Asia-Pacific Markets, Trade Data, Bank of Japan

Toyota Motor Corp. Chairman and Chief Executive Akio Toyoda will step down on April 1 and will be replaced by current Chief Branding Officer Koji Sato, the Japanese automaker said.

Toyoda will become the new chairman of the board, while current chairman Takeshi Uchiyamada will continue as a member of the board.

“I thought the best way to further Toyota’s transformation was to support a new president as chairman, which led to today’s decision,” Toyota said in a webcast.

Stocks listed in Tokyo Toyota Thursday ended the session 0.63% lower ahead of the announcement.

– Ruxandra Iordache, Jihye Lee

Hyundai Motor posted a net income 1,710 trillion won ($1.4 billion) in the fourth quarter ended December, representing a year-on-year increase of 143.8%.

Despite the stellar results, the reading was shy of a Refinitiv forecast of 2.5 trillion won in net profit.

This figure represents a growth of 21.1% compared to the previous quarter ended September.

The automaker’s sport utility vehicle (SUV) was a big contributor to the sales results, with Hyundai expecting “strong sales of high-end models to continue.”

Shares of the company last traded up 6.04% on Thursday.

– Lee Ying Shan

Singapore’s annual manufacturing output December was down 3.1%A 6.9% dive outperformed Reuters expectations.

The reading marks the third straight decline since October, and follows a 3.2% drop in November.

On a monthly basis, Singapore’s manufacturing output data rose 3.2% compared to a 1.2% decline in the previous month.

– Lee Ying Shan

Heavyweight shares of Hong Kong’s benchmark Hang Seng Index The index rose 1.8% after returning from the Lunar New Year holiday.

Technology company stocks Xiaomi And Lenovo rose 9.27% ​​and 4.51% respectively.

Property company stocks also saw similar gains. Longfor Group 6% rise The Logan Group 7.35% up. country garden 3.13% up.

Shares of Hong Kong-listed auto companies also rose, with BYD adding 5.83% and Kiely increased by 4.32%.

– Lee Ying Shan

Hyundai is expected to post 3.2 trillion won ($2.597 billion) in operating profit, according to an earnings forecast by Macquarie’s Capital Head of Mobility Research James Hong.

“We are slightly above market consensus,” Hong said, noting that the company’s Brazilian manufacturing unit was driving volume growth, as well as a foreign exchange tailwind from the weaker Korean won against the greenback.

According to Refinitiv estimates, Hyundai is expected to post fourth-quarter net income of 2.311 trillion won, which would represent an 81% increase from the company’s third-quarter net income of 1.272 trillion won.

Hyundai’s earnings call is scheduled for 1 pm local time.

Shares of the company last traded up 1.93%.

– Lee Ying Shan

As stocks continue their rally, many major financial institutions are now predicting a significant decline in global stock markets.

The S&P 500 Index That’s up more than 10% from last year’s low in October. In Europe, the STOXX 600 It has increased by more than 15% during the same period.

But those gains are now at risk, according to some investment banks, as they fear the lagged effects of monetary tightening will hit earnings and shrink profit margins this year.

CNBC Pro subscribers can read when and by how much the market will drop here.

– Ganesh Rao

The Philippine economy grew at a robust 7.2% in the fourth quarter of 2022, beating expectations. Statistical Authority.

A Reuters poll had forecast GDP growth of 6.5% in the last three months of 2022.

For the full year, the economy expanded by 7.6% in 2022 on the back of strong growth in sectors such as wholesale and retail trade; Repair of motor vehicles and motorcycles, which increased by 8.7%. Manufacturing was 5% and construction was 12.7%.

Speaking to CNBC’s “Squawk Box Asia” on Thursday, Alicia Garcia-Herrero, chief Asia economist at Natixis, said, “Domestic consumption is really key this year, and that’s in the Philippines.” GDP data release.

“For that reason, I think 2023 will be good for the Philippines compared to other regions. And, true.. the central bank should do a little more – maybe up to 6%, then pause and interest rates are more important for consumption.”

He said interest rates will start to come down next year, which is “again positive” for the Philippines.

– Sumathi Bala

The Bank of Japan emphasized the need to maintain its current monetary policy, including leaving the yield curve control unchanged. Summary of comments From its last meeting published on Thursday.

“Given the view that it will take time to achieve the 2 percent price stability target in a consistent and sustainable manner, the Bank should continue the current yield curve restraint,” the release said. .

The central bank continued its purchases of Japanese government bonds in response to upward pressure on yields. The Nikki said Earlier this week the BOJ revealed that it is technically holding more than 100% of several key 10-year JGBs – or running above the issue amount.

“There is upward pressure on long-term interest rates, and distortions in the yield curve have not dissipated,” the BOJ said in a summary of its comments, citing additional purchases of JGBs as one of several measures it could take. Its yield curve should be controlled within its tolerance range.

– Jihye Lee

Singapore’s manufacturing output for December is expected to fall 6.9% year-on-year, according to analysts polled by Reuters, more than double the fall recorded in November.

The forecast is for Singapore’s manufacturing output to extend its decline from October, and November’s figure is for a 3.2% drop.

On a monthly basis, Singapore’s factory output is expected to register a 1.1% decline.

– Lee Ying Shan

South Korea’s GDP decreased by 0.4% In the fourth quarter of 2022 It represents the first contraction in two-and-a-half years compared to the previous quarter.

Private consumption fell 0.4%, exports shrank 5.8% and manufacturing fell 4.1%, the Bank of Korea said.

Government spending rose sharply to 3.2%, compared with a 0.1% rise in the third quarter.

On a year-over-year basis, South Korea’s final quarter gross domestic product rose 1.4% from a year earlier, slightly missing Reuters’ expectations of 1.5% growth.

– Lee Ying Shan

Stocks in some key sectors directly linked to China’s reopening, such as domestic consumption and travel, have performed well in recent months.

Investors looking to get into these stocks may find them unappealing at current valuations. But there may be another way to play the reopening with Bank of America and UPS It has identified less obvious beneficiaries outside of China.

Pro subscribers can Read more here.

– Javier Ong

Things are looking up for the electric vehicle industry, thank goodness China is reopening – Especially in the second half of the year, says an analyst.

Corinne Blanchard, vice president of lithium and cleantech equity research at Deutsche Bank, suggests a better stock pick.

CNBC Pro subscribers can read more here.

– Weissen Don

Stocks were mixed on Wednesday.

The Dow Jones industrial average rose 9.88 points, or 0.03%, to end at 33,743.84. The Nasdaq Composite fell 0.18% to 11,313.36, while the S&P 500 lost 0.02% to 4,016.22.

– Samantha Subin

Microsoft shares fell about 1% in after-hours trading, reversing earlier gains.

Shares initially rose after the company posted quarterly earnings per share that beat Street expectations. However, investor sentiment took a hit after Microsoft released disappointing guidance for revenue for the current quarter on its earnings conference call.

The company forecast fiscal third-quarter revenue of $50.5 billion to $51.5 billion, while analysts surveyed by Refinitiv expected $52.43 billion.

Read more about Here are the results from Microsoft.

–Darla Mercado, Jordan Novette