Asia stock markets extend losses after Powell’s comments; Japan inflation slows

China kept its benchmark lending rate unchanged in October after the world’s second-biggest economic slowdown showed signs of stabilizing after recent policy support.

The People’s Bank of China kept the one-year loan prime rate, the fixed interest rate for most household and business loans in China, unchanged at 3.45%. The five-year benchmark loan rate, which is fixed for most home loans, remained unchanged at 4.2%, according to . Friday’s statement From the Central Bank of China.

— Clement Tan

The yield on the benchmark 10-year U.S. Treasury bond exceeded 5% for the first time in 16 years.

The 10-year Treasury yield hit 5.001% at 5:02 p.m. ET, trading above a key level for the first time since July 20, 2007, when it yielded as high as 5.029%.

— Gina Francola, Christine Wang

Japan’s headline inflation The interest rate in September was 3%, slowing from 3.2% in August.

However, this reading marks the 18th consecutive month that inflation has been above the Bank of Japan’s 2% target.

Core inflation, which excludes fresh food prices, also fell to 2.8% from 3.1% in August.

Separately, the so-called “core-core” inflation measure monitored by the Bank of Japan, which subtracts fresh food and energy prices, fell to 4.2% from 4.3% in August.

— Lim Huijie

Six stocks around the world appear to be forming a so-called “death cross” chart pattern, indicating the possibility of selling pressure in the near future.

A death cross is a pattern on a price chart that forms when a stock’s 50-day moving average falls below its 200-day moving average. Technical analysts see this as a sign that either investors are becoming bearish on the stock or that the stock’s momentum is weakening and it continues to decline, potentially presenting a buying opportunity soon. . Death crosses are also used as bear market predictors.

CNBC Pro subscribers can read more about these six stocks here.

— Ganesh Rao

Investors are taking the rise in gold prices as a sign that the market is avoiding risk amid rising bond yields and the escalating conflict between Israel and Hamas. Spot gold prices last traded at around $1,957.39 an ounce, up about 8% from October’s lows of around $1,819.

However, Katie Stockton of Fairlead Strategies said gold was “overextended in the short term” and predicted a pullback could occur next week. She expects the recent rally to be a rebound from previous lows.

“Gold really shot up this week,” Stockton said. “Everyone is quick to say it’s because the market is risk-off right now, but I disagree with that.”

“We have to contextualize this with what happened before this bailout rally in gold. It was a really sharp downdraft. So gold is basically on the same path as it was in mid-to-late September. It’s back to normal,” she added. “So the price of gold has come full circle.”

Pharmaceutical stocks such as Pfizer and Moderna were among 26 S&P 500 stocks that hit new lows on Thursday. Illumina stock also traded at its lowest level since December 2016.

Elsewhere, United Airlines is trading at its lowest price since October 2022, and Southwest Airlines is trading at its lowest price since May 2020.

Here are some other stocks that hit new lows.

— Sarah Min, Gina Francola