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Asia markets mixed ahead of Australia's inflation figures
  + stars: | 2023-10-25 | by ( Lim Hui Jie | ) www.cnbc.com   time to read: 1 min
An aerial view of the central business district and Sydney Opera House on February 17, 2023. David Gray | Getty Images News | Getty ImagesAsia-Pacific markets are mixed as investors prepare for Australia's third-quarter inflation figures, which will give clues to the Reserve Bank of Australia's monetary policy decision when it meets on Nov. 3. Economists polled by Reuters expect the headline inflation rate to come in at 5.3%, lower than the 6% seen in the second quarter. In Australia, the S&P/ASX 200 extended gains from Tuesday, climbing 0.32% in the morning session. Futures for Hong Kong's Hang Seng index stood at 17,480, pointing to a rebound after the HSI ended at its lowest level since Nov. 10.
Persons: David Gray, Kospi, HSI Organizations: Sydney Opera House, Getty, Reserve Bank, Reuters, Nikkei Locations: Asia, Pacific, Australia
Some markets also are poised to poised to recover slightly after Asia saw a broad sell-off in the last three sessions. In Australia, the S&P/ASX 200 gained 0.36% in early trading, recovering from three straight days of losses. Japan's Nikkei 225 is also set to recover ahead of its October purchasing managers index reading from S&P Global. The futures contract in Chicago was at 31,130 and its counterpart in Osaka at 31,060 against the index's last close of 30,999.55. However, Hong Kong's Hang Seng index comes back from a holiday with a weak open, with futures for the HSI at 17,044, compared to the index's close of 17,172.13.
Persons: Natthapol, Hong Organizations: Nikkei, P Global Locations: Seoul, Asia, Pacific, Japan, Australia, South Korea, Chicago, Osaka
Cleveland Federal Reserve President Loretta Mester said Friday she expects that interest rates likely won't be raised much more from here, if at all. "Regardless of the decision made at our next meeting, if the economy evolves as anticipated, in my view, we are likely near or at a holding point on the funds rate as we accumulate more information on economic and financial developments and assess the effects of the tightening in financial conditions that has already occurred," Mester said in remarks delivered for a speech in New York. The central bank official added that she agrees with Federal Open Market Committee estimate in September that another rate hike could come before the end of 2023, but noted that handicapping such moves is difficult now. Mester is not a voting member of the FOMC this year but will vote in 2024.
Persons: Loretta Mester, Mester, — Jeff Cox Organizations: Cleveland Federal, Open Locations: New York
Asia-Pacific markets were all lower Friday, extending losses from Thursday's broad sell-off. This comes as U.S. Federal Reserve Chair Jerome Powell said inflation was still too high and would likely require lower economic growth. While he noted that recent data showed progress toward slowing prices, Powell also added that monetary policy was not yet too tight. Asia investors will also assess Japan's September inflation data, which came in at 3%, the 18th straight month above the BOJ's 2% target, as well as China's one-year and five-year loan prime rates.
Persons: Jerome Powell, Powell Organizations: Federal Locations: Asia, Pacific
Sydney Harbour in Australia, featuring the Sydney Opera House and Harbour Bridge. Asia-Pacific markets fell across the board as Japan saw a surprise trade surplus in September and as Australia awaits its unemployment data for September. This also mirrors moves on Wall Street as U.S. Treasury yields jumped to multiyear highs, with the 10-year Treasury yield breaking above 4.9% for the first time since 2007. Meanwhile, the average rate on the 30-year fixed mortgage rate hit 8%, the highest level since 2000.
Organizations: Sydney Opera, Treasury Locations: Sydney, Australia, Asia, Pacific, Japan
Asia markets little changed ahead of key China data
  + stars: | 2023-10-18 | by ( Lim Hui Jie | ) www.cnbc.com   time to read: +1 min
Vcg | Visual China Group | Getty ImagesAsia-Pacific markets were little changed in early Wednesday trading as investors look to key economic data from China. China will release its third-quarter gross domestic product data. The world's second-largest economy will also release its industrial output and retail sales data for September, as well as its urban unemployment rate. The unemployment rate is one of the key metrics that the Reserve Bank of Australia considers when setting its monetary policy. Japan's markets are trading close to the flatline, with the Nikkei 225 down just 0.1% and the Topix gaining marginally.
