Pau said there were other advantages, which included Tencent’s plans to leverage profits from its cloud computing business. “In the last quarter, we’re seeing that they’ve already moved their entire business as well as all their data to the cloud. So that’s a significant change in terms of their data deployment,” he said. “Tencent, based on public cloud market share, is already ranked second in China, and they are making full progress in terms of international expansion,” Pau added. — Su-Lin Tan
No hard landing for mortgage holders but tightening in order: NZ Reserve Bank
Reserve Bank of New Zealand Governor Adrian Orr said there would not be a “hard landing” for house prices as a result of the bank’s rate hikes – but some “belt tightening” would have to be done. Orr told CNBC’s “Squawk Box Asia” on Thursday that the bank did not just target house prices but focused on the broader economy and aimed for stable and low inflation. “So no, it’s within our remit that we’re trying to target house prices or any assets. I think there’s a misperception of recent times,” Orr said. “We’re really relieved from a financial stability point of view that house prices have come down, we expect them to come down around 20%. Now, our estimate, but even then, that’s just bringing them back to a more sustainable level. They were extremely high against during the very loose monetary policy”. Orr also said that during the recent period of low interest rates, the bank and New Zealand’s supervisory regulator had worked together to ensure household balance sheets were in good shape. “And so the current level of interest rates that we’re going to see today as consistent with our statement is fully within that management range. Now, that’s not to say that it won’t involve some tightening of the belt, for households or those just entering the market “, he said. Orr also said he predicted very low GDP growth for New Zealand over the next two years and said a recession could not be ruled out. — Su-Lin Tan
Indian companies report significant increase in ICT budget
Over 50% of Indian businesses have increased their information and communications technology (ICT) budgets by more than 6% in 2022 compared to last year, according to a survey by data firm GlobalData. The increase in the use of digital and technology services is due to the pandemic amid ongoing digital initiatives by the Indian government. GlobalData’s India Business ICT Investment Trends report said that around 56% of key IT decision makers surveyed claimed that there has been a significant (over 6%) increase in their IT budget for 2022 compared to 2021. Another 34.5% claimed there was a small increase (1% to 6%) over the same period. “India’s upbeat business ICT spending outlook for 2022 can likely be attributed to the increasing focus on technology-led investments in digital transformation activities such as cloud migration, automation and upgrading of legacy IT infrastructure along with favorable government policies,” said Pragyan Tarasia. , said GlobalData technology analyst.
Tencent denies selling a stake in food delivery giant Meituan
Tencent has denied selling its stake in Chinese food delivery giant Meituan – but there is a strong possibility the tech giant will divest some of its smaller businesses to fend off regulatory scrutiny, according to an analyst. Like Alibaba, Tencent now faces a “concentration of power” problem, and Chinese regulators may be sniffing around to ensure smaller gaming and tech companies enter the industry and diversify. Tencent posted its first quarterly year-over-year revenue decline as tighter regulations on gambling in China and a resurgence of Covid-19 in the world’s second-largest economy hit the tech giant. “Tencent is facing what Alibaba faced in the e-commerce market. It is the leading gaming company [in China] So the government is actively trying to rein it in to give smaller developers a chance to catch up to Tencent and NetEase. And I can’t say for sure when that will end,” Motley Fool tech expert Leo Sun told CNBC Capital Connection. “We’re not really sure what’s going to happen with Tencent. It’s not only the biggest video game company in China, but the biggest gaming company in the world.” Sun said the company has already divested some of its holdings in the past, such as JD.com, so it may consider other smaller divestitures. — Su-Lin Tan
Country Garden issues profit warning
Chinese developer Country Garden has issued a profit warning predicting its net profit for the first half of the year will fall to less than half of last year’s result. It estimated its net profit to be between 4,500 million yuan and 5,000 million yuan ($660 million and $730 million), up from 15 billion yuan ($2.21 billion) last year. The company attributed the decline in earnings to lower property sales, increased impairment provisions for real estate projects and foreign exchange losses. “The Board of Directors is of the opinion that most of the above factors affecting earnings were of a non-cash nature and the Group’s operations are in good shape with sufficient cash and cash flows remaining stable,” the company said in a statement. — Su-Lin Tan
Taiwan, US begin trade initiative talks
The United States and Taiwan have agreed to begin discussions on a new trade initiative, the “US-Taiwan 21st Century Trade Initiative.” The US Trade Representative’s office said the two sides “reached consensus on the negotiating mandate.” “We intend to pursue an ambitious timetable for achieving high-level commitments and substantive results covering the eleven trade areas of the negotiating mandate that will help build a fairer, more prosperous and resilient 21st century economy,” said the United Nations Deputy Trade Representative. States, Sarah Bianchi. he said in a statement. There was no mention of the possibility of a free trade agreement. This follows US House Speaker Nancy Pelosi’s recent controversial visit to Taiwan. And it comes on the back of Washington’s economic pivot to Asia, which led to the launch of the Indo-Pacific Economic Framework, which did not include Taiwan. — Su-Lin Tan
Coca-Cola and Grab are collaborating on e-commerce initiatives
Coca-Cola and Grab, Southeast Asia’s leading ride-hailing and delivery app announced a partnership to launch and engage consumers through GrabAds. The cooperation will take place in six Southeast Asian countries, including Singapore, Indonesia, Malaysia, Thailand, the Philippines and Vietnam. — Su-Lin Tan
