Asia-Pacific stocks trade higher ahead of US inflation report.

The Thai baht will “rebound the strongest” among other Southeast Asian currencies on China’s reopening, said Max Lin, Asia FX strategist at Credit Suisse.

Lin said that Thailand has not implemented any kind of travel restrictions for Chinese tourists, and that the government is “still very supportive” of tourism freedom.

“It looks like there will still be a lot of demand for regional tourism,” he said, pointing to reports of Chinese tourism activities on travel booking websites.

He thai baht it has strengthened back to levels seen in April 2022 and last stood at 33.41 against the dollar.

—Lee Yingshan

Shares of some Apple suppliers in Asia fell after Bloomberg reported that the company will begin manufacturing in-house displays in 2024.

The South Korean-listed shares of LG Display fell 3.35% in afternoon trading shortly after the report, while Samsung Electronics traded 0.17% higher. Taiwan Semiconductor Manufacturing Company. it also traded 0.41% lower.

Separately, the Shenzhen-listed shares of BOE Technology Groupor Jingdongfang, increased more than 1% as Reuters reported that the Apple supplier plans to invest a substantial sum to build new factories in Vietnam.

—Jihye Lee

Cryptocurrencies went up bit by bit after the cryptocurrency company coin base Announced plans to cut 20% of its workforce as it seeks to preserve cash during the crypto market downturn.

Bitcoin it last traded higher by 1.55% to $17,459.63 according to Coin Metrics. Ether gained 1% to $1,337.85.

Other digital currencies such as Cronos and Cardano also advanced gains.

Chief Executive Officer Brian Armstrong said there was “no way” to reduce expenses and increase its chances of “doing well in all scenarios” without cutting headcount.

—Lee Ying Shan, Kate Rooney

Inflation in the Philippines is expected to return to the government’s target range in two years, Finance Secretary Benjamin Diokno said.

Diokno said he is confident average inflation for 2023 will be between 2.5% and 4.5% before declining to 2% to 4% next year, he told CNBC on the sidelines of the Asian Financial Forum in Hong Kong.

Headline inflation in the Philippines remains high, rising to 8.1% in December 2022 from 8% the previous month. according to government data.

Bangko Sentral ng Pilipinas Governor Felipe Medalla announced Monday that interest rates will increase another 25 to 50 basis points in February. Diokno added that he expects the central bank to change sometime this year.

“There is also the possibility that we cut sometime this year because we could be exceeding,” he said.

—Charmaine Jacob

Australia’s consumer price index rose 7.3% year-on-year in November, according to data from the Australian Bureau of Statisticsa sign that inflationary pressures have yet to abate.

The figure is in line with Reuters expectations and up from last month’s reading of 6.9%.

Housing, food and transportation were among the main components driving the increase, according to the statement.

Separately, Australia reported an increase in sales of 1.4% November compared to a month ago, driven by Black Friday sales.

—Lee Yingshan

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—Ganesh Rao

South Korea’s unemployment rate for December rose 3.3%, marking the highest level in 11 months, government data showed.

The reading is higher compared to the November figure of 2.9%

Despite the higher unemployment figure, the total employed in 2022 amounted to 28,089 million, compared to 816,000 from a year ago.

–Lee Ying Shan, Jihye Lee

Investors endured a rough 2022 as stocks and bonds tumbled amid broader market turmoil.

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—Zavier Ong

Federal Reserve Chairman Jerome Powell on Tuesday stressed the need for the central bank to be free from political influence while tackling persistently high inflation.

In a speech to the Swedish Riksbank, Powell noted that stabilizing prices requires tough decisions that may be politically unpopular.

“Price stability is the foundation of a healthy economy and provides the public with immeasurable benefits over time. But restoring price stability when inflation is high may require measures that are not popular in the short term, as we raise prices.” interest rates to slow down the economy. the president said in prepared remarks.

“The absence of direct political control over our decisions allows us to take these necessary measures without considering circumstantial political factors,” he added.

—Jeff Cox

Copper reached a maximum not seen since June.

The metal rose just under 1.3% to $4.0775. It recorded a high of $4.0835, which was the most expensive since hitting $4.1160 on June 17.

Copper has gained about 7% since the start of 2023.

—Gina Francolla, Alex Harring

Coinbase shares gained 6% after the crypto exchange operator announced plans to cut 20% of its workforce in an attempt to cut costs.

The layoffs will affect 950 jobs and mark the company’s second round of cuts in recent months. Coinbase laid off 18% of its workforce in June in preparation for a possible recession and crypto winter, saying it had grown “too fast” during the bull market.

The crypto markets have been under pressure following the collapse of FTX, one of the largest operators in the industry.

Coinbase said the new round of layoffs will reduce its operating expenses by 25% for the quarter ending in March, according to a new regulatory filing.

—Kate Rooney, Samantha Subin