Hong Kong stocks rise 3% in Asia session; The Covid situation in China remains at the center of concerns

Japan’s unemployment rate remains unchanged, retail sales miss estimates

from Japan unemployment rate for October was flat against September’s reading of 2.6%, according to official data. This figure is slightly higher than the average expectation of 2.5% of economists polled by Reuters.

The job-candidate ratio, which measures active job offers per job seeker, was 1.35. This indicates that there are 135 jobs available for every 100 applicants, signaling a still tight job market in Japan.

The Nations retail sales rose 4.3% in October on an annualized basis, missing expectations of a 5% increase predicted in a separate Reuters poll.

The latest reading marks the first slowdown in retail sales growth seen since June of this year.

Jihye Lee

The Fed should continue to climb until next year, says Bullard

James Bullard in Jackson Hole, Wyoming.

David A Grogan | CNBC

St. Louis Fed President James Bullard said Monday that the Fed is expected to continue raising its benchmark interest rate in the coming months and that the market may be underestimating the possibility that the Fed has to become more aggressive.

“We are going to have to keep raising our interest rates until 2023, and there is a risk that we will have to go even higher than [5%]“said Bullard during a Barron’s Live webinar.

Bullard made waves in financial markets earlier this month when he said the Fed hikes had “only limited effectson inflation so far and that the benchmark interest rate may need to rise to between 5% and 7%.

Bullard, who is a voting member of the FOMC, said the Fed will have to delay any rate cuts next year even if the inflation picture starts to show a steady improvement.

“I think we’ll probably have to stay there through 2023 and into 2024, given the historical behavior of PCE core inflation or Dallas Fed average inflation. They’re going to come down, I think. That’s my baseline. But they probably won’t go down as fast as the markets would like and probably the Fed would like,” Bullard said.

—Jesse Pound

Cryptocurrency Prices Fall But Recover Quickly After BlockFi Bankruptcy

The price of bitcoin fell on Monday after BlockFi officially announced that it had filed for Chapter 11 bankruptcy following the bankruptcy of FTX.

Bitcoin briefly fell to around $16,000, but has already rebounded. According to Coin Metrics, it was just 1% lower at over $16,300. Ether’s price action showed a similar bounce.

BlockFi has been in bad shape since the spring, following the explosion of the Terra project which led to the implosion of Three Arrows Capital. Around this time, the company agreed to a bailout from FTX that would help it avoid bankruptcy. Of course, FTX is now handling its own bankruptcy.

—Tanaya Machel

CNBC Pro: Goldman Sachs Names Global Automakers Exposed to China Slowdown

Many global companies have significant exposure to China, including some of the biggest car manufacturers in the worldwhich make between 20% and 40% of their global sales in the country, according to Goldman Sachs.

In a note to clients on Nov. 22 – ahead of the latest protests – the investment bank mapped the global auto industry’s exposure to Chinese consumers.

CNBC Pro subscribers can learn more here.

—Ganesh Rao

Stocks end Monday’s session down

After a winning Thanksgiving week, all three major indexes ended lower on Monday as investors sold off amid growing concerns over supply chain disruptions amid Covid-related protests in China.

The Dow Jones Industrial Average lost 1.45%, or 497.57 points, and closed at 33,849.46. The S&P500 also lost 1.54% to end at 3,963.94. The Nasdaq Compound slid 1.58% and ended at 11,049.50.

—Alex Harring

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