China Covid relaxation, Hong Kong stocks rise

China’s services activity index at a six-month low, a private survey shows

The Caixin/S&P Global Services Purchasing Managers’ Index for November came in at 46.7, representing the lowest reading in six months.

The print also marks the third consecutive month of contraction in output and new work, after October’s reading came in at 48.4, while September’s print was 49.3.

PMI readings are sequential and represent month-to-month changes in factory activity. The 50 point mark separates growth from contraction.

“The rate of decline was steady overall, but remained weaker than the declines seen during the previous major wave of Covid-19 cases from March to May,” Caixin said in a statement.

“Efforts to contain the spread of Covid-19 amid a marked increase in case numbers in recent weeks, a burden on service sector business operations and customer demand around China during November,” she added.

China’s official non-manufacturing PMI released last week was 46.7, the lowest since April 2022.

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— Abigail Ng

Chinese yuan strengthens on reopening hopes

The Chinese currency has strengthened to around 7 against the US dollar following the latest reports showing further relaxation of China’s policies on Covid.

The offshore yuan traded at 6.9861 against the greenback, strengthening past 7 levels for the first time since mid-September.

Beijing and Shenzhen are taking steps to ease testing requirements and quarantine rules even as the number of daily cases hovers near all-time highs.

The latest moves came about a week after public unrest broke out over the strict measures in various parts of the country.

— Jihye Lee

Oil futures up 2% after OPEC+ remains steady and China reportedly eases some Covid restrictions

Chinese markets to open stop trading on Tuesday to mourn the former leader

CNBC Pro: Fund manager names two global retailers poised to ‘dominate’

Veteran fund manager Schroders has named two global retailers that are set to ‘dominate’ their sector.

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Andrew Brough, who runs the Schroder UK Mid Cap Fund, said the two conservatively run companies are taking market share ahead of a recession by quietly acquiring failing competitors on the cheap.

One of those stocks is already up 30% this year while its benchmark index is down 29%.

CNBC Pro subscribers can read more here.

— Ganesh Rao

Stock futures fall, bond yields rise on the back of warmer-than-expected jobs data

Stock futures fell while bond yields rose in response to the 8:30 am jobs data which came in stronger than economists expected.

Here’s how each major futures index and notable bond yields fared in the 30 minutes leading up to and after the data release:

CNBC Pro: Goldman Sachs updates global tech giant, saying stock could rise as much as 90%

Goldman Sachs sees one opportunity in electric vehicles that is on an “uptrend.”

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This trend will gain pace as EVs become “increasingly technology-driven” and simpler to build, Goldman analysts said in a Dec. 1 report.

That’s set to benefit one global stock, Goldman said, giving the stock up to 90% upside in its bull case for the firm.

CNBC Pro subscribers can read more here.

— Weizhen Tan

US payrolls rose by 263,000 in November

Job growth was stronger than expected in November despite the Federal Reserve’s efforts to cool the labor market.

Nonfarm payrolls grew by 263,000 last month while the unemployment rate was unchanged at 3.7%, according to the Labor Department on Friday.

Payroll numbers were expected to jump by 200,000 more jobs, according to consensus estimates from the Dow Jones. The unemployment rate was expected to remain at 3.7%.

Stock futures fell after the payroll release.

— Sarah Min

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