China leads Asian market declines as property stocks slump; Inflation in Japan’s services sector is rising –

Monday, November 27, 2023, 12:26 a.m. EST

Beijing Stock Exchange asks major shareholders of listed companies not to reduce their holdings: Portal

The Beijing Stock Exchange has urged major shareholders of listed companies not to reduce their holdings even if they are entitled to do so, Portal reported.

Citing people familiar with the matter, Portal said this was due to fears that such moves could “dampen market excitement.”

According to LSEG data, the Beijing Stock Exchange 50 Index has been largely in an upward trend since October, recording a one-month gain of 44.72% and a three-month gain of 44.75%.

According to Portal, these gains came as stock prices rose on supportive policies.

The Beijing Stock Exchange and the China Securities Regulatory Commission did not immediately respond to Portal’ requests for comment.

—Lim Hui Jie, Portal

Sun Nov 26, 2023 10:25 PM EST

China’s real estate stocks fall amid Zhongzhi investigation

Hong Kong-listed Chinese real estate stocks fell on Monday, leading to declines in other sectors on Monday.

Shares of real estate developers such as Logan Group, China Vanke, Sunac and Longfor Group fell between 4% and 8%.

The Hang Seng Mainland Properties Index, which includes residential property companies, fell 3.51%.

It was reported over the weekend that Beijing police were investigating the indebted Chinese shadow bank Zhongzhi Enterprise Group.

Zhongzhi declared bankruptcy in a letter to its investors last week.

China’s CSI 300 index fell 1.19%, leading declines among major Asian markets.

Sun Nov 26, 2023 8:57 pm EST

China’s industrial profits fell at their slowest pace in almost a year from January to October

Workers gather at a workshop of an equipment manufacturer on Yunmenshan Street in Qingzhou city, east China’s Shandong province, August 9, 2023.

Cost photo | Photo only | Getty Images

China’s industrial profits continued to decline in November, but at their slowest pace in nearly a year, government data showed.

The results showed that profits at industrial companies in China fell 7.8% in the January-October period from a year earlier, marking the slowest decline since December 2022.

The decline was smaller than the 9% decline recorded in September.

The data underscores China’s uneven recovery from the pandemic and the need for further stimulus measures to boost market confidence.

China’s CSI 300 index fell 0.75% minutes after opening following the release of the data.

– Shreyashi Sanyal

Sun Nov 26, 2023 8:25 PM EST

Jun Ohta, CEO of Sumitomo Mitsui Financial Group, dies at 65

Jun Ohta, CEO of Sumitomo Mitsui Financial Group, died on Saturday at the age of 65, the Japanese financial group said.

SMFG announced Monday that Deputy President Toru Nakashima will take over Ohta’s duties for the time being.

The company also added that it will select a successor and will announce the decision “in a timely manner.”

Sun Nov 26, 2023 7:32 pm EST

Inflation in Japan’s services sector accelerated to its highest level in 45 months in October

Inflation in Japan’s services sector hit a 45-month high in October at 2.3%, compared with the previous month’s revised rate of 2%.

The last time the inflation rate in the services sector reached this level was in January 2020 and was also 2.3%.

Last week, headline inflation in Japan rose to 3.3%, while core inflation – which excludes fresh food prices – was 3%.

—Lim Hui Jie

Sun Nov 26, 2023 7:41 pm EST

CNBC Pro: Portfolio manager explains why he’s most confident in this Chinese tech stock

Chinese tech giants such as Baidu, Alibaba and Tencent were widely viewed positively as investors, even as the Asian powerhouse posted slower growth.

However, one tech giant stands out for portfolio manager Brian Arcese.

CNBC Pro subscribers can read more here.

—Amala Balakrishner

Fri, November 24, 2023, 10:42 am EST

Dow is heading for a four-week winning streak for the first time since April, helped by Boeing

The Dow Jones is on track to record its longest weekly winning streak in about half a year.

