A real estate company says there is a ‘big improvement’ for India’s housing market
Residential property prices in India have room to rise, according to Abhishek Lodha, CEO of Lodha Group, an India-based multinational real estate company.
“We believe that the Indian real estate market is at the beginning of a long-term uptrend,” he said.
Lodha admitted that India’s real estate housing market suffered a slowdown between 2015 and 2020, but said there was “a lot of growth ahead” given India’s demographics, income growth, and mortgage rates.
“There may be some deviations when we are dealing with the global economy. But overall, the Indian housing market is preparing for a fairly big rally,” he said.
– Lee Ying Shan
Australian dollar falls to its weakest since April 2020
The Australian dollar It fell sharply in afternoon trading in Asia, falling to $0.6321, to levels not seen since April 2020.
The currency may weaken further below $0.62 this week, according to Carol Kong, associate director for international economics and currency strategy at the Commonwealth Bank.
It said in a note that divergence in the Australian and US economies plays a role in interest rate differentials and affects the Australian currency. Last week, the Reserve Bank of Australia raised interest rates by 25 basis points, less than the expected rise of 50 basis points.
“Weak commodity prices and rebounding volatility are compounding the problems of the Australian dollar,” Kong added.
– Abigail Ng
Hong Kong shares in Chinese chip maker SMIC plunged 5% after US export controls came into effect
Shares of the largest chip maker in China SMIC fell after Washington announced new export controls that would Limit Beijing’s ability to purchase and manufacture high-quality chips used in military equipment.
SMIC stock fell 5.23% before recovering slightly. It was last traded down 2.91%.
Foreign Ministry spokesman Mao Ning said at a press conference on Saturday that the United States is “abusing export control measures to arbitrarily obstruct and obstruct Chinese companies. Such practice is inconsistent with the principle of fair competition and international trade rules.”
– Abigail Ng
CNBC Pro: Porsche is now more valuable than VW: Here’s what the pros think about automakers
A week after its stock market debut, luxury carmaker Porsche’s market capitalization has surpassed its former parent company Volkswagen Group.
Some fund managers are already comparing the German company to Teslathe world’s largest electric car maker, said Porsche’s electrification plan for its best-selling Macan EV is expected to be an immediate success.
Compared to its parent company Volkswagen, which makes nearly 10 million cars a year, Porsche makes just over 300,000 but accounts for a quarter of Volkswagen’s profits.
CNBC Pro subscribers can read more here.
– Ganesh Rao
Currency Check: The weakening of the South Korean won against the US dollar
The Korean won was among those who lost ground against the US dollar in Asian morning trade.
The South Korean currency It was last traded at 1,427.76 per dollar after consolidating below the 1400 level last week.
Japan yen Weak slightly to 145.46 against the dollar, while Australian dollar It was boosted to $0.6370.
The offshore Chinese yuan was hovering around 7.1319 per dollar.
– Abigail Ng
CNBC Pro: Goldman says these ‘cheap’ global stocks will win in the short and long term
As Europe grapples with high electricity and gas bills, Goldman Sachs says global companies focused on energy efficiency will outperform.
“We believe that energy efficiency companies can outperform in the short term, focusing on energy efficiency to address the current energy crisis that followed the Russian invasion of Ukraine,” the analysts wrote in an October 3 note.
“[And] In the long term, with a focus on energy efficiency to tackle climate change and reach ambitious “net zero” goals.
CNBC Pro subscribers can read more here.
– Weezin Tan
A special survey showed that service activity in China shrank in September
The Caixin Services Purchasing Managers’ Index came in at 49.3 in September, according to a report published on Saturday, down sharply from 55 in August.
The 50 point mark separates growth from contraction. PMI readings compare activity from month to month.
The report said that Covid restrictions in the country caused service activity in China to shrink in September for the first time since May.
“Companies that have reported reduced activity have repeatedly commented that the pandemic and subsequent measures to contain the virus restricted operations and weighed on demand in September,” said Caixin’s press release.
– Abigail Ng
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