Technically, casino shares in Hong Kong give a broader index
Australia’s central bank says the case for slower rate hikes is strengthening
Reserve Bank of Australia (RBA) board members “saw the case for a slower rise in interest rates as increasingly strong,” according to the minutes of their September 6 meeting, where it raised interest rates by 50 basis points to 2.25%.
“The board expects to raise interest rates further in the months ahead, but it is not on a pre-determined path given the uncertainty surrounding the outlook for inflation and growth,” said the minutes published on Tuesday.
It added that medium-term inflation expectations remained “well anchored.”
Future rate hikes will be guided by data and the outlook for inflation and labor markets, the RBA said.
— Abigail Ng
CNBC Pro: Goldman says demand for copper is on the rise. Here are the stocks it expects to benefit from
A copper deficit could be on the horizon, with demand expected to rise on pressure towards net zero – and some metal stocks could shine in this scenario, according to Goldman Sachs.
CNBC Pro subscribers can read more here.
— Weizhen Tan
China keeps key lending rates unchanged
The People’s Bank of China kept its one-year and five-year prime rates (LPR) unchanged, in line with predictions in a Reuters poll.
The prime one-year rate remains at 3.65%, and the five-year rate, which is closely related to mortgages, is 4.3%. China cut both of those rates last month.
— Abigail Ng
CNBC Pro: Fund Manager Says Bear Market Will Be ‘Disgusting’
Fund manager Cole Smead believes the stock market is still at the beginning of a bear market – and warns that it will not be a “garden variety”.
But he doesn’t lose sleep over it. Here’s why:
Pro subscribers can read more here.
— Zavier Ong
Japan’s core inflation accelerates in August
Core consumer prices in Japan rose 2.8% in August from a year ago, government data showed.
It is the fastest growth in almost eight years, and the fifth consecutive month in which inflation has exceeded the central bank’s target of 2%.
Analysts polled by Reuters had forecast a 2.7% increase, and consumer prices rose 2.4% in July.
The Japanese yen strengthened slightly to 142.96 per dollar.
— Abigail Ng
Stocks end Monday’s volatile session higher
Stocks faltered on Monday, but ended the session in positive territory as a big Federal Reserve week began.
The Dow Jones Industrial Average closed 197.26 points higher, or 0.64%, to settle at 31,019.68. The S&P 500 jumped 0.69% to 3,899.89 and the Nasdaq Composite rose 0.76% to 11,535.02.
– Samantha Subin
The 10-year Treasury yield jumps above 3.5%, reaching its highest level since 2011
The benchmark 10-year Treasury yield rose to 3.5% on Monday morning, hitting its highest level since 2011 as investors brace for a higher-for-longer period of interest rates amid the Federal Reserve’s fight against inflation.
Treasury yields rose above the board last week after the consumer price index in August showed a surprise rise in prices. However, the 10-year largely held near June highs of 3.495% before taking another leg higher on Monday.
The 10-year last traded at a yield of 3.506%, up nearly 6 basis points. Interest rates move opposite to the price, and one basis point is equal to 0.01%.