Asian markets fall amid recession fears;  China to release trade data

Asian markets fall amid recession fears; China to release trade data

China expects further drop 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 Reuters poll of economists.

Exports are expected to fall 3.5% in November on an annualized basis after falling 0.3% in October, and imports are expected to fall 6% after falling 0.7% the previous month, according to the medium forecast.

The trade balance in US dollars is expected to narrow to $78.1 billion, down from $85.15 billion the previous month.

—Jihye Lee

CNBC Pro: ‘A gift to investors’: BlackRock says it’s time to rethink bonds

It’s time to rethink bonds, according to the BlackRock Investment Institute, which said “the appeal of fixed income is strong” right now.

“Higher returns are a gift for investors who have long been hungry for income. And investors don’t have to go far up the risk spectrum to benefit,” said Philipp Hildebrand, Vice Chairman of BlackRock, and Jean Boivin, director of BlackRock. Investment Institute, wrote in a note last week.

They described their best ways to cash out.

Pro subscribers can learn more here.

— Zavier Ong

Australia’s economy grew more slowly in the third quarter

Australia’s economy grew 0.6% from the previous quarter, official data showed – missing estimates expecting 0.7% quarterly growth predicted in a Reuters poll.

The latest gross domestic product showed moderate growth compared to the second quarter expansion of 0.9% from the first three months of the year.

On an annualized basis, third-quarter GDP grew 5.9%, which the Australian Bureau of Statistics said reflects “sustained economic growth since the effects of the Delta outbreak in the September quarter of 2021.”

“Growth was largely driven by strong household spending,” he added.

The annualized figure also missed expectations from another Reuters poll for a 6.2% gain.

The Australian dollar changed little after the report and the S&P/ASX 200 maintained at 0.7% lower.

—Abigail from

CNBC Pro: UBS says shares of this global airline are set to soar 55%

Shares of a global airline are expected to soar 55% over the next year, according to UBS.

The investment bank raised its price target after the pan-European airline said it expects to see bumper demand come Christmas.

CNBC Pro subscribers can learn more here.

—Ganesh Rao

Stocks end lower, building on Monday’s losses

Shares fell on Tuesday, building on losses from the previous session.

The S&P 500 lost 1.44% to close at 3,941.26, while the Nasdaq Composite fell 2% to end 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 its lowest level since December 27, 2021

Oil prices fell on Tuesday, weighed down by economic uncertainty, even amid a ceiling in Russian oil prices and a potential boost in demand thanks to the reopening of China.

U.S. West Texas Intermediate crude for January delivery fell more than 4% to $73.85 on Tuesday afternoon. Brent crude for February delivery fell 4.34% to $79.09 a barrel.

The United States also said it sees oil production rising next year, reversing its outlook after five months of cuts. A monthly report from the Energy Information Administration says production is expected to reach 12.34 million barrels per day in 2023, higher than the daily record of 12.315 million barrels per day in 2019.

—Carmen Reinicke

Inflation is eroding consumer wealth and could lead to a recession in 2023, Dimon says

Dimon said in June that he was preparing the bank for an economic “hurricane” caused by the Federal Reserve and Russia’s war in Ukraine.

Al-Draco | Bloomberg | Getty Images

U.S. consumers are still doing well and supporting the U.S. 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 programs and are spending 10% more than in 2021, he said on CNBC’s “Squawk Box” on Tuesday.

“Inflation is eroding everything I just said, and that trillion and a half dollars will run out by the middle of next year,” Dimon said. “When you look ahead, these things may very well derail the economy and cause a mild or severe recession that people are worried about.”

Dimon also offered his thoughts on cryptocurrencies, the need for fossil fuels, and other topics during the wide-ranging interview.

—Hugh Son

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