59 minutes ago
China’s imports showed unexpected growth in October, but exports fell more than expected
China reported a bigger-than-expected drop in exports in October, but imports surprisingly increased compared to a year ago.
China’s customs authorities announced that exports in US dollar terms decreased by 6.4% in October compared to the same month last year. This is worse than the 3.3% decline predicted by a Reuters poll.
Imports in October increased by 3% in US dollar terms compared to the same month last year. This is in contrast to Reuters’ forecast for a 4.8% year-on-year decline.
—Evelyn Chen, Li Ying Xiang
2 hours ago
South Korea’s Kospi falls 2%, led by energy and manufacturing stocks
South Korea’s Kospi fell 2%, led by energy and industrial stocks.
The decline marks a respite from Monday’s gains, when the index posted its best trade since late March 2020 after the country reimposed a ban on short selling.
Kukdong Petrochemical Industry’s stock price fell 6.38%, and Korea Oil Industry’s stock price fell 5.95%. Taisei Energy fell 2.15%.
Stock prices in the manufacturing industry are also in the red. Taiyang Metal Industry fell by 4%, and Aekyung Industrial fell by 3.45%.
Other major indexes such as LGES fell more than 7%. Naver fell 2.68%.
3 hours ago
CNBC Pro: Analysts say these growth stocks have room to soar even further, rising more than 30%.
Stock prices have been volatile in recent months due to soaring U.S. Treasury yields, recession expectations and high interest rates.
But stocks rebounded last week, with major averages capping their best weeks so far this year. Overall, the S&P 500 and Nasdaq Composite are still up about 15% and 29% year-to-date.
For those looking to get back into the growth corner of the market, CNBC Pro screened stocks in the iShares Russell 1000 Growth ETF with further upside potential.
CNBC Pro subscribers can read more here.
— Tan Weizhen
4 hours ago
Reserve Bank of Australia expects interest rate hike
ANZ forecasts that Australia’s central bank is expected to raise the cash rate by 25 basis points to 4.35% at its November policy meeting.
“Following recent hawkish comments and better-than-expected inflation conditions in the third quarter, we expect the RBA to raise the cash rate by 25 basis points this afternoon,” ANZ said in its daily note.Central banks kept borrowing costs stable Past 4 meetings.
The bank’s economists added that risks were biased toward further tightening in the short term, with no easing expected until the fourth quarter of 2024.
Australian September inflation Official data showed an increase of 5.4% compared to the previous year.
8 hours ago
Crypto gains after Ether hits $1,900 for first time since July
Altcoins rose on Monday after Ethereum reached $1,900 over the weekend for the first time since July.
Litecoin rose 3.4% and Ripple’s XRP rose 9.1%. In the decentralized finance sector, tokens associated with Polygon and Cardano rose 4% and 6%, respectively. Uniswap also added his 6%.
Bitcoin and Ethereum are flat after spiking in price over the weekend, with Bitcoin once again reaching the $35,000 level and Ethereum hitting $1,900 for the first time since July, when both hit their first Bitcoin of the year. It maintained the rise from the rise caused by coin ETFs.
“Today, alt investors are trying to catch up with Bitcoin,” Ryan Rasmussen, an analyst at Bitwise Asset Management, told CNBC. “Historically, we have seen Bitcoin rise, then Ethereum and then alts, and that pattern appears to be repeating itself as this bull market heats up.”
Graham Moore, head of tokenization at Polymesh Network, said traders are “at the forefront of the next bull market, similar to previous cycles where small, illiquid altcoins soared.” “This newfound confidence and interest puts traders at the forefront of the next bull market,” he added. They have an opportunity they never saw before. ”
— Tanaya Machel
3 hours ago
CNBC Pro: Goldman says Bank of Japan’s policy adjustment is good news for banks, names candidate to lead sector
Recent Bank of Japan Goldman Sachs said the decision to make yield curve control more flexible is good news for the banking sector, with some stocks expected to benefit.
Analyst Makoto Kuroda said in a note to CNBC that Japanese banks “will continue to be a notable beneficiary” of the Bank of Japan’s interest rate normalization.
CNBC Pro subscribers can read more about Goldman’s top picks in this space here.
— Amara Balakrishna
10 hours ago
Oil prices rise slightly as Saudi Arabia and Russia maintain production cuts and sanctions against Iran loom
Oil prices rose slightly on Monday after Saudi Arabia and Russia confirmed they would continue production cuts to ease prices amid concerns about a weakening economy and weak demand.
Brent rose about $1.28, or 1.51%, to $86.17 per barrel, and West Texas Intermediate rose $1.39, or 1.73%, to $81.90.
Saudi Arabia announced on Sunday that it would continue cutting production by 1 million barrels a day until the end of the year. Saudi Arabia’s daily production will be approximately 9 million barrels.
Russia said it would continue to cut exports of crude oil and oil products by 300,000 barrels a day. Moscow and Riyadh will consider whether to widen cuts or increase production next month.
Markets are also bracing for the possibility of the US tightening sanctions against Iran. The House of Representatives overwhelmingly passed a bill Friday that would tighten sanctions on Iranian oil exports in response to Hamas terrorist attacks against Israel.
So far, oil prices have not reacted dramatically to the Gaza war as the United States engages in intense diplomacy in the region to prevent the conflict from escalating.
— spencer kimball
17 hours ago
BCA Research announces Fed has completed rate hike
According to BCA Research, don’t expect the Fed to raise rates further in the future.
“While the outlook for interest rates is uncertain, we stand by our expectation that the Fed will end its rate hikes,” said Doug Peta, the firm’s chief U.S. investment strategist. “However, we believe a recession is almost inevitable, and our best guess is that it will begin in the first half of next year, so we are preparing to become defensive.”
“We are already underweight equities and overweight bonds over a 12-month horizon and look forward to aligning our tactical and cyclical recommendations soon,” Peta said. .
— Fred Imbert