Asia markets up; China releases CPI and Producer Price Index data

Consumer prices fell in China in October, as the world’s second-largest economy suffers an uneven post-Covid-19 recovery.

Data from the Chinese National Bureau of Statistics showed The consumer price index fell 0.2% year-on-year, which was more than the 0.1% decline expected by economists polled by Reuters.

This comes after China’s CPI was unexpectedly flat in September, highlighting the need for more policy support.

Producer prices It decreased by 2.6%, which is slightly lower than the expected decrease of 2.7%, and marks the thirteenth consecutive month of decline.

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– Shreyashi Sanyal

Now is a good time to buy gold stocks, according to Morgan Stanley.

Tensions in the Middle East, caused by the war between Israel and Hamas, have led to a rise in safe-haven gold prices as investments in the precious metal rise. The rally has since faded and spot gold prices are up about 0.05% during the year so far.

But strikingly, gold stocks have underperformed gold prices by about 20% in the past three months, the investment bank’s analysts said, naming several stocks as “golden opportunity” plays.

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– Amala Balakrishner

The bond bear market is the worst in more than 200 years, according to BNP Paribas’s global investment chief.

But he said one corner of the bond market poses an opportunity for investors: the “fallen angels” in the U.S. high-yield credit sector.

CNBC Pro takes a look at some of the top-rated funds and exchange-traded funds, according to Morningstar.

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-Weezin Tan

A rough October relative to the major averages was at least a relatively good month for stock collectors, even as allocations to active strategies shrank, according to Bank of America.

About 68% of active large-cap managers have crossed over this month, which is much higher than usual. Thus, the pulse rate since the beginning of the year reached 41%, exceeding the average of 38%. The average large-cap active fund lost 1.9%, compared to a 2.5% loss for the benchmark index.

However, investors have reduced their allocation to active funds, now standing at 47% of total assets under management. Savita Subramanian, equity and quantitative strategist at Bank of America, said managers are “embracing the benchmark” as conviction about the market’s direction diminishes.

Both value managers and fundamental managers also had strong months, recording win rates of 84% and 80% respectively.

– Jeff Cox

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell last week to 7.61% from 7.86% in the biggest one-week decline in more than a year.

Amid the decline, total mortgage application volume rose 2.5% last week from a year ago, according to the Mortgage Bankers Association’s seasonally adjusted index.

— Diana Olek, Samantha Sobin

The energy complex continued to move lower throughout the day Wednesday, sending benchmark December gasoline futures falling to $2.1220 per gallon, the lowest level since Dec. 16, 2022.

On the crude side, December WTI contracts touched a low of $74.91 per barrel during the session, while January Brent crude contracts touched a low of $79.20 per barrel, in both cases the weakest price since July 20.

The S&P 500 Energy Index was among the hardest-hit groups of stocks on Wednesday, down 0.9% in late trading, and is down nearly 9% so far in the fourth quarter, the worst of the 11 major sectors in the S&P 500.

Brent crude futures fell $2.07, or 2.54%, to reach $79.54 per barrel upon settlement. US crude lost $2.04, or 2.64%, with the settlement price set at $75.33.

-Scott Schnepper, Christopher Hayes