Markets

Asian markets rise as China says it will lift quarantine on incoming travelers

Retail sales in Japan recorded growth for the ninth consecutive month

Japanese retail sales rose 2.6 percent in November, marking the ninth straight month of growth, according to data released by the Ministry of Economy, Trade and Industry.

The reading beat expectations for growth of 3.7%, according to economists polled by Reuters – and represented the slowest growth since July.

The government’s lifting of Covid border restrictions and subsidies for domestic travel have fueled broader consumer demand, as the economy saw an unexpected slowdown in the recovery in private spending.

– Jihie Lee

CNBC Pro: Tesla shares are down 35% this month — and sellers are piling in

Short sellers raised their bets against Tesla this month, as shares of the electric car maker fell a further 35%.

More than 3% of Tesla’s currently traded shares were sold short, according to S3 Partners. Only Apple faces a bigger short bet.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Year-to-date figures on China’s industrial profits are falling even further

China’s overall profits of industrial enterprises from January to November fell further to -3.6% compared with a year ago, according to data from the National Bureau of Statistics.

The November print marks the fifth consecutive negative reading after falling below 0 in July, and marks the worst performance since August 2020, when a 4.4% loss was recorded.

– Jihie Lee

CNBC Pro: Will 2023 be a better year for the chip sector? Wall Street pros weigh in and give their top picks

Once an investor favorite, chip stocks have sold off this year amid a run to safety. The pros discover what’s next for the sector and name their top stocks.

Pro subscribers can read more here.

— Xavier Ong

Stocks close higher for the rest of the week

Shares ended in the positive on Friday.

The Dow Jones Industrial Average closed 176 points higher, or 0.5%, at 33,203.93. The S&P 500 rose 0.6% to 3,844.82, while the Nasdaq Composite added 0.2% to 10,497.86.

— Tanaia Macheel

The Fed’s preferred inflation indicator is rising slightly more than expected

The core personal consumption price index, the Federal Reserve’s preferred gauge of inflation, rose slightly more than economists expected on a year-over-year basis.

Core PCE rose 4.7% year-over-year in November, while economists polled by Dow Jones had expected a 4.6% rise. Compared to the month, the index advanced by 0.2%, which corresponds to expectations.

— Fred Imbert

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