Asia-Pacific equities largely lower, Tokyo inflation highest in 40 years; US markets closed

Hong Kong Movers: Casinos, Tech Stocks Drop on Rising Numbers of Chinese Businesses

Hong Kong-listed shares related to reopening and technology fell during the morning session in Asia following reports of a spate of Covid cases in China.

Casino operator shares MGM China fell more than 4%, Wynn Macau lost 2.5%, Sand China fell 3%, and SJM Holdings also lost 2.7%.

Technology stocks like tencent also fell more than 3% in the morning session, Meituan lost 3.17% and bilibili lost 4.36%.

– Jihy Lee

Tokyo core inflation reaches highest level in 40 years

Tokyo’s core consumer price index rose 3.6% year-on-year in November, above the 3.5% expected in a Reuters poll.

The report marks the highest annual pace the Japanese capital has seen since April 1982, and is significantly above the Bank of Japan’s inflation target of 2%.

The capital’s reading indicates that higher inflationary pressures have yet to be tamed. National inflation fluctuates around similar historical levels.

— Jihye Lee

CNBC Pro: Outperforming asset manager chooses the stocks that will gain when margins come under pressure

Patrick Armstrong, chief investment officer at Plurimi Wealth, believes margin pressure is the “biggest risk” for equities. But he thinks some stocks could buck the trend.

“Native sectors with sustainable margins or causing margin pressure elsewhere,” he added, naming the sectors and stocks he likes most.

Pro subscribers can read more here.

— Zavier Ong

CNBC Pro: UBS says recession will be an inch deep but a mile wide by 2023 – and that’s not priced into stocks

According to UBS Investment Bank’s chief strategist, global economic conditions will change next year and that will turn around underperforming markets and sectors.

“It’s an inch deep, but it’s a mile wide,” he said of the expected recession. “Global growth is at 2% and that’s not priced into stocks,” Bhanu Baweja told CNBC’s “Squawk Box Europe” on Wednesday.

He also mentioned which sectors he expects to outperform next year.

CNBC Pro subscribers can read more here.

Jennifer Reid

Malaysian stocks rose after the state palace announced the prime minister

Stocks in Malaysia closed higher on Thursday after the state palace announced Anwar Ibrahim as the country’s prime minister.

The benchmark KLCI index closed 4.04% higher after previous negative sessions, ending the session at its highest level in more than two months.

Telecommunications group Axiata Group Bhd was up more than 12% and Maxis Bhd was up 11%. Genting Malaysia climbed about 8% and rubber glove manufacturer Top Glove also gained 8% in the afternoon session.

The Malaysian ringgit strengthened slightly against the US dollar, last trading at 4.5080.

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