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Asia-Pacific markets slip as recession fears weigh



British pound strengthens after policy reversals

Sterling rose on Monday morning in Asia following more policy reversals by the U.K. government late last week. The pound was last 0.56% higher at $1.1233.

CNBC Pro: Nearing retirement? How to allocate your portfolio right now, according to the pros

Despite the volatility in markets, asset managers say it’s important to remain invested if you’re nearing retirement.

But how should one allocate funds, bearing in mind unsettled markets, a shorter investing horizon and the need for retirees to have some liquidity?

CNBC Pro asks the experts for their views.

Pro subscribers can read more here.

— Weizhen Tan


Currency check: Yen at 148-levels, Aussie dollar strengthens

Japan’s yen strengthened slightly in Asia’s morning trade, but was still at 32-year lows against the dollar — last changing hands at 148.60 per dollar.

Goldman Sachs expects the dollar-yen to reach 150 in three months, analysts wrote in a note Saturday.

Referring to the Bank of Japan’s yield curve control policy(YCC), analysts said in the note, “We continue to believe that without a change in YCC … USD/JPY should continue to grind higher as US yields rise.”

Meanwhile, Australia’s dollar recovered ground against the U.S. dollar after sharp losses last week.

But Commonwealth Bank of Australia expects the currency to weaken for the rest of the year given weakness in the global economy, analysts said in a note.

— Abigail Ng

CNBC Pro: As market volatility persists, Wall Street analysts say to sell these stocks

Stocks worldwide have taken a beating this year, and major indexes remain deep in negative territory.


As investors weigh whether to sell or stay invested, CNBC Pro screened almost 1,500 large and mid-cap global stocks and found a number of major companies with sell or underweight ratings.

CNBC Pro subscribers can read more here.

— Ganesh Rao

China’s central bank leaves medium-term rates unchanged

The People’s Bank of China rolled over its medium-term lending facility (MLF) loans and kept its interest rate unchanged at 2.75%, according to a statement on its website.

The central bank announced it would keep the one-year rate unchanged for a second month and injected 500 billion yuan ($70 billion) through the MLF.

A Reuters poll expected no change to the MLF rate and a partial rollover of loans from the central bank.

—Jihye Lee


Kakao shares plunge at open after major outage over the weekend

Shares of South Korea’s top messaging app plunged after a major data center outage over the weekend disrupted service for more than 53 million users worldwide.

Kakao plunged more than 9% at the open, while internet giant Naver shed 2% in the morning session before paring losses. The data center’s operator, SK Inc, also fell more than 4% at the open.

Kakao’s affiliates Kakao Pay, Kakao Bank and Kakao Games all shed more than 7% in Asia’s morning session.

—Jihye Lee

CNBC Pro: Morgan Stanley’s Mike Wilson flags a key risk to earnings — and names the stocks to avoid

Morgan Stanley’s U.S. equity team, led by Michelle Weaver and Mike Wilson, says there’s a key risk to earnings on the horizon.

The investment bank named several stocks it believes will be most impacted in the next 3-6 months, and which could see downside to their share prices in the same period.

Pro subscribers can read more here.


— Zavier Ong

Source: CNBC

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