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Asia shares fall after Wall Street decline; China’s PMI beat estimates

Japan moves: Softbank, Nintendo, Toyota fall

Apple suppliers in Asia fall after analyst downgrade

China reports better-than-expected factory activity for September

China’s official manufacturing purchasing managers’ index surprisingly rose in September to 50.1, much higher than the 49.6 forecast by analysts in a Reuters poll.

The 50-point mark separates growth from contraction. PMI prints compare activity from month to month.

Meanwhile, the Caixin/S&P Global Manufacturing Purchasing Managers̵[ads1]7; Index, a private survey of factory activity reported a contraction with a reading of 48.1.

“Subdued demand conditions and lower production requirements led companies to cut back on purchasing activity in September, with the decline the fastest in four months,” the Caixin press release said.

The official non-manufacturing PMI came in at 50.6 in September, down from 52.6 in August.

— Abigail Of

Factory activity in China is expected to decline again

China’s official manufacturing purchasing managers’ index for September is expected to fall below the 50-point mark that separates growth from contraction, according to a Reuters poll of analysts.

Economists expect a reading of 49.6, slightly higher than August’s 49.4, which would mark the third consecutive month of contraction.

PMI readings are sequential and represent month-to-month expansion or contraction.

A private survey of Chinese factory activity is also due on Friday, and analysts polled by Reuters predict the print will come in at 49.5.

— Abigail Of

Japan’s industrial production increases more than expected

CNBC Pro: Is the Fed on the Right Track? Wall Street veteran Ed Yardeni says this is what it should do next

The US Federal Reserve announced another 75 basis point hike earlier this month, sending the federal funds rate up to a range of 3% to 3.25%. The central bank also signaled that it may raise interest rates to as high as 4.6% in 2023 to control inflation.

Ed Yardeni, the economist who coined the term “bond vigilante,” offers his view as the Fed’s response to inflation comes under intense scrutiny.

Pro subscribers can read more here.

— Zavier Ong

The Fed’s Loretta Mester says interest rates are not yet restrictive

Asia shares fall after Wall Street decline;  China’s PMI beat estimates

Cleveland Federal Reserve President Loretta Mester said interest rates are not yet restrictive and there is more to do to bring down inflation.

“Inflation is still at 40-year highs,” Mester told CNBC’s Steve Liesman during an appearance on “Squawk Box.” “So right now the conversation has to be what we have to do, what we have to do to get back to price stability, because we can’t have a healthy economy, we can’t have good labor markets over time, unless we get back to price stability.”

Mester said she is probably “a little above the median” among Fed officials on raising interest rates, citing persistent inflation.

“We’re still not even in restrictive territory on the funds rate, so you’re right, we’ve moved the funds rate up 300 basis points this year, but look how high inflation is,” Mester said.

—Sarah Min

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