"Some regions may remain prudent on reopening" in the coming months, with local officials possibly tightening restrictions to prevent a surge in infections during China's cold season, Morgan Stanley's chief China economist Robin Xing said in an interview. "I have much higher conviction that they will have a proper opening by probably April."
SEC Faces Calls to Boost Crypto-Exchange Enforcement After FTX Collapse
WASHINGTON-Pressure is mounting on the Securities and Exchange Commission to step up enforcement of key hubs of the crypto industry after the collapse of FTX last month.
FTX's bankruptcy put the focus on crypto exchanges, the primary hubs for individual investors that offer such services as digital-coin sales, lending and the safekeeping of assets. Despite investigating parts of the industry for over six years, the SEC has yet to sue a major crypto exchange.
Hong Kong Stocks Advance on China's Relaxed Covid-19 Rules. Macau Casinos Surge.
Hong Kong-listed shares gained on Thursday after government authorities announced a 10-point plan to ease Covid-19 restrictions.
The Hang Seng Index rose 3.4%. Sands China (ticker: 1928.HK), the developer of casinos in Macau and a subsidiary of Las Vegas Sands (LVS), jumped 10%. Galaxy Entertainment Group (27.HK) rose 5.6%.
Almost everyone is expecting a recession next year, but the market is forecasting earnings growth, this model finds
Outlooks for next year are coming in fast and furious, and if there's one commonality it's the belief the U.S. will fall into a recession at some point next year, hurt by the lagged impact of Federal Reserve rate hikes.
That's what the bond market, as shown by the deepest inversion of 2- BX:TMUBMUSD02Y and 10-year BX:TMUBMUSD10YTreasurys since the 1980s, is suggesting as well. But, surprisingly, the stock market is expecting earnings per share to rise next year.
World Gold Council outlines what's in store for gold with the global economy at a 'crossroads'
Gold is so far on track to post a loss for the year - and the precious metal's performance in 2023 will greatly hinge on where the global economy is headed, according to a report from the World Gold Council released on Thursday.
Gold futures on Comex GC00 GCG23 have seen a wild ride. Based on the most active contracts, they climbed to a high of $2,078.80 an ounce in March, following Russia's invasion of Ukraine, to trade near the all-time intraday high of $2,089.20 from August 2020, according to Dow Jones Market Data. Then they hit a roughly two-and-a-half year low in October at $1,621.10.
Canada Proposes New Powers in Foreign-Investment Reviews
OTTAWA-Canada on Wednesday unveiled a series of changes to the country's foreign-investment laws that officials said updates tools the cabinet has at its disposal to deal with transactions that pose a national-security risk.
Among the changes Canada is proposing: allowing cabinet to impose conditions on a tentative transaction while it undergoes a government-led security review, and compelling investors eyeing investments in certain sensitive sectors - such as in quantum science, critical minerals and other sensitive technologies such as artificial intelligence-to file early notification with Ottawa about their intentions.
China's Xi Jinping to Meet Saudi Crown Prince in Pivotal Visit
RIYADH, Saudi Arabia-Chinese President Xi Jinping will meet Saudi leaders Thursday and sign agreements worth more than $29 billion as this desert kingdom deepens ties with global partners, including U.S. rivals, amid doubts about Washington's commitment to the Middle East.
No details about the deals were made available, but progress in talks about pricing some Saudi oil sales in yuan, which The Wall Street Journal reported accelerated this year, would draw intense U.S. scrutiny as would any new weapons deals or further cooperation on 5G and 6G telecommunications networks.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
12-08-22 0601ET
