Asian Stock Market Today: Live Updates

Hong Kong’s Hang Seng index fell 2.13% in the final hour of trading, hitting its lowest level in two weeks.

Shares of Hong Kong-listed Chinese EV-makers suffered after Tesla reported disappointing third-quarter results on Wednesday.

Hong Kong-listed shares of Chinese EV makers BYD and Xpeng fell 3.65% and 9.10%, respectively. Li Auto fell 3.90%, while Neo and Geely fell 8.29% and 4.50% respectively.

Investors will now turn their attention to Friday’s Hong Kong consumer price inflation data for September.

The Hang Seng is down more than 12% so far this year.

– Shreyashi Sanyal

South Korea’s central bank again It kept its key policy rate at 3.5%In line with expectations from a Reuters poll of economists.

In its release, the Bank of Korea said inflation in the country is “scheduled to continue its underlying slowdown,” but there are uncertainties about the future path of inflation.

South Korea’s inflation rate rose to 3.7% in September from 3.4% in August, but core inflation was 3.3% in September, the same as in August, the BOK noted.

While it expects inflation to fall below 3% by the end of 2023 and continue to moderate in 2024, the BOK noted that “upside risks to inflation are heightened by the effects of global high oil prices and exchange rates.” rates and because of the Israel-Hamas conflict.”

– Lim Hui Jee

Australia is seasonally adjusted The unemployment rate fell to 3.6% In September, a Reuters poll of economists said it would remain unchanged at 3.7%.

Despite this, the country’s participation rate has dropped to 66.7%. The participation rate measures the proportion of the working-age population that is working or looking for work.

The unemployment rate is one of the metrics the Reserve Bank of Australia considers when making monetary policy decisions. The RBA will announce its interest rate decision on November 3.

– Lim Hui Jee

According to AllianceBernstein, ESG is “as crowded as ever,” revealing “high-conviction” stock ideas to play it.

In an Oct. 17 note, analysts at the global asset management firm pointed out that crowding is an “easily overlooked and often mispriced risk factor.” Crowded stocks are built on consensus trading that is expected to have high returns and near-term stability, they added.

The size of the crowd varies by region, the analysts wrote, now naming stocks on their radar.

CNBC Pro subscribers can read more here.

– Amala Balakrishna

Japan registration a The trade surplus was 62.4 billion yen That beat economists’ expectations polled by Reuters for a trade deficit of 42.5 billion yen in September ($416.6 million).

Data from Japan’s Customs Agency showed exports rose 4.3% year-on-year in September, while imports fell 16.3% compared to the same period last year.

According to FactSet, exports to Asia fell for the ninth straight month, reflecting ongoing weakness in China. Exports were supported by exports to Western markets, FactSet added.

– Lim Hui Jee

According to Hugh Kimber, global market strategist at JP Morgan Asset Management, a rate cut by the Federal Reserve next year would be bad news for U.S. stock investors.

The strategist believes the market’s expectations for an interest rate cut next year are at odds with analysts’ earnings growth forecasts.

Instead, Kimber believes that Fed tapering in 2024 will result in lower corporate earnings and a headwind for stocks.

CNBC Pro subscribers can read more about Gimber’s vision and where to invest in that environment.

– Ganesh Rao

Piper Sandler gave its “high confidence” large-cap stock a year-end rating, giving the stock about 20% potential since Monday’s close.

“[There’s] Several upside levers for earnings and EPS growth over the next 3-5 years,” its analysts said.

CNBC Pro subscribers can read more here.

– Weissen Don

The U.S. economy showed “little or no change” over the past six weeks, the Federal Reserve said in a report on Wednesday. Beige Book Report.

Spending was described as “mixed,” while prices increased at a “modest pace,” the report said. Firms said they expect inflation to continue to rise, at a slower pace I thought.

In employment, most regions saw “slight to moderate increases” as companies hired “with less urgency.” More broadly, respondents expected economic growth to be “stable or slightly weaker.”

– Jeff Cox

Stocks remain “uncertain” due to lingering geopolitical tensions in the Middle East, but according to Citi’s Scott Kroenert, the market should be in good shape as long as the conflict remains.

“The way I think about it is that it’s rising,” the U.S. equity strategist told CNBC’s “Squawk on the Street” on Wednesday. “As long as that’s contained, I think our outlook for U.S. stocks is good.”

Fundamentals for the stock market also look good, further underlined by the third quarter earnings reported so far, he added.

– Samantha Subin

U.S. Treasury yields rose on Wednesday, hitting a new multi-year high over 10 years. Volatility has put pressure on stocks.

The 10-year Treasury yield rose nearly 7 basis points to 4.911%, above 4.9% for the first time since 2007. Meanwhile, the 2-year Treasury yield rose nearly 2 basis points to 5.231%. Last seen in 2006.

Of note, the 5-year Treasury rose to 4.937%, its highest level since 2007.

Yields and prices move in opposite directions and one basis point equals 0.01%.

– Alex Haring, Sophie Kidderlin

Gold prices rose more than 1% on Wednesday, trading the highest since September 20.

U.S. gold futures were last trading up 1.1% at $1,957.50, while silver rose 1.4% to near its highest level since September 29.

The move comes as recent events in the Middle East heighten fears of an escalation of the Israel-Hamas conflict.

– Samantha Subin