Nomura, Goldman further cut 2022 China GDP forecasts
Nomura further cut its forecast for China’s GDP in 2022, from 3.3% to 2.8%, citing the latest economic data from outside the country. The latest move continues the bank’s streak of having one of the lowest calls among its bonds, echoing pessimism about Beijing’s growth target of around 5.5 percent. In July, Chinese officials said the country might miss its GDP target for the year. Nomura credits worsening bearish swings in the current economic cycle as well as China facing its worst heat wave in years, which could weigh on growth in the third quarter. Goldman Sachs also cut its forecast to 3% from 3.3% — citing the latest data showing falling demand and sluggish credit growth. The report also highlighted the resilience from the recession in the real estate sector. The projected cuts come after the People’s Bank of China unexpectedly cut interest rates on Monday – its medium-term policy loans and a short-term liquidity tool – for the second time this year. — Jihye Li
Australia’s unemployment rate falls again, to a 48-year low
Australia’s unemployment rate fell to 3.4% in July, the lowest since 1974, according to the latest figures released by the Australian Bureau of Statistics. It fell from 3.5% in June. “The fall in unemployment in July reflects an increasingly tight labor market, including high job vacancies and ongoing labor shortages, resulting in the lowest unemployment rate since August 1974,” said Bjorn Jarvis. “In July, there were fewer unemployed (474,000) than job vacancies (480,000 in May).” A tighter labor market could trigger further demand and inflation as well as further increases in interest rates. In the Reserve Bank of Australia’s meeting minutes this week, the bank said “employment growth could be stronger than expected and strong household balance sheets could support household consumption more than expected.” . —Su-Lin Tan
CNBC Pro: Top tech investor Paul Meeks reveals why he thinks PayPal is a buy
PayPal has lost nearly half of its market capitalization this year — and that’s despite a strong rally last month. But leading tech investor Paul Meeks is still a fan of the online payments giant. He tells CNBC Pro Talks why he thinks the stock is a buying opportunity. Professional subscribers can read the story here. — Zavier Ong
CNBC Pro: Goldman says planned energy transition drives valuations, picks stocks that are ‘best in class’
Energy efficiency improvements made by companies will be increasingly important to investors, according to Goldman Sachs. “Coal is increasingly becoming a factor influencing stock selection and equity valuation due to increasing regulatory pressure and net zero investment strategies,” the investment bank wrote in a recent August report. Goldman has identified market-rated companies that rank well in their reductions in energy use and where it says energy efficiency will play a key role in the companies’ competitive position over the long term. Professional subscribers can read more here. — Weizhen Tan
Chinese blackouts continue in Sichuan, Yangtze
China struggles with power outages in…
title: “Asia Pacific Markets Trade Lower After Wall Street Falls After Fed Minutes Klmat” ShowToc: true date: “2022-10-28” author: “Tony Speicher”
Pau said there were other advantages, which included Tencent’s plans to leverage profits from its cloud computing business. “In the last quarter, we’re seeing that they’ve already moved their entire business as well as all their data to the cloud. So that’s a significant change in terms of their data deployment,” he said. “Tencent, based on public cloud market share, is already ranked second in China, and they are making full progress in terms of international expansion,” Pau added. — Su-Lin Tan
No hard landing for mortgage holders but tightening in order: NZ Reserve Bank
Reserve Bank of New Zealand Governor Adrian Orr said there would not be a “hard landing” for house prices as a result of the bank’s rate hikes – but some “belt tightening” would have to be done. Orr told CNBC’s “Squawk Box Asia” on Thursday that the bank did not just target house prices but focused on the broader economy and aimed for stable and low inflation. “So no, it’s within our remit that we’re trying to target house prices or any assets. I think there’s a misperception of recent times,” Orr said. “We’re really relieved from a financial stability point of view that house prices have come down, we expect them to come down around 20%. Now, our estimate, but even then, that’s just bringing them back to a more sustainable level. They were extremely high against during the very loose monetary policy”. Orr also said that during the recent period of low interest rates, the bank and New Zealand’s supervisory regulator had worked together to ensure household balance sheets were in good shape. “And so the current level of interest rates that we’re going to see today as consistent with our statement is fully within that management range. Now, that’s not to say that it won’t involve some tightening of the belt, for households or those just entering the market “, he said. Orr also said he predicted very low GDP growth for New Zealand over the next two years and said a recession could not be ruled out. — Su-Lin Tan
Indian companies report significant increase in ICT budget
Over 50% of Indian businesses have increased their information and communications technology (ICT) budgets by more than 6% in 2022 compared to last year, according to a survey by data firm GlobalData. The increase in the use of digital and technology services is due to the pandemic amid ongoing digital initiatives by the Indian government. GlobalData’s India Business ICT Investment Trends report said that around 56% of key IT decision makers surveyed claimed that there has been a significant (over 6%) increase in their IT budget for 2022 compared to 2021. Another 34.5% claimed there was a small increase (1% to 6%) over the same period. “India’s upbeat business ICT spending outlook for 2022 can likely be attributed to the increasing focus on technology-led investments in digital transformation activities such as cloud migration, automation and upgrading of legacy IT infrastructure along with favorable government policies,” said Pragyan Tarasia. , said GlobalData technology analyst.
