Oil, China property stocks and Evergrande

Economists downgraded their 2023 growth and inflation expectations for Singapore, according to a central bank survey released Wednesday. Contagion from slowing external growth was cited as the biggest risk.

The median forecast of 22 economists surveyed by the Singapore Monetary Authority said Singapore’s economy would grow 1.0% this year, down from the 1.4% forecast in a June survey.

Headline consumer prices could rise 4.7% this year, down from a 5.0% forecast in June, according to the median inflation forecast. Core inflation, which excludes private road transportation and accommodation costs, is expected to rise by 4.1%, unchanged from the previous survey.

Both headline and MAS core inflation are expected to ease to 3.1% and 2.8% respectively in 2024.

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— Clement Tan

Masato Kanda, Japan’s vice finance minister for international affairs, warned that “if speculative moves continue” against the yen, “we will not rule out any options,” according to Reuters.

Kanda told reporters Wednesday after the yen fell to a 10-month low against the dollar, breaking through 147 and down to 147.78.

“If speculation continues, I will not rule out any options,” Kanda said, according to a Reuters report. “Obviously, it is important that currency movements reflect fundamentals.”

Australia’s Gross Domestic Product Expands The second quarter saw a 2.1% year-on-year growth, beating the 1.8% forecast of economists polled by Reuters.

However, this figure was below the 2.3% year-on-year growth recorded in the first quarter.

Compared to the previous quarter, GDP increased by 0.4%, marking the seventh consecutive quarter of growth.

The Australian Bureau of Statistics said exports and investment were the main contributors to gross domestic product (GDP) growth this quarter, partially offset by inventory fluctuations.

— Lim Huisier

HSBC has named six Chinese internet stocks it said it would buy, each with at least 27% upside.

The valuation of China’s internet stocks fell 5% between mid-June and early September, the bank said, adding that the company’s stock offered a “high-value opportunity.”

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— Lucy Handley

RBC has increased its bet on what it calls “recession-proof” Canadian companies, doubling the weighting of stocks in its “watch list” bucket to 5%.

The bank’s stock list has underperformed over the past six months, but has historically and consistently outperformed its benchmark S&P/TSX index.

The RBC Strategy Canadian Focus List posted a compound annual growth rate of 11.3% over the past five years. In contrast, the benchmark rose 7.8% on the same metric.

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— Ganesh Rao

After a month of volatility in global stocks, the CNBC Pro screened the MSCI World Index of the world’s most overbought and oversold major stocks based on the 14-day Relative Strength Index.

The Relative Strength Index (RSI), which measures the magnitude and speed of price movements, can be used by investors to determine if a stock is overbought or oversold.

The market value of the on-screen stock is also over $10 billion.

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— Tan Weizhen

Data suggests fewer companies are discussing recession risk with investors.

Sixty-two of the S&P 500 companies used the term “recession” in their second-quarter earnings calls between June 15 and August 31, according to FactSet data.

This marks the fourth consecutive quarter of decline. And that’s about a quarter of the 238 companies that used the term during its Q2 2022 peak.

The 62 in the quarter were below the five-year average of 82, but slightly above the 10-year average of 60.

Recession talk was most prominent among financial stocks in the index, with 22 companies, or 32% of the sector, using the term. According to FactSet, it has the highest number of companies and the highest share among the 11 sectors of the S&P 500.

— Alex Haring

Oil prices surged Tuesday morning after Saudi Arabia extended its voluntary production cut of 1 million barrels per day until the end of the year, according to the state-run Saudi Press Agency.

Brent futures for November rose $1.49, or 1.67%, to $90.49 a barrel, while US West Texas Intermediate crude futures for October rose $1.95, or 2.28%, to $87.50 a barrel.

Riyadh applied a 1 million barrels per day cut for the first time in July and has since extended the cut by the month. The cuts are in addition to the 1.66 million barrels per day voluntary oil production cuts that some other OPEC members are implementing through the end of 2024. Please see here for the detail.

— Pia Singh, Luxandra Iordake

Chip designer Arm has filed its latest regulatory filings for its US initial public offering (IPO), setting prices in the range of $47 to $51 per share. SoftBank, which owns Arm, plans to sell 95.5 million shares. All of this means a valuation of up to $54.5 billion.

— Fred Imbert.