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Asia Pacific Markets, Fed, Wall Street, Apple, Tesla, Japan PMI

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CNBC Pro: Analysts see these 10 global renewable energy stocks rising despite higher rates, with one offering a 50% rise

Rising energy costs have spurred investment in renewable energy around the world.

Swiss investment bank UBS has named 10 prominent renewable energy players capitalizing on the trend and is expected to outperform next year.

CNBC Pro subscribers can read more here.

—Ganesh Rao

Japan’s manufacturing activity weakest in more than two years

The au Jibun Bank Flash Japan Manufacturing Purchasing Manager’s Index for December posted a reading of 48.9, marking the second consecutive month in contractionary territory.

The reading fell slowly from November’s 49.0 and marked the weakest since October 2020 at 48.70.

The sustained contractions in output were attributed to “weak global economic trends”, the report said.

—Lee Ying Shan

Tesla suppliers in Asia fall after deliveries report

Tesla’s suppliers in Asia fell after it released its fourth-quarter vehicle production and delivery figures for 2022, which fell short of expectations.

The deliveries report showed 405,278 total deliveries for the quarter and 1.31 million total deliveries for the year, below expectations of around 427,000 deliveries in the final quarter of the year.

from Japan panasonic lost 1.82% in early trading in Asia – South Korea’s LG Chem was down 0.17% in the early hours and Samsung SDI was down around 2%.

Shenzhen-listed shares of Contemporary Amperex Technology, or otherwise known as CATL, fell 1.7%. Tesla shares closed down 12% on Tuesday on Wall Street.

– Ashley Capoot, Jihye Lee

CNBC Pro: Wall Street is bullish on this chip behemoth, with Morgan Stanley giving it a 55% lead

The once-hot chip industry has suffered in 2022, but Wall Street appears to be more bullish on semiconductor stocks next year.

Recently, several professionals have urged investors to take a long-term view of the industry, given the importance of chips in several key secular trends.

Analysts named one stock in particular they are bullish on, citing its earning potential and future profitability.

CNBC Pro subscribers can read more here.

— Weizhen Tan

Apple suppliers in Asia trade higher despite reports of production cuts

US manufacturing PMI drops at fastest pace since May 2020

The US manufacturing price manager’s index, a measure of production, fell at the fastest pace in December since May 2020, according to S&P Global.

The index was 46.2 in December, compared to 47.7 in November, according to data released on Tuesday. Lower prices and contracting production levels weighed on the index. Additionally, December saw a sharper-than-expected drop in new sales as businesses noted uncertainty due to the economic backdrop.

—Carmen Reinicke

Tesla loses 13% and hits new 52-week low

The stock is down more than 13%, reaching levels not seen since August 2020. The drop comes from the stock’s worst annual performance – Tesla is down 65% in 2022.

—Carmen Reinicke

Apple’s market value drops below $2 trillion

A liquidation in Litter The shares pushed the iPhone maker’s market capitalization below $2 trillion on Tuesday.

Shares fell 4% amid news that it is cutting production of some items due to sluggish demand. Concerns over iPhone supplies over the holiday period have risen in recent weeks and have weighed on stocks as the shutdowns spread across Apple’s main supplier in China.

The drop in the stock contrasts with a year ago, when Apple became the first American company to reach a market value of $3 trillion.

Apple was the last of the mega-cap tech stocks to hover above the $2 trillion level.

— Samantha Subin

US will avoid recession in 2023, says Goldman Sachs

Goldman Sachs has an out-of-consensus forecast for the US economy in 2023.

“Our economists continue to believe that the US will avoid a recession as the Fed was able to project a soft landing for the economy,” analysts wrote on Tuesday.

“This non-consensus forecast partly reflects our view that a period of below-potential growth is sufficient to gradually rebalance the labor market and dampen wage and price pressures,” the note said. “But it also reflects our analysis which indicates that the drag from fiscal and monetary tightening will ease sharply in the coming year, in contrast to the consensus view that the lagged effects of interest rate hikes will cause a recession in 2023.”

In addition, the bank today raised its Q4 2022 GDP growth forecast by 10 basis points to +2.1% due to a surprisingly strong construction spending launch in November.

“The disconnect between the resilience of the US economy in 2022 and the downturn suffered by equities has been a key narrative of the past year,” Goldman said. “And, if that disconnect continues, or if the economy matches the market drop, or if the market rebounds after an economic soft landing, it could be at least part of the 2023 narrative.”

—Carmen Reinicke

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