Tencent denies selling a stake in food delivery giant Meituan
Tencent has denied selling its stake in Chinese food delivery giant Meituan – but there is a strong possibility the tech giant will divest some of its smaller businesses to fend off regulatory scrutiny, according to an analyst. Like Alibaba, Tencent now faces a “concentration of power” problem, and Chinese regulators may be sniffing around to ensure smaller gaming and tech companies enter the industry and diversify. Tencent posted its first quarterly year-over-year revenue decline as tighter regulations on gambling in China and a resurgence of Covid-19 in the world’s second-largest economy hit the tech giant. “Tencent is facing what Alibaba faced in the e-commerce market. It is the leading gaming company [in China] So the government is actively trying to rein it in to give smaller developers a chance to catch up to Tencent and NetEase. And I can’t say for sure when that will end,” Motley Fool tech expert Leo Sun told CNBC Capital Connection. “We’re not really sure what’s going to happen with Tencent. It’s not only the biggest video game company in China, but the biggest gaming company in the world.” Sun said the company has already divested some of its holdings in the past, such as JD.com, so it may consider other smaller divestitures. — Su-Lin Tan
Country Garden issues profit warning
Chinese developer Country Garden has issued a profit warning predicting its net profit for the first half of the year will fall to less than half of last year’s result. It estimated its net profit to be between 4,500 million yuan and 5,000 million yuan ($660 million and $730 million), up from 15 billion yuan ($2.21 billion) last year. The company attributed the decline in earnings to lower property sales, increased impairment provisions for real estate projects and foreign exchange losses. “The Board of Directors is of the opinion that most of the above factors affecting earnings were of a non-cash nature and the Group’s operations are in good shape with sufficient cash and cash flows remaining stable,” the company said in a statement. — Su-Lin Tan
Taiwan, US begin trade initiative talks
The United States and Taiwan have agreed to begin discussions on a new trade initiative, the “US-Taiwan 21st Century Trade Initiative.” The US Trade Representative’s office said the two sides “reached consensus on the negotiating mandate.” “We intend to pursue an ambitious timetable for achieving high-level commitments and substantive results covering the eleven trade areas of the negotiating mandate that will help build a fairer, more prosperous and resilient 21st century economy,” said the United Nations Deputy Trade Representative. States, Sarah Bianchi. he said in a statement. There was no mention of the possibility of a free trade agreement. This follows US House Speaker Nancy Pelosi’s recent controversial visit to Taiwan. And it comes on the back of Washington’s economic pivot to Asia, which led to the launch of the Indo-Pacific Economic Framework, which did not include Taiwan. — Su-Lin Tan
Coca-Cola and Grab are collaborating on e-commerce initiatives
Coca-Cola and Grab, Southeast Asia’s leading ride-hailing and delivery app announced a partnership to launch and engage consumers through GrabAds. The cooperation will take place in six Southeast Asian countries, including Singapore, Indonesia, Malaysia, Thailand, the Philippines and Vietnam. — Su-Lin Tan
Nomura, Goldman further cut 2022 China GDP forecasts
Nomura further cut its forecast for China’s GDP in 2022, from 3.3% to 2.8%, citing the latest economic data from outside the country. The latest move continues the bank’s streak of having one of the lowest calls among its bonds, echoing pessimism about Beijing’s growth target of around 5.5 percent. In July, Chinese officials said the country might miss its GDP target for the year. Nomura credits worsening bearish swings in the current economic cycle as well as China facing its worst heat wave in years, which could weigh on growth in the third quarter. Goldman Sachs also cut its forecast to 3% from 3.3% — citing the latest data showing falling demand and sluggish credit growth. The report also highlighted the resilience from the recession in the real estate sector. The projected cuts come after the People’s Bank of China unexpectedly cut interest rates on Monday – its medium-term policy loans and a short-term liquidity tool – for the second time this year. — Jihye Li
Australia’s unemployment rate falls again, to a 48-year low
Australia’s unemployment rate fell to 3.4% in July, the lowest since 1974, according to the latest figures released by the Australian Bureau of Statistics. It fell from 3.5% in June. “The fall in unemployment in July reflects an increasingly tight labor market, including high job vacancies and ongoing labor shortages, resulting in the lowest unemployment rate since August 1974,” said Bjorn Jarvis. “In July, there were fewer unemployed (474,000) than job vacancies (480,000 in May).” A tighter labor market could trigger further demand and inflation as well as further increases in interest rates. In the Reserve Bank of Australia’s meeting minutes this week, the bank said “employment growth could be stronger than expected and strong household balance sheets could support household consumption more than expected.” . —Su-Lin Tan
CNBC Pro: Top tech investor Paul Meeks reveals why he thinks PayPal is a buy
PayPal has lost nearly half of its market capitalization this year — and that’s despite a strong rally last month. But leading tech investor Paul Meeks is still a fan of the online payments giant. He tells CNBC Pro Talks why he thinks the stock is a buying opportunity. Professional subscribers can read the story here. — Zavier Ong
CNBC Pro: Goldman says planned energy transition drives valuations, picks stocks that are ‘best in class’
Energy efficiency improvements made by companies will be increasingly important to investors, according to Goldman Sachs. “Coal is increasingly becoming a factor influencing stock selection and equity valuation due to increasing regulatory pressure and net zero investment strategies,” the investment bank wrote in a recent August report. Goldman has identified market-rated companies that rank well in their reductions in energy use and where it says energy efficiency will play a key role in the companies’ competitive position over the long term. Professional subscribers can read more here. — Weizhen Tan
Chinese blackouts continue in Sichuan, Yangtze
