In today’s briefing:
- Good Morning Japan | Hopes Dashed but Resilience Evident
- China’s Efforts to Prop Up Property Market Fall Short
- Airline Travel in Asia Set to Hit Two-Thirds of Pre-Covid Level: Report
- China Eases Some Restrictions on Travel Agencies’ Cross-Province Services
Good Morning Japan | Hopes Dashed but Resilience Evident
- Good Morning Japan: We strive to provide the very best breaking macro, stock and thematic overnight news that will impact your trading day in Japan. FOLLOW US to keep abreast!
- OVERNIGHT: Hawkish Fed speak weigh on markets but digested as signs of economic weakening-housing, shipping; Markets and Tech resilient. AMAT 1Q guidance supportive; FTX debacle: “Complete failure of controls !”
- JAPAN: Flat open indicated; JPYUSD ¥140 handle; Likely takes the lead from the US; Expect supportive bids into weekend with AMAT guidance
China’s Efforts to Prop Up Property Market Fall Short
- New property sales in China continued to plunge in October despite government attempts to stabilize the market, with top builders faring better than their peers.
- The 100 largest developers — measured by sales value in the first 10 months of the year — recorded a combined 556 billion yuan ($76.7 billion) in sales last month, down 28.4% year-on-year and 2.6% month-on-month
- China’s housing market, once a piston of the country’s economic growth engine, has lost much of its drive since last year following regulatory moves to clamp down on speculation and excessive borrowing.
Airline Travel in Asia Set to Hit Two-Thirds of Pre-Covid Level: Report
Asia’s tourism industry has been resilient amid the global macroeconomic slowdown, research from JP Morgan shows.
- Titled Asia Airlines and Airports, the report projects that airline travel in the region will hit two-thirds of pre-pandemic levels by the end of this year.
- Thailand, which is poised to meet its 2022 foreign arrivals target of 10 million tourists, has been an especially strong market in the region.
China Eases Some Restrictions on Travel Agencies’ Cross-Province Services
- China has eased some restrictions on the domestic tourism industry after policymakers tweaked the country’s “zero-Covid” policy.
- The change came after the central government issued a new 20-point planaimed at making counter-Covid measures more targeted and less disruptive to the economy.
- Travel agencies are now eagerly awaiting details from local authorities about what extent they can resume organizing cross-region group tours.
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