Persons: Kospi Organizations: Visual China, Getty, Reserve Bank of Australia, Nikkei Locations: Beijing, China, Asia, Pacific, Australia
Reserve Bank of Australia (RBA) at the central bank's building in Sydney, Australia on May 2, 2022. Australia's central bank considered a rate hike of 25 basis points at its monetary policy meeting on Oct. 3, but eventually opted to hold its benchmark lending rate at 4.1%. In minutes released by the Reserve Bank of Australia, board members noted that inflation remained well above its target of 2% to 3%, and was "expected to do so for some time." "The tightening of monetary policy since May 2022 was still permeating through the economy and it would take some time for the full effects of this to be observed in the data," the minutes showed. In light of both sides of the argument, the RBA concluded there was not enough new information from financial markets or economic data to adjust its monetary policy in October.
Organizations: Bank of Australia, Reserve Bank of Australia Locations: Sydney, Australia, Australia's
Australia stocks gained ahead of minutes from its central bank's last policy meeting, while the New Zealand dollar weakened following an inflation reading, the first since the elections over the weekend. New Zealand's inflation rate hit a two-year low, coming in at 5.6% in the third quarter and down from 6% in the previous quarter. The minutes from the Reserve Bank of Australia will detail the central bank's rationale for holding its benchmark lending rates at 4.1% during its October monetary policy meeting, the fourth straight month that it has kept rates unchanged.
Organizations: New Zealand, Reserve Bank of Australia
An employee works on the assembly line of LED lighting products in China. Asia-Pacific markets are set for a lower start to the week as investors look ahead to key economic data from China and Japan this week. Japan's September inflation data is expected on Friday, which will come ahead of the country's central bank's monetary policy meeting on Oct. 30 and 31. South Korea's central bank will also announce its rate decision on Thursday. The Bank of Korea has held rates steady for five meetings in a row at 3.5% since February.
Organizations: Reuters, Bank of Locations: China . Asia, Pacific, China, Japan, Korea's, Bank of Korea
Soh Jun Hao and Grace Lim bought their public housing apartment in Singapore right before the pandemic. They viewed 16 apartments in 3 days and came across their forever home by chance. HaosofGraceIt took them 16 apartment viewings to find their dream home, which wasn't even on their initial list. A screengrab from Google Maps Street View showing the couple's apartment block. Amanda Goh/InsiderThe couple's apartment faces a park, and the view from their living room is hard to beat.
Persons: Soh Jun Hao, Grace Lim, , Jun Hao, they've, Lim, Amanda Goh, " Lim, Soh, Lim's grandmother's, it's Organizations: Service, Housing Development Board, Google Locations: Singapore, Tampines
South Korean chip giant Samsung Electronics is expecting a 78% drop in operating profit in the quarter ended September, according to guidance released by the company. The company expects revenue will come in at approximately 67 trillion South Korean won ($50.02 billion) for the third quarter, while operating profit will stand at about 2.4 trillion won. This compares with the 76.78 trillion won recorded in sales and 10.85 trillion won in operating profit reported a year ago. The operating profit guidance from Samsung was slightly higher than analyst expectations. Before the guidance was released, analysts polled by LSEG expected operating profit of 2.3 trillion won for the September quarter, a 78.7% year-on-year decline.
Persons: LSEG Organizations: Samsung Galaxy, Samsung Electronics, South Korean, Samsung Locations: Seoul
Goldman Sachs' chief U.S. equity strategist David Kostin does not expect the Israel-Hamas conflict will have a huge impact on markets. "It's a tragedy from a human point of view," Kostin told CNBC's "Squawk on the Street" on Tuesday. "But the idea fundamentally, we'll be getting earnings for the last three months, which is obviously backward looking. And the prospects looking forward are probably more domestically facing issues that are sort of pertinent to a lot of portfolio managers." Still, the strategist expects other risk factors will continue to weigh on stocks, citing higher yields and oil prices that could impede multiple expansion.
