Stocks in the Asia-Pacific region traded mixed ahead of the key US jobs report

Hong Kong’s Hang Seng Index rose more than 2% in early trading, leading to broader gains in the region, supported by financial and technology stocks.

The heavily weighted indicator is in green. Alibaba shares listed in Hong Kong were trading up 2.27%. Meituan shares rose 3.02% and Tencent shares rose 2.4%.

Shares of banks ICBC and HSBC also rose by 2.78% and 1.97%, respectively. Ping An shares rose by 2.48%.

Other winners also included energy companies. ENN Energy Holdings shares rose 4.14%, and Hong Kong and China Gas shares rose 3.36%.

-Li Ying Shan

The Reserve Bank of India is expected to maintain its hawkish stance and keep interest rates steady at 6.5% when it concludes its three-day meeting on Friday. A poll conducted by Reuters showed.

“The RBI’s Monetary Policy Committee is expected to stick to its hawkish stance and maintain a ‘withdraw adjustment’ stance today,” a Reserve Bank of India note issued on Friday predicted.

Policymakers are expected to study global economic conditions such as the US dollar in addition to oil prices.

“Inflation is on track to return to the 2-6% target range in September after a vegetable-led rise in July and August, coupled with a firm basis but policymakers will take a forward-looking view,” DBS Bank Chief Economist Radhika said. Rao wrote in the note.

Retail inflation in India in August The interest rate came in at 6.83% on an annual basis, down from 7.44% in July. However, the reading remained above the central bank’s target of 2% to 6%.

-Li Ying Shan

It’s a good time to buy cheap stocks in some sectors right now, according to Bill Nygren of Oakmark Funds.

What’s “really unusual today” is how wide the spread in price-to-earnings multiples is, the top value-focused fund manager said.

He names three stocks to consider.

CNBC Pro subscribers can read more here.

-Weezin Tan

Generative AI — or the use of AI-powered generative models to create text, images or other media — is sweeping the world, and it won’t just be the giant US tech companies that will benefit, according to Morgan Stanley.

In a note dated October 2, the bank’s analysts led by Adam Wood highlighted that technology enables the automation of several categories of work and is “set to expand global spending on software by… [around] $150 billion in the next three years.”

So which global stocks are expected to benefit from this trend?

CNBC Pro subscribers can read more here.

– Amala Balakrishner

Natural gas futures jumped 7.3% on Thursday afterward Data Domestic gas inventories ended last week above the five-year average for this time of year, Energy Information Administration data showed.

Federalism Data A report released on Wednesday also showed that the United States exported more natural gas in the first half of 2023 than it did during the same period in any previous year. Natural gas exports averaged 20.4 billion cubic feet per day.

– Piya Singh

Gold hit a low not seen since March on Thursday.

Prices fell to a low of $1,826.20. The metal last traded at a low point on March 9, when it reached $1,815.40.

Gold has fallen about 2% so far this week, which puts it on track to record its third losing week in a row.

-Alex Haring, Gina Francola

A sharp drop in oil prices that sent West Texas Intermediate crude futures down more than $10 a barrel could cause a reaction from oil-producing countries, according to Helima Croft, global head of commodity strategy at RBC Capital Markets.

“I think OPEC is a different OPEC than it was in 2015. In the 1970s, I think we’ll at least start to hear very clear statements from OPEC about potentially coming back,” Croft said on “Squawk Box.”

“I think this market is still stronger than this sell-off would have us believe at the moment,” Croft added.

West Texas Intermediate crude futures were down 1.7% in morning trading at $82.78 per barrel.

-Jesse Pound