Australia PMI, Japan Jibun Flash PMI, Lunar New Year holidays

New Zealand’s Auckland airport passenger volumes hit 74% of pre-pandemic levels in November

New Zealand’s Auckland Airport saw its total passenger volumes for November reach 74% of levels seen in the financial year to June 2019, or the last full-year not impacted by the pandemic, according to the airport’s monthly traffic update.

International passengers were at 67% of pre-pandemic levels, the release said, adding that a majority of the recovered overseas travel was short-haul flights from Australia and the Pacific Islands.

The demand for routes between New Zealand and North American regions has recovered to 86% of pre-pandemic levels, including two added destinations in Texas (Dallas/Fort Worth) and New York.

— Jihye Lee

CNBC Pro: These 6 low-debt global stocks are set to outperform, Bernstein says

Rising interest rates have major implications for companies with large amounts of debt, as they will likely experience higher costs from increased borrowing.

As interest rates continue to rise, analysts at Bernstein think that stocks with low debt exposure and a higher quality of debt should outperform.

The investment bank named a handful of global low-debt stocks with an investment-grade credit rating there likely to outperform.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Shares of Zip reverses after initial rally

Australian “buy now, pay later” company Zip fell by more than 10% after a short-lived rally following its quarterly results.

Zip traded 15% lower, a sharp turnaround from its earlier gains of more than 10% after posting 12% revenue growth.

The company said underlying “monthly cash burn has continued to decrease and expected to further improve.” It said currently available cash and liquidity position is “sufficient to see the company through to generating positive cash flow” and expects to deliver positive cash EBITDA by the first half of fiscal 2024.

Week ahead: PMIs, Australia and Singapore inflation reports, South Korea GDP

Here are some of the major economic events in the Asia-Pacific that investors will be closely watching this week.

Stock markets in mainland China and Taiwan will remain closed until they resume trade on Jan. 30.

On Tuesday, regional purchasing managers’ index readings for Japan and Australia will be in focus while most markets remain closed to observe the Lunar New Year with the exception of Australia, Japan and Indonesia.

Inflation reports will be in focus on Wednesday as Australia and New Zealand release their consumer price index readings for the final quarter of 2022. Singapore will publish its inflation print for December.

Hong Kong’s market is scheduled to resume trade on Thursday.

Fourth-quarter gross domestic product for South Korea and Philippines will be published Thursday, while the Bank of Japan will release its summary of opinions from its latest monetary policy meeting in January. Japan also reports its services producer price index on Thursday.

Japan’s core CPI readings for capital Tokyo will be a barometer for where monetary policy is headed.

Australia’s producer price index and trade data will also be closely monitored indicators ahead of the Reserve Bank of Australia’s meeting in the first week of February.

— Jihye Lee

Australia’s business conditions worsened last month: NAB survey

National Australia Bank’s monthly business survey showed worsened business conditions for December with a reading of 12 points, a decline from November’s print of 20 points.

The survey reflects deteriorated trading conditions, profitability, and employment, NAB said.

“The main message from the December monthly survey is that the growth momentum has slowed significantly in late 2022 while price and purchase cost pressures have probably peaked,” NAB chief economist Alan Oster said.

Meanwhile, business confidence in December rose by 3 points to -1, an improved reading from -4 points seen in November.

— Jihye Lee

Japan’s headline factory data shows second month of contraction

The au Jibun Bank Flash Japan manufacturing purchasing managers’ index in January was unchanged for a second-straight month at 48.9, below the 50-mark that separates contraction and growth from the previous month.

The reading “signaled the joint-strongest deterioration in the health [of] the Japanese manufacturing sector since October 2020,” S&P Global said.

The au Jibun Bank flash composite output index rose to 50.8 in January, slightly higher than the reading of 49.7 seen in December.

Flash services business activity rose further with a print of 52.4, higher than December’s reading of 51.1.

— Jihye Lee

CNBC Pro: Wall Street is excited about Chinese tech — and loves one mega-cap stock

After more than 2 years of regulatory crackdowns and a pandemic-induced slump, Chinese tech names are back on Wall Street’s radar, with one…

Read More: Australia PMI, Japan Jibun Flash PMI, Lunar New Year holidays

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