Persons: Goldman Sachs, David Kostin, Kostin, CNBC's, we'll, Sarah Min Locations: Israel
At his first troop review Saturday, Kishida renewed his pledge to consider "all options," including acquiring enemy base strike capability. Japanese and South Korean defense stocks surged on Tuesday as both stock markets returned to their first day of trading following the weekend attack of Israel by Palestinian militants Hamas. In South Korea, defense heavyweights Hanhwa Aerospace — which builds artillery and air defense systems — gained 2.23%, while Korea Aerospace Industries rose 4.07%. KAI produces fighter jets and aviation platforms for the South Korean military. Smaller South Korean defense players saw bigger gains.
Persons: Fumio Kishida, Kishida, Israel, KAI Organizations: Japan's, Defense Force, Hamas, Hanhwa Aerospace, Korea Aerospace Industries, South Korean, Kawasaki Heavy Industries, Japan's Self Defense Forces Locations: Japan, Tokyo, Israel, Gaza, South Korea
Asia-Pacific markets are set to rise across the board, as markets rally despite pressures from the attack on Israel by Palestinian militant group Hamas. In Australia, the S&P/ASX 200 climbed 0.83% in early trade, extending gains from Monday and moving above the 7,000 mark. South Korea's Kospi rose 1.05%, but the Kosdaq bucked the wider trend, falling 0.14%. Futures for Hong Kong's Hang Seng index stood at 17,658, pointing to a positive open compared with the HSI's close of 17,517.4. Hong Kong experienced a shortened trading day of just two hours Monday after the city canceled its morning session due to a typhoon warning.
Organizations: Hamas, Nikkei Locations: Asia, Pacific, Israel, Palestinian, Australia, Hong Kong
Signage at a residential project developed by Country Garden Holdings Co. in Baoding, Hebei province, China, on Tuesday, Aug. 1, 2023. Chinese real estate developer Country Garden Holdings said it expects it will not be able to make all of its offshore repayments, including those issued in U.S. dollar notes. Country Garden warned that this could lead to creditors demanding faster repayments of debt or pursuing enforcement action. Looking ahead, the company expects uncertainty in its liquidity position and asset sales in the short and medium term amid a lack of material, industry-wide improvement in property sales. Chinese property giants such as Evergrande and Country Garden have been plagued by debt problems, hurting consumer confidence in the sector.
Organizations: Country Garden Holdings Co, Garden Holdings, Hong Kong Locations: Baoding, Hebei province, China
Passengers wait for trains at Guangzhou South Railway Station on Sept. 27, 2023, just days before the National Day and Mid-Autumn Festival holidays. Asia-Pacific markets are set for a positive start to the week as Chinese markets come back from a week long Golden Week holiday. Investors will be watching inflation readings and trade data out from China and India later this week, as well as a monetary policy decision from Singapore's central bank. Japan and South Korea's markets are closed Monday for a holiday.
Organizations: Guangzhou South Railway Locations: Guangzhou, Asia, Pacific, China, India, Singapore's, Japan, South
Now, whether it's China, India or Japan, the region's edge lies in industrial services, KKR's heads of global and Asia macro said in an October note. That investment conclusion comes after a recent trip to Singapore, China and Japan by New York-based Henry H. McVey, chief investment officer of KKR Balance Sheet. "The bid for infrastructure and logistics could accelerate even more meaningfully, we believe, in key markets such as India, China, Indonesia, the Philippines, Vietnam and even Japan," the KKR report said. That includes a $2 billion acquisition of a Mitsubishi-backed real estate manager in spring 2022.watch now"I think there are two big megathemes in Japan," KKR's McVey said in an interview Thursday. The other big trend in Japan, McVey said, is corporate reform that's boosting shareholder returns.
