This is CNBC’s live blog covering the Asia-Pacific markets.
Asia-Pacific stocks rose on Wednesday as sentiment improved overnight against a potentially less aggressive Fed. Australia’s annual consumer price index hit its highest level since December 1990.
In Australia, the S&P/ASX 200 rose 0.34% ahead of the report before trading almost flat. The Australian dollar rose to near $0.6400 as investors digest inflation data.
The Nikki 225 in Japan rose 0.87% in early trade and the Topix gained 0.79%. South Korea Kospi gained 0.2% and the Kosdaq fell 0.3%. MSCI’s broadest Asia-Pacific ex-Japan equity index edged higher.
The Indian market is closed for holidays. In company news, Standard Chartered, Pinganand SK Hynix are among the companies expected to report results on Wednesday.
Night in the United States, major indexes rose for a third straight session as bond yields slipped. The Dow Jones Industrial Average closed up 337.12 points, or about 1.1%, to end at 31,836.74. The S&P 500 rose 1.6%, closing at 3,859.11. The Nasdaq Composite jumped 2.2%, landing at 11,199.12.
“Markets rebounded overnight on better earnings reports and speculation that the monetary policy tightening cycle may be coming to an end,” analysts wrote in a note from ANZ Research, adding that falling consumer confidence and house prices indicate that tightening policies could start to reduce demand. .
Australian consumer prices rose 7.3% in the third quarter, official data shows
Inflation in Australia accelerated to 7.3% in the third quarter from a year ago, according to data from the Australian Bureau of Statistics. That’s the fastest pace since December 1990, according to Eikon data.
Prices rose 6.1% in the second quarter and analysts polled by Reuters expected prices to rise 7% this quarter.
“The past four quarters have seen strong quarterly increases due to higher prices for new home construction, motor fuel and food,” the Australian Bureau of Statistics said in its statement.
On a quarterly basis, the consumer price index gained 1.8%, more than the Reuters poll’s prediction of a 1.6% increase.
—Abigail Ng
CNBC Pro: Portfolio Manager Names 3 Investing Plays to Favor and What to Buy Now
Markets have been volatile, with stocks rebounding to strong gains last week after steep declines.
Yet inflation and interest rate hikes remain uncertain.
Amid the noise, John Petrides, portfolio manager at Tocqueville Asset Management, highlights three games investors can get into right now.
CNBC Pro subscribers can learn more here.
—Weizhen Tan
First Trade: Where Asia-Pacific Markets Started the Day
Asia-Pacific markets advanced early in the session, with the Nikki 225 in Japan up 0.86% and the Topix up 0.76%.
South Korea Kospi briefly turned negative before gaining 0.22%, while the Kosdaq fell 0.24%.
The S&P/ASX 200 in Australia increased by 0.38%.
MSCI’s broadest Asia-Pacific ex-Japan equity index rose 0.13%.
—Abigail Ng
CNBC Pro: Here’s how to save your portfolio if it’s underwater, a fund manager advises and names 3 recession-proof stocks
When the S&P 500 is in a bear market and growth stocks fall alongside bonds, what should investors do?
Fund manager Brian Arcese sat down with CNBC “Pro Talks,” shared his bailout plan, and named 3 stocks to hold during a recession.
CNBC Pro subscribers can learn more here.
—Ganesh Rao
Australian inflation likely rose 7% in third quarter, poll shows
A Reuters poll of analysts predicted that consumer prices in Australia rose 7% in the third quarter of the year from a year ago, after the country saw costs rise by 6, 1% per year in the previous quarter.
Compared to the previous quarter, Reuters predicted the country’s inflation would decline to 1.6% after prices rose 1.8% in the same period before.
—Abigail Ng
SK Hynix reports third quarter results, misses estimates
SK Hynix reported operating profit of 1.66 trillion won ($1.16 billion) in the third quarter, missing estimates of 1.87 trillion won.
The company also reported net profit of 1.1 trillion won, citing lower demand and price for memory chips.
The world’s second-largest memory chipmaker said it would cut capital expenditure in 2023 by more than 50% a year, adding that it would reduce the volume of production of “less profitable products”.
—Abigail Ng
Fed rate hike in December ‘wild card’ after consumer confidence data, economist says
According to Jeffrey Roach, chief economist at LPL Financial, Tuesday’s {=null} Conference Board consumer confidence data cast doubt on whether the Fed will raise interest rates after the November meeting.
“The Federal Reserve will likely raise rates by 0.75% in November to calm inflationary pressures, but the size of the December meeting is a bit of a wild card as strong consumer demand will keep prices upside down. “, he said following the release on the Data. “The biggest risk is the unknown lagged effects of cumulative Fed tightening and the economy may not feel the full effects until next year when recession risks are high.”
—Alex Harring
