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A woman walks past an electronic quotation board displaying stock prices of each company listed on the Tokyo Stock Exchange along a street in Tokyo on August 25, 2023. (Photo by Kazuhiro NOGI / AFP) (Photo by KAZUHIRO NOGI/AFP via Getty Images)
Kazuhiro Nogi | Afp | Getty Images
Asia-Pacific markets attempted a rebound on Friday, with Australia stocks bouncing from a one-year low in the previous session as investors continue to digest more inflation data.
Core consumer prices in Tokyo rose 2.7% in October compared to a year ago, government data showed. Economists polled by Reuters expected a 2.5% rise. The core consumer price index for Tokyo includes oil products but excludes fresh food prices.
Australia released its third quarter producer price index on Friday, with the country's PPI recording a 3.8% growth year-on-year and 1.8% climb quarter-on-quarter. The PPI measures the change in the price of goods sold by manufacturers.
Futures for Hong Kong's Hang Seng index stood at 17,136, pointing to a higher open compared to the HSI's close of 17,044.61.
Japan's Nikkei 225 opened 0.56% higher, while the Topix added 0.6%.
South Korea's Kospi gained 0.19% at the open, but the small-cap Kosdaq slipped marginally.
In Australia, the S&P/ASX 200 traded 0.29% higher after closing 0.61% lower on Thursday.
The Nasdaq Composite fell deeper into correction territory on Thursday as Meta became the latest tech company to offer a forecast that didn't quite live up to investors' expectations.
The tech-heavy index lost 1.76%, closing below its 200-day moving average and ending at 12,595.61. The S&P 500 dipped 1.18%, while the Dow Jones Industrial Average slipped 0.76%.
— CNBC's Brian Evans and Pia Singh contributed to this report
CNBC Pro: Worried about a slowdown? AllianceBernstein shares a way to hedge — and names 10 global stocks
High-yielding stocks have been doing well despite rising interest rates, according to asset management firm AllianceBernstein.
"We regard high equity yield as a more defensive and higher quality flavor of value which can act as a useful hedge against slowing growth or potentially a mild recession," the firm's analysts wrote in a recent note.
AllianceBernstein performed a screen of "High Combined Yield Stocks" in Europe for the final quarter of the year. Some that showed up were given "outperform" ratings.
CNBC Pro subscribers can read more about them here.
— Amala Balakrishner
CNBC Pro: 'An iPhone moment': Bernstein names global stocks to play the 'rapid growth' in battery tech
The energy transition will require more and better batteries, according to Bernstein.
A 25-fold increase in sales of batteries will be needed from 2022 — for the energy transition both in electric vehicles and energy storage, they said.
One type of battery technology will likely be an "iPhone moment" for the industry, the firm said, giving one of the stocks it named about 100% potential upside.
CNBC Pro subscribers can read more here.
— Weizhen Tan
U.S. economy grows more than expected in third quarter
U.S. GDP expanded by 4.9% annualized in the third quarter, beating a Dow Jones forecast for 4.7% growth. That expansion rate is also up from the 2.1% seen in the second quarter. This is the latest sign of economic resiliency despite the Federal Reserve's moves to tighten monetary policy to tame inflation.
— Fred Imbert, Jeff Cox
Retail traders step up single stock selling following weeks of buying, JPMorgan says
Retail traders stepped up selling of single stocks across the broader market but remained partial toward lowering positions in utilities, real estate and financials, according to JPMorgan. The firm noted retail traders net sold roughly $365 million worth of equities over the past week.
However, analyst Peng Cheng wrote on Wednesday that retail traders showed particular interest in chip stocks AMD and Nvidia, which saw $369 million and $252 million worth of stock purchases over the past week, respectively.
— Brian Evans
S&P 500 is in a correction on an intraday basis
The S&P 500 is hitting its lows of the session and is now in a correction on an intraday basis. The benchmark's decline from its 52-week intraday high in July is now 10.1%.
The S&P 500 is off by 9.7% from its 2023 high closing price on July 31, so not quite an official correction just yet.
S&P 500 YTD
The Nasdaq Composite is already in correction territory, entering on Wednesday.
The major averages are on pace for three straight losing months
Stocks are limping through the fall, and all three of the major averages are poised to post their third consecutive month of declines.
In October, the S&P 500 is down 3.52%. The Nasdaq Composite is off 4.72%, and the Dow Jones Industrial Average is down 2.16%.
If the month ends with losses for the indexes, it'll be the first time the Dow and the S&P 500 have had three straight months of declines since March 2020.
The last time the Nasdaq fell for three consecutive months was back in June 2022.
-Darla Mercado, Chris Hayes
English (US)