Tech, casino stocks in Hong Kong buoy broader index
- 1 Tech, casino stocks in Hong Kong buoy broader index
- 2 Australia’s central bank says the argument for slower rate hikes strengthening
- 3 CNBC Pro: Goldman says copper demand is about to surge. Here are the stocks it expects to benefit
- 4 China keeps key lending rates unchanged
- 5 CNBC Pro: Fund manager says the bear market is going to get ‘nasty’
- 6 Japan’s core inflation accelerates in August
- 7 Stocks finish Monday’s volatile session higher
- 8 10-year Treasury yield jumps above 3.5%, hits highest level since 2011
Australia’s central bank says the argument for slower rate hikes strengthening
The Reserve Bank of Australia (RBA)’s board members “saw the case for a slower pace of increase in interest rates as becoming stronger,” according to minutes from its Sept. 6 meeting, where it raised its interest rate by 50 basis points to 2.25%.
“The Board expects to increase interest rates further over the months ahead, but it is not on a pre-set path given the uncertainties surrounding the outlook for inflation and growth,” it said in the minutes released Tuesday.
It added medium-term inflation expectations remained “well anchored.”
Future interest rate increases will be guided by data and the outlook for inflation and labor markets, the RBA said.
— Abigail Ng
CNBC Pro: Goldman says copper demand is about to surge. Here are the stocks it expects to benefit
A copper deficit could be on the horizon, with demand set to surge on the push toward net zero — and some metal stocks could shine in this scenario, according to Goldman Sachs.
— Weizhen Tan
China keeps key lending rates unchanged
The People’s Bank of China kept its one-year and five-year loan prime rates (LPR) unchanged, in line with predictions in a Reuters poll.
The one-year loan prime rate remains at 3.65%, and the five-year rate closely tied to home mortgages stands at 4.3%. China cut both those rates last month.
— Abigail Ng
CNBC Pro: Fund manager says the bear market is going to get ‘nasty’
Fund manager Cole Smead believes the stock market is still in the early innings of a bear market — and warns that it won’t be a “garden variety” one.
But, he is not losing any sleep over it. Here’s why:
Pro subscribers can read more here.
— Zavier Ong
Japan’s core inflation accelerates in August
Core consumer prices in Japan rose 2.8% in August from a year ago, government data showed.
That’s the fastest growth in nearly eight years, and the fifth consecutive month where inflation has exceeded the central bank’s target of 2%.
Analysts polled by Reuters predicted a 2.7% increase, and consumer prices gained 2.4% in July.
The Japanese yen strengthened slightly to 142.96 per dollar.
— Abigail Ng
Stocks finish Monday’s volatile session higher
Stocks seesawed on Monday but ended the session in positive territory as a big Federal Reserve week kicked off.
The Dow Jones Industrial Average closed 197.26 points higher, or 0.64%, to settle at 31,019.68. The S&P 500 jumped 0.69% to 3,899.89 and the Nasdaq Composite gained 0.76% to 11,535.02.
— Samantha Subin
10-year Treasury yield jumps above 3.5%, hits highest level since 2011
The benchmark 10-year Treasury yield rose to 3.5% on Monday morning, hitting its highest level since 2011 as investors brace for a higher-for-longer period of interest rates amid the Federal Reserve’s fight against inflations.
Treasury yields rose above the board last week after the August consumer price index report showed a surprise increase in prices. However, the 10-year largely held near its June highs of 3.495% before taking another leg higher on Monday.
The 10-year last traded at a yield of 3.506%, up nearly 6 basis points. Yields move opposite to price, and one basis point is equal to 0.01%.
— Jesse Pound