China struggles with power outages in…
title: “Asia Pacific Markets Trade Lower After Wall Street Falls After Fed Minutes Klmat” ShowToc: true date: “2022-12-11” author: “Landon Thacker”
Pau said there were other advantages, which included Tencent’s plans to leverage profits from its cloud computing business. “In the last quarter, we’re seeing that they’ve already moved their entire business as well as all their data to the cloud. So that’s a significant change in terms of their data deployment,” he said. “Tencent, based on public cloud market share, is already ranked second in China, and they are making full progress in terms of international expansion,” Pau added. — Su-Lin Tan
No hard landing for mortgage holders but tightening in order: NZ Reserve Bank
Reserve Bank of New Zealand Governor Adrian Orr said there would not be a “hard landing” for house prices as a result of the bank’s rate hikes – but some “belt tightening” would have to be done. Orr told CNBC’s “Squawk Box Asia” on Thursday that the bank did not just target house prices but focused on the broader economy and aimed for stable and low inflation. “So no, it’s within our remit that we’re trying to target house prices or any assets. I think there’s a misperception of recent times,” Orr said. “We’re really relieved from a financial stability point of view that house prices have come down, we expect them to come down around 20%. Now, our estimate, but even then, that’s just bringing them back to a more sustainable level. They were extremely high against during the very loose monetary policy”. Orr also said that during the recent period of low interest rates, the bank and New Zealand’s supervisory regulator had worked together to ensure household balance sheets were in good shape. “And so the current level of interest rates that we’re going to see today as consistent with our statement is fully within that management range. Now, that’s not to say that it won’t involve some tightening of the belt, for households or those just entering the market “, he said. Orr also said he predicted very low GDP growth for New Zealand over the next two years and said a recession could not be ruled out. — Su-Lin Tan
Indian companies report significant increase in ICT budget
Over 50% of Indian businesses have increased their information and communications technology (ICT) budgets by more than 6% in 2022 compared to last year, according to a survey by data firm GlobalData. The increase in the use of digital and technology services is due to the pandemic amid ongoing digital initiatives by the Indian government. GlobalData’s India Business ICT Investment Trends report said that around 56% of key IT decision makers surveyed claimed that there has been a significant (over 6%) increase in their IT budget for 2022 compared to 2021. Another 34.5% claimed there was a small increase (1% to 6%) over the same period. “India’s upbeat business ICT spending outlook for 2022 can likely be attributed to the increasing focus on technology-led investments in digital transformation activities such as cloud migration, automation and upgrading of legacy IT infrastructure along with favorable government policies,” said Pragyan Tarasia. , said GlobalData technology analyst.
Tencent denies selling a stake in food delivery giant Meituan
Tencent has denied selling its stake in Chinese food delivery giant Meituan – but there is a strong possibility the tech giant will divest some of its smaller businesses to fend off regulatory scrutiny, according to an analyst. Like Alibaba, Tencent now faces a “concentration of power” problem, and Chinese regulators may be sniffing around to ensure smaller gaming and tech companies enter the industry and diversify. Tencent posted its first quarterly year-over-year revenue decline as tighter regulations on gambling in China and a resurgence of Covid-19 in the world’s second-largest economy hit the tech giant. “Tencent is facing what Alibaba faced in the e-commerce market. It is the leading gaming company [in China] So the government is actively trying to rein it in to give smaller developers a chance to catch up to Tencent and NetEase. And I can’t say for sure when that will end,” Motley Fool tech expert Leo Sun told CNBC Capital Connection. “We’re not really sure what’s going to happen with Tencent. It’s not only the biggest video game company in China, but the biggest gaming company in the world.” Sun said the company has already divested some of its holdings in the past, such as JD.com, so it may consider other smaller divestitures. — Su-Lin Tan
Country Garden issues profit warning
Chinese developer Country Garden has issued a profit warning predicting its net profit for the first half of the year will fall to less than half of last year’s result. It estimated its net profit to be between 4,500 million yuan and 5,000 million yuan ($660 million and $730 million), up from 15 billion yuan ($2.21 billion) last year. The company attributed the decline in earnings to lower property sales, increased impairment provisions for real estate projects and foreign exchange losses. “The Board of Directors is of the opinion that most of the above factors affecting earnings were of a non-cash nature and the Group’s operations are in good shape with sufficient cash and cash flows remaining stable,” the company said in a statement. — Su-Lin Tan
Taiwan, US begin trade initiative talks
The United States and Taiwan have agreed to begin discussions on a new trade initiative, the “US-Taiwan 21st Century Trade Initiative.” The US Trade Representative’s office said the two sides “reached consensus on the negotiating mandate.” “We intend to pursue an ambitious timetable for achieving high-level commitments and substantive results covering the eleven trade areas of the negotiating mandate that will help build a fairer, more prosperous and resilient 21st century economy,” said the United Nations Deputy Trade Representative. States, Sarah Bianchi. he said in a statement. There was no mention of the possibility of a free trade agreement. This follows US House Speaker Nancy Pelosi’s recent controversial visit to Taiwan. And it comes on the back of Washington’s economic pivot to Asia, which led to the launch of the Indo-Pacific Economic Framework, which did not include Taiwan. — Su-Lin Tan
Coca-Cola and Grab are collaborating on e-commerce initiatives