Persons: Henry H, McVey, Frances Lim, KKR's McVey, Fumio, haven't, Warren Buffett, Lim didn't, There's, Nisha Awasthi, Lim Organizations: Visual China, Getty, BEIJING, KKR, Mitsubishi, Hitachi Transport System, Logisteed, Hyatt Regency, Gaw Capital Partners, Wednesday, China Locations: China, Haikou, Hainan, India, Japan, Asia, Singapore, New York, Indonesia, Philippines, Vietnam, Hyatt Regency Tokyo, Gurugram, BlackRock, Mumbai, Pacific, Beijing, Hong Kong, Seoul, Shanghai, Sydney, Tokyo
"Employees aren't experiencing highs or lows — instead, they are expressing a sense of resignation or even apathy," the report notes. "The most common complaint I hear is a loss of control," Srikumar Rao, the author of "Happiness at Work," tells CNBC Make It. Now, it's 'I want to feel more connected to my work,' and 'I want to be excited about what I'm doing.'" New Gallup research shows that remote employees, in particular, feel increasingly disconnected from their workplaces' mission and purpose. The lack of a shared mission and purpose can be detrimental to employees' overall happiness and performance.
Persons: it's, That's, Srikumar Rao, , Jenn Lim, Harris, Emily Liou, There's, Liou, Wharton, Adam Grant Organizations: Workers, Research, CNBC, Company, Gallup
China Evergrande Group's logo is displayed on a phone screen in this illustration photo taken on September 27, 2021. A day after China Evergrande's shares were suspended in Hong Kong, the beleaguered Chinese property firm revealed that its director and executive chairman is under scrutiny over suspected crimes. Hui Ka Yan "has been subject to mandatory measures in accordance with the law due to suspicion of illegal crimes," Evergrande said in a statement to the Hong Kong Stock Exchange late Thursday. This follows a Bloomberg report on Wednesday that said Hui had been "placed under police control." Bloomberg said that Hui was taken away by Chinese police earlier this month and is being monitored at a designated location, citing people familiar with the matter.
Persons: China Evergrande's, Hui Ka Yan, Evergrande, Hui Organizations: Hong Kong Stock Exchange, Bloomberg Locations: China, Hong Kong
Pedestrians cross an intersection in the Shibuya district of Tokyo, Japan, on Tuesday, April 25, 2023. Photographer: Kentaro Takahashi/Bloomberg via Getty ImagesAsia-Pacific markets largely climbed in the final trading day of the week, mirroring moves on Wall Street. This comes as traders assess to key economic data out of Japan, including the September inflation rate for Tokyo. The core inflation rate, which strips out prices of fresh food, came in at 2.5%, lower than the 2.6% expected by a Reuters poll. Japan also saw unemployment, industrial output and retail sales data for August.
Persons: Kentaro Takahashi Organizations: Bloomberg, Getty Images Locations: Shibuya, Tokyo, Japan, Getty Images Asia, Pacific
Little more than a year after cannabis decriminalization, following an election that saw a more conservative coalition government come into power, there are signs Thailand’s laws on cannabis could be rewritten once again. Most cannabis dispensaries like his he says, have been responsible and diligent from the start in checking buyers’ IDs and educating customers about cannabis rules. “Thousands of cafes, stores, and other cannabis businesses have sprouted and hundreds of millions of dollars are being spent by tourists in a short amount of time,” Zaytsev said. The debate comes just as the quality of domestically produced cannabis in the country was improving, she added. “The quality of Thai cannabis has gotten better and better.
