Hong Kong stocks rose 3% in the Asia session. The Covid situation in China remains in focus

Japan Unemployment rate October was flat from September’s reading of 2.6%, according to official data. The number is just above the median forecast of 2.5% of economists polled by Reuters.

The Job-to-applicant ratiowhich measures active job opportunities per job seeker, it was at 1.35. It indicates that there are 135 available jobs for every 100 applicants, which indicates that the job market is still tight in Japan.

Countries retail It rose 4.3 percent in October on an annual basis, missing expectations for a 5 percent increase forecast in a separate Reuters poll.

The latest reading marks the first weakness in retail sales growth since June this year.

– Jihe Lee

St. Louis Federal Reserve Chairman James Bullard said Monday that the Fed should continue to raise its benchmark interest rate in the coming months and that the market may underestimate the possibility that the Fed will become more aggressive.

“We will have to continue to pursue our interest rate increases through 2023, and there is some risk that we have to go higher than [5%],” Pollard said at Barron’s live webinar.

Bullard made waves in financial markets earlier this month when he said that the Fed’s hikes could “Only limited effectsOn inflation yet and that the benchmark interest rate may need to rise to between 5% and 7%.

Bullard, a voting member of the Federal Open Market Committee, said the Fed will need to delay any interest rate cuts next year even if the inflation picture starts to show sustained improvement.

“I think we’ll probably have to stay there throughout 2023 and into 2024, given the historical behavior of core PCE inflation or the Dallas Fed cut average inflation. They’ll go down, I think. That’s my baseline. But they probably won,” Bullard said.

– Jesse Pound

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

Bitcoin briefly fell to around $16,000 but has already rebounded. The latest was just a 1% drop to over $16,300, as measured by Coin. The action in ether price showed a similar bounce.

BlockFi has been in bad shape since the spring, after the Terra project implosion led to the collapse of Three Arrows Capital. At that time, the company accepted a bailout from FTX that would help it avoid bankruptcy. Of course, FTX is now filing for bankruptcy.

– Tanaya McHale

Many global companies are heavily exposed to China, incl Some of the largest automakers in the worldwhich generates between 20% and 40% of its global sales in the country, according to Goldman Sachs.

In a note to clients on November 22 — before the latest protests — the investment bank outlined the global auto industry’s exposure to Chinese consumers.

CNBC Pro subscribers can read more here.

– Ganesh Rao

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

The Dow Jones Industrial Average It lost 1.45%, or 497.57 points, and closed at 33,849.46 points. The Standard & Poor’s 500 It also decreased by 1.54%, closing at 3,963.94. The NASDAQ Composite It decreased by 1.58% and closed at 11049.50.

– Alex Haring