Coca-Cola and Grab, Southeast Asia’s leading ride-hailing and delivery app announced a partnership to launch and engage consumers through GrabAds. The cooperation will take place in six Southeast Asian countries, including Singapore, Indonesia, Malaysia, Thailand, the Philippines and Vietnam. — Su-Lin Tan
Nomura, Goldman further cut 2022 China GDP forecasts
Nomura further cut its forecast for China’s GDP in 2022, from 3.3% to 2.8%, citing the latest economic data from outside the country. The latest move continues the bank’s streak of having one of the lowest calls among its bonds, echoing pessimism about Beijing’s growth target of around 5.5 percent. In July, Chinese officials said the country might miss its GDP target for the year. Nomura credits worsening bearish swings in the current economic cycle as well as China facing its worst heat wave in years, which could weigh on growth in the third quarter. Goldman Sachs also cut its forecast to 3% from 3.3% — citing the latest data showing falling demand and sluggish credit growth. The report also highlighted the resilience from the recession in the real estate sector. The projected cuts come after the People’s Bank of China unexpectedly cut interest rates on Monday – its medium-term policy loans and a short-term liquidity tool – for the second time this year. — Jihye Li
Australia’s unemployment rate falls again, to a 48-year low
Australia’s unemployment rate fell to 3.4% in July, the lowest since 1974, according to the latest figures released by the Australian Bureau of Statistics. It fell from 3.5% in June. “The fall in unemployment in July reflects an increasingly tight labor market, including high job vacancies and ongoing labor shortages, resulting in the lowest unemployment rate since August 1974,” said Bjorn Jarvis. “In July, there were fewer unemployed (474,000) than job vacancies (480,000 in May).” A tighter labor market could trigger further demand and inflation as well as further increases in interest rates. In the Reserve Bank of Australia’s meeting minutes this week, the bank said “employment growth could be stronger than expected and strong household balance sheets could support household consumption more than expected.” . —Su-Lin Tan
CNBC Pro: Top tech investor Paul Meeks reveals why he thinks PayPal is a buy
PayPal has lost nearly half of its market capitalization this year — and that’s despite a strong rally last month. But leading tech investor Paul Meeks is still a fan of the online payments giant. He tells CNBC Pro Talks why he thinks the stock is a buying opportunity. Professional subscribers can read the story here. — Zavier Ong
CNBC Pro: Goldman says planned energy transition drives valuations, picks stocks that are ‘best in class’
Energy efficiency improvements made by companies will be increasingly important to investors, according to Goldman Sachs. “Coal is increasingly becoming a factor influencing stock selection and equity valuation due to increasing regulatory pressure and net zero investment strategies,” the investment bank wrote in a recent August report. Goldman has identified market-rated companies that rank well in their reductions in energy use and where it says energy efficiency will play a key role in the companies’ competitive position over the long term. Professional subscribers can read more here. — Weizhen Tan
Chinese blackouts continue in Sichuan, Yangtze
China struggles with power outages in…
title: “Asia Pacific Markets Trade Lower After Wall Street Falls After Fed Minutes Klmat” ShowToc: true date: “2022-10-31” author: “Richard Sims”
Pau said there were other advantages, which included Tencent’s plans to leverage profits from its cloud computing business. “In the last quarter, we’re seeing that they’ve already moved their entire business as well as all their data to the cloud. So that’s a significant change in terms of their data deployment,” he said. “Tencent, based on public cloud market share, is already ranked second in China, and they are making full progress in terms of international expansion,” Pau added. — Su-Lin Tan
No hard landing for mortgage holders but tightening in order: NZ Reserve Bank
Reserve Bank of New Zealand Governor Adrian Orr said there would not be a “hard landing” for house prices as a result of the bank’s rate hikes – but some “belt tightening” would have to be done. Orr told CNBC’s “Squawk Box Asia” on Thursday that the bank did not just target house prices but focused on the broader economy and aimed for stable and low inflation. “So no, it’s within our remit that we’re trying to target house prices or any assets. I think there’s a misperception of recent times,” Orr said. “We’re really relieved from a financial stability point of view that house prices have come down, we expect them to come down around 20%. Now, our estimate, but even then, that’s just bringing them back to a more sustainable level. They were extremely high against during the very loose monetary policy”. Orr also said that during the recent period of low interest rates, the bank and New Zealand’s supervisory regulator had worked together to ensure household balance sheets were in good shape. “And so the current level of interest rates that we’re going to see today as consistent with our statement is fully within that management range. Now, that’s not to say that it won’t involve some tightening of the belt, for households or those just entering the market “, he said. Orr also said he predicted very low GDP growth for New Zealand over the next two years and said a recession could not be ruled out. — Su-Lin Tan
Indian companies report significant increase in ICT budget
Over 50% of Indian businesses have increased their information and communications technology (ICT) budgets by more than 6% in 2022 compared to last year, according to a survey by data firm GlobalData. The increase in the use of digital and technology services is due to the pandemic amid ongoing digital initiatives by the Indian government. GlobalData’s India Business ICT Investment Trends report said that around 56% of key IT decision makers surveyed claimed that there has been a significant (over 6%) increase in their IT budget for 2022 compared to 2021. Another 34.5% claimed there was a small increase (1% to 6%) over the same period. “India’s upbeat business ICT spending outlook for 2022 can likely be attributed to the increasing focus on technology-led investments in digital transformation activities such as cloud migration, automation and upgrading of legacy IT infrastructure along with favorable government policies,” said Pragyan Tarasia. , said GlobalData technology analyst.
