Yellen and PBOC Governor Yi Gang meet on sidelines of G-20 summit
US Treasury Secretary Janet Yellen and People’s Bank of China Governor Yi Gang met on the sidelines of the G20 summit in Bali, Indonesia.
Yellen in a tweet said the two men discussed “global macroeconomic and financial challenges, including the economic outlook” for the United States and China.
A separate Reuters report, citing a US official, said Yellen and Yi’s meeting lasted two hours and the conversation was “in the context of global challenges”.
– Jihye Lee
Biden says missile that killed two in Poland ‘unlikely’ was fired from Russia
US President Joe Biden said it was “unlikely” a missile that killed two people in Poland was fired from Russia, citing the rocket’s trajectory.
Asked by a reporter whether the missile was fired from Russia, Biden replied, “There is preliminary information that disputes that, I don’t want to say that until we have a full investigation.”
He went on to say, “It’s unlikely…in the spirit of the trajectory, that it was fired from Russia. But, we’ll see.”
Biden reiterated that the Group of 7 leaders had agreed to support an ongoing investigation into the explosion.
“We have agreed to support Poland’s investigation into the explosion in the Polish countryside near the Ukrainian border. And I will make sure we understand exactly what happened,” he said. to journalists on the sidelines of the G-20 summit in Bali, Indonesia. .
– Jihye Lee
Tencent to announce earnings and begin new round of job cuts
Chinese tech giant Tencent is expected to release its third quarter results late in Asia.
The company is expected to experience a further drop in revenue after recording the first-ever drop in revenue in the previous quarter ending in June. A median forecast from Refinitiv calls for a 0.47% drop to 141.7 billion Chinese yuan ($20 billion).
Separately, sources told Reuters that Tencent is starting a new round of job cuts. The news comes as tech companies around the world announce layoffs.
Shares of Tencent rose 3% in early trade and last rose 0.83%, against a 0.81% decline overall Hang Seng index.
—Abigail Ng, Jihye Lee
CNBC Pro: Fed ‘backbone’ is dead, strategist says, shares where to invest right now
Fidelity says the idea that a pivot of the Federal Reserve’s hawkish stance will benefit stocks is “dead.”
Salman Ahmed, global head of macro and strategic asset allocation at the investment management firm, has expressed concern about the performance of equities in the short term and suggests investors consider a different asset class instead. .
World Bank says Russia is ‘destroying its own future’ because of war in Ukraine
World Bank President David Malpass has said Russia is damaging its own future by pursuing a war against Ukraine.
“It weakens Russia, it makes them outcasts and it really destroys their own future,” he said. “I am hurt by what Russia is doing to itself, to its own people.”
Asked about the latest developments of a Russian-made missile killing Polish citizens, Malpass said: “I don’t want to speculate on the missiles, but as far as the G-20 is concerned. [goes]there was a unity, a broad unity of the G-20 countries against the war.”
– Jihye Lee
JPMorgan lowers GDP forecast for China
JPMorgan has lowered its economic forecast for China in response to developments including a recent surge in Covid cases and a “notable slowdown in domestic activity,” analysts said in a note.
The investment bank now expects China’s GDP growth for 2022 to come in at 2.9%, down from its previous forecast of 3.1%. In 2023, JPMorgan expects the Chinese economy to grow by 4%, compared to an earlier forecast of 4.5%.
October retail sales and industrial production data released on Tuesday disappointed as global growth slowed and China battled Covid outbreaks.
—Abigail Ng, Michael Bloom
CNBC Pro: These biotech stocks look cheap — and analysts give 2 more than 100% upside
Fundstrat said some biotech stocks are worth watching and the sub-sector is currently the strongest in the healthcare industry.
Mark Newton, head of technical strategy at research firm Fundstrat, said the sector is “a key part of why healthcare is likely to post a strong 4Q. [fourth quarter] outperformance,” according to a November 14 note.
To identify which biotech stocks look cheap and should rally going forward, CNBC Pro looked at the iShares Biotechnology ETF on FactSet. here are 8:
CNBC Pro subscribers can learn more here.
Missile that killed 2 people in Poland was Russian-made, Polish Foreign Ministry says
Two people have been killed after a Russian-made missile fell in Poland, the country’s foreign ministry said on Wednesday.
The ministry said Russia was carrying out a long attack on Ukrainian infrastructure when the missile struck the village of Przewodów, killing two Polish citizens.
Polish Foreign Minister Zbigniew Rau asked the Russian ambassador for “immediate detailed explanations” about the incident.
– Chris Eudaily
CNBC Pro: Analysts think these EV-related stocks in the lithium supply chain could be winners
Goldman Sachs says the peak in battery metal prices is approaching.
Given that outlook, CNBC Pro projected the Global X Lithium & Battery Tech ETF for stocks related to electric vehicle makers that could provide opportunities for investors.
These stocks are expected to show growth throughout 2023, are rated long by the majority of analysts who cover them, and have an average upside potential of at least 20% over the next 12 months.
Here is .
— Zavier Ong
Stocks close higher for the third day of the last four
Major averages rose on Tuesday after another report signaled that inflation could ease.
The Dow Jones Industrial Average ended the day up 56.22 points, or 0.2%, at 33,592.92. The S&P 500 rose 0.9% to 3,991.73, and the tech-heavy Nasdaq Composite gained 1.5% to close at 11,358.41.
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