China expected a further decline in exports and imports
China’s trade data for November is expected to show a further decline in both exports and imports, according to a Portal poll of economists.
Average forecasts are for November exports to fall 3.5% on an annualized basis after falling 0.3% in October, and imports to fall 6% after falling 0.3% in the previous month. 7% had declined.
The trade balance in US dollars is expected to narrow to US$78.1 billion – down from the previous month’s US$85.15 billion.
– Jihye Lee
CNBC Pro: “A gift to investors”: BlackRock says it’s time to reconsider bonds
According to the BlackRock Investment Institute, it’s time to reconsider bonds.
“Higher yields are a gift to investors who have long starved for income. And investors don’t have to go far up the risk spectrum to get them,” BlackRock vice president Philipp Hildebrand and BlackRock Investment Institute chief Jean Boivin wrote in a note last week.
They outlined their best ways to make money.
Pro subscribers can read more here.
– Zavier Ong
Australia’s economy saw slower growth in the third quarter
Australia’s economy grew 0.6% qoq, official data showed – missing estimates expecting quarterly growth of 0.7% predicted in a Portal poll.
The latest gross domestic product showed subdued growth versus the second quarter’s expansion of 0.9% over the first three months of the year.
On an annualized basis, third-quarter GDP grew 5.9%, reflecting “sustained economic growth since the impact of the delta burst in the September quarter of 2021,” according to the Australian Bureau of Statistics.
“Growth was largely driven by the strength of household spending,” he added.
The annualized number also missed expectations in a separate Portal poll for a 6.2% gain.
The Australian dollar was little changed after the report and the S&P/ASX 200 remained 0.7% lower.
– Abigail Ng
CNBC Pro: UBS says shares of this global airline will rise 55%
According to UBS, shares of a global airline are set to rise 55% over the next year.
The investment bank raised its price target after the pan-European airline said it expected huge demand for Christmas.
CNBC Pro subscribers can read more here.
— Ganesh Rao
Stocks end lower, building on Monday’s losses
Shares tumbled Tuesday, building on losses from the previous session.
The S&P 500 was down 1.44% to close at 3,941.26, while the Nasdaq Composite was down 2% to close at 11,014.89. The Dow Jones Industrial Average fell 350.76 points, or 1.03%, to settle at 33,596.34.
— Samantha Subin
Oil falls to lowest level since December 27, 2021
Oil prices slumped on Tuesday, weighed down by economic uncertainty even amid a Russian oil price cap and a possible surge in demand thanks to China’s reopening.
US West Texas Intermediate crude for January deliveries fell more than 4% to $73.85 on Tuesday afternoon. Brent crude for February delivery slipped 4.34% to $79.09 a barrel.
The US also said it expects oil production to rise next year and revised its outlook after five months of cuts. Production is expected to reach 12.34 million barrels per day in 2023, up from the daily record of 12.315 million barrels per day set in 2019, according to a monthly report from the Energy Information Administration.
– Carmen Reinicke
Inflation is eroding consumer wealth and could bring a recession in 2023, says Dimon
Dimon said in June he was preparing the bank for an economic “hurricane” caused by the Federal Reserve and Russia’s war in Ukraine.
Al Drago | Bloomberg | Getty Images
American consumers are still doing well and supporting the US economy, but that could change next year, according to JPMorgan Chase CEO Jamie Dimon.
Consumers have $1.5 trillion in excess savings from pandemic stimulus and are spending 10% more than in 2021, he said on CNBC’s “Squawk Box” Tuesday.
“Inflation is undermining everything I just said, and that $1.5 trillion is going to run out sometime mid-next year,” Dimon said. “If you look ahead, these things could very well derail the economy and cause a mild or severe recession that people are worried about.”
Dimon also commented on cryptocurrencies, the need for fossil fuels, and other topics during the broad-based interview.
– Hugh’s son