Japan sees core inflation at highest in 40 years as Asia-Pacific stocks trade mixed

This is CNBC's live blog covering Asia-Pacific markets.

A customer picks up a can on beer from a shelf at a Summit supermarket store in Tokyo, Japan, on Tuesday, July 27, 2021. Photographer: Noriko Hayashi/Bloomberg via Getty Images
Bloomberg | Bloomberg | Getty Images

Shares in the Asia-Pacific traded mixed as Japan's core consumer price index for October rose 3.6% compared to a year ago, higher than expected and at the fastest pace in 40 years. The nation last saw the same level in February 1982, Refinitiv data showed.

The Nikkei 225 fell 0.11% to close at 27,899.77, while the Topix ended its session at 1,967.03. South Korea's Kospi was fractionally higher to close at 2,444.48. The S&P/ASX 200 in Australia gained 0.23% to end its session at 7,151.8.

The Hang Seng Index erased earlier gains and closed its session 0.29% lower at 17,992.54. In mainland China, the Shanghai Composite ended its session 0.58% lower at 3,097.24 and the Shenzhen Component fell 0.37% to close at 11,180.43.

Economic leaders of the region will gather in Thailand as the Asia Pacific Economic Cooperation summit continues.

Overnight on Wall Street, stocks fell and yields jumped with a number of speakers from the Federal Reserve signaling more interest rates hikes ahead. St. Louis Federal Reserve President James Bullard suggested the appropriate federal funds rate zone to be between 5% and 7%, higher than what markets are pricing in.

Alibaba saw delivery disruptions during Singles Day, CEO says

Alibaba CEO Daniel Zhang said, "The resurgence of Covid has affected one area after another, resulting in abnormal or suspended logistic service in different places," according to a FactSet transcript of the company's quarterly earnings call Thursday.

Zhang noted logistics disruptions took place through Nov. 11, while adding the company was "seeing improvements."

Alibaba also announced it would increase its share buyback program by $15 billion.

Read the full story here.

— Evelyn Cheng

Morgan Stanley confirms job cuts in Asia-Pacific

Morgan Stanley confirms layoffs in the Asia-Pacific region are 'in progress'
Morgan Stanley confirms layoffs in the Asia-Pacific region are 'in progress'

Morgan Stanley's Asia-Pacific CEO Gokul Laroia confirmed layoffs in the Asia-Pacific region are taking place.

When asked if he could confirm reports of the firm's plans to cut 10% of its staff of 500 in the region, Laroia told CNBC's Emily Tan on Thursday the plans are already underway.

"I actually don't know whether the number is 10%, but there is going to be a reduction in force," he said. "In fact, that's in progress."

Laroia added China remains an important market for Morgan Stanley, despite slowing down more than expected this year, and that the firm expects to remain invested there.

— Jihye Lee

South Korean, Japanese defense stocks rise on North Korea's missile launch

Shares of South Korean and Japanese defense-related companies rose in Friday's morning session after North Korea was confirmed to have launched an inter-continental ballistic missile.

In South Korea, shares of Hanwha Aerospace rose 4.69%, Korea Aerospace gained 2.34%, and Victek climbed 2.3%.

In Japan, Mitsubishi Heavy Industries rose 0.93% while Hosoya Pyro-Engineering rose 1.7% in Asia's afternoon session.

—Jihye Lee

CNBC Pro: While Muddy Waters bets against dLocal, here are the other fintech stocks that short sellers are eyeing

While hedge fund Muddy Waters revealed a bet against payment processor dLocal, other short sellers appear to be eyeing several fintech companies.

At least 11 other US-listed financial technologies companies have more than one in ten shares betting on a decline in its price, according to data from S3 Partners.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Philippines central bank expects economy to see "low growth" next year, not a recession

The Philippines will experience "low growth" in 2023, not recession: Central bank
The Philippines will experience "low growth" in 2023: Central bank

Central bank governor Felipe Medalla of Bangko Sentral ng Pilipinas (BSP) said the economy is expected to see "low growth" of under 5%, not a recession, next year.