Tencent denies selling a stake in food delivery giant Meituan
Tencent has denied selling its stake in Chinese food delivery giant Meituan – but there is a strong possibility the tech giant will divest some of its smaller businesses to fend off regulatory scrutiny, according to an analyst. Like Alibaba, Tencent now faces a “concentration of power” problem, and Chinese regulators may be sniffing around to ensure smaller gaming and tech companies enter the industry and diversify. Tencent posted its first quarterly year-over-year revenue decline as tighter regulations on gambling in China and a resurgence of Covid-19 in the world’s second-largest economy hit the tech giant. “Tencent is facing what Alibaba faced in the e-commerce market. It is the leading gaming company [in China] So the government is actively trying to rein it in to give smaller developers a chance to catch up to Tencent and NetEase. And I can’t say for sure when that will end,” Motley Fool tech expert Leo Sun told CNBC Capital Connection. “We’re not really sure what’s going to happen with Tencent. It’s not only the biggest video game company in China, but the biggest gaming company in the world.” Sun said the company has already divested some of its holdings in the past, such as JD.com, so it may consider other smaller divestitures. — Su-Lin Tan
Country Garden issues profit warning
Chinese developer Country Garden has issued a profit warning predicting its net profit for the first half of the year will fall to less than half of last year’s result. It estimated its net profit to be between 4,500 million yuan and 5,000 million yuan ($660 million and $730 million), up from 15 billion yuan ($2.21 billion) last year. The company attributed the decline in earnings to lower property sales, increased impairment provisions for real estate projects and foreign exchange losses. “The Board of Directors is of the opinion that most of the above factors affecting earnings were of a non-cash nature and the Group’s operations are in good shape with sufficient cash and cash flows remaining stable,” the company said in a statement. — Su-Lin Tan
Taiwan, US begin trade initiative talks
The United States and Taiwan have agreed to begin discussions on a new trade initiative, the “US-Taiwan 21st Century Trade Initiative.” The US Trade Representative’s office said the two sides “reached consensus on the negotiating mandate.” “We intend to pursue an ambitious timetable for achieving high-level commitments and substantive results covering the eleven trade areas of the negotiating mandate that will help build a fairer, more prosperous and resilient 21st century economy,” said the United Nations Deputy Trade Representative. States, Sarah Bianchi. he said in a statement. There was no mention of the possibility of a free trade agreement. This follows US House Speaker Nancy Pelosi’s recent controversial visit to Taiwan. And it comes on the back of Washington’s economic pivot to Asia, which led to the launch of the Indo-Pacific Economic Framework, which did not include Taiwan. — Su-Lin Tan
Coca-Cola and Grab are collaborating on e-commerce initiatives
Coca-Cola and Grab, Southeast Asia’s leading ride-hailing and delivery app announced a partnership to launch and engage consumers through GrabAds. The cooperation will take place in six Southeast Asian countries, including Singapore, Indonesia, Malaysia, Thailand, the Philippines and Vietnam. — Su-Lin Tan
Nomura, Goldman further cut 2022 China GDP forecasts
Nomura further cut its forecast for China’s GDP in 2022, from 3.3% to 2.8%, citing the latest economic data from outside the country. The latest move continues the bank’s streak of having one of the lowest calls among its bonds, echoing pessimism about Beijing’s growth target of around 5.5 percent. In July, Chinese officials said the country might miss its GDP target for the year. Nomura credits worsening bearish swings in the current economic cycle as well as China facing its worst heat wave in years, which could weigh on growth in the third quarter. Goldman Sachs also cut its forecast to 3% from 3.3% — citing the latest data showing falling demand and sluggish credit growth. The report also highlighted the resilience from the recession in the real estate sector. The projected cuts come after the People’s Bank of China unexpectedly cut interest rates on Monday – its medium-term policy loans and a short-term liquidity tool – for the second time this year. — Jihye Li
Australia’s unemployment rate falls again, to a 48-year low
