Asia-Pacific markets mostly lower as second day of G-20 is underway

Yellen, PBOC Governor Ai Gang meet on the sidelines of the G-20 summit

US Treasury Secretary Janet Yellen and the governor of the People’s Bank of China, Yi Gang, met on the sidelines of the Group of 20 summit in Bali, Indonesia.

Yellen said in a tweet that the two discussed “global macroeconomic and financial challenges, including the economic outlook” of the US.

A separate Reuters report, citing a US official, said Yellen and Yi’s meeting lasted two hours, and that the conversation was “in the context of global challenges.”

– Jihy Lee

Biden Says It’s ‘Unlikely’ The Missile That Killed Two People In Poland Was Fired From Russia

US President Joe Biden said it was “unlikely” that a missile that killed two people in Poland was fired from Russia, citing the missile’s trajectory.

Asked by a reporter if the missile was fired from Russia, Biden said: “There is previous information that disputes that. I don’t want to say that until we fully investigate.”

He went on to say: “It’s not likely… in the minds of the trajectory that it was fired from Russia. But, we’ll see.”

Biden reiterated that the leaders of the Group of 7 agreed to support an ongoing investigation into the explosion.

“We agreed to support Poland’s investigation into the explosion in rural Poland near the Ukrainian border. And I’m going to make sure we figure out exactly what happened,” he told reporters on the sidelines of the G-20 summit in Bali, Indonesia.

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– Jihy Lee

Tencent to report earnings, reportedly starting new round of job cuts

Chinese tech giant Tencent is due to report third-quarter earnings late in Asia.

The company is expected to see another drop in revenue after posting the first-ever revenue decline in the previous quarter ending in June. A median forecast from Refinitiv predicts a fall of 0.47% to 141.7 billion Chinese yuan ($20 billion).

Separately, sources told Reuters that Tencent is starting a new round of job cuts. The news comes as tech firms around the world announce layoffs.

Tencent shares rose as much as 3% in early trade, and were last up 0.83%, compared with a 0.81% fall in the broader Hang Seng Index.

– Abigail Ng, Jihye Lee

CNBC Pro: The Fed ‘drive’ is dead, says strategist, who shares where to invest right now

Fidelity says the idea that a third of the Federal Reserve’s hawkish stance will benefit activity is “dead.”

Salman Ahmed, global head of macro and strategic asset allocation at the investment management firm, said he is concerned about short-term stock performance and suggests investors consider a different asset class instead.

– Ganesh Rao

The World Bank says Russia is ‘risking its own future’ through the Ukraine war

President of the World Bank, David Malpass, said that Russia is harming its own future by continuing a war against Ukraine.

“This weakens Russia, it makes them outcasts and it really rocks their own future,” he said. “I am hurt by what Russia is doing to itself, to its own people.”

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When asked about the latest developments of a Russian-made missile killing Polish citizens, Malpas said: “I don’t want to speculate about the missiles, only until the G-20. [goes]There was unity, broad unity of G-20 countries against war.

– Jihy Lee

JPMorgan lowers its GDP forecasts for China

JPMorgan downgraded its economic forecasts for China in response to developments including a recent surge in Covid cases and a “notable drag on domestic activity,” analysts said in a note.

The investment bank now expects China’s GDP growth for 2022 to come in at 2.9%, down from its previous forecast of 3.1%. In 2023, JPMorgan sees China’s economy growing 4%, compared with an earlier forecast of 4.5%.

October’s retail sales and industrial production data released Tuesday disappointed as global growth slowed and China battled Covid outbreaks.

– Abigail Ng, Michael Bloom

CNBC Pro: Biotech stocks look cheap — and analysts give 2 more than 100% upside

Fundstrat said that several biotechnology stocks are worth following and that the sub-sector is currently the strongest in the health industry.

Mark Newton, head of technical strategy at research firm Fundstrat, said the sector is “a key part of the reason why healthcare is likely to show a strong 4Q [fourth quarter] Outperformance,” according to a Nov. 14 note.

To identify biotech stocks that look cheap and are expected to rally looking ahead, CNBC Pro screened these iShares Biotechnology ETF on FactSet. Here are 8:

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CNBC Pro subscribers can read more here.

– Show tone

Missile that killed 2 in Poland was Russian-made, Polish foreign ministry says

Two people were killed after a Russian missile landed in Poland, the country’s foreign ministry said early Wednesday.

The ministry said Russia was conducting a long-range attack on Ukrainian infrastructure when the missile struck the village of Prevodau, killing two Polish citizens.

Polish Foreign Minister Zbigniew Rau summoned the Russian ambassador for “immediate detailed explanations” about the incident.

– Chris Yudaily

CNBC Pro: Analysts think EV-related stocks in the lithium supply chain could be winners

Goldman Sachs says the peak in battery metal prices is approaching.

Given this outlook, CNBC Pro screened the Global X Lithium & Battery Tech ETF For stocks related to electric vehicle makers that may offer opportunities for investors.

The stocks are expected to post full-year growth in 2023, are rated buy by the majority of analysts covering them and have an average upside potential of at least 20% over the next 12 months.

here’s .

– Xavier Ong

Stocks close higher for the third day in the last four

The main averages rose on Tuesday after another report signaled that inflation may be slowing.

The Dow Jones Industrial Average ended the day up 56.22 points, or 0.2%, at 33,592.92. The S&P 500 rose 0.9% to 3,991.73, and the tech-heavy Nasdaq Composite gained 1.5% to close at 11,358.41.

– Tania Machiel

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