Asia-Pacific markets trade lower; China keeps LPR steady

China will maintain high interest rates as expected

China left its lending rate unchanged for the third month in a row, according to a report by the People’s Bank of China.

The one-year prime rate is holding steady at 3.65%, and the five-year rate is holding at 4.3%, the announcement said.

— Abigail Ng

South Korea saw its exports decline in the first 20 days of November

South Korea’s exports for the first 20 days of November fell 16.7% year-on-year, with demand from China falling, according to ministry data.

The decline in exports was a sharp decline from the 5.5% fall seen in October compared to the same period last year.

Imports also decreased by 5.5% for the first days of November 20, due to a slight improvement in the trade deficit – $ 4.4 billion for the period, compared to $ 4.9 billion shown in October.

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The country has recorded a total of $40 billion in trade annually to date, according to agency statistics.

— Jihye Lee

CNBC Pro: Morgan Stanley’s Mike Wilson predicts the bottom of the S&P 500, calling it a ‘massive buyout’

Morgan Stanley Chief Equity Strategist Mike Wilson says we are in the “final stages” of a bear market, but the situation will remain challenging for a long time.

He predicts when – and at what level – the S&P 500 will hit a “new low.”

CNBC Pro subscribers can read it here.

— Weizhen Tan

China is expected to maintain its lending rates, a Reuters poll said

China’s central bank is expected to keep its benchmark interest rates unchanged for one year and five years, according to analysts polled by Reuters.

The one-year rate is currently at 3.65%, while the five-year LPR is at 4.3%.

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In August the People’s Bank of China cut rates twice.

The Chinese yuan was weaker at 7.1376 against the US dollar before the decision early on Monday.

— Abigail Ng

CNBC Pro: Analyst Says Chinese Tech Stocks, Like Alibaba, Are ‘Very Undervalued’

This year the value of Chinese High Tech stocks is down 30%, for example Alibabathey have created “an amazing little,” according to investment bank China Renaissance.

Its chief financial officer, Andrew Maynard, not only believes the stock market has bottomed out, but investors may miss out on a rally if they remain underweight in China.

“Without a shadow of a doubt, China’s underweight will come at a cost going forward,” Maynard said.

CNBC Pro subscribers can read it here.

— Ganesh Rao

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Markets are watching for more signs of Fed hikes and the economy in the week ahead

Investors will be more cautious in the week ahead, with stocks looking for a way to trade quietly and the bond market’s warnings of a recession intensifying.

The Thanksgiving holiday on Thursday means markets will be quiet on Wednesday and Friday. Retailers monitor reports of Black Friday holiday shopping for consumer feedback.

“This is a week where trust in data is the key word,” said Julian Emanuel, managing director of Evercore ISI. “The perversion [for stocks] higher unless the data continues to deteriorate and the Fed remains on its hawkish … it has been much stronger in the last 48 hours.

Check out our deep dive into what to expect in the week ahead here.

— Patti Domm, Tanaya Machel


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