Asia-Pacific markets slightly up after negative session; China keeps medium-term rates steady

Soegeefx AppsAsia MarketAsia-Pacific markets slightly up after negative session; China keeps medium-term rates steady

Abigail Ng

Shares in the Asia-Pacific mildly roseon Thursday after Wednesday’s negative session. U.S., indexes inched higher overnight and the producer price index showed a decrease in wholesale prices of 0.1% in August amid inflation fears.

The Nikkei 225 in Japan rose 0.16% and the Topix index was 0.15% higher. The Japanese yen

was last trading at 143 against the dollar after a reported “rate check” by the Bank of Japan.

In South Korea, the Kospi added 0.11% and Australia’s S&P/ASX 200

was 0.55% higher.

Mainland China’s Shanghai Composite gained 0.35%, and the Shenzhen Component was fractionally higher. The Hang Seng index

added 0.45%.

.N225 Nikkei 225 Index *NIKKEI 27868.59 49.97 0.18
.HSI Hang Seng Index *HSI 18952.95 105.85 0.56
.AXJO S&P/ASX 200 *ASX 200 6869.5 40.9 0.6
.SSEC Shanghai *SHANGHAI 3234.16 -3.38 -0.1
.KS11 KOSPI Index *KOSPI 2416.04 4.62 0.19
.FTFCNBCA CNBC 100 ASIA IDX *CNBC 100 7637.58 31.51 0.41

In China, the central bank kept its one-year medium-term lending facility (MLF) unchanged at 2.75%, as expected. Australia’s unemployment rate for August came in at 3.5%, slightly higher than July.

Australia adds 33,500 jobs in August

Australia added 33,500 jobs in the month of August, a 0.2% increase from July in seasonally adjusted terms. Net employment declined in July.

The nation’s unemployment rate rose to 3.5%, with the youth unemployment rate at 8.4% for the month.

The market participation rate is at 66.6%, marginally higher than the previous month’s 66.4%.

–Jihye Lee

U.S. 2-year Treasury yields hits 3.8% again

The U.S. 2-year Treasury note briefly rose to 3.8% again after reaching its highest level since November 2007 earlier this week.

Short-term bond yields, which are most sensitive to Fed policy, soared following the U.S. inflation report on Tuesday.

The yield on the benchmark 10-year Treasury was also at 3.41% and the yield on the 30-year Treasury bond was at 3.46%.

Yields move inversely to prices, and a basis point is equal to 0.01%.

–Jihye Lee

New Zealand’s growth recovery driven by transport, data shows

Gross domestic product in New Zealand rebounded in the June 2022 quarter, growing 1.7% after shrinking 0.2% in the previous quarter, official data showed.

Transport, postal, and warehousing jumped 19.7%, driven by air transport and transport support services, while arts, recreation and other services grew 9%.

New Zealand eased Covid restrictions earlier this year, including loosening entry requirements for tourists.

— Abigail Ng

CNBC Pro: Morgan Stanley says the S&P 500 is set for a comeback by year-end. These are its top stock picks

U.S. markets had a meltdown on Tuesday — the worst since June 2020 — following yet another hot inflation report. But that may not last for long, according to Andrew Slimmon of Morgan Stanley Investment Management, who says the S&P 500 could enjoy upside by year-end.

He predicts the level that the S&P 500 will rise to by the year end, and also picks stocks to buy into the “fear.”

— Weizhen Tan

Source : CNBC

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