Persons: , ” Iemvijan, , Nitikrist Attakrist, ” Attakrist, Chiang Mai, Srettha Thavisin, ” Thavisin, Iemvijan, Cannabis, , Wisawa Mcintyre, Anutin Charnvirakul, Athit Perawongmetha, hasn’t, Ley Singdam, Ley, ” Ley, Kitty Chopaka, Chopaka, Michael Zaytsev, LIM, ” Zaytsev, Gloria Lai, ” Lai, ” “, Thavisin, Manan Vatsyayana Organizations: CNN, Thai, Bloomberg, Thailand’s Public, Thai Health, Staff, Reuters Observers, ” Farmers, Thais, International Drug Policy Consortium, Bhumjaithai Party, Getty Locations: Thai, Bangkok, Thailand, Southeast Asia, San, Thonglor, Phuket, , , Athit, New York, Asia, Singapore, Indonesia, AFP
Shares of Evergrande were suspended on Thursday, Hong Kong's exchange announced. Seen here are residential buildings under construction at the Tao Yuan Tian Jing project, developed by China Evergrande Group, in Yangzhou, China. Bloomberg | Getty ImagesShares of China Evergrande Group were suspended on Thursday, Hong Kong's exchange announced. Evergrande shares last closed at 32 Hong Kong cents on Wednesday. Operating loss stood at 11.72 billion yuan, down from 39.36 billion in the first half of 2022.
Persons: Hong Kong's, Yuan Tian Jing, Evergrande Organizations: China Evergrande Group, Bloomberg, Getty, China Evergrande, Bloomberg News, Hong, Trading, Reuters Locations: Yangzhou, China, Hong Kong, , Hengda, U.S
Asia markets slide as oil and Treasury yields climb
  + stars: | 2023-09-28 | by ( Lim Hui Jie | ) www.cnbc.com   time to read: 1 min
Hong Kong Spreephoto.de | Moment | Getty ImagesAsia-Pacific markets fell after notching some gains on Wednesday as an uptick in Treasury yields and oil prices dented investor sentiment on Wall Street. The benchmark 10-year U.S. Treasury yield hit its highest levels since 2007 and U.S. crude futures popped more than 3% to settle at $93.68 per barrel. Japan's Nikkei 225 slipped 1% in early trade, while the Topix saw a larger loss of 1.05% on Thursday morning. Futures for Hong Kong's Hang Seng index stood at 17,582, also pointing to a weaker open compared with the HSI's close of 17,611.87. South Korea's markets are closed for a public holiday.
Persons: Australia's Organizations: Treasury, Nikkei Locations: Hong Kong, Asia, Pacific
Structured certificates are financial instruments issued by a third party, that are based on underlying assets — their returns depend on the performance of the asset, which can be a single stock or an equity index. Singapore began offering listed structured certificates on Aug. 30, with its inaugural issue being one linked to Hong Kong-listed shares of Chinese tech giant Alibaba Group Holding . "So tech names, Hong Kong names, U.S. names, Japanese names. SGX's move to broaden its equity-linked product base "could drive incremental market interest," including offering depository receipts and structured certificates, Wickramasinghe told CNBC. Structured certificates are more more popular in Europe, as investors there are "broadly speaking, very yield focused," Syn told CNBC.
Persons: Roslan RAHMAN, ROSLAN RAHMAN, Roslan Rahman, Thilan Wickramasinghe, Michael Syn, CNBC's, Serene Cai, Tharman, Wickramasinghe, Syn, Adam Reynolds, Reynolds Organizations: Getty, Afp, Singapore Exchange, CNBC, Inside Venture, Saxo Markets Locations: Singapore, AFP, Asia, Hong Kong, SGX, Pacific, Europe
Australia's weighted inflation rate is expected to rise 5.2% year on year in August, a predicted rebound from three straight months of decline. Asia-Pacific markets are set for a mixed open ahead of China's industrial data and Australia's August inflation figures due on Wednesday. Futures for the S&P/ASX 200 point to a stronger open for the index, at 7,046 compared to the last close of 7,038.2. Hong Kong's Hang Seng index also is set for a positive open, with futures at 17,477, compared to the HSI's close of 17,466.9. Should the index follow the futures contract, this would be this first time the Nikkei falls below the 32,000 mark in over a month.
Organizations: Nikkei Locations: Asia, Pacific, Hong, Chicago, Osaka
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