Asian stock markets today: live updates

one hour ago

China’s economic growth is expected to exceed 5%: Reuters

China’s economy is expected to grow just over 5% this year, a People’s Bank of China advisor said on Wednesday.

Reuters reported that Wang Yiming, a member of the Monetary Policy Committee of the People’s Bank of China, said that the economic situation in China is completely different from the situation in Japan in the 1990s, and there is no basis for what he fears about a “Japanese transformation.”

The term refers to the low growth Japan faced after the asset bubble burst in the early 1990s, leading to nearly two decades of sluggish activity, deflation, falling asset prices, and financial stress.

These comments come a day after HSBC lowered its GDP growth forecast for China for this year from 5.3% to 4.9%, and its 2024 GDP growth forecast from 4.9% to 4.6%.

— Lim Hui Ji, Reuters

5 hours ago

Industrial profits in China see a smaller decline in August

During the first eight months of the year Profits of Chinese industrial companies It extended a double-digit decline, but the pace of decline eased slightly in August.

Earnings were down 11.7% year over year as of August, a smaller contraction than the 15.5% decline over the first seven months.

China’s National Bureau of Statistics said profits of industrial enterprises rose 17.2% year-on-year in August, the first monthly growth since the second half of 2022.

– Lim Hui Ji

7 hours ago

Bank of Japan members were divided over when to raise interest rates at the July meeting, minutes showed

The BoJ’s board was divided on when the Bank of Japan should start raising interest rates, according to minutes of its meeting Monetary policy meeting in July.

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This was in light of 15 consecutive months of inflation rising above the Bank of Japan’s 2% inflation target.

“There is still a long way to go before the negative interest rate policy is reviewed, and the yield curve control framework must be maintained,” one member said.

However, another member noted that achieving 2% in a “sustainable and stable manner” appears to be “clearly on the horizon” and that it will be possible to assess whether the BOJ will achieve this target in the January-March period next year. .

– Lim Hui Ji

7 hours ago

CNBC Pro: Shares of this cutting-edge British chip designer are expected to rise more than 100%, says Jefferies

Shares of a British chip designer are expected to rise more than 100% over the next 12 months, according to Jefferies.

The investment bank believes the company is designing chips for major US technology companies, which is expected to boost their profit margins.

The chip stock is also seen as “one of the major potential beneficiaries” of the growing trend in AI applications.

CNBC Pro subscribers can read more here.

-Ganesh Rao

7 hours ago

Trade in Hong Kong sees smaller declines in August

Hong Kong trade Exports fell at a slower rate in August, with imports and exports falling by 0.3% and 3.7% year-on-year, respectively.

This compares to July’s decline of 7.9% for imports and 9.1% for exports.

Total trade for August was HK$742.18 million, down 2% year-on-year.

– Lim Hui Ji

7 hours ago

CNBC Pro: Forget India: One portfolio manager bucks the trend, says another market offers ‘huge value’

India’s growth prospects have seen many big-name investors and banks turning bullish on the country, but portfolio manager Kamil Dimesh says he is staying away from that.

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“We’re probably in the minority here [and] “We don’t mind being in the minority,” North South Capital’s Dimic told CNBC Pro Talks last week.

Instead, he unveiled an emerging market that he says offers “great value” with two of his favorite stocks.

CNBC Pro subscribers can read more here.

– Amala Balakrishner

8 hours ago

CNBC Pro: “I Believe in the Industry”: Investing in K-Pop? Bernstein is a fan of this stock

K-pop is a music phenomenon that extends far beyond South Korea – and for investors wanting to take advantage, there are only a few major agencies behind the more than 300 bands.

Bokyung Suh, director and senior research analyst at Bernstein, is bullish on one in particular and shares the main reason behind his outperform rating on the stock.

CNBC Pro subscribers can read more here.

– Lim Hui Ji

16 hours ago

The Dow Jones fell below its 200-day moving average

Tuesday’s sell-off pushed the Dow Jones Industrial Average below its 200-day moving average, a key long-term technical level. The move suggests that the benchmark index’s long-term momentum may be waning.

The Dow Jones has not closed below this level since May.

-Fred Imbert

17 hours ago

The S&P 500 fell below 4,300 for the first time since June 9

Losses for the three major indexes accelerated Tuesday morning after disappointing economic data.

The S&P 500 fell nearly 1% to 4,295, its lowest level since June 9. So far, the index is still up about 12%.

See chart…

Standard & Poor’s 500 index chart

New home sales in August fell short of analysts’ expectations and also fell 8.7% from July. According to the Ministry of Commerce. the Consumer confidence index issued by the Conference Board It also missed expectations, falling to 103 in September from 108.7 in August.

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Comments by JPMorgan Chase CEO Jamie Dimon, in which he predicted there was additional room to raise interest rates, sent shares lower earlier this morning.

—Lisa Kailai Hahn, Jeff Cox

17 hours ago

Oil prices continue to rise during this quarter

The last few strong months for oil prices have put crude on track for its best quarter in more than a year.

With just days left in a month and a quarter of trading, both WTI and Brent are on pace for their first straight month of price gains. This means that if this continues, the price of both will rise every month of the third quarter.

West Texas Intermediate crude oil rose about 26.1% since the beginning of the quarter, while Brent rose about 23.8% in the same period. With these developments, both are on track to record their best quarters since Q1 in 2022.

-Alex Haring, Gina Francola

22 hours ago

Tesla falls after report that the European Union will investigate the electric car maker over China exports

Tesla shares fell more than 1% after a European Union trade official told the Financial Times that the company, along with other automakers in Europe that export from China, will face an investigation into whether electric car makers are providing unfair subsidies.

“Strictly speaking, this applies not only to Chinese brand electric vehicles, but could also include vehicles of other producers if they receive subsidies from the production side,” said Valdis Dombrovskis, EU Executive Vice President. theft.

-Fred Imbert

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