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Asia-Pacific stocks mostly lower, Tokyo inflation at highest in 40 years; U.S. markets closed

Jihye Lee

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

Central Tokyo skyline with Tokyo Tower and Shiba Park, Minato-ku.
Ippei Naoi | Moment | Getty Images

Shares in the Asia-Pacific were mostly lower as markets in the U.S. were closed for the Thanksgiving holiday and slated to end its session early on Friday.

In Japan, the Nikkei 225 fell 0.35% to close at 28,283.03 and the Topix ended its session at 2,018.0 as the nation's capital city saw the highest core consumer price index reading since 1982. In South Korea, the Kospi fell 0.14% to 2,437 and the S&P/ASX 200 in Australia rose 0.24% to 7,259.5.


Hong Kong's Hang Seng index traded 0.49% lower to 17,573.58, while the Hang Seng Tech index lost more than 2%. In mainland China, the Shanghai Composite gained 0.4% to 3,101.69 and the Shenzhen Component lost 0.48% to 10,904.27.

China's reported Covid cases continued to rise Thursday. Zhengzhou, where protests took place at Apple supplier Foxconn's iPhone factory, said it would conduct mass testing.

Proposed G-7 price cap may not have any effect whatsoever on Russia, says Wood Mackenzie

The oil embargo should not have a huge impact, says Wood Mackenzie
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The oil embargo should not have a huge impact, says Wood Mackenzie
Squawk Box Asia

The Group of Seven (G7) nations' proposed price cap for Russian oil of between $65 and $70 a barrel may not be a significant deterrent for Moscow, according to Wood Mackenzie.

The planned cap is not expected to make a dent on Russia's oil revenues as the oil prices that Asian markets like China and India are currently paying for are already at a "big discount," said Wood Mackenzie's vice president of gas and LNG research, Massimo Di Odoardo.

"Those levels of discounts are certainly in line with what the discounts already are in the market … It's something that doesn't seem, as it is placed, going to have any effect [on Moscow] whatsoever if the price is so high," he said.

— Lee Ying Shan

Hong Kong movers: Casinos, technology stocks drop on rising China case numbers

Hong Kong-listed stocks related to reopening and technology fell in Asia's morning session following reports of a surge of Covid cases in China.

Shares of casino operator MGM China fell more than 4%, Wynn Macau lost 2.5%, Sands China fell 3%, and SJM Holdings also lost 2.7%.

Technology stocks such as Tencent also dropped more than 3% in the morning session, Meituan lost 3.17% and Bilibili shed 4.36%.

– Jihye Lee

Tokyo core inflation hits highest levels in 40 years

Tokyo's core consumer price index rose 3.6% in November on an annualized basis, more than the 3.5% expected in a Reuters poll.

The report marks the fastest annual pace Japan's capital has seen since April 1982, and significantly above the Bank of Japan's inflation target of 2%.

The capital's reading indicates higher inflationary pressures have yet to be tamed. Nationwide inflation is hovering around similarly historic levels.

— Jihye Lee

CNBC Pro: Outperforming asset manager picks the stocks set to win as margins get squeezed

Patrick Armstrong, chief investment officer at Plurimi Wealth, believes margin squeeze is the 'biggest risk' for equities. But he thinks some stocks could beat the trend.

"Own sectors with defendable margins or that are creating margin squeeze elsewhere," he added, naming the sectors and stocks he likes best.

Pro subscribers can read more here.

— Zavier Ong

CNBC Pro: UBS says recession in 2023 will be an inch deep but a mile wide — and that’s not priced into stocks

Global economic conditions will shift next year and that's going to flip which markets and sectors underperform, according to the chief strategist of UBS Investment Bank.

"It's an inch deep but it's a mile wide," he said of the expected recession. "Global growth is at 2% and that is not priced into stocks," Bhanu Baweja told CNBC's "Squawk Box Europe" Wednesday.

He also named which sectors he expects to outperform next year.

CNBC Pro subscribers can read more here.

— Jenni Reid

Malaysian stocks rose after state palace announces prime minister

Malaysia-listed stocks closed higher on Thursday after the the state palace announced Anwar Ibrahim as the nation's prime minister.

The benchmark KLCI index closed 4.04% higher following previous negative sessions, ending the session at the highest levels in more than two months.

Telecommunications group Axiata Group Bhd rose more than 12%, and Maxis Bhd rose 11%. Genting Malaysia climbed around 8% and rubber glove manufacturer Top Glove also gained 8% in the afternoon session.

The Malaysian ringgit strengthened slightly against the U.S. dollar and last stood at 4.5080.

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– Jihye Lee