With just a few hours left in Friday’s shortened trading day, the blue-chip index is poised to end the week up nearly 1%. If so, it would be the first time the index has won four weeks in a row since a winning streak that ended in April.

See grafic…

The Dow this week

Part of this week’s gains came from a rally of more than 6% in Boeing. Investors initially cheered Deutsche Bank’s upgrade to “buy” from “hold” on Monday. On Wednesday, the plane maker received approval to begin flight testing for the 737 MAX 10 certification.

Verizon and Travelers were the next best performers this week, up about 3.4% and 3%, respectively. But Walgreens and Caterpillar limited gains in the 30-stock index, both falling more than 2% this week.

—Alex Harring

Sun Nov 26, 2023 7:41 pm EST

CNBC Pro: The fund manager reveals which energy stock you should buy right now

Brian Arcese, portfolio manager at investment firm Foord Asset Management, named the energy stocks investors should own now.

Arcese, who manages absolute return fund Foord International Fund, praised the oil and gas giant for its strong cash flows and balance sheet.

Analysts also forecast a “stable” 11% distribution yield for the stock next year, including share buybacks.

CNBC Pro subscribers can read more about his stock ideas here.

– Ganesh Rao

Fri, November 24, 2023, 10:14 am EST

Shoppers snapped up toys, jewelry and other gifts as Thanksgiving sales hit a record $5.6 billion

Many national retailers kept their stores closed Thursday, but that didn’t mean consumers didn’t shop. In fact, Adobe Analytics reports that online spending on Thanksgiving reached a record $5.6 billion, up 5.5% from last year. The company, which tracks more than 85% of the 100 largest internet retailers in the U.S., expects Black Friday spending to reach $9.6 billion, which would be about 5.7% higher than the same day of the previous year.

According to Adobe, toys sold well, with sales in the category increasing 182% year-over-year. Jewelry (plus 126%) and clothing (plus 124%) also saw strong demand, it said.

The SPDR S&P Retail ETF was flat ahead of a shortened trading session on Friday.

The big question will be what happens after this five-day period, which is known for its offers and promotions. Analysts believe that consumers are very value-oriented and are therefore looking for bargains. Retailers are planning events as a strategy to attract hesitant consumers.

—Christina Cheddar Berk

Fri, November 24, 2023, 8:30am EST

Bitcoin rose to a new yearly high on Friday, reaching $38,000

According to Coin Metrics, Bitcoin hit $38,001.71 around 6:45 a.m. Eastern Time, marking the first time since April 2022. The price was last up about 1.5% at $37,863.25 and is on track , ending the week with a gain of 4%.

Meanwhile, Ether has risen back above the key psychological level of $2,000 and was last trading almost 2% higher at $2,105.65. The second largest token by market cap is outperforming the crypto market this week and is expected to end up gaining over 8%.

Solana, the year’s big outperformer – up 480% compared to Bitcoin’s 130% – underperformed the major tokens this week. It’s about a profit of less than 1%.

– Tanaya Macheel

Fri, November 24, 2023, 11:27 am EST

Retail Investors Upward to Near 4-Month High; Downtrend to 4-month low

Retail investor confidence in the outlook for stocks over the next six months rose for the third time, from 43.8% to 45.3%, according to the latest American Association of Individual Investors survey. This was the highest level of optimism since August 2nd, almost four months ago.

The uptrend remained above the historical average of 37.5% for the third week in a row.

Conversely, retail investors’ pessimistic sentiment fell from 28.1% to 23.6% last week – the lowest level of pessimism since August 2nd and also the third week in a row in which pessimistic views were below long-term, historical levels The average was 31.0%. The neutral opinion rose from 28.1% to 31.1%, the highest level since mid-October.

The latest survey is not good news for dissenters who are trying to bet against the market, believing that a high upside bias means a lot of stock buying has already been made by investors and there is less cash on the sidelines ready to jump in investing in stocks.

– Scott Schnipper