and CNext 50 Index Exchange Traded Fund Ding Chen, CEO of CSOP Asset Management, told CNBC that it could bring liquidity from mainland China to Singapore.Squawk Box Asia.”

The company’s ETF was listed on the Singapore Exchange on Friday and is a sub-fund of Singapore unit trust CSOP SG ETF Series I.

“Through SGX, Singapore investors and global investors can gain access to ETFs listed in China,” Ding said, adding that China investors can also invest directly in Singapore ETFs.

When asked about the evolution of the company’s ETF portfolio, Ding said, “It will bring more emerging, younger generation tech companies to the market.”

– Sheila Chiang

South Korea’s inflation was unchanged in December

South Korea’s December consumer price index rose 5% on an annual basis, the figures show Bank of Korea showed.

The reading for this month maintained cooler conditions and was unchanged from November.

The print is in line with the expectations of economists polled by Reuters.

– Jihye Lee

Stocks ended Thursday higher

All major averages ended higher on Thursday.

The Dow Jones industrial average rose 345.09 points, or 1.05%. The S&P 500 gained 1.75% and the Nasdaq Composite rose 2.59% to 10,478.09.

– Tanaya Machel

CNBC Pro: Chip stocks have underperformed this year — but this fund manager is still bullish, names Buy 2

Jobless filings rose last week; Subsequent claims hit the highest since February

Jobless claims rose last week amid efforts by the Federal Reserve to cool the economy and especially the labor market.

The Labor Department reported Thursday that 225,000 first-time applications for unemployment benefits were filed in the week ending Dec. 24. That was an increase of 9,000 from the previous week and slightly higher than the Dow Jones estimate of 223,000.

Long-term, continuing claims ran a week behind the headline number, rising to 1.71 million, the largest increase of 41,000 since early February.

This time of year the numbers are always loud because of the holidays. Claims for seasonal factors increased by 23,146, an increase of 9.3%.

– Jeff Cox

CNBC Pro: Citi Names Its Top Biotech Stock Picks for 2023 — And Offers a 73% Upside

According to Citi, biotech will be a “stock pick market” in 2023.

The bank explains how biotech can perform under different economic scenarios, and names three top picks for 2023.

CNBC Pro subscribers can read more here.

– Weissen Don

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