Asia markets fall as Japan’s core inflation marks highest in over 40 years

The Bank of Japan had hinted at an upcoming policy shift during its October monetary policy meeting, minutes from its meeting on October 27 and 28 showed.

One member noted that it was “important to continue to examine how future exit strategies would affect the market and whether market participants would be well prepared for them,” the statement said.

While members of the central bank’s policy board members highlighted the need to its long-held dovish stance, while noting the need for “paying attention to the side effects of monetary easing,” the minutes showed.

“It was necessary to examine the impact of high prices on household behavior and wages humbly,” it said.

— Jihye Lee

China is planning to scrap quarantine requirements for overseas travelers next month, Bloomberg reported, citing sources familiar with the matter.

International arrivals into mainland China will only need to complete three days of health monitoring, which has yet to be formally defined, the report said.

This would replace guidelines to be placed in a quarantine hotel or isolation facility.

Travelers are currently required to quarantine for five days at a hotel or isolation facility, followed by three days of home isolation.

— Lee Ying Shan, Evelyn Cheng

Oil prices rose on expectations that Russian oil exports could fall by 20% in December, according to calculations by Reuters.

Brent crude futures rose 0.72% to $81.56 a barrel, while U.S. marker West Texas Intermediate futures traded up 1.01% at $78.27 a barrel.

An expected drop in Russian crude exports is seen to add pressure onto a rise in demand of heating oil as part of the U.S. prepares for a winter storm.

– Lee Ying Shan

Japan’s core consumer price index rose 3.7% in November on an annualized basis, marking the fastest pace since December 1981, when it rose by 4%.

The reading was in line with estimates from analysts polled by Reuters, and comes after notching 3.6% last month.

The reading remains above the Bank of Japan’s inflation target of 2%. Nationwide CPI for all items stood at 3.8%.

— Lee Ying Shan

Automation and cost-cutting at many businesses during a recession will drive up profits at two Silicon Valley companies, according to tech fund manager Jeremy Gleeson.

Gleeson, who manages a $1.5 billion tech fund at AXA, believes if there is a recession next year, then “companies are going to need to do more with less.”

“One of the ways they could do that is by utilizing technology better to enhance the productivity of their existing workforce,” he said and named the two stocks that will benefit from the trend.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Stocks closed lower Thursday, after pulling back from session lows, as year-end selling resumed on Wall Street.

The Dow Jones Industrial Average fell 348.99 points, or 1.05%, after falling as much as 803.05 points earlier in the session. S&P 500 declined 1.45%, while the Nasdaq Composite was 2.18% lower.

— Sarah Min

High-growth tech stocks are unlikely to rebound after a “pivot” on interest rates from the Federal Reserve, according to one market strategist.

CNBC Pro subscribers can read why Peter Toogood, chief investment officer at Embark Group, also believes stocks such as Peloton are an “absolute nonsense” trade for investors.

— Ganesh Rao