New Zealand interest rate hikes, inflation data
Malaysia stocks little changed as nation’s wait for new prime minister continues
Malaysia-listed stocks were little changed as the country’s political deadlock continues and local media reported Malaysia’s king, the Yang di-Pertuan Agong, will make a decision, without giving a timeline.
The benchmark KLCI index was down 0.09% after two negative sessions.
Among the index’s heavyweights, Genting Malaysia fell 2.33% after reporting its third-quarter earnings, and Top Glove also lost 1.1% — while Nestle gained 0.28% and CIMB rose 0.18%
The Malaysian ringgit strengthened slightly against the U.S. dollar in the morning session and last stood at 4.5690.
— Jihye Lee
Chinese online gaming stocks higher as crackdown on the sector appears to ease
New Zealand central bank hints at more hikes ahead
Reserve Bank of New Zealand (RBNZ) governor Adrian Orr said that the bank’s sole target is to get the official cash rate to a point where inflation can be worn down.
Orr’s comments come after the central bank delivered its biggest rate hike of 75 basis points.
“Our core inflation rate is too high,” Orr said in a press conference, adding that the central bank is “well down on the path of the tightening cycle.”
In a separate press release shortly after the decision, the RBNZ said, “Committee members agreed that monetary conditions needed to continue to tighten further
— Lee Ying Shan
BYD shares drop after Berkshire Hathaway trims stake
Shares of BYD listed in Hong Kong traded 2.64% lower after Warren Buffett’s Berkshire Hathaway announced it cut its stake in the Chinese electric vehicle maker.
According to an HKEX filing, the company sold 3.2 million shares worth about 630 million Hong Kong dollars ($80.6 million), trimming its holdings of the company to 15.99% from 16.28%, the filing showed.
Separately, the company also announced it will raise prices for some of its EV models, according to Reuters.
– Jihye Lee
Shares of Kuaishou, Baidu rise after reporting earnings
Xiaomi expected to post revenue decline for third quarter
Xiaomi is expected to see a decline in revenue for the third quarter of 2022, according to a mean of estimates from a Refinitiv poll.
The company is expected to see a 9.66% decline in revenue to 70.52 billion yuan ($9.87 billion) for the July to September quarter, compared with 78.06 billion yuan in the same period last year.
The expected dip is likely due to “tepid smartphone sales,” as well as the weak macro environment and consumer sentiment, Daiwa Capital Markets wrote in a note.
Xiaomi’s shares fell as much as 1.72% in morning trade ahead of the release, and was last around 1% lower.
–Lee Ying Shan
New Zealand dollar strengthens after biggest rate hike
New Zealand dollar strengthened to 0.6192 against the dollar after the central bank raised rates by 75 basis points, its biggest hike on record.
The NZD last traded at 0.6170 against the dollar and the NZX 50 index in New Zealand fell 0.8%.
The New Zealand 10-year Treasury yield briefly touched 4.305% shortly…