Australia’s unemployment rate fell to 3.4% in July, the lowest since 1974, according to the latest figures released by the Australian Bureau of Statistics. It fell from 3.5% in June. “The fall in unemployment in July reflects an increasingly tight labor market, including high job vacancies and ongoing labor shortages, resulting in the lowest unemployment rate since August 1974,” said Bjorn Jarvis. “In July, there were fewer unemployed (474,000) than job vacancies (480,000 in May).” A tighter labor market could trigger further demand and inflation as well as further increases in interest rates. In the Reserve Bank of Australia’s meeting minutes this week, the bank said “employment growth could be stronger than expected and strong household balance sheets could support household consumption more than expected.” . —Su-Lin Tan
CNBC Pro: Top tech investor Paul Meeks reveals why he thinks PayPal is a buy
PayPal has lost nearly half of its market capitalization this year — and that’s despite a strong rally last month. But leading tech investor Paul Meeks is still a fan of the online payments giant. He tells CNBC Pro Talks why he thinks the stock is a buying opportunity. Professional subscribers can read the story here. — Zavier Ong
CNBC Pro: Goldman says planned energy transition drives valuations, picks stocks that are ‘best in class’
Energy efficiency improvements made by companies will be increasingly important to investors, according to Goldman Sachs. “Coal is increasingly becoming a factor influencing stock selection and equity valuation due to increasing regulatory pressure and net zero investment strategies,” the investment bank wrote in a recent August report. Goldman has identified market-rated companies that rank well in their reductions in energy use and where it says energy efficiency will play a key role in the companies’ competitive position over the long term. Professional subscribers can read more here. — Weizhen Tan
Chinese blackouts continue in Sichuan, Yangtze
China struggles with power outages in…
title: “Asia Pacific Markets Trade Lower After Wall Street Falls After Fed Minutes Klmat” ShowToc: true date: “2022-11-09” author: “Theresa Goddard”
Pau said there were other advantages, which included Tencent’s plans to leverage profits from its cloud computing business. “In the last quarter, we’re seeing that they’ve already moved their entire business as well as all their data to the cloud. So that’s a significant change in terms of their data deployment,” he said. “Tencent, based on public cloud market share, is already ranked second in China, and they are making full progress in terms of international expansion,” Pau added. — Su-Lin Tan
No hard landing for mortgage holders but tightening in order: NZ Reserve Bank
Reserve Bank of New Zealand Governor Adrian Orr said there would not be a “hard landing” for house prices as a result of the bank’s rate hikes – but some “belt tightening” would have to be done. Orr told CNBC’s “Squawk Box Asia” on Thursday that the bank did not just target house prices but focused on the broader economy and aimed for stable and low inflation. “So no, it’s within our remit that we’re trying to target house prices or any assets. I think there’s a misperception of recent times,” Orr said. “We’re really relieved from a financial stability point of view that house prices have come down, we expect them to come down around 20%. Now, our estimate, but even then, that’s just bringing them back to a more sustainable level. They were extremely high against during the very loose monetary policy”. Orr also said that during the recent period of low interest rates, the bank and New Zealand’s supervisory regulator had worked together to ensure household balance sheets were in good shape. “And so the current level of interest rates that we’re going to see today as consistent with our statement is fully within that management range. Now, that’s not to say that it won’t involve some tightening of the belt, for households or those just entering the market “, he said. Orr also said he predicted very low GDP growth for New Zealand over the next two years and said a recession could not be ruled out. — Su-Lin Tan
Indian companies report significant increase in ICT budget
Over 50% of Indian businesses have increased their information and communications technology (ICT) budgets by more than 6% in 2022 compared to last year, according to a survey by data firm GlobalData. The increase in the use of digital and technology services is due to the pandemic amid ongoing digital initiatives by the Indian government. GlobalData’s India Business ICT Investment Trends report said that around 56% of key IT decision makers surveyed claimed that there has been a significant (over 6%) increase in their IT budget for 2022 compared to 2021. Another 34.5% claimed there was a small increase (1% to 6%) over the same period. “India’s upbeat business ICT spending outlook for 2022 can likely be attributed to the increasing focus on technology-led investments in digital transformation activities such as cloud migration, automation and upgrading of legacy IT infrastructure along with favorable government policies,” said Pragyan Tarasia. , said GlobalData technology analyst.
