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Passengers wait for trains at Guangzhou South Railway Station on Sept. 27, 2023, just days before the National Day and Mid-Autumn Festival holidays.
China News Service | China News Service | Getty Images
Asia-Pacific markets are set for a positive start to the week as Chinese markets come back from a week long Golden Week holiday.
Investors will be watching inflation readings and trade data out from China and India later this week, as well as a monetary policy decision from Singapore's central bank.
Japan and South Korea's markets are closed Monday for a holiday.
In Australia, the S&P/ASX 200 was up 0.61% in early trading.
This comes after the index notched a five-day losing streak and fell below the 7,000 mark for the first time since March.
Futures for Hong Kong's Hang Seng index stood at 17,724, pointing to a stronger open compared to the HSI's last close of 17,485.98.
On Friday in the U.S., all three major indexes rallied after the release of stronger-than-expected U.S. jobs data and a pop in Treasury yields.
The Dow Jones Industrial Average gained 0.87%, while the S&P 500 added 1.18%. The tech-heavy Nasdaq Composite posted the largest gains, climbing 1.6%.
Traders will be watching the market reaction however, after Palestinian militants launched an unprecedented surprise attack on Israel over the weekend.
— CNBC's Sarah Min and Hakyung Kim contributed to this report
Oil prices climb as Hamas' attack on Israel hits energy market
Benchmark oil prices were higher on Sunday as stock futures fell, seemingly responding to the outbreak of war between Israel and Palestine.
Brent crude oil.
Global benchmark Brent crude climbed nearly 4% to $87.49, while U.S. West Texas Intermediate added 4% to $86.20.
— Brian Evans
Wall Street adds outbreak of war between Israel and Palestine to list of headwinds
Fri, Oct 6 202310:16 AM EDT
Chances rise of Fed raising rates again by yearend, per the CME FedWatch
30-day fed funds futures pricing data on the Chicago Mercantile Exchange suggest a more than 45% probability that the Federal Reserve will raise its benchmark lending rate by a quarter-point, or perhaps as much as half a point, by the end of its December policy meeting.
On Thursday, the chance of further tightening stood at just 33.1%, according to the CME FedWatch tool. The probability is derived from the actions of traders in interest rate futures markets, the CME says.
— Scott Schnipper
Fri, Oct 6 202310:46 AM EDT
Utilities stocks sink as Treasuries become more attractive to investors
The beaten-down utilities sector isn't seeing any relief. The Utilities Select Sector SPDR Fund is down 1.3% Friday, and has dropped nearly 20% for the year through Thursday.
The sector has been dragged down by energy and power companies AES Corp, NextEra Energy and Eversource Energy. Utilities posted large declines this week and has lost 20% year-to-date, making it this year's biggest loser so far.
Utilities are seen as bond proxies because of their high dividend yields. The stocks have been getting hit as the high rates in risk-free short-term Treasuries offer an attractive alternative to investors. U.S. Treasury yields rose again Friday, with the 10-year nearing a 16-year high after stronger-than-expected jobs data.
— Pia Singh
English (US)