Speaking to CNBC's Sri Jegarajah in an interview, he said the central bank estimates the economy to grow by 6% next year, higher than the International Monetary Fund's outlook of 5%.

That outlook may change by around 100 basis points depending on worsening global financial conditions, he added.

The BSP delivered its second 75-basis-point hike of the year on Thursday, raising its benchmark interest rates to 5%.

— Natalie Tham, Jihye Lee

Tencent, NetEase stocks rise after China approves game titles

Shares of Chinese tech companies Tencent and NetEase listed in Hong Kong rose after the companies were granted gaming licenses by China's National Press and Publication Administration.

Tencent shares rose 3% at open, and NetEase rose more than 5%.

The regulator issued licenses for some 70 games for November, including Tencent's Metal Slug: Awakening and NetEase's A Chinese Odyssey: Homecoming.

On Thursday, NetEase shares plunged more than 11% after the company announced its license with Activision Blizzard will be ending in January 2023.

— Jihye Lee

Japan's core inflation index rises 3.6%, higher than expected

The core consumer price index for Japan rose 3.6% in October on an annualized basis, beating expectations for a rise of 3.5% and the quickest pace since February 1982.

The index, which excludes fresh food but includes fuel costs, rose 3.0% in September compared with the same period a year ago.

The latest data marks the seventh consecutive month that the nation has seen inflation levels above the Bank of Japan's target of 2%.

— Jihye Lee

CNBC Pro: JPMorgan says these Asian travel stocks are poised to pop

As travel in Asia resumes and continues to gain momentum, especially after China's recent announcement to reduce quarantine time for international travelers, JPMorgan says it remains bullish on the region's travel industry.

"Considering the high forward booking visibility and further upside arising from the final leg of re-opening in parts of the region, we stay positive on the Asia airlines & airports sectors," it said in a Nov. 11 note.

CNBC Pro subscribers can click here to find out which stocks investors should pay attention to.

— Charmaine Jacob

The S&P 500, Nasdaq Composite close lower Thursday

The Dow Jones Industrial Average closed near the flat line on Thursday despite falling as much as 314 points in the session. The S&P 500 fell 0.31%. The Nasdaq Composite declined 0.35%.

— Sarah Min

CNBC Pro: 'Bull case for semis is compelling': BofA picks top chip stocks to buy

Chip stocks, once a hot favorite among investors, are doing poorly this year.

But BofA says that despite consumer demand remaining under pressure, the "bull case for semis is also compelling."

Semiconductor sales could rebound in the second half of 2023, BofA predicted.

Here are some themes that chip stocks could ride on, says the bank, which also picks names to buy.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Fed's Jefferson said low inflation is the best way to achieve prosperity

Keeping inflation under control is the best way to ensure a strong economy for everyone, Federal Reserve Governor Philip Jefferson said Thursday.

"Low inflation is key to achieving a long and sustained expansion — an economy that works for all," the central bank official said during an event in Minneapolis. "Pursuing our dual mandate is the best way for the Federal Reserve to promote widely shared prosperity."

Jefferson did not provide any direct comments on where he sees policy heading as the Fed looks to achieve both full employment and stable prices.

His comments from following a flurry of speeches from his colleagues, who universally say the Fed will need to raise interest rates more to bring down inflation still running around its highest levels since the early 1980s.

—Jeff Cox

Fed's Bullard says monetary policy not yet 'sufficiently restrictive'

St. Louis Federal Reserve President James Bullard said more tightening may be needed for the central bank to tame inflation.

He said Thursday that inflation remains unacceptably high, noting that policy isn't "sufficiently restrictive" at current levels. The Fed has raised rates from zero to a range of 4%-4.25% this year, as U.S. inflation soars to levels not seen in decades.

"Thus far, the change in the monetary policy stance appears to have had only limited effects on observed inflation, but market pricing suggests disinflation is expected in 2023," Bullard said.

— Fred Imbert