Tencent denies selling a stake in food delivery giant Meituan
Tencent has denied selling its stake in Chinese food delivery giant Meituan – but there is a strong possibility the tech giant will divest some of its smaller businesses to fend off regulatory scrutiny, according to an analyst. Like Alibaba, Tencent now faces a “concentration of power” problem, and Chinese regulators may be sniffing around to ensure smaller gaming and tech companies enter the industry and diversify. Tencent posted its first quarterly year-over-year revenue decline as tighter regulations on gambling in China and a resurgence of Covid-19 in the world’s second-largest economy hit the tech giant. “Tencent is facing what Alibaba faced in the e-commerce market. It is the leading gaming company [in China] So the government is actively trying to rein it in to give smaller developers a chance to catch up to Tencent and NetEase. And I can’t say for sure when that will end,” Motley Fool tech expert Leo Sun told CNBC Capital Connection. “We’re not really sure what’s going to happen with Tencent. It’s not only the biggest video game company in China, but the biggest gaming company in the world.” Sun said the company has already divested some of its holdings in the past, such as JD.com, so it may consider other smaller divestitures. — Su-Lin Tan
Country Garden issues profit warning
Chinese developer Country Garden has issued a profit warning predicting its net profit for the first half of the year will fall to less than half of last year’s result. It estimated its net profit to be between 4,500 million yuan and 5,000 million yuan ($660 million and $730 million), up from 15 billion yuan ($2.21 billion) last year. The company attributed the decline in earnings to lower property sales, increased impairment provisions for real estate projects and foreign exchange losses. “The Board of Directors is of the opinion that most of the above factors affecting earnings were of a non-cash nature and the Group’s operations are in good shape with sufficient cash and cash flows remaining stable,” the company said in a statement. — Su-Lin Tan
Taiwan, US begin trade initiative talks
The United States and Taiwan have agreed to begin discussions on a new trade initiative, the “US-Taiwan 21st Century Trade Initiative.” The US Trade Representative’s office said the two sides “reached consensus on the negotiating mandate.” “We intend to pursue an ambitious timetable for achieving high-level commitments and substantive results covering the eleven trade areas of the negotiating mandate that will help build a fairer, more prosperous and resilient 21st century economy,” said the United Nations Deputy Trade Representative. States, Sarah Bianchi. he said in a statement. There was no mention of the possibility of a free trade agreement. This follows US House Speaker Nancy Pelosi’s recent controversial visit to Taiwan. And it comes on the back of Washington’s economic pivot to Asia, which led to the launch of the Indo-Pacific Economic Framework, which did not include Taiwan. — Su-Lin Tan
Coca-Cola and Grab are collaborating on e-commerce initiatives
Coca-Cola and Grab, Southeast Asia’s leading ride-hailing and delivery app announced a partnership to launch and engage consumers through GrabAds. The cooperation will take place in six Southeast Asian countries, including Singapore, Indonesia, Malaysia, Thailand, the Philippines and Vietnam. — Su-Lin Tan
Nomura, Goldman further cut 2022 China GDP forecasts
Nomura further cut its forecast for China’s GDP in 2022, from 3.3% to 2.8%, citing the latest economic data from outside the country. The latest move continues the bank’s streak of having one of the lowest calls among its bonds, echoing pessimism about Beijing’s growth target of around 5.5 percent. In July, Chinese officials said the country might miss its GDP target for the year. Nomura credits worsening bearish swings in the current economic cycle as well as China facing its worst heat wave in years, which could weigh on growth in the third quarter. Goldman Sachs also cut its forecast to 3% from 3.3% — citing the latest data showing falling demand and sluggish credit growth. The report also highlighted the resilience from the recession in the real estate sector. The projected cuts come after the People’s Bank of China unexpectedly cut interest rates on Monday – its medium-term policy loans and a short-term liquidity tool – for the second time this year. — Jihye Li
Australia’s unemployment rate falls again, to a 48-year low
Australia’s unemployment rate fell to 3.4% in July, the lowest since 1974, according to the latest figures released by the Australian Bureau of Statistics. It fell from 3.5% in June. “The fall in unemployment in July reflects an increasingly tight labor market, including high job vacancies and ongoing labor shortages, resulting in the lowest unemployment rate since August 1974,” said Bjorn Jarvis. “In July, there were fewer unemployed (474,000) than job vacancies (480,000 in May).” A tighter labor market could trigger further demand and inflation as well as further increases in interest rates. In the Reserve Bank of Australia’s meeting minutes this week, the bank said “employment growth could be stronger than expected and strong household balance sheets could support household consumption more than expected.” . —Su-Lin Tan
CNBC Pro: Top tech investor Paul Meeks reveals why he thinks PayPal is a buy
PayPal has lost nearly half of its market capitalization this year — and that’s despite a strong rally last month. But leading tech investor Paul Meeks is still a fan of the online payments giant. He tells CNBC Pro Talks why he thinks the stock is a buying opportunity. Professional subscribers can read the story here. — Zavier Ong
CNBC Pro: Goldman says planned energy transition drives valuations, picks stocks that are ‘best in class’
Energy efficiency improvements made by companies will be increasingly important to investors, according to Goldman Sachs. “Coal is increasingly becoming a factor influencing stock selection and equity valuation due to increasing regulatory pressure and net zero investment strategies,” the investment bank wrote in a recent August report. Goldman has identified market-rated companies that rank well in their reductions in energy use and where it says energy efficiency will play a key role in the companies’ competitive position over the long term. Professional subscribers can read more here. — Weizhen Tan
Chinese blackouts continue in Sichuan, Yangtze
China struggles with power outages in…
