Most Asia markets ease; Biden-Xi talks awaited

New Zealand’s services sector fell into contraction territory in October following a slowdown in sales and new orders. According to a survey.

Last month’s New Zealand Banking/BusinessNZ service performance index was 48.9, down 1.7 points from September and well below the long-term average of 53.5.

Values ​​above 50 indicate expansion.

“Overall, negative comments continue to be strongly dominated by the recent general election and the overall economic slowdown,” BusinessNZ chief executive Kirk Hope said.

The study was released after New Zealand manufacturing industry. Signed the most contracts in the last two years During October.

— Shreyashi Sanyal

According to HSBC, the electric vehicle market is expected to reach a milestone next year.

Next year its global penetration rate could reach the “important 20% threshold”, the newspaper said, “heralding its entry into the mass market” for the first time.

“This has significant implications for battery manufacturers,” the bank said in a Nov. 1 memo.

The company named battery stocks with a buy rating.

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— Tan Weizhen

Japan’s wholesale inflation slowed sharply last month, indicating cost pressures are gradually easing. According to data released by the Bank of Japan.

The central bank’s October corporate goods price index rose 0.8% from the same month last year, slightly lower than the 0.9% rise in a Reuters poll.

The figure fell below 1% for the first time since February 2021, marking the 10th consecutive month of decline in wholesale inflation.

— Shreyashi Sanyal

A strong economy, growing population and booming stock market have made India a hot topic for many investors this year.

The Diwali season has now begun in the South Asian country, with several sectors and stocks expected to perform well, according to Indian equity brokerage Kotak Securities.

“Broader market valuations are abundant, creating opportunities such as: [a] Market corrections can be used to add blue-chip stocks (with attractive valuations) from a long-term investment perspective,” analysts at the brokerage wrote in a recent note.

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— Amara Balakrishna

An electric car’s battery determines the price of the vehicle and how far it can travel on a single charge.

A Chinese company has gained a large share of that important market.

This is the largest stock by market capitalization in the largest stock index traded on the Shenzhen Exchange, and is larger than BYD’s locally listed stock.

Analysts at UBS believe the stock could more than double in the coming months.

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Barclays said the market is likely to remain volatile as concerns about economic growth persist.

“Despite the relief in interest rates, concerns about the strength of growth are contributing to further rotation within the market,” analyst Venu Krishna said in a note on Friday.

Krishna added that the company continues to receive a positive rating for value stocks due to its “favorable exposure to high yields over time.”

— Brian Evans

Oil prices eased slightly higher on Friday, but are still down 4% for the week as concerns about a slowing global economy hurting demand led to selling.

The January Brent crude oil contract rose $1.42, or 1.77%, to settle at $81.43 per barrel, and West Texas Intermediate rose $1.43, or 1.89%, to settle at $77.71 per barrel. .

Oil sold earlier in the week as traders believed the Israeli-Hamas war would not escalate in the short term and disrupt supplies. Instead, markets began to worry that alarming economic data coming out of Europe and China signaled a global economic slowdown.

But Iran’s foreign minister said Thursday it was almost inevitable that the conflict would escalate, underscoring the very real risk of a broader Middle East war. OPEC+ could decide on supply cuts to support prices at its next meeting, scheduled for November 26.

— Spencer Kimball

This week, amid hawkish commentary from the Federal Reserve and bond auctions, investors are watching to see if the S&P 500 and Nasdaq Composite’s winning streaks will come to an end. But Wolf Research’s Rob Ginsburg said oil should not be ignored.

“The truth is that the movement below the surface has worsened in recent days, and the movement in the oil is particularly concerning,” he told clients on Thursday. “A new one-month high would be a welcome development, as the past two oversold rallies since July highs have both failed to confirm this momentum and indicate an improvement in the trend. ”

“It’s starting to feel like déjà vu all over again,” Ginsburg added.

— Alex Harring