Live updates, Japan inflation, PMI figures

Japan’s factory activity remained in contraction territory in November, according to a private survey.

The au Jibun Bank flash manufacturing purchasing manager’s index was at 48.1 in November, the lowest since February. It was also lower than 48.7 in October.

The November reading was the sixth straight month that factory activity in Japan contracted.

The survey said both high demand and the number of new orders will further shrink, and the rate of decline in the number of new orders will also continue to decline. Backlog declines were at an eight month high.

The flash services PMI for November was 51.7, virtually unchanged from 51.6 in October supported by a slight but sustained increase in business activity.

Readings below 50 denote a contraction, while above mean expansion.

— Shreyashi Sanyal

Uncertainty in global markets coupled with persistently high inflation has raised the question of whether there will be a hard or soft economic landing.

Andy Budden, investment director for equities at global financial services firm Capital Group, is in the latter camp and expects the U.S. Federal Reserve to keep rates high but not tip the economy into a recession.

Taking into account his expected economic outcome, Budden named four themes to watch — and outlines the type of dividend stocks he likes.

CNBC Pro subscribers can read more here.

— Amala Balakrishner

European growth stocks haven’t been doing as well as their U.S. peers this year.

Growth stocks in the region have underperformed value stocks by 13% since the start of the rate-hiking cycle in 2022, according to Goldman Sachs in a Nov. 20 report.

But the investment bank expects that to change soon, and highlighted some names.

CNBC Pro subscribers can read more here.

— Weizhen Tan

The influential oil group reuniting the Organization of the Petroleum Exporting Countries and its allies will hold a virtual meeting to decide crude production strategy on Nov. 30, the OPEC Secretariat said.

The group, collectively known as OPEC+, was supposed to convene in person in Vienna over Nov. 25-26 but has since postponed its meeting amid inter-member disgruntlement — weighing on intraday prices on Thursday.

The Ice Brent contract with January expiry was trading at $80.30 per barrel at 2:10 p.m. London time, down by $1.66 per barrel from the Wednesday settlement. The Nymex WTI contract with January delivery was at $75.45 per barrel, lower by $1.65 per barrel from the previous day’s close price.

— Ruxandra Iordache

UBS named three stocks in the luxury for investors looking ahead to 2024.

One of the bank’s stock picks is expected to rise by nearly 40% over the next 12 months despite the risk of a recession.

Analysts at the bank also said their three picks had attractive valuations that would see minimal downside in a potential downturn.

CNBC Pro subscribers can read more here.

— Ganesh Rao