35 minutes ago
Energy shares dragged Japan indices, making them the only losers in Asia
Japan’s benchmark indices remained in negative territory on Friday, the only major Asian market to do so.
The Nikkei 225 and Topix both fell 0.05% and 0.94% respectively, mainly due to losses in energy stocks as oil prices retreated from a 13-month high.
Light crude traded at $91.68 and Brent at $95 on Friday, up from $93.68 and $96.55 respectively.
The biggest losers on the Nikkei were shipping company Mitsui OSK Lines, down 5.23%, while power majors Kansai Electric Power Company and Chubu Electric Power Company were among the top losers, down 4.8% and 4.6%, respectively.
– Lim Hui Jee
4 hours ago
The Hang Seng rose more than 2%, buoyed by consumer sentiment and real estate stocks
Hong Kong’s Hang Seng index led the gains in Asia and rose 2.45% as Asian markets largely recovered from Thursday’s losses, driven by consumer sentiment and real estate stocks.
Tech giant Alibaba Health rose 7.94% to top the index, while other top gainers included sports equipment retailer Li Ning and property services manager China Resources Mix Lifestyle, a subsidiary of property firm China Resources Land.
6 hours ago
CNBC Pro: Expecting a recession? Here’s how investors can earn 40% with simple bond trading
With interest rates at their peak, investment advisers are looking at opportunities to capitalize on some government bonds.
A combination of macroeconomic factors with tax-free benefits is expected to increase returns for investors.
CNBC Pro subscribers can read more here.
– Ganesh Rao
7 hours ago
Inflation in Tokyo is growing at its slowest rate in a year
Inflation in the Japanese capital It grew at 2.8% in September, the slowest rate in a year, compared with 2.9% in August. The last time inflation was so low was in September 2022.
The core inflation rate, which lowers fresh food prices, was 2.5%, lower than the 2.6% expected by economists in a Reuters poll and lower than August’s 2.8%.
Tokyo’s inflation rate is seen as a leading indicator of nationwide inflation trends.
– Lim Hui Jee
6 hours ago
CNBC Pro: BofA reveals global stocks that perform best when U.S. dollar rises
The US dollar is on a tear following the Federal Reserve’s promise of higher long-term interest rates.
While economies and stock markets around the world could come under pressure in such a scenario, according to Bank of America, a raft of European stocks could actually benefit from a rising US dollar.
CNBC Pro subscribers can read more here.
– Amala Balakrishna
6 hours ago
Japan’s industrial and retail markets are better than expected, with unemployment unchanged
Factory release in Japan August came flat compared with July, beating expectations for a 0.8% drop among economists polled by Reuters.
On a year-over-year basis, industrial production fell for the third month in a row, falling 3.7%.
Separately, Retail sales It rose 7% year-on-year, beating expectations of 6.6% and compared with July’s revised figure of 7% for the same rate.
Japan’s unemployment rate It was unchanged at 2.7% in August.
– Lim Hui Jee
18 hours ago
Oil prices hit their highest in more than a year
Oil prices rose to a one-year high during Asian trading hours after crude stocks at a major storage hub fell to their lowest level since July last year.
Crude inventories in Cushing, Oklahoma fell to 22 million barrels in the fourth week of September — close to an operational minimum. Data from US Energy Information Administration (EIA).. That’s down 943,000 barrels from the previous week.
US West Texas Intermediate futures touched $95.03 a barrel in Asian trading hours, the highest since August 2022. It was last at $93.16 a barrel.
Global Brent prices were at $97.56 per barrel. They last traded at $96.03 a barrel.
– Lee Ying Shan, Sarah Min
18 hours ago
GDP grew by 2.1% in Q3 as the government announced reforms
According to the third and final estimate, real GDP grew at an annualized pace of 2.1% in the second quarter. Published by the Department of Commerce Thursday. That was unchanged from the previous reading, but 2.2% below the Dow Jones estimate.
However, the government revised down its earlier estimates of GDP, cutting first-quarter growth for each year from 2020 to 2022.
The new readings were -5.3%, 5.2% and -2% respectively, compared to the previous -4.6%, 6.3% and -1.6%.
In other economic news Thursday, initial jobless claims totaled 204,000 for the week ended Sept. 23. According to the Department of Labor. This was lower than the estimate of 214,000. Continuous claims rose to 1.67 million, up 12,000, slightly below the FactSet estimate of 1.675 million.
– Jeff Cox
15 hours ago
NYSE forwards are leading decliners by roughly 3-1
More than two stocks on the New York Stock Exchange rose for every decline on Thursday, as Wall Street tried to recoup some of September’s steep losses. Overall, 1,976 NYSE-listed stocks were higher, while 719 were lower.
– Fred Imbert
12 hours ago
Retail investor pessimism hit a 4-month high, while confidence fell to a 4-month low.
In the latest weekly survey by the American Association of Individual Investors, the deficit among individual investors rose to 40.9% from mid-May, up from 34.6% last week. The survey asks investors for their outlook on stocks over the next six months.
Conversely, confidence fell from 31.3% last week to a four-month low of 27.8%.
The historical average for bearishness is 31.0% and bullishness is 37.5%.
Bullish sentiment is below its historical average for the sixth week in seven weeks and has fallen 14.4 percentage points over the past three weeks.
– Scott Schnipper
