Asian stock markets continue losses after Powell’s comments; Inflation slows in Japan

Consumer Price Index in Malaysia It recorded a 1.9% year-on-year increase for September, less than 2% in August and also less than the 2.2% expected in a Reuters poll.

This is the lowest inflation rate the country has seen since March 2021. Malaysia has also not seen an increase in the inflation rate for 13 months in a row.

On a monthly basis, the CPI rose 0.1% in September, slightly lower than the 0.2% increase recorded in August.

– Lim Hui Ji

Bank Indonesia Raise interest rates on Thursday in a surprise move to stave off a decline in the rupee.

The Indonesian rupiah traded 0.5% lower against the dollar on Thursday, after losing nearly 2% this year.

Indonesia’s central bank raised the 7-day reverse repo rate by 25 basis points to 6%, the second hike this year. All economists They were surveyed Reuters had expected the bank to keep interest rates unchanged.

“Policymakers are struggling to stabilize the currency in the face of global uncertainties,” said Radhika Rao, chief economist at DBS Group Research, noting that the door remains open for further policy tightening as “Indonesian policymakers face a political dilemma where global uncertainties outweigh On the recent local positivity.” data outputs.”

Data ranging from inflation, trade balance and money supply will be released before the Bank Indonesia’s next policy meeting in November.

– Shreyashi Sanyal

China kept its benchmark loan interest rates unchanged for October, after the slowdown in the world’s second-largest economy showed signs of stabilizing in the wake of recent political support.

The People’s Bank of China left its key one-year loan rate – the peg for most household and business loans in China – unchanged at 3.45%. The benchmark five-year loan rate – the peg for most mortgages – remained at 4.2%, according to the bank. Friday statement From the Chinese central bank.

– Clement Tan

The yield on the benchmark 10-year US Treasury note exceeded 5% for the first time in 16 years.

The yield on the 10-year Treasury note reached 5.001% at 5:02 PM EST, the first time it has traded above this key level since July 20, 2007 when the yield reached 5.029%.

— Gina Francola, Christine Wang

Headline inflation in Japan The interest rate came in at 3% for September, slowing from the 3.2% rate in August.

However, this reading was the 18th consecutive month that inflation remained above the Bank of Japan’s 2% target.

Core inflation – which excludes fresh food prices – also slowed to 2.8%, down from 3.1% in August.

Separately, the so-called “core” inflation measure, which excludes fresh food and energy prices and is monitored by the Bank of Japan, fell to 4.2% from 4.3% in August.

– Lim Hui Ji

Six global stocks appear close to forming what is known as a “death cross” chart pattern, indicating potential selling pressure in the near future.

A death cross is a price chart pattern that forms when a stock’s 50-day moving average crosses below its 200-day moving average. Technical analysts view this as a sign that investors are bearish on the stock or that the stock’s momentum is weakening and will continue to decline, with a potential buying opportunity soon. The death cross is also used as a bear market predictor.

CNBC Pro subscribers can read more about these six stocks here.

-Ganesh Rao

Investors considered the rise in gold prices as a signal that markets are avoiding risk during a period of rising bond yields and the escalation of the conflict between Israel and Hamas. Spot gold was last trading at $1,957.39 an ounce, up about 8% from its October low of $1,819.

However, Katie Stockton of Fairlead Strategies expects gold to be “overstretched in the short term” and could pull back next week. It expects the recent move higher to be a rebound from previous lows.

“Gold has really gone up this week,” Stockton said. “Everyone was quick to say it was because there was now less risk in the market, but I disagree.”

“We have to put it in the context of what happened before this comfortable rally in gold, right, which was a really sharp downtrend. So, gold is basically back to where it was in mid-to-late September,” she added. “So we’ve seen a round-trip in the gold price.”

Shares of pharmaceutical companies such as Pfizer and Moderna were among 26 names on the S&P 500 that reached new lows on Thursday. Illumina shares were also trading at low levels not seen since December 2016.

Elsewhere, United Airlines hit lows last seen in October 2022, while Southwest Airlines was trading at lows not seen since May 2020.

Here are some other names that have reached new lows:

-Sarah Main, Gina Francola