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Meituan, Tencent, APEC leaders meet, Japan trade, Australia unemployment

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Meituan shares fell 6% after Tencent cut shares.

Hong Kong listed stock Meituan It then dropped more than 6% in the first hour of trading. Tencent said to offroad 958.1 million shares as a special dividend To our shareholders

According to Tencent, as of October 31, it represents about 90.9% of the company’s shares issued by Meituan and 15.5% of all shares issued by Meituan. Closed Tuesday.

shares of Tencent It also fell more than 3% in the first hour of Hong Kong trading.Company Posted Declining quarterly earnings after Wednesday’s close.

–Lee Ji Hye

Australia’s unemployment rate drops slightly to 3.4%

Australia’s unemployment rate stood at 3.4% in October, slightly below 3.5% a month ago. Australian Bureau of Statistics.

The country announced a total increase of 16,800 in net employment since the previous month.

The latest figures show the highest growth recorded since the March quarter of 2012, following a reported 1% increase in wages in the most recent quarter, according to separate data. ABS release.

– Lee Ji Hye

Temasek writes down all FTX investments, says it is not directly involved in crypto

Singapore sovereign wealth fund Temasek has announced that it will fully write off its investment in FTX. rapid collapse last week.

A state investor said: release “Given FTX’s financial condition, we have decided to write off our investment in FTX in full, regardless of the outcome of FTX’s filing for bankruptcy protection.”

Temasek said the cost of investing in FTX was less than 0.1% of its net portfolio value of S$403 ($294 billion), less than 1% for FTX International and less than 1.5% for FTX US.

“There was a misconception that an investment in FTX was an investment in cryptocurrency. To be clear, we are not currently directly involved in cryptocurrency,” the company said.

– Lee Ji Hye

Japan reports $15 billion trade deficit, higher than expected

Latest data show Japan’s trade deficit hits 2.16 trillion yen ($15.5 billion), higher than expected release by the Ministry of Finance. Economists had expected a deficit of $11 billion. Reuters poll.

Exports in October increased by 25.3% year-on-year to 9 trillion yen, while imports increased by 53.5% to 11.16 trillion yen.

–Lee Ji Hye

Retail stocks continue to come under pressure after Target warnings, with some bright spots

Several retail stocks fell Wednesday morning after Target’s weak earnings and sales outlook.

The target itself went down by 15% immediately after the opening bell. Nordstrom is down 9%, while Macy’s and Gap are down about 7% each.

The SPDR S&P Retail ETF is down 3.9%.

Lowe’s share price rose, rising 3.8% after the company raised its full-year guidance and reported strong earnings. Walmart held up 1% after reporting strong results on Tuesday. Costco has paved the way into positive territory.

— Tanaya Machel

Treasury yields fall, raising fears of recession

Yields on 10-year government bonds dipped briefly below 3.7%, and spreads to 2-year yields remained negative.

The so-called yield inversion is a warning of a recession. 10-years fell to 3.69% from 3.73% in afternoon trading. Two-year US Treasuries yielded him 4.35%.

BMO’s Ian Ringen said: “We see more downside risks to rates from here. Curve reversal 2s/10s is -67 and could be -75 in the near term. ‘ said.

He said his next target for 10-year yields would be 3.55%. As bond prices rise, yields fall.

“The big driving force behind the rally is that the market has overlooked the current tightening cycle, and as the Fed continues to repeatedly express its willingness to pull the economy into recession, it is becoming increasingly nervous about the potential for a more significant impact. It’s starting to become a thing,” Lingen said.

— Patty Dom

Tencent reports earnings, reportedly launches new job cuts

Chinese tech giant Tencent is expected to report third quarter earnings in the second half of the year in Asia.

The company expects further declines in revenue after posting loss of income for the first time Last quarter ended June. Refinitiv’s central forecast forecasts a fall of 0.47% to CNY141.7 billion ($20 billion).

Separately, Sources told Reuters that Tencent is starting new job cutsThe news comes as tech companies around the world announce layoffs.

Shares of Tencent were up 3% in early trading and 0.83% most recently. Hansen index.

— Abigail Ng, Jihye Lee

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