Stocks higher ahead of RBA decision; Caixin PMI below 50

Australia’s central bank hikes rates by 25 basis points as expected

The Reserve Bank of Australia raised interest rates by 25 basis points to 2.85%, in line with the average forecast by analysts in a Reuters poll.

This is the seventh consecutive tough step by the RBA in its effort to control inflation in the country.

Australian Dollar It rose to approximately $0.6440 before the decision, and lasted to $0.6429. traded on after the announcement.

At the last meeting in October, the central bank raised rates by 25 basis points, less than the expected half-point hike.

— Abigail Ngo

Hong Kong movers: Hang Seng Tech shares edged up the broader index

Technology stocks listed in Hong Kong gained in the broader Hang Seng index, with mituan Over 10% gain in morning session.

Tencent 8.56% received, Alibaba 7.2% and rose Xiaomi grew 4.3%. also rose 6.06%.

The move comes after Caixin PMI data for China’s factory activity came in slightly better than expected, according to CMC Markets market analyst Tina Teng.

-Zhiye Lee

Hang Seng plunges over 14% in the month of October

Asia-Pacific market performance in October

market month-to-date performance year-over-year performance
Australia’s S&P ASX 200 6.01% -7.81%
Japan’s Nikkei 225 4.5% -5.86%
Kospik of South Korea 6.23% -23.1%
Shanghai Composite of China -4.33% -20.5%
Hang Seng of Hong Kong -14.55% -37.1%
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Markets in Mainland China and Hong Kong underperformed their Asia-Pacific counterparts in the month of October.

hang Seng The index closed at its lowest level since April 2009, having fallen 14.55% by Monday’s close.

Meanwhile, shares in Australia, Japan and South Korea posted single-digit gains to close the first month of the year-end quarter, while the Shanghai Composite slipped 4.33%.

Japan’s shares closed at their highest level since September 20, but the major APAC indexes were still underwater from the start of the year.

— Abigail Ngo

CNBC Pro: What investors should be buying in this ‘short-term’ rally, according to one analyst

Analyst explains why he's still negative on tech

Following October’s stock market rally, investors are debating whether the stock has bottomed out or is just another short-term rally.

Michael Landsberg, chief investment officer at Landsberg Bennett Private Wealth Management, is in the latter camp, arguing the rally, once again, looks tentative.

He told CNBC what he thinks investors should buy — and brief.

CNBC Pro customers can read more here.

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– vegan thin

China’s factory activity fell for the third straight month in October, says private survey

The Caixin Manufacturing Purchasing Managers’ Index for October showed that factory activity contracted for the third month in a row.

The reading came in at 49.2, compared to the print expectation of 49.2. In September, the manufacturing PMI stood at 48.1, well below the 50-point mark that separates growth from contraction.

PMI readings compare activity from month to month.

Official data from the National Bureau of Statistics came in at 49.2 on Monday, with no print expected of 50.

— Abigail Ngo

Hong Kong’s economy shrank 4.5% in the third quarter

Hong Kong’s GDP fell 4.5% in the third quarter of the year compared to the same period a year ago, advance estimates from the Census and Statistics Department showed on Monday.

This is the worst contraction since the second quarter of 2020. Analysts polled by Reuters expected growth of 0.7%, while GDP declined by 1.3% in the second quarter.

“The deteriorating external environment and the continued disruption in cross-boundary land cargo flows dealt a severe blow to Hong Kong’s exports,” the statement said, adding the decline in GDP was “mainly external during the quarter.” This was due to weak performance in demand.”

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Fixed capital formation or investment declined by 14.3%, while exports and imports also declined.

— Abigail Ngo

CNBC Pro: This Chinese electric carmaker’s stock could rally over 260%, says Citi

Citi has selected a large electric car maker among Chinese stocks as one of its “top” buying ideas.

It expects the automaker’s shares to rise more than 260 percent as EV sales increase over the next 12 months.

CNBC Pro customers can read more here.

– Ganesh Rao

South Korea’s trade deficit widens in October

Customs agency data showed South Korea’s trade deficit widened to $6.7 billion in October, from $3.78 billion in September.

Imports rose 9.9% to $59.18 billion from the same period a year ago, while exports declined 5.7% to $52.48 billion.

According to FactSet, the latest data shows the biggest drop in exports since August 2020.

-Zhiye Lee

CNBC Pro: Forget Tesla? Citi and HSBC name 2 options to drive EV boom

Tesla may be a preferred investor for exposure to the EV industry, but Citi and HSBC name two options for meeting the growing demand for electric vehicles.

Pro subscribers can read more here.

— Xavier Ongo

Japan spent $42.7 billion to